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Can you summarize WVCO 46-4-215?
BANK DEPOSITS AND COLLECTIONS. > Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
Short Summary
This section of the West Virginia Code, specifically the Uniform Commercial Code under the Bank Deposits and Collections section, governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. According to the code, an item is considered finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or when a provisional settlement is made and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid. Provisional debits or credits for an item become final upon final payment of the item by the payor bank, if the settlement is made through a clearing-house or by debits or credits in accounts between the presenting and payor banks. If a collecting bank receives a settlement for an item that becomes final, the bank is accountable to its customer for the amount of the item, and any provisional credit given for the item becomes final. The availability of funds for withdrawal depends on the receipt of provisional settlement and the time taken for the return of the item. Additionally, deposits of money become available for withdrawal at the opening of the bank’s next banking day after receipt of the deposit, subject to applicable law and any right of the bank to apply the deposit to an obligation of the depositor.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, collecting banks, customers
What does it govern?
Final payment of items by payor banks, provisional debits and credits becoming final, availability of credits for withdrawal
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
West Virginia