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Can you summarize SCCL 36-4-215?
Collection of Items: Depositary and Collecting Banks > Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
Short Summary
This section of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, pertains to the collection of items by depositary and collecting banks. It outlines the conditions under which an item is considered finally paid by a payor bank, including payment in cash, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. Provisional debits or credits for an item become final upon final payment by the payor bank. If a collecting bank receives a settlement for an item that becomes final, it is accountable to its customer for the amount of the item. Credit given by a bank for an item in a customer’s account becomes available for withdrawal as of right under certain conditions, such as when the settlement becomes final and the bank has had a reasonable time to receive the item but it has not been received. Deposits of money become available for withdrawal at the opening of the bank’s next banking day after receipt. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, and collecting banks.
What does it govern?
Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Carolina