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Can you summarize WIST 404.301?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payer bank.
Short Summary
This legal document, part of the Wisconsin Statutes’ Uniform Commercial Code, specifically focuses on bank deposits and collections. It outlines the procedures and rights related to the settlement, revocation, and recovery of payments made by payer banks for demand items. The document allows payer banks to revoke settlements and recover payments if certain conditions are met, such as returning the item or sending written notice of dishonor. It also grants payer banks the ability to return demand items or send notice of dishonor if received for credit on their books. The time of dishonor is determined by the return or notice sent in accordance with the section. The document further specifies the methods of returning items, including through clearinghouses or directly to the bank’s customer or transferor. Overall, this legal document provides guidelines for payer banks and other relevant entities involved in bank deposits and collections in Wisconsin.
Whom does it apply to?
Payer banks, presenting or last collecting banks, clearinghouses, bank customers, transferors
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