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Can you summarize WYST 34.1-4-301?
COLLECTION OF ITEMS: PAYOR BANKS > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
Short Summary
This legal document governs the actions and responsibilities of payor banks in relation to the settlement, recovery, and dishonor of demand items. If a payor bank settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt, it has the option to revoke the settlement and recover the settlement amount. This can be done by returning the item or sending written notice of dishonor or nonpayment if the item is unavailable for return. 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. An item is considered dishonored when it is returned or notice is sent in accordance with the provisions of this document. The document also specifies the methods and entities involved in returning items. Overall, this document provides guidelines for payor banks regarding the handling of demand items and the necessary actions to be taken in case of dishonor or nonpayment.
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
Wyoming