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Can you summarize MDCR 03.04.08.03?
This regulation, part of the Code of Maryland Regulations, applies to banking institutions whose business activity is taxable both within and outside the State of Maryland. The regulation provides guidelines for the allocation and apportionment of income for these institutions. All income that is included in the Maryland modified income is apportioned to the state using a fraction called the apportionment percentage. The apportionment percentage is determined by the taxpayer’s property factor, payroll factor, and receipts factor.
Can you summarize MDCR 03.05.01.01?
This document, part of the Code of Maryland Regulations, specifically the Abandoned Property Regulations under the Comptroller of the Treasury, governs the treatment of abandoned funds held by banking or financial organizations. According to the regulations, any checking, savings, share, negotiable order of withdrawal, automatic transfer, share draft, electronic terminal account, or similar type of account held by a banking or financial organization is presumed abandoned after 3 years if the depositor or shareholder has not actively deposited, withdrawn, or otherwise indicated an interest in the funds or deposit.
Can you summarize MDCR 03.05.02?
The provided legal document content pertains to the Abandoned Property Regulations in the Code of Maryland Regulations. It outlines the procedures and options available to a person who receives a Notice of Assessment for Unclaimed Property. The person has three options upon receipt of the notice: pay or deliver the abandoned property to the Administrator, file a written Request for Revision, or commence an action in the circuit court. If the person chooses to request a revision, they must submit a written request within 90 days, itemizing their objections and attaching a copy of the Notice of Assessment.
Can you summarize MDCR 18.03.04?
The provided legal document content pertains to personal property assessments for banks or trust companies in the Code of Maryland Regulations. It specifies that if a computer program or computer hardware owned by a bank or trust company is used in both taxable and exempt activities, its taxable status is determined by the primary use of the property. However, a computer program or computer hardware used by a bank or trust company in connection with word processing is subject to valuation and property tax.
Can you summarize Pub. L. 106-102?
The Gramm-Leach-Bliley Act, enacted by the 106th Congress, enhances competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, insurance companies, and other financial service providers. The Act is divided into several titles, with Title I focusing on facilitating affiliation among banks, securities firms, and insurance companies. It repeals the Glass-Steagall Act, removes activity restrictions applicable to bank holding companies, and allows financial holding companies to engage in activities that are financial in nature or incidental to financial activities.
Can you summarize Pub. L. 110-241?
The Credit and Debit Card Receipt Clarification Act of 2007, also known as Public Law 110-241, amends the Fair Credit Reporting Act. The purpose of this Act is to clarify the definition of willful noncompliance with respect to violations involving the printing of an expiration date on certain credit and debit card receipts. The Act states that no person that accepts credit cards or debit cards for the transaction of business shall print more than the last 5 digits of the card number or the expiration date upon any receipt provided to the cardholder at the point of sale or transaction.
Can you summarize Pub. L. 111-24?
The Credit Card Accountability Responsibility and Disclosure Act of 2009, also known as the Credit CARD Act of 2009, establishes fair and transparent practices for the extension of credit under an open end consumer credit plan. It applies to credit card issuers, consumers, and other entities involved in credit card transactions. The Act includes provisions for the protection of credit cardholders, limits on fees and interest charges, clarification of terms used in credit card agreements, rules regarding periodic statements, enhanced penalties for non-compliance, and various other provisions aimed at promoting consumer protection and transparency in the credit card industry.
Can you summarize Pub. L. 111-93?
The Credit CARD Technical Corrections Act of 2009 is an amendment to the Truth in Lending Act. It makes a technical correction to an amendment made by the Credit CARD Act of 2009. The Act applies to credit card issuers and consumers. It amends Section 163(a) of the Truth in Lending Act to include ‘a credit card account under’ after ‘payment on’. The Act was approved on November 6, 2009, and has no specified penalties or exemptions.
Can you summarize 20 NYCRR Chapter I, Subchapter B?
The provided legal document content pertains to the Franchise Tax on Banking Corporations in New York. This tax governs the taxation of banking corporations operating in the state. It outlines the requirements, regulations, and procedures related to the franchise tax imposed on these corporations. The document applies to banking corporations that conduct business activities in New York. No specific exemptions are mentioned in the provided content. The penalties for non-compliance or violation of the Franchise Tax on Banking Corporations may vary depending on the specific circumstances and provisions of the tax law.
Can you summarize 23 NYCRR 500.17?
This legal document, part of the New York Codes, Rules and Regulations, specifically the Regulations of the Superintendent of Financial Services, establishes cybersecurity requirements for financial services companies. It mandates that covered entities must notify the superintendent within 72 hours of determining a cybersecurity event that either impacts the covered entity and requires notice to a government body, self-regulatory agency, or supervisory body, or has a reasonable likelihood of materially harming any material part of the covered entity’s normal operations.
Can you summarize 23 NYCRR Part 100?
The provided legal document pertains to the selection of candidates representing banking institutions for the State Charter Advisory Board. The document outlines the criteria for the composition of the board, which consists of eight members representing different groups of banking institutions based on specific criteria. The superintendent has the sole discretion to select the board members and will consider persons nominated in accordance with section 100.1 of the Part, as well as the representation of bank members in terms of size and geographical location.
Can you summarize 23 NYCRR Part 101?
This document governs the process of special assessments for expenses associated with specific examinations, investigations, or reviews conducted by the superintendent. It applies to individual institutions subject to examination or investigation. The superintendent has the authority to bill the institutions separately for these expenses, which include costs of examiners and specialists, travel expenses, and administrative expenses associated with contracted services. The special assessments must be billed within 180 days of incurring the expenses and paid within 30 days of billing.
Can you summarize 23 NYCRR Part 500?
This legal document, part of the New York Codes, Rules and Regulations, specifically the Regulations of the Superintendent of Financial Services, establishes cybersecurity requirements for financial services companies. It mandates that covered entities must notify the superintendent within 72 hours of determining a cybersecurity event that either impacts the covered entity and requires notice to a government body, self-regulatory agency, or supervisory body, or has a reasonable likelihood of materially harming any material part of the covered entity’s normal operations.
Can you summarize 3 NYCRR Chapter III, Subchapter A?
The provided legal document content pertains to the regulations governing Banking Organizations in New York. These regulations are part of the New York Codes, Rules and Regulations (NYCRR) and fall under the purview of the Superintendent’s Regulations. The document specifies the rules and requirements that apply to Banking Organizations operating in New York. It outlines the obligations, responsibilities, and standards that these organizations must adhere to in order to ensure compliance with the law.
