This section of the Indiana Code, specifically IC 26-1-3.1, governs negotiable instruments under the Uniform Commercial Code. It provides definitions for various terms related to negotiable instruments and establishes the legal framework and terminology for negotiable instruments in Indiana. The section defines and distinguishes between different types of negotiable instruments, such as checks, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit. It also outlines the obligations and liabilities of parties involved in negotiable instruments transactions, such as drawers, acceptors, endorsers, and holders.

This section of the Indiana 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, clearing-house 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 section of the Indiana Code, specifically under the Commercial Law and Uniform Commercial Code, governs the final payment of items by payor banks, the timing at which provisional debits and credits become final, and the availability of certain credits for withdrawal. It outlines 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 when a provisional settlement is made and not revoked within the permitted time.

This section of the Indiana Code, specifically under the Commercial Law and Uniform Commercial Code, governs the settlement and recovery of payments by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover the payment. The payor bank can do so 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 section of the Indiana Code, specifically under the Commercial Law and Uniform Commercial Code, pertains to the rights and duties of payor banks regarding items subject to notice, stop-payment order, legal process, or setoff. It states that any knowledge, notice, or stop-payment order received by the payor bank, or legal process served upon them, or setoff exercised by them, does not 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 section of the Indiana Code governs the charging of a customer’s account by a bank. A bank is allowed to charge against the customer’s account for items that are properly payable, authorized by the customer, and in accordance with any agreement between the customer and the bank. The customer is not liable for overdrafts if they did not sign the item or benefit from its proceeds. The bank may charge a check from the customer’s account even if payment was made before the date of the check, unless the customer has given notice of postdating.

This section of the Indiana Code, specifically under the Commercial Law and Uniform Commercial Code, governs the customer’s right to stop payment of any item drawn on their account or close the account. The customer or any person authorized to draw on the account can issue an order to the bank to stop payment or close the account, provided that the bank is given a reasonable opportunity to act on it.

Sec. 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 (6) months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. Formerly: Acts 1963, c.317, s.4-404.

This legal document, governed by the Indiana Code, specifically the Commercial Law section of the Uniform Commercial Code, 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.

This legal document, part of the Indiana Code under Commercial Law and the Uniform Commercial Code, specifically governs bank deposits and collections. It provides definitions for various terms used in the context of banking transactions, such as ‘account’, ‘banking day’, ‘customer’, ‘draft’, ‘drawee’, ‘item’, and more. The document also includes definitions that apply to specific sections within IC 26-1-4. It clarifies terms like ‘acceptance’, ‘alteration’, ‘cashier’s check’, ‘certificate of deposit’, ‘check’, ‘holder in due course’, ‘instrument’, ’notice of dishonor’, ‘order’, ‘ordinary care’, ‘person entitled to enforce’, ‘presentment’, ‘promise’, ‘prove’, ‘record’, ‘remotely-created consumer item’, ’teller’s check’, and ‘unauthorized signature’.