This section of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, governs the medium and time of settlement by a bank. The medium and time of settlement may be prescribed by Federal Reserve regulations, circulars, clearing-house rules, agreements, or in the absence of such prescription, certain default rules apply. The medium of settlement is typically cash or credit to an account in a Federal Reserve bank or a specified bank account.

This section of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, pertains to the collection of items by depositary and collecting banks. It outlines the conditions under which an item is considered finally paid by a payor bank, including payment in cash, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. Provisional debits or credits for an item become final upon final payment by the payor bank.

This section of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, pertains to the collection of items by payor banks. It outlines the actions a payor bank can take if it settles for a demand item and later wishes to revoke the settlement and recover the payment. The payor bank has the option to return the item, return an image of the item if agreed upon, or send a notice of dishonor or nonpayment if the item is unavailable for return.

This section of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, governs the collection of items by payor banks. It establishes that any knowledge, notice, stop-payment order, or legal process received by a 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.

This legal document, part of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, governs the relationship between a payor bank and its customer. According to this document, a bank has the authority to charge a 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 complies with any agreement between the customer and the bank.

This legal document, part of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, governs the relationship between a payor bank and its customer. It grants the customer or any authorized person the right to stop payment of any item drawn on the customer’s account or close the account by providing an order to the bank. The stop-payment order is effective for six months and can be renewed for additional periods.

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. HISTORY: 1962 Code Section 10.4-404; 1966 (54) 2716; 2008 Act No. 204, Section 3, eff July 1, 2008.

This legal document, part of the South Carolina Code of Laws, specifically the Commercial Code - Bank Deposits and Collections, outlines the duty of customers to discover and report unauthorized signatures or alterations. According to the document, if a bank sends or makes available a statement of account or items to a customer, the customer must exercise reasonable promptness in examining the statement or items to determine if any payment was unauthorized due to an alteration or unauthorized signature.

A person upon whom the Federal Truth in Lending Act imposes duties or obligations shall make or give to the consumer the disclosures, information and notices required of him by that act and in all respects comply with that act. HISTORY: 1962 Code Section 8-800.181; 1974 (58) 2879.

(1) For the purposes of this section: (a) ‘credit card’ means a seller credit card or a lender credit card or similar arrangement as defined in this title; and (b) ‘debit card’ means a card or device issued by a supervised financial organization pursuant to an arrangement whereby the card or device enables the customer to obtain cash, goods, services or anything else of value. (2) Any person who knowingly uses or attempts or conspires to use any counterfeit, altered, forged, lost, stolen or fraudulently obtained credit or debit card to obtain money, goods, services or anything else of value is guilty of a misdemeanor and shall be fined not more than five thousand dollars or imprisoned not more than one year, or both.