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Can you summarize WYST 34.1-4-303?
COLLECTION OF ITEMS: PAYOR BANKS > When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified
Short Summary
This provision, found in the Wyoming Statutes under the Uniform Commercial Code, specifically in the section on Bank Deposits and Collections, pertains to the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if the bank has already accepted or certified the item, paid it in cash, settled for the item without the right to revoke the settlement, become accountable for the amount of the item, or if a cutoff hour has passed. The provision also allows items to be accepted, paid, certified, or charged to the customer’s account in any order, subject to certain conditions. No specific exemptions or penalties are mentioned in this provision.
Whom does it apply to?
Payor banks
What does it govern?
Order in which items may be charged or certified
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Wyoming