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Can you summarize UTCO Title 70A, Chapter 4?
Uniform Commercial Code > Uniform Commercial Code - Bank Deposits and Collections
Short Summary
The provided legal document content consists of multiple documents under the Uniform Commercial Code - Bank Deposits and Collections in the Utah Code. These documents govern various aspects of bank deposits and collections. The first document focuses on the responsibility of a bank when presenting documentary drafts. It states that a bank presenting a documentary draft must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment, otherwise, only on payment. The presenting bank has no obligation with respect to goods represented by the documents except to follow any reasonable instructions received. The second document governs the relationship between a payor bank and its customer. It outlines the duties and responsibilities of both parties regarding the discovery and reporting of unauthorized signatures or alterations on items. The third document governs the collection of items by payor banks. It states that certain actions or notices received by the bank do not terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account. The fourth document provides definitions for key terms used in the context of bank deposits and collections. It clarifies the designation of a bank as a collecting bank and establishes general provisions and definitions applicable to bank deposits and collections. These documents apply to various entities involved in bank transactions, including banks, presenting banks, drawees, transferors, payor banks, collecting banks, customers, depositary banks, warrantors, persons making payment, transferors, transferees, and subsequent collecting banks. The documents do not mention specific exemptions or penalties for non-compliance.
Whom does it apply to?
Banks, presenting banks, drawees, transferors, payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, owners of items, customers, depositary banks, warrantors, persons making payment, transferors, transferees, subsequent collecting banks
What does it govern?
Responsibility of a bank when presenting documentary drafts, relationship between a payor bank and its customer, collection of items by payor banks, definitions for key terms used in the context of bank deposits and collections
What are exemptions?
Transactions governed by Title 70A, Chapter 5, Uniform Commercial Code - Letters of Credit
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Utah