This provision, part of the Minnesota Statutes under the Uniform Commercial Code, governs the presentment of items that are not payable by, through, or at a bank. It allows a collecting bank to present such an item by sending a notice to the party who is supposed to accept or pay it. The notice must be sent in time to be received on or before the day when presentment is due.

This legal provision, found in the Minnesota Statutes under the Uniform Commercial Code, governs the medium and time of settlement by a bank. The medium and time of settlement may be prescribed by Federal Reserve regulations, circulars, clearinghouse rules, or agreements. 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, credit in a Federal Reserve Bank account, credit or debit to a bank account, or funds transfer.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses the right of chargeback or refund, liability of collecting banks, and the return of items. It applies to collecting banks, their customers, and depositary banks. The document outlines the actions a collecting bank can take if it fails to receive settlement for an item, including revoking settlement, charging back the amount credited to the customer’s account, or obtaining a refund.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. It specifies that an item is finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or provisionally settled and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid.

This legal document, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the rules related to insolvency and preference. It outlines various scenarios and obligations for payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, and owners of items. The document states that if an item is in the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, it must be returned to the presenting bank or the closed bank’s customer.

This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It states that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment, it has the right to revoke the settlement and recover the settlement amount under certain conditions.

This legal document, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the responsibility of a payor bank for the late return of an item. According to the document, if a payor bank receives an item and retains it beyond midnight of the banking day of receipt without settling for it, or fails to pay, return, or send notice of dishonor until after its midnight deadline, the bank is accountable for the amount of the item.

This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the Uniform Commercial Code. It governs the rights and duties of payor banks regarding items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which items may be charged or certified. According to the document, 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 the customer’s account if certain conditions are met.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the charging of a customer’s account by a bank. It states that a bank may charge against the customer’s account for an item that is properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the liability of payor banks to their customers for wrongful dishonor of items. It states that a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but it may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft. The payor bank is liable to its customer for damages caused by the wrongful dishonor, including actual damages and consequential damages such as arrest or prosecution of the customer.