Can you summarize 3 NYCRR Legal Interpretations, Legal Interpretation 1?
The legal document covers a range of topics related to banking and trust companies. It discusses the applicability of loan limits to letters of credit issued to the Commodity Credit Corporation (CCC) and the conditions under which loans to CCC may be exempt from the limits. It clarifies that cash can be considered as part of the consideration given to a shareholder of a bank to be acquired. It explains the requirements and permissibility of trust companies writing covered call options on securities held by them as trustees.
Can you summarize 3 NYCRR Legal Interpretations, Legal Interpretation 7, Section 7.1?
This legal document pertains to a company that wishes to engage in the business of gathering credit card purchase slips from small merchants and presenting them for payment to the issuing bank. The company obtains a more favorable purchase rate by presenting the slips in bulk. The department clarifies that licensing under the Banking Law is only required if the company is in the business of ‘purchasing or otherwise acquiring’ the credit-card obligations.
Can you summarize 3 NYCRR Part 100?
This legal document, part of the New York Codes, Rules and Regulations, specifically governs the Personal Property Leasing Activities of Banks and Trust Companies. It defines the term ’net-lease’ as a lease where the bank or trust company is not obligated to provide certain services or provisions related to the leased property. It also defines a ‘full-payout lease’ as a lease where the lessor can expect to recover their full investment in the leased property, including financing costs and estimated residual value.
Can you summarize 3 NYCRR Part 111?
The provided legal document content pertains to the reorganization of a mutual savings bank into a mutual holding company form and the subsequent conversion into a stock holding company. It outlines the requirements and procedures for such conversions, including the approval of the superintendent and the establishment of a liquidation account. The document also addresses the issuance of shares of stock in connection with the reorganization, allowing for the reservation of shares for stock option plans and restricted stock plans.
Can you summarize 3 NYCRR Part 114?
This legal document pertains to the examination, supervision, regulation, and enforcement authority of the superintendent over investment company holding companies and their subsidiaries for purposes of the European Union Financial Conglomerates Directive. The superintendent has the same authority over these entities as they have over banking organizations under the Banking Law. The document outlines the specific authorities granted to the superintendent, including the application of Banking Law provisions, issuance of orders, imposition of monetary penalties, imposition of capital requirements, prescription of record-keeping requirements, filing of periodic reports, levy of assessments, and issuance of rules and regulations.
Can you summarize 3 NYCRR Part 117?
The provided legal document, part of the New York Codes, Rules and Regulations, governs the inclusion of credit exposures arising from derivative transactions in lending limits for banks operating in New York. It outlines guidelines for calculating credit exposures to a counterparty and with respect to a reference exposure arising from credit derivatives. The document allows banks to utilize alternate methods to evaluate their credit exposures and provides exposure mitigants that can be taken into account when computing the exposures.
Can you summarize 3 NYCRR Part 12?
This legal document, part of the New York Codes, Rules and Regulations, pertains to the acquisition of residences and similar facilities by banks and trust companies. It requires banks and trust companies to provide the superintendent with a list of properties purchased or leased under the limited authorization, including details such as address, type of acquisition, reason for acquisition, date of purchase or lease, cost, and additional information as required by the superintendent.
Can you summarize 3 NYCRR Part 13?
This legal document, titled ‘Depositor Savings Information’ or ‘Truth-in-Savings’, falls under the ‘General Regulations of the Superintendent’ in the ‘Banking’ section of the ‘New York Codes, Rules and Regulations’. It governs the disclosure of information on savings accounts by banking organizations. The document outlines the specific information that must be disclosed, including the annual interest rate, annual percentage yield, compounding period, periodic percentage rate, and the principal amount to which the rate is applied.
Can you summarize 3 NYCRR Part 14?
The provided legal document content consists of regulations governing investments in corporations by banks and trust companies in New York. It covers investment procedures for other stock investments, as well as investment procedures for operating subsidiaries and Edge Act subsidiaries. Banks and trust companies are required to submit applications or notices to the superintendent depending on the type of investment or activity. The applications or notices should include detailed information about the investment, activities, location, organizational structure, and relations with the applicant.
Can you summarize 3 NYCRR Part 15?
This legal document, part of the New York Codes, Rules and Regulations, governs joint accounts and convenience accounts in the banking industry. Joint accounts refer to deposits made in the name of the depositor and another person or persons, with the form of payment or delivery to any or the survivor of them. The owner of a joint account includes the depositor and any other person or persons named on the account.
Can you summarize 3 NYCRR Part 16?
This legal document, part of the New York Codes, Rules and Regulations, governs various types of mergers and acquisitions involving banking institutions. It authorizes mergers between stock-form thrift institutions, between stock-form thrift institutions and commercial banks, between mutual thrift institutions and stock-form thrift institutions or commercial banks (subject to certain conditions), between stock-form thrift institutions and Federal thrift institutions or national banks, between mutual thrift institutions and Federal thrift institutions or national banks (subject to certain conditions), between commercial banks and Federal thrift institutions, and between investment companies and commercial banks or national banks.
Can you summarize 3 NYCRR Part 21?
The provided legal document content pertains to the reserves that banks, trust companies, private bankers, and foreign banking corporations authorized under State law to maintain a branch or branches in New York are required to maintain against deposits and their equivalents. The document states that institutions subject to this Part, which are not covered institutions, must maintain reserves in the same amounts as if they were covered institutions, without any transitional adjustments permitted under the Monetary Control Act.
Can you summarize 3 NYCRR Part 24?
The provided legal document content pertains to the annual financial statements of commercial banks, trust companies, stock form savings banks, and stock form savings and loans. These documents govern the requirements for filing annual financial statements and the availability of such information for public inspection. The annual report to stockholders must be completed on a comparative year basis, including figures for the fiscal year covered by the report and the preceding year.
Can you summarize 3 NYCRR Part 25?
This legal document governs the meetings of stockholders of certain commercial banks in the state of New York. It requires that any notice to stockholders, which requires the approval of the superintendent, must be approved in writing by the superintendent before being communicated to stockholders. If a proposed notice is approved by the superintendent before August 1 of any calendar year, the corporate banking organization must hold a meeting for the election of directors and other business within two months of the approval.
Can you summarize 3 NYCRR Part 26?
