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Can you summarize SDCL 57A-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 legal document, part of the South Dakota Codified Laws under the Uniform Commercial Code, pertains to the final payment of items by payor banks, provisional settlement, and the availability of funds for withdrawal. According to the document, an item is considered finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or provisionally settled without revocation within the permitted time. If provisional settlement does not become final, the item is not considered finally paid. Provisional debits or credits for an item become final when the payor bank finally pays the item. 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, and any provisional credit given becomes final. The document also outlines the availability of funds for withdrawal, based on provisional settlement becoming final and the bank’s reasonable time to receive the item. Additionally, it specifies the availability of funds for withdrawal in the case of a deposit of money. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks, presenting banks, collecting banks, customers
What does it govern?
Final payment of items by payor bank, provisional settlement, availability of funds for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Dakota