This legal document, part of the Colorado Revised Statutes under the Uniform Commercial Code, pertains to the collection of items by payor banks. It outlines the circumstances under which a payor bank can settle for a demand item and subsequently revoke the settlement to recover the payment. The payor bank can revoke the settlement by either returning the item or sending written notice of dishonor or nonpayment if the item is unavailable for return.

This legal document, part of the Colorado Revised Statutes under the Uniform Commercial Code, pertains to the collection of items by payor banks. It establishes the order in which items may be charged or certified by the bank. The document states that any knowledge, notice, stop-payment order, legal process, or setoff 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 Colorado Revised Statutes, specifically falls under the Uniform Commercial Code and governs the relationship between a payor bank and its customer. It outlines the circumstances under which a bank may charge a customer’s account, including the authorization of payments and adherence to any agreements between the bank and the customer. The document also addresses the liability of customers for overdrafts, the charging of postdated checks, and the bank’s responsibility in cases of forged signatures or endorsements.

This legal document, part of the Colorado Revised Statutes under the Uniform Commercial Code, governs the customer’s right to stop payment on any item drawn on their account or close the account. The customer or any person authorized to draw on the account can issue a stop-payment order to the bank, providing a description of the item or account with reasonable certainty. The stop-payment order is effective for six months, but if the original order was oral and not confirmed in writing within 14 days, it lapses.

According to the Colorado Revised Statutes, specifically the Uniform Commercial Code, a bank is not obligated to pay a check presented by a customer more than six months after its date, unless it is a certified check. However, the bank may charge the customer’s account for a payment made in good faith after the six-month period. This provision is in line with banking and commercial practice, as checks outstanding for longer than six months are generally considered stale.

This legal document, part of the Colorado Revised Statutes, specifically falls under the Uniform Commercial Code and governs the relationship between a payor bank and its customer in the context of bank deposits and collections. It outlines the duties and responsibilities of both the bank and the customer regarding the discovery and reporting of unauthorized signatures or alterations on items such as checks. The document states that the bank must provide the customer with a statement of account showing payment of items, either by returning the items or providing sufficient information for the customer to identify them.

This legal document, known as the Uniform Commercial Code - Letters of Credit, governs the use and legal nature of letters of credit in commercial transactions. It aims to provide a theoretical framework for the development of letters of credit while preserving procedural flexibility. The document defines the unique characteristics of letters of credit and distinguishes them from other forms of assurance, contracts, and fiduciary engagements. It emphasizes the need for courts to interpret the terms of this article in a manner consistent with customs and expectations of the international banking and mercantile community.

This legal document provides definitions for key terms related to letters of credit under the Uniform Commercial Code (UCC) in the Colorado Revised Statutes. It defines terms such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, successor of a beneficiary, and more. The document also clarifies that electronic and non-paper media can be considered as ‘documents’ under certain circumstances. It emphasizes the importance of ‘honesty in fact’ as the standard for good faith in letter of credit transactions.

This legal document, part of the Colorado Revised Statutes, falls under the Uniform Commercial Code and specifically governs letters of credit and the rights and obligations associated with such transactions. It applies to parties involved in these transactions, including issuers, beneficiaries, nominated persons, applicants, and advisers. The document clarifies that the rules outlined within it do not apply to secondary or accessory guarantees. It emphasizes the independence principle, stating that the rights and obligations of an issuer to a beneficiary or nominated person are separate from the underlying contract or arrangement.

This legal document, part of the Colorado Revised Statutes under the Uniform Commercial Code, governs the issuance, confirmation, advice, transfer, amendment, or cancellation of letters of credit. It specifies that such letters can be issued in any form that is a record and is authenticated either by a signature or in accordance with the agreement of the parties or standard practice. The document highlights that the inclusion of all the terms normally contained in a letter of credit is not required for it to be recognized as a letter of credit under Article 5.