Can you summarize 42a CTGS Article 4, Section 404?
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. (1959, P.A. 133, S. 4-404.)
Can you summarize 42a CTGS Article 4, Section 406?
This legal document, part of the General Statutes of Connecticut and the Uniform Commercial Code, specifically Bank Deposits and Collections, outlines the duty of customers to discover and report unauthorized signatures or alterations. According to the document, banks are required to provide customers with statements of account that sufficiently identify the items paid. If the items are not returned, the bank must retain them or provide legible copies. Customers are expected to promptly examine the statements or items and notify the bank if any unauthorized payments are discovered.
Can you summarize 42a CTGS Article 4?
This legal document, part of the General Statutes of Connecticut under the Uniform Commercial Code - Articles 1 to 10, specifically addresses bank deposits and collections. It states that the provisions of this article can be varied by agreement, but a bank’s responsibility for lack of good faith or failure to exercise ordinary care cannot be disclaimed or limited in terms of damages. However, the parties involved can agree on the standards by which the bank’s responsibility is measured, as long as those standards are not manifestly unreasonable.
Can you summarize 42a CTGS Article 4A?
These legal documents, part of the General Statutes of Connecticut and the Uniform Commercial Code - Articles 1 to 10, specifically address the rules and regulations surrounding funds transfers, payment orders, and the obligations of receiving banks, beneficiary’s banks, and originators. The documents define various terms and concepts related to funds transfers, such as payment orders, funds transfers, intermediary banks, originators, originator’s banks, beneficiaries, receiving banks, and more. They outline the obligations and responsibilities of receiving banks in executing payment orders, accepting or rejecting payment orders, and the consequences of erroneous execution.
Can you summarize 42a CTGS Article 5?
This legal document, part of the Uniform Commercial Code - Articles 1 to 10, specifically focuses on Letters of Credit. It provides definitions for various terms used in relation to letters of credit, such as adviser, applicant, beneficiary, confirmer, dishonor, document, honor, issuer, letter of credit, nominated person, presentation, presenter, and successor of a beneficiary. The document also references definitions from other articles within the Uniform Commercial Code. It clarifies the roles and responsibilities of different parties involved in letters of credit transactions and outlines the requirements for honoring a letter of credit.
Can you summarize 42a CTGS Article 9?
This legal document, part of the Uniform Commercial Code - Articles 1 to 10, specifically Secured Transactions - Secs. 42a-9-101 to 42a-9-809, governs the framework for secured transactions. It applies to individuals and organizations involved in secured transactions, such as debtors, secured parties, account debtors, consignees, and consignors. The document provides definitions for various terms used in secured transactions and outlines exemptions for certain types of property or transactions. However, specific penalties for non-compliance or violation of the document’s provisions are not mentioned.
Can you summarize 50 CTGS Chapter 859?
The provided legal provision, found in the General Statutes of Connecticut under the Lost and Unclaimed Property - Chapter 859 (Secs. 50-1 to 50-14), governs the disposition of perishable property. When perishable goods are left with a person and the owner is unknown or neglects to claim them after reasonable notice, the goods must be advertised in a newspaper published in the county where they were left for at least one week.
Can you summarize 52 CTGS Chapter 924?
This legal document governs wagers, wagering contracts, and related activities. It states that all wagers, contracts, and securities involving the exchange of money or valuable things in games, horse races, sports, pastimes, and gambling activities are void. However, there are exceptions to this rule. The document specifies that negotiable instruments acquired in good faith without notice of illegality, the sale of raffle tickets, online casino gaming, online sports wagering, retail sports wagering, fantasy contests, operation of keno, purchase of lottery tickets through specific channels, and any wager or contract authorized by law are not affected by this voidance.
Can you summarize 53 CTGS 278a?
This legal document provides definitions related to gambling activities. It defines terms such as ‘gain’ and ‘profit’ in the context of gambling. It also defines ‘gambling’ as the act of risking money or other things of value for gain based on chance or the operation of a gambling device. However, it excludes certain activities from the definition of gambling, such as legal contests of skill, valid business transactions, authorized lotteries or contests, and acts expressly authorized by law.
Can you summarize 53 CTGS 278b?
(a) Any person who engages in gambling, or solicits or induces another to engage in gambling, or is present when another person or persons are engaged in gambling, shall be guilty of a class B misdemeanor; provided natural persons shall be exempt from prosecution and punishment under this subsection for any game, wager or transaction which is incidental to a bona fide social relationship, is participated in by natural persons only and in which no person is participating, directly or indirectly, in professional gambling.