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Can you summarize SCCL 36-4-213?
Collection of Items: Depositary and Collecting Banks > Medium and time of settlement by bank.
Short Summary
This section of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, governs the medium and time of settlement by a bank. The medium and time of settlement may be prescribed by Federal Reserve regulations, circulars, clearing-house rules, agreements, or in the absence of such prescription, certain default rules apply. The medium of settlement is typically cash or credit to an account in a Federal Reserve bank or a specified bank account. The time of settlement varies depending on the method of tender, such as cash, check, credit, debit, or funds transfer. If the tender of settlement is not authorized or the time of settlement is not fixed, no settlement occurs until the tender is accepted by the person receiving settlement. Additionally, the section provides rules for settlement by cashier’s check, teller’s check, and authority to charge an account. No specific penalties are mentioned in this section.
Whom does it apply to?
Banks and persons involved in settlement transactions
What does it govern?
Settlement by a bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Carolina