This legal document governs the provisions of a stock options plan for banks. It applies to entities implementing such a plan, subject to the provisions of the Banking Law, section 140-a, the regulations of the superintendent, and any other applicable law or regulation. The plan must include a general statement of its purposes and specify the total number of shares for which options may be granted. The plan’s duration should be defined, and options granted under the plan should not extend beyond a period of 10 years or as otherwise provided by the plan.
Can you summarize 3 NYCRR Part 29?
The provided legal document, part of the New York Codes, Rules and Regulations, falls under the Banking category and pertains to the General Regulations of the Superintendent. It governs the Declaration of Dividends for banks and trust companies. According to the document, banks and trust companies must use section 29.2 of this Part to compute net profits for all calendar years beginning on and after January 1, 1991. They may also use section 29.
Can you summarize 3 NYCRR Part 30?
The provided legal document content pertains to Insiders’ Reports. It governs the requirements for officers of banks or trust companies to file certain information. The information filed under this document is available for public inspection and copying during business hours at the address of the department specified in section 1.1 of Supervisory Policy G1 of the New York Codes, Rules and Regulations (NYCRR) Banking General Regulations of the Superintendent. The document specifies that officers who do not own any equity securities of the bank or trust company are exempt from the requirements.
Can you summarize 3 NYCRR Part 301?
The provided legal document content pertains to the security measures required at automated teller machine (ATM) facilities operated by Federal and State chartered banking institutions. The document specifies the type and frequency of video tapes or digital recording media to be used in ATM surveillance systems. For analog systems, the regulation mandates the use of commercial/industrial grade video tape or better quality tape. Each tape can only be used once in a 30-day period and no more than 12 times in total.
Can you summarize 3 NYCRR Part 31?
The provided legal document content governs the investments of banks or trust companies in certain corporations. It outlines the permissions and limitations for banks and trust companies to invest in various corporations. The document specifies that any bank or trust company is permitted to make an investment in the common stock of the Atlantic Central Bankers Bank, not exceeding the minimum number of shares required for membership. The investment can be increased with the written approval of the superintendent, provided it aligns with the declaration of policy in the Banking Law.
Can you summarize 3 NYCRR Part 32?
This legal document governs the establishment of charges imposed by banking institutions in New York in connection with checks or other written orders drawn upon insufficient funds or uncollected balances, as well as electronic transfers sought to be effectuated against insufficient funds. The document provides guidelines for banking institutions to reasonably establish such charges, considering factors such as the cost incurred, deterrence of misuse by customers, enhancement of competitive position, and maintenance of safety and soundness.
Can you summarize 3 NYCRR Part 321?
This legal document, part of the New York Codes, Rules and Regulations, governs loans provided by banks, bank holding companies, stock-form savings banks, and stock-form savings and loan associations to their executive officers and directors. The document sets forth requirements for such loans, including that they must be made on terms that are not more favorable to the executive officer or director than those offered to other individuals, and must not involve more than the normal risk of repayment or present other unfavorable features.
Can you summarize 3 NYCRR Part 323?
The provided legal document content pertains to the acceptance of deposits from noncitizens and non-U.S. residents by licensed agencies of foreign banking corporations. It specifies that prior to opening a deposit account under $100,000 for a depositor who is not a citizen or resident of the United States, the licensed agency must notify the depositor in writing that their deposits are not insured by the FDIC. The term ‘resident of the United States’ is defined to include individuals residing in the United States, entities organized in the United States, and branches or offices located in the United States of entities not organized in the United States.
Can you summarize 3 NYCRR Part 34?
This legal document, part of the New York Codes, Rules and Regulations, specifically the General Regulations of the Superintendent under the Banking category, governs the availability of funds for items deposited for collection. It applies to depositary banks and their customers. The document outlines several exceptions to the requirements imposed, including deposited items drawn in an amount of more than $5,000, items deposited by new customers within 30 calendar days of opening an account, accounts of customers that have been overdrawn on three separate occasions within a six-month period, instances where the depositary bank doubts the collectibility of funds for an item, items drawn on an office located outside the United States and the District of Columbia, agreements between depositary banks and retail customers for a greater period of time, and delays caused by circumstances beyond the control of the depositary bank.
Can you summarize 3 NYCRR Part 36?
This document governs the investments made by banks or trust companies in investment companies. It allows banks or trust companies to invest in the shares of any single fund without express limit, subject to certain limitations. Banks or trust companies investing in funds with assets subject to investment limits must periodically review the fund portfolios to ensure compliance with the limitations set forth in sections 97(4-b), 103, and 106 of the Banking Law.
Can you summarize 3 NYCRR Part 37?
The provided legal document content pertains to the regulations governing real estate equity investments in community development projects for banks and trust companies in New York. According to the regulations, a bank or trust company’s investment in any one community development project cannot exceed two percent of its capital stock, surplus, and undivided profits. Additionally, the aggregate investment in all such projects cannot exceed ten percent of its capital stock, surplus, and undivided profits.
Can you summarize 3 NYCRR Part 410?
The provided legal document content covers various aspects related to mortgage bankers and mortgage brokers in New York. It includes licensing requirements for mortgage bankers, registration requirements for mortgage brokers, branch applications, books and records, annual reports, surety bonds, and consultants of licensed mortgage bankers and registered mortgage brokers. The document defines the term ‘consultant’ and provides exemptions for certain individuals. It outlines requirements for license and registration applicants to provide a list of consultants and an undertaking of accountability for each independent contractor.
Can you summarize 3 NYCRR Part 70?
The provided legal document content pertains to the interlocking directorates and officers of banking organizations and bank holding companies in New York. It states that the superintendent has the authority to grant permission for executive officers of one institution to serve as executive officers, directors, or trustees of another institution. The term ’executive officer’ is defined as an officer who participates or has authority to participate in major policymaking functions of the institutions.
Can you summarize 3 NYCRR Part 72?
The provided legal document content pertains to investments in certificates of deposit of banking corporations. It applies to savings banks and savings and loan associations. The documents specify that savings banks and savings and loan associations may invest in certificates of deposit of a banking institution described in section 235(12-a)(b) of the Banking Law. If the banking institution has total assets of less than $1 billion, the certificates must be issued by and payable in United States dollars at an office of such banking institution located within one of the states of the United States of America.
Can you summarize 3 NYCRR Part 73?
