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Can you summarize WARC 62A.4-301?
COLLECTION OF ITEMS: PAYOR BANKS > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
Short Summary
This legal document, part of the Revised Code of Washington’s Uniform Commercial Code, specifically addresses the collection of items by payor banks. It outlines the actions a payor bank can take if it settles for a demand item presented before midnight of the banking day of receipt. The payor bank has the option to revoke the settlement and recover the settlement if it returns the item or sends written notice of dishonor or nonpayment. Additionally, if a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor and revoke any credit given or recover the amount withdrawn by its customer. The document also specifies the time of dishonor and the methods of returning an item. Overall, this document provides guidelines for payor banks regarding the recovery of payment and the return of items in various scenarios.
Whom does it apply to?
Payor banks
What does it govern?
Collection of items by payor banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Washington