This legal provision, UCC 4-213, governs the medium and time of settlement by banks. It specifies that the medium and time of settlement may be prescribed by federal reserve regulations, circulars, clearing house rules, similar rules and documents, or agreement. In the absence of such prescription, the medium of settlement is cash or credit to an account in a federal reserve bank or specified by the person receiving settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit or debit to an account, or funds transfer.

This legal document, governed by UCC 4-215, establishes the criteria for when an item is considered finally paid by a payor bank. It states that an item is finally paid when the payor bank has paid the item in cash, settled for the item without the right to revoke the settlement, or made a provisional settlement for the item and failed to revoke it within the permitted time and manner. If a provisional settlement does not become final, the item is not considered finally paid.

This legal document, governed by UCC 4-301, pertains to payor banks and their actions regarding the settlement and recovery of payment for demand items. If a payor bank settles for a demand item before midnight of the banking day of receipt, it has the option to revoke the settlement and recover the settlement amount under certain conditions. The payor bank can revoke the settlement and recover the payment by returning the item, returning an image of the item if agreed upon, or sending a notice of dishonor or nonpayment if the item is unavailable for return.

This legal document, governed by UCC 4-303, pertains to the order in which items may be charged or certified by payor banks. It specifies 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 certain conditions are met. These conditions include the bank accepting or depositing the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cut-off hour for checks.

This legal provision, UCC 4-401, governs the circumstances under which a bank may charge a customer’s account. According to this provision, a bank is allowed to charge against the customer’s account for items that are properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and complies with any agreement between the customer and the bank. However, a customer is not liable for the amount of an overdraft if they neither signed the item nor benefited from its proceeds.

This legal provision, governed by UCC 4-403 of the Ohio Revised Code, grants customers or authorized persons the right to stop payment of any item drawn on their account or close the account. The customer must provide an order to the bank with a clear description of the item or account, allowing the bank a reasonable opportunity to act on it. If multiple signatures are required to draw on the account, any of the authorized persons may stop payment or close the account.

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, that is presented more than six months after its date, but it may charge its customer’s account for a payment made in good faith after its date.

This legal document, governed by UCC 4-406, outlines the duties and responsibilities of customers and banks regarding the discovery and reporting of unauthorized signatures or alterations. It applies to customers and banks involved in bank deposits and collections in Ohio. According to the document, banks must provide customers with statements of account that sufficiently identify the items paid, either by returning the items or providing detailed information. If the items are not returned, the person retaining them must maintain the capacity to furnish legible copies for seven years.

This legal document, as part of the Ohio Revised Code, specifically pertains to Transmitters of Money and Check-cashing Businesses. It provides definitions for various terms used in sections 1315.51 to 1315.55 of the Revised Code. The document defines terms such as ‘conduct the business,’ ‘corrupt activity,’ ‘knowingly,’ ‘material,’ ‘money,’ ‘money transmitter,’ ‘payment instrument,’ ‘proceeds,’ ‘property,’ ‘purposely,’ ‘structure a transaction,’ ’transaction,’ ’transmitting money,’ and ’travelers check.’ It also defines ‘unlawful activity’ as an act that is a criminal offense in the state where it is committed.

(A) Whoever violates division (A) or (B) of section 1315.28 or division (E)(2) of section 1315.53 of the Revised Code is guilty of a misdemeanor of the first degree. (B) Whoever violates division (F)(1) of section 1315.53 or division (B) of section 1315.54 of the Revised Code is guilty of a felony of the fourth degree. (C) Whoever violates division (A) of section 1315.55 of the Revised Code is guilty of money laundering.