The document governs the use and establishment of electronic facilities in the banking industry. It prohibits banking organizations from staffing electronic facilities with their employees, except for specific purposes such as equipment demonstration, training nonbank employees, providing information, repairing and servicing equipment, or as security guards. Banking organizations are required to take necessary steps to protect their interests in electronic facilities and safeguard the identity of bank customers. The document also outlines the requirements for notifying the Superintendent for the establishment or sharing of electronic facilities, including providing complete address details, facility type, deposit-taking capability, sharing arrangements, details of transactions involving insiders or related interests, and any additional information required by the department.
Can you summarize 3 NYCRR Part 76?
These legal documents, part of the New York Codes, Rules and Regulations, pertain to compliance with Community Reinvestment Act (CRA) requirements for banking institutions. They outline the evaluation process and criteria for assessing the CRA performance of banking institutions in New York. The documents cover various aspects such as lending activities, investment test, service test, community development test, small banking institution performance standards, strategic plans, assessment areas, filing requirements, data collection requirements for minority- and women-owned businesses, and assessments and public disclosure.
Can you summarize 3 NYCRR Part 9?
The provided legal document content consists of multiple documents related to basic banking accounts and banking institutions in New York. The documents govern the approval process for alternative accounts and other banking services, required disclosures for basic banking accounts, conditions for opening or maintaining a basic banking account, features and requirements for consumer transaction accounts, key terms related to banking institutions and consumer transaction accounts, and the policy for making lower cost banking services available to consumers.
Can you summarize 3 NYCRR Part 90?
This legal document, part of the New York Codes, Rules and Regulations, governs variable rate open-end accounts established by lending institutions. Lending institutions must comply with the requirements outlined in this document when offering such accounts. The document specifies that lending institutions must choose an approved index for the open-end account’s rate calculation. The rate can be based directly on the index values or on the index values plus or minus additional percentage points.
Can you summarize 3 NYCRR Supervisory Policies and Procedures, Commercial Banks?
The provided legal document content pertains to the Supervisory Policies and Procedures for Commercial Banks in New York. These policies and procedures govern the operations and activities of commercial banks in the state. They provide guidelines and regulations for various aspects of commercial banking, including risk management, capital adequacy, asset quality, management practices, earnings, liquidity, and sensitivity to market risk. The document outlines the expectations and requirements for commercial banks to ensure the safety and soundness of their operations, protect the interests of depositors, and maintain the stability of the banking system.
Can you summarize 3 NYCRR Supervisory Policies and Procedures, Mortgage Banks?
The provided legal document content includes various documents related to the application processes and requirements for individuals or entities in the mortgage industry in the state of New York. These documents cover the application process for a change of control of a Mortgage Loan Servicer (MLS), the application process for registration as a Mortgage Loan Servicer (MLS), the application process for an initial license as a Mortgage Loan Originator (MLO), the requirements for obtaining approval to make FHA insured mortgage loans, the application process for mortgage brokers to apply for inactive status, the application process for a change in control of a Mortgage Broker, the requirements for individuals or entities seeking registration as a mortgage broker, the application process for a change in control of a mortgage banker, and the requirements for individuals or entities seeking registration as a mortgage banker.
Can you summarize 12 CFR 145.17?
A Federal savings association is authorized to transfer, with or without fee, its customers’ funds from any account (including a line of credit) of the customer at the Federal savings association or at another financial intermediary to third parties or other accounts of the customer on the customer’s order or authorization by any mechanism or device, including cashier’s checks, conforming with applicable laws and established commercial practices.
Can you summarize 12 CFR 337.3?
This regulation, issued by the Federal Deposit Insurance Corporation (FDIC), imposes limits on extensions of credit to executive officers, directors, and principal shareholders of FDIC-supervised institutions. FDIC-supervised institutions are subject to the restrictions contained in Federal Reserve Board Regulation O to the same extent as member banks. The regulation prohibits FDIC-supervised institutions from extending credit or granting a line of credit to executive officers, directors, or principal shareholders, or their related interests, in an amount that exceeds the greater of $25,000 or five percent of the institution’s unimpaired capital and unimpaired surplus, unless approved by the board of directors and the interested party abstains from voting.
Can you summarize 12 CFR 7.1014?
A national bank may designate bonded agents to sell the bank’s money orders at nonbanking outlets. The responsibility of both the bank and its agent should be defined in a written agreement setting forth the duties of both parties and providing for remuneration of the agent. The bank’s agents need not report on sales and transmit funds from the nonbanking outlets more frequently than at the end of the third business day following receipt of the funds.
Can you summarize 12 CFR 7.1026?
This document, part of the Code of Federal Regulations, governs the membership of national banks and Federal savings associations in payment systems. It outlines the definitions related to payment system membership, including the definition of a member and open-ended liability. The document also specifies the notice requirements for joining payment systems and the content of the notice. Safety and soundness procedures are outlined, including risk evaluation, ongoing risk management, and notification requirements for identified risks.
Can you summarize 12 CFR 7.4000?
This legal document governs the exercise of visitorial powers with respect to national banks. Under 12 U.S.C. 484, only the OCC or an authorized representative of the OCC may exercise visitorial powers with respect to national banks. State officials are generally prohibited from exercising visitorial powers, such as conducting examinations or inspecting bank records, except in limited circumstances authorized by federal law. However, there are exceptions to this general rule, including actions brought by state attorney generals to enforce applicable laws against national banks.
Can you summarize 12 CFR Chapter I?
The provided legal document content pertains to the establishment of safety and soundness standards for national banks, Federal savings associations, and Federal branches of foreign banks. It also applies to uninsured national banks, Federal branches and Federal agencies of foreign banks, and the subsidiaries of any national bank, Federal savings association, and Federal branch and Federal agency of a foreign bank (except brokers, dealers, persons providing insurance, investment companies, and investment advisers).
Can you summarize 12 CFR Chapter III?
The provided legal document content covers various filing procedures and processing requirements for different applications and notices related to banking activities. The documents apply to the Federal Deposit Insurance Corporation (FDIC), applicants, insured depository institutions, state-chartered banks, state savings associations, foreign banks, individuals seeking control of a bank, directors and senior executive officers of FDIC-supervised institutions, insured state nonmember banks, insured state savings associations, insured branches of foreign banks, and critically undercapitalized insured depository institutions.
Can you summarize 12 CFR Chapter XI?
