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Can you summarize WIST 404.215?
Final payment of item by payer bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
Short Summary
This legal document, part of the Wisconsin Statutes’ Uniform Commercial Code, specifically focuses on bank deposits and collections. It outlines the conditions under which an item is considered finally paid by a payer bank, including cash payment, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. The document also explains that if provisional settlement does not become final, the item is not considered finally paid. Additionally, it states that provisional debits or credits for an item become final upon final payment by the payer bank, and collecting banks are accountable to their customers for the amount of the item. The document further addresses the availability of funds for withdrawal, stating that credit becomes available for withdrawal when provisional settlement becomes final and the item has not been returned within a reasonable time. It also specifies the availability of deposits for withdrawal at the opening of the bank’s next banking day after receipt. Overall, this document provides guidelines and regulations regarding the final payment of items, provisional settlement, and availability of funds for withdrawal in bank transactions.
Whom does it apply to?
Payer banks, presenting banks, successive prior collecting banks, and collecting banks
What does it govern?
Uniform Commercial Code Bank Deposits and Collections
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Wisconsin