Ask Reggi Your Question Now
Can you summarize WVCO Chapter 46, Article 4?
UNIFORM COMMERCIAL CODE. > BANK DEPOSITS AND COLLECTIONS.
Short Summary
This legal document, part of the West Virginia Code’s Uniform Commercial Code on Bank Deposits and Collections, governs various aspects of bank deposits and collections. It covers the liability of banks for action or nonaction with respect to items handled for presentment, payment, or collection. The document also addresses the variation of provisions by agreement, the measure of damages, and the action constituting ordinary care in relation to banks. It provides definitions for various terms used in the article and establishes the meanings of terms like ‘bank,’ ‘depositary bank,’ ‘payor bank,’ ‘intermediary bank,’ ‘collecting bank,’ and ‘presenting bank.’ The document also discusses the responsibilities of collecting banks in the collection and return of items, the transfer warranties in item transfers and settlements, and the security interest of collecting banks in items and proceeds. It further covers the final payment of items by payor banks, the treatment of items subject to notice, stop-payment order, legal process, or setoff, and the right of charge-back or refund. The document also addresses the responsibilities of banks presenting documentary drafts and the actions they can take in case of dishonor. Overall, this document provides a comprehensive framework for the regulation of bank deposits and collections in West Virginia.
Whom does it apply to?
Banks, customers, payor banks, collecting banks, depositary banks, intermediary banks, presenting banks
What does it govern?
Bank Deposits and Collections
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
West Virginia