The provided legal document content pertains to the Code of Federal Regulations under the section ‘Banks and Banking’ and specifically focuses on the activities and operations of the Federal Financial Institutions Examination Council (FFIEC). The FFIEC is an interagency body that is responsible for prescribing uniform principles, standards, and report forms for the federal examination of financial institutions. It aims to promote uniformity in the supervision of financial institutions and enhance the efficiency and effectiveness of the examination process.
Can you summarize 12 CFR Part 1005?
The provided legal document content pertains to Electronic Fund Transfers (Regulation E) under the Code of Federal Regulations. It establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer and remittance transfer services, as well as financial institutions or other persons that offer these services. The document provides definitions for various terms used in the context of electronic fund transfers and includes specific exemptions for certain types of prepaid accounts, gift cards, and accounts established for distributing needs-tested benefits.
Can you summarize 12 CFR Part 1016?
This legal document, governed by the Code of Federal Regulations, outlines the requirements for privacy and opt-out notices in the context of consumer financial information. It applies to financial institutions, credit unions, and covered entities subject to FTC enforcement jurisdiction. The document specifies the initial notice requirement, which mandates that institutions provide a clear and conspicuous notice to customers and consumers that accurately reflects their privacy policies and practices. The notice must be provided when establishing a customer relationship and before disclosing nonpublic personal information to nonaffiliated third parties.
Can you summarize 12 CFR Part 1026, Subpart F?
This document, part of the Code of Federal Regulations, specifically addresses the special rules for private education loans. It applies to creditors who offer private education loans, which are extensions of credit provided for postsecondary educational expenses. The document outlines the disclosures that creditors must provide to consumers during the application or solicitation process, approval process, and after the consumer has accepted the loan. The required disclosures include information about interest rates, fees, repayment terms, cost estimates, eligibility requirements, alternatives to private education loans, and consumer rights.
Can you summarize 12 CFR Part 1026, Subpart G?
This legal document, part of the Code of Federal Regulations, specifically falls under the regulations set by the Consumer Financial Protection Bureau (CFPB) for credit card accounts and open-end credit offered to college students. It defines an ‘over-the-limit transaction’ as any extension of credit that causes a consumer’s credit card account balance to exceed the credit limit. The document outlines the opt-in requirements for card issuers to assess fees or charges on a consumer’s credit card account for over-the-limit transactions.
Can you summarize 12 CFR Part 1070?
The provided legal document content covers the disclosure of records and information by the Consumer Financial Protection Bureau (CFPB). It defines terms related to disclosure, outlines the responsibilities and authorities of key personnel within the CFPB, and clarifies the definition of financial institution. The documents establish the Chief Operating Officer as the custodian of CFPB records and prohibit unauthorized disclosure by employees or former employees. Another document governs the service of summonses and complaints to the CFPB and its employees, specifying that only the General Counsel is authorized to receive them.
Can you summarize 12 CFR Part 155?
The provided legal document content governs the electronic operations of Federal savings associations. It allows Federal savings associations to use electronic means or facilities to perform functions and provide products or services as part of authorized activities. The electronic means or facilities include automated teller machines, automated loan machines, personal computers, the internet, telephones, and other similar electronic devices. Federal savings associations are also allowed to market and sell electronic capacities and by-products to third parties if acquired or developed in good faith as part of providing financial services.
Can you summarize 12 CFR Part 157?
The provided legal document content pertains to the deposit activities of Federal savings associations. It states that Federal savings associations can raise funds through accounts and issue evidence of accounts under specific regulations and their charter. State law applies to the deposit activities of Federal savings associations and their subsidiaries in the same manner as it applies to national banks and their subsidiaries. The document allows Federal savings associations to pay interest at any rate or anticipated rate of return on accounts, either in deposit or share form, as provided in their charter and the account’s terms.
Can you summarize 12 CFR Part 201?
This legal document, part of the Code of Federal Regulations, specifically Regulation A, governs the extensions of credit by Federal Reserve Banks. It applies to depository institutions, including insured banks, mutual savings banks, savings banks, insured credit unions, members of the Federal Home Loan Bank, and savings associations. However, financial institutions that are not required to maintain reserves under 204.1(c)(4) of Regulation D are exempted from this regulation. The document provides definitions for various terms such as ‘appropriate federal banking agency,’ ‘critically undercapitalized insured depository institution,’ ‘depository institution,’ ’transaction account,’ ’nonpersonal time deposit,’ ‘undercapitalized insured depository institution,’ and ‘viable.
Can you summarize 12 CFR Part 204?
The provided legal document content consists of multiple regulations issued by the Board of Governors of the Federal Reserve System, known as Regulation D. These regulations govern the reserve requirements imposed on various depository institutions. The purpose of these regulations is to facilitate the implementation of monetary policy by the Federal Reserve System. The regulations apply to insured banks, savings banks, mutual savings banks, insured credit unions, members of the Federal Home Loan Bank, insured institutions under the National Housing Act, foreign banks’ branches or agencies, Edge Corporations, and Agreement Corporations.
Can you summarize 12 CFR Part 205?
This document, part of the Code of Federal Regulations, specifically falls under the jurisdiction of the Board of Governors of the Federal Reserve System. It pertains to the regulation of electronic fund transfers (EFTs) under the Electronic Fund Transfer Act (EFTA). The document provides definitions for various terms used in the regulation, including ‘access device,’ ‘account,’ ‘consumer,’ ’electronic fund transfer,’ ’electronic terminal,’ ‘financial institution,’ ‘person,’ ‘preauthorized electronic fund transfer,’ ‘state,’ and ‘unauthorized electronic fund transfer.
Can you summarize 12 CFR Part 209?
This legal document, found in the Code of Federal Regulations, specifically in the section related to Federal Reserve Bank Capital Stock (Regulation I), governs the issuance and cancellation of Federal Reserve Bank stock, changes in the capital and surplus of member banks, and the payment of dividends to member banks. It applies to member banks of the Federal Reserve System, national banks in the process of organization, and state banks applying for membership.
Can you summarize 12 CFR Part 210?
These legal documents, governed by the Code of Federal Regulations, provide guidelines and regulations for the collection of checks and other items by Federal Reserve Banks, funds transfers through the Fedwire Funds Service, and funds transfers through the FedNow Service. The first document outlines the general provisions that each Reserve Bank must adhere to, including the issuance of operating circulars to govern the handling of items. It also addresses the handling of government items, foreign items, and the relation to other laws.
Can you summarize 12 CFR Part 211?
