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Can you summarize WVCO 46-4-301?
BANK DEPOSITS AND COLLECTIONS. > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
Short Summary
This section of the West Virginia Code, specifically the Uniform Commercial Code under the Bank Deposits and Collections section, governs the actions and responsibilities of payor banks in relation to demand items. It outlines the circumstances under which a payor bank can revoke a settlement and recover the payment for a demand item. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return. 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 within a specified time limit. The section also clarifies the time of dishonor for an item and the methods of returning the item based on whether it was presented through a clearing-house or in other cases. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Payor banks
What does it govern?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
West Virginia