Ask Reggi Your Question Now
Can you summarize SDCL Chapter 57A-4?
UNIFORM COMMERCIAL CODE > Bank Deposits And Collections
Short Summary
These legal documents, sourced from the South Dakota Codified Laws under the Uniform Commercial Code, govern the general provisions and definitions related to bank deposits and collections. They establish the foundational definitions and concepts necessary for understanding and applying the regulations in South Dakota. The documents cover various aspects related to the collection of items by depositary and collecting banks, as well as the final payment of items by payor banks. They outline provisions regarding provisional settlement, availability of funds for withdrawal, security interests of collecting banks, presentment warranties, transfer warranties, responsibilities of collecting banks, status of collecting banks as agents, and the provisional status of credits. The documents also address the relationship between payor banks and their customers, including the liability of payor banks for wrongfully dishonoring items, the duty of customers to promptly examine statements or items, the authority of banks to charge customer accounts, and the ability of customers to stop payment or close accounts. Additionally, the documents outline the responsibilities of presenting banks in the collection of documentary drafts, including the handling of dishonored drafts and the importance of following instructions and notifying customers. These documents apply to various entities involved in bank deposits and collections, and they do not mention specific exemptions or penalties for non-compliance or violations.
Whom does it apply to?
Depositary banks, collecting banks, payor banks, drawees, transferors, transferees, customers, subsequent collecting banks
What does it govern?
Bank deposits and collections
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
South Dakota