The provided legal document content covers various aspects related to foreign banking organizations and their operations in the United States. It includes regulations and procedures for the approval of offices of foreign banks, requirements for prior notice and approval, and standards for approval. The documents also address the activities permitted for representative offices and additional requirements for certain interstate applications. They provide definitions for terms related to international banking operations and clarify the meanings of terms used in relation to establishing, changing the status of, or relocating an office of a foreign bank.
Can you summarize 12 CFR Part 212?
These legal documents, found in the Code of Federal Regulations under the Banks and Banking section, govern management official interlocks between depository organizations. They aim to foster competition by generally prohibiting a management official from serving two nonaffiliated depository organizations in situations where the management interlock likely would have an anticompetitive effect. The documents apply to management officials of state member banks, bank holding companies, and their affiliates. They provide definitions for various terms used in the context of management official interlocks and outline the applicability of these definitions to depository organizations.
Can you summarize 12 CFR Part 215?
Regulation O, issued by the Board of Governors of the Federal Reserve System, governs the extension of credit by member banks to executive officers, directors, and principal shareholders of the member bank, as well as to individuals and entities related to the member bank. It also applies to companies controlled by such persons and political or campaign committees that benefit or are controlled by such persons. The regulation implements reporting requirements for extensions of credit by member banks to their executive officers, principal shareholders, and related interests.
Can you summarize 12 CFR Part 219?
This subpart of Regulation S, issued by the Board of Governors of the Federal Reserve System, governs the reimbursement for providing financial records and the recordkeeping requirements for certain financial records. It applies to customers and financial institutions. A customer is defined as any person or authorized representative who uses any service of a financial institution or for whom a financial institution acts or has acted as a fiduciary. However, corporations or partnerships comprised of more than five persons are not considered customers.
Can you summarize 12 CFR Part 222?
The provided legal document content pertains to the Fair Credit Reporting Act (FCRA) and its implementation by the Board of Governors of the Federal Reserve System. It governs the collection, dissemination, and use of consumer information, including credit reports. The regulations apply to persons that obtain and use consumer information for determining eligibility for products, services, or employment, sharing information among affiliates, and providing information to consumer reporting agencies. The regulations specifically apply to banks that are members of the Federal Reserve System (excluding national banks), their operating subsidiaries, branches and agencies of foreign banks, commercial lending companies owned or controlled by foreign banks, organizations operating under section 25 or 25A of the Federal Reserve Act, and bank holding companies and their affiliates.
Can you summarize 12 CFR Part 223?
The provided legal document content consists of excerpts from Regulation W issued by the Board of Governors of the Federal Reserve System. This regulation governs transactions between member banks and their affiliates. It establishes limitations on covered transactions between member banks and affiliates based on the aggregate amount of such transactions in relation to the member bank’s capital stock and surplus. The regulation also requires member banks to ensure that credit transactions with affiliates are secured by collateral, with specific requirements for the type of collateral and maintenance of a perfected security interest.
Can you summarize 12 CFR Part 225?
The provided legal document content covers various aspects of bank holding companies and change in bank control. It governs the acquisition of control of banks by companies and individuals, defines and regulates the nonbanking activities of bank holding companies and foreign banking organizations, and sets forth procedures for securing approval for these transactions and activities. The regulation applies to bank holding companies, foreign banking organizations, individuals or companies acquiring voting securities of a bank holding company or state member bank, companies that control nonbank banks, and firms subject to section 13 of the Bank Holding Company Act.
Can you summarize 12 CFR Part 226, Subpart G?
These legal documents, part of the Truth in Lending (Regulation Z) issued by the Board of Governors of the Federal Reserve System, cover various aspects related to credit card accounts and open-end credit offered to college students. The documents establish rules for card issuers to consider a consumer’s ability to make minimum payments, set limitations on fees and penalty fees, allocate payments made by consumers, govern the loss of grace period, regulate increases in annual percentage rates, fees, and charges, address over-the-limit transactions, and provide special rules for credit card accounts offered to college students.
Can you summarize 12 CFR Part 229?
The provided legal document content consists of multiple documents falling under the regulation titled ‘Availability of Funds and Disclosure of Funds Availability Policies’ issued by the Board of Governors of the Federal Reserve System. These documents govern the availability of funds and the disclosure of funds availability policies for banks, depository banks, and their customers. They specify the timeframes within which banks must make funds available for withdrawal based on the type of deposit, such as cash, electronic payments, and certain check deposits.
Can you summarize 12 CFR Part 233?
The Prohibition on Funding of Unlawful Internet Gambling is a regulation issued by the Board of Governors of the Federal Reserve System and the Secretary of the Department of the Treasury. It applies to financial institutions, commercial customers, operators of designated payment systems, and third-party processors. The regulation aims to regulate unlawful internet gambling and restrict certain financial transactions associated with it. The document defines various terms related to internet gambling and payment systems.
Can you summarize 12 CFR Part 234?
This part of the Code of Federal Regulations, issued by the Board of Governors of the Federal Reserve System, establishes risk-management standards for designated financial market utilities involved in payment, clearing, and settlement activities. The risk-management standards apply to designated financial market utilities, excluding derivatives clearing organizations registered under the Commodity Exchange Act or clearing agencies registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934. The document sets out requirements and procedures for designated financial market utilities proposing changes that could materially affect risks.
Can you summarize 12 CFR Part 235?
The provided legal document content pertains to Debit Card Interchange Fees and Routing (Regulation II) issued by the Board of Governors of the Federal Reserve System. The regulation governs various entities involved in electronic debit transactions, including acquirers, cardholders, issuers, merchants, payment card networks, and processors. It establishes rules and requirements for reasonable and proportional interchange transaction fees, fraud-prevention adjustments, exemptions, prohibitions on evasion and circumvention, payment card network exclusivity arrangements, routing restrictions, and reporting requirements.
Can you summarize 12 CFR Part 240?
This part of the Code of Federal Regulations, issued by the Board of Governors of the Federal Reserve System, establishes rules applicable to retail foreign exchange transactions engaged in by banking institutions. It applies to banking institutions and their branches or offices, as well as subsidiaries of banking institutions organized under the laws of the United States or any U.S. state. However, retail foreign exchange transactions between a foreign branch or office of a banking institution and a non-U.
Can you summarize 12 CFR Part 242?
