Can you summarize KSST 84-4-215?
This section of the Kansas Statutes, specifically the Uniform Commercial Code (UCC) related to Bank Deposits and Collections, governs the final payment of items by a payor bank, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. According to the provisions, an item is considered 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.
Can you summarize KSST 84-4-301?
This legal document, part of the Kansas Statutes Uniform Commercial Code on Bank Deposits and Collections, governs the procedures and rights related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover the settlement amount before making final payment. The document also specifies the actions a payor bank can take if a demand item is received for credit on its books, including returning the item or sending notice of dishonor.
Can you summarize KSST 84-4-303?
This provision, found in the Kansas Statutes under the Uniform Commercial Code’s section on Bank Deposits and Collections, governs the rights and duties of payor banks regarding items subject to notice, stop-payment orders, legal process, or setoff. It states that 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 obligation to pay an item or charge its customer’s account if certain conditions are met.
Can you summarize KSST 84-4-401?
This provision, found in the Kansas Statutes under the Uniform Commercial Code, governs the circumstances under which a bank may charge a customer’s account. According to the provision, a bank is allowed to 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 complies with any agreement between the customer and the bank.
Can you summarize KSST 84-4-403?
This legal document, part of the Kansas Statutes Uniform Commercial Code, pertains to the rights of customers or authorized persons to stop payment of any item drawn on their account or close the account. The customer or authorized person must provide an order to the bank with a clear description of the item or account, allowing the bank a reasonable opportunity to act on it. If multiple signatures are required to draw on the account, any of the authorized persons may stop payment or close the account.
Can you summarize KSST 84-4-404?
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. History: L. 1965, ch. 564, 230; January 1, 1966.
Can you summarize KSST 84-4-406?
This legal document, part of the Kansas Statutes’ Uniform Commercial Code on Bank Deposits and Collections, outlines the duties and responsibilities of customers and banks regarding the discovery and reporting of unauthorized signatures or alterations. According to the document, banks must provide customers with statements of account that sufficiently identify the items paid, either by returning the items or providing detailed information. If the items are not returned, the bank must retain them or maintain legible copies for seven years.
Can you summarize KSST 9-1119?
No officer or employee of any bank shall certify any check, draft or order drawn upon the bank unless the maker or drawer of the instrument has moneys or funds equal to the amount of the check, draft or order on deposit with such bank at the time the check, draft or order is certified. Any check, draft or order so certified by any duly authorized officer or employee of any bank shall be shown immediately upon the books of the bank.
Can you summarize KSST 9-1128?
This legal document authorizes banks or trust companies acting as fiduciaries or custodians for fiduciaries to deposit securities guaranteed or backed by the United States or its agencies with the federal reserve bank. These deposits are credited to fiduciary or safekeeping accounts. The bank or trust company must comply with rules and regulations set by the state bank commissioner or the comptroller of the currency. The records of the bank or trust company must show the ownership of the securities held in the account.
Can you summarize KSST 9-1138?
This section of the Kansas Statutes governs the establishment of a school savings deposit program to encourage savings among school children. The program allows banks to enter into a written agreement with the board of an accredited elementary or secondary school. The program is limited to opening accounts and collecting deposits from school children for deposit in the bank accounts. Before implementing the program, the executed agreement and necessary information must be submitted to the commissioner for approval.