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Can you summarize WYST Title 34.1, Article 4?
UNIFORM COMMERCIAL CODE > BANK DEPOSITS AND COLLECTIONS
Short Summary
The provided legal document governs various aspects related to bank deposits and collections under the Uniform Commercial Code in Wyoming. It specifies the responsibility of a bank when presenting documentary drafts for collection, including the requirement to present or send the draft and accompanying documents for presentment. The document also outlines the actions and responsibilities of payor banks in relation to the settlement, recovery, and dishonor of demand items. It establishes the status of a collecting bank as an agent and the provisional status of credits. The document further clarifies the liability and responsibilities of collecting banks in presenting, sending, and returning items, as well as settling for an item and notifying its transferor of any loss or delay in transit. It also addresses transfer warranties and presentment warranties in the context of bank deposits and collections. Additionally, the document governs the actions and responsibilities of depositary and collecting banks in the collection of items. It establishes the provisional status of credits and outlines the responsibilities of collecting banks in presenting, sending, and returning items, as well as settling for an item and notifying its transferor of any loss or delay in transit. The document also covers the security interest of a collecting bank in items, accompanying documents, and proceeds, as well as the medium and time of settlement by a bank. It further addresses the right of charge-back or refund, the final payment of items by payor banks, and the handling of items in the possession of payor or collecting banks that suspend payment. The document applies to banks, customers, holders of items, individuals or entities involved in bank transactions, and persons claiming an interest in a bank account. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks, customers, holders of items, individuals or entities involved in bank transactions, persons claiming an interest in a bank account
What does it govern?
Responsibility of a bank when presenting documentary drafts for collection, actions and responsibilities of payor banks in relation to the settlement, recovery, and dishonor of demand items, collection of items by depositary and collecting banks, bank deposits and collections under the Uniform Commercial Code in Wyoming
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Wyoming