This document, part of the Code of Federal Regulations, issued by the Board of Governors of the Federal Reserve System, establishes the criteria for determining if a company is predominantly engaged in financial activities as required under section 102(b) of the Dodd-Frank Act. It also provides definitions for ‘significant nonbank financial company’ and ‘significant bank holding company’ for purposes of the designation of nonbank financial companies by the Financial Stability Oversight Council and the credit exposure reports required to be filed by certain entities.
Can you summarize 12 CFR Part 243?
The provided legal document content pertains to Resolution Plans for covered companies under the jurisdiction of the Board of Governors of the Federal Reserve System. These documents are issued pursuant to section 165(d)(8) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and establish rules and requirements regarding the submission and content of a resolution plan, as well as procedures for review by the Board and Corporation of a resolution plan.
Can you summarize 12 CFR Part 246?
Regulation TT, issued by the Board of Governors of the Federal Reserve System, governs the assessments of fees for companies under the supervision and regulation of the Board. It applies to bank holding companies, savings and loan holding companies, foreign bank holding companies, foreign savings and loan holding companies, and nonbank financial companies supervised by the Board. The regulation defines an assessed company as a top-tier company with $100 billion or more in total consolidated assets.
Can you summarize 12 CFR Part 248?
The provided legal document content consists of multiple documents related to proprietary trading and certain interests in and relationships with covered funds. The documents are issued by the Board of Governors of the Federal Reserve System and are part of the Code of Federal Regulations. The main focus of these documents is to regulate and prohibit proprietary trading by banking entities. Proprietary trading refers to engaging as principal in the purchase or sale of financial instruments for the trading account of the banking entity.
Can you summarize 12 CFR Part 25?
The provided legal document governs the Community Reinvestment Act (CRA) and Interstate Deposit Production Regulations. It applies to banks, savings associations, national banks, Federal savings associations, State savings associations, insured Federal branches, and Federal branches resulting from specified acquisitions. However, it does not apply to special purpose banks or special purpose savings associations that do not perform commercial or retail banking services, limited Federal branches, and Federal agencies. The document establishes the framework and criteria for assessing an institution’s record of meeting the credit needs of its community, including low- and moderate-income neighborhoods.
Can you summarize 12 CFR Part 250?
The provided legal document content consists of interpretations and guidance on the applicability of Section 32 of the Glass-Steagall Act. Section 32 prohibits officers, directors, employees, and partners of certain entities primarily engaged in securities-related activities from serving as employees of member banks. The documents clarify the application of Section 32 to various scenarios, including the service of open-end investment companies, directors of member banks serving as directors of investment companies, officers, directors, or employees of member banks serving in similar capacities for licensee corporations under the Small Business Investment Act of 1958, proposed real estate investment companies, directors of corporations planning to acquire or organize subsidiaries, limited or special partners in firms primarily engaged in the business described in Section 32, interlocking service as an officer of a corporation primarily engaged in securities-related activities and a director of a member bank, short-term unsecured negotiable notes issued by large banks, and the establishment of a proposed ‘Commingled Investment Account’ by a national bank.
Can you summarize 12 CFR Part 251?
This regulation, known as Regulation XX, governs the concentration limit for covered acquisitions by financial companies. It prohibits a financial company from merging or consolidating with, acquiring all or substantially all of the assets of, or otherwise acquiring control of, another company if the resulting company’s consolidated liabilities would exceed 10 percent of the aggregate consolidated liabilities of all financial companies. The regulation applies to financial companies seeking to merge, consolidate, or acquire control of another company.
Can you summarize 12 CFR Part 261?
This legal document governs the disclosure, production, or withholding of information by the Board of Governors of the Federal Reserve System. It establishes mechanisms for carrying out the Board’s responsibilities regarding the availability of information to financial institutions and the public. The document defines various terms such as ‘affiliate’, ‘confidential supervisory information’, ’nonpublic information’, ‘records of the Board or Board records’, ‘search’, ‘supervised financial institution’, and ‘working day’. It specifies that confidential supervisory information includes reports of examination, inspection, and visitation; confidential operating and condition reports; supervisory assessments; investigative requests for documents or other information; and supervisory correspondence or other supervisory communications.
Can you summarize 12 CFR Part 261a?
The provided legal document content pertains to the rules regarding access to personal information under the Privacy Act 1974, as issued by the Board of Governors of the Federal Reserve System. These rules apply to individuals seeking access to personal information compiled by the Board. The document specifies that records about an individual contained in a system of records will not be disclosed to any person or agency without the individual’s prior written consent, unless authorized by 5 U.
Can you summarize 12 CFR Part 261b?
The provided legal document content pertains to the rules regarding public observation of meetings conducted by the Board of Governors of the Federal Reserve System and its subdivisions. The document outlines the definitions of key terms and clarifies that public observation allows the public to listen and observe the meetings but not record them without prior approval. It also mentions exceptions to public observation and specifies the number of members required for certain actions.
Can you summarize 12 CFR Part 262?
The provided legal document content consists of information related to the rules of procedure for regulations issued by the Board of Governors of the Federal Reserve System. It outlines the procedure for issuing regulations, including the publication of notices of proposed regulations or amendments in the Federal Register, public participation, and submission of data, views, or arguments. The document also governs the submission of applications, requests, or petitions for approval, authority, determination, or permission from the Board of Governors of the Federal Reserve System.
Can you summarize 12 CFR Part 264?
The provided legal document states that employees of the Board of Governors of the Federal Reserve System (Board) are subject to the executive branch-wide standards of ethical conduct at 5 CFR part 2635 and the Board’s regulation at 5 CFR part 6801. These standards supplement the executive branch-wide standards and the executive branch-wide financial disclosure regulation at 5 CFR part 2634. The document does not mention any specific exemptions or penalties related to employee responsibilities and conduct.
Can you summarize 12 CFR Part 264a?
This document governs the post-employment restrictions for senior examiners of the Federal Reserve who have been authorized by the Board to conduct examinations or inspections on behalf of the Board. The restrictions apply to senior examiners of state member banks, bank holding companies, foreign banks, and savings and loan holding companies. Senior examiners are prohibited from accepting compensation as an employee, officer, director, or consultant from the respective entities they examined for a period of one year after leaving the employment of the Federal Reserve.
Can you summarize 12 CFR Part 264b?
These rules govern when Board employees, their spouses, and their dependents may accept and retain gifts and decorations from foreign governments. The document defines various terms such as ‘Board employees’, ‘foreign government’, ‘gift’, ‘decoration’, and ‘minimal value’. It establishes that gifts are tangible or intangible presents, while decorations refer to orders, devices, medals, badges, insignia, emblems, or awards. The document also defines ‘minimal value’ as a retail value of $285 or less as of January 1, 2002, and at 3-year intervals thereafter.
