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Can you summarize WARC 62A.4-215?
COLLECTION OF ITEMS: DEPOSITORY 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 Revised Code of Washington under the Uniform Commercial Code, pertains to the final payment of items by payor banks and the timing of when provisional debits and credits become final. It also addresses when certain credits become available for withdrawal. The document outlines the conditions under which an item is considered finally paid by a payor bank, including cash payment, settlement without the right to revoke, or failure to revoke a provisional settlement within the permitted time. It further explains that if provisional settlement does not become final, the item is not considered finally paid. The document also discusses the finality of provisional debits or credits entered in accounts between presenting and payor banks or between presenting and successive prior collecting banks. Additionally, it covers the availability of funds for withdrawal based on provisional settlement and the bank’s role as both the depositary and payor bank. The document does not mention any specific exemptions or penalties.
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
Washington