Can you summarize 12 CFR Part 265?
This document, part of the Code of Federal Regulations, governs the delegation of authority within the Board of Governors of the Federal Reserve System. It allows the Board to delegate its functions, excluding rulemaking and monetary/credit policies, to Board members, employees, Reserve Banks, or administrative law judges. The Board will review a delegated action only if a Board member requests a review. The functions delegated to Board members, Board employees, and the Federal Reserve Banks are detailed in Subpart B.
Can you summarize 12 CFR Part 266?
This document, titled ‘LIMITATIONS ON ACTIVITIES OF FORMER MEMBERS AND EMPLOYEES OF THE BOARD’, governs the restrictions on the activities of former members and employees of the Board of Governors of the Federal Reserve System. It applies to regular officers or employees of the Board. The document defines ’employee’ as a regular officer or employee of the Board, excluding consultants. However, former consultants may be subject to criminal penalties under section 207 of the United States Criminal Code.
Can you summarize 12 CFR Part 267?
This part of the Code of Federal Regulations establishes the procedures for the collection of certain debts owed to the United States by persons, organizations, or entities. It applies to collections by the Board of Governors of the Federal Reserve System, except for debts that are exclusively provided for or prohibited by another statute or applicable regulation, or debts of current Board employees or other debtors where the Board has chosen to proceed solely under its existing internal debt collection policy.
Can you summarize 12 CFR Part 268?
The provided legal document, 12 CFR part 268, issued by the Board of Governors of the Federal Reserve System, establishes the Board’s policy, program, and procedures for providing equal opportunity to Board employees and applicants for employment. It prohibits discrimination based on race, color, religion, sex, national origin, age, disability, or genetic information. The document also sets forth the Board’s policy, program, and procedures for prohibiting discrimination on the basis of disability in programs and activities conducted by the Board.
Can you summarize 12 CFR Part 269?
The Policy on Labor Relations for the Federal Reserve Banks governs various aspects of labor relations within the Federal Reserve System. It defines the term ’labor organization’ and outlines the eligibility criteria for employees to join or refrain from joining a labor organization. Certain categories of employees are excluded from representation by a labor organization. The policy also governs the recognition of a labor organization as the exclusive bargaining representative for employees in a Federal Reserve Bank.
Can you summarize 12 CFR Part 269a?
The provided legal document content pertains to the procedures and regulations governing parties, party in interest, intervenors, investigators, and hearing officers in proceedings before the panel. The term ‘Party’ is defined as any person, employee, group of employees, labor organization, or bank involved in filing a charge, complaint, petition, application, or request, or named as a party in such proceedings. The term ‘party in interest’ refers to any person, employee, group of employees, labor organization, or bank that will be or is directly affected by the resolution of any charge, complaint, petition, application, or request.
Can you summarize 12 CFR Part 269b?
The provided legal document pertains to charges of violations of 269.6 of the Policy under the Code of Federal Regulations. It applies to banks, labor organizations, and their agents or representatives. Any party in interest or its representative may file a charge within 60 days after the alleged violations or within 60 days after becoming aware of the alleged violation. The charge must be in writing, signed, and contain specific information such as the full name, address, and telephone number of the charging party and the respondent, a clear and concise statement of the alleged unfair labor practice, the relief sought, and any other remedies invoked.
Can you summarize 12 CFR Part 270?
The provided legal document governs the open market operations of Federal Reserve banks. It specifically applies to Federal Reserve banks and outlines the rules and procedures they must follow when engaging in open market operations. The document states that each Federal Reserve bank must conduct open market operations in accordance with this document and the authorizations and directives issued by the Committee. The transactions for the System Open Market Account are to be executed by a Federal Reserve bank selected by the Committee.
Can you summarize 12 CFR Part 271?
This document governs the availability of information held by the Federal Open Market Committee (FOMC) and establishes mechanisms for disclosure, production, or withholding of information. It aims to facilitate the Committee’s interactions with the public and ensures transparency and accessibility of information. The document defines various terms, including exempt information, which refers to information exempt from disclosure. It also provides a definition for ‘working day’ as any day except Saturday, Sunday, or a legal Federal holiday.
Can you summarize 12 CFR Part 272?
The Rules of Procedure govern the procedures followed by the Federal Open Market Committee (FOMC) in relation to the regulation and direction of open market operations conducted by the Federal Reserve banks, as well as certain direct transactions between the Reserve banks and the United States. The Committee considers various information, including business and credit conditions, domestic and international economic and financial developments, and other pertinent information gathered by its staff and the staffs of the Board of Governors of the Federal Reserve System and the Federal Reserve banks.
Can you summarize 12 CFR Part 281?
The legal document discusses the Government in the Sunshine Act, which aims to provide transparency in the decision-making processes of Federal agencies. The Act applies to Federal agencies headed by a collegial body appointed by the President and authorized subdivisions of such agencies. However, the Federal Open Market Committee (FOMC) is not subject to the Act as it does not fall within the Act’s definition of an ‘agency’ or ‘subdivision.’ Despite this, the FOMC voluntarily follows the spirit of the Sunshine Act by conducting its procedures and public disclosures in a manner consistent with the Act.
Can you summarize 12 CFR Part 307?
This document governs the certification process for the assumption of deposit liabilities by insured depository institutions. It requires the transferring institution to provide a written certification to the FDIC when all of its deposit liabilities are assumed by one or more insured depository institutions. The certification must be provided within 30 calendar days after the assumption takes effect and should include information such as the date of assumption and the method of termination of the transferring institution’s authority to engage in banking.
Can you summarize 12 CFR Part 31?
This legal document governs the requirements for affiliate transactions for national banks and Federal savings associations. It mandates compliance with 12 CFR part 223 (Regulation W). The Comptroller of the Currency administers and enforces these requirements. Exemptions from the requirements may be granted by the OCC and the Federal Reserve Board if certain conditions are met, and if the FDIC does not object within 60 days. To request an exemption, a written request must be submitted to the Deputy Comptroller for Licensing, describing the transaction or relationship, explaining why the exemption should be granted, and demonstrating that it is in the public interest and consistent with the purposes of the applicable sections of the Home Owners’ Loan Act.
Can you summarize 12 CFR Part 329?
The provided legal document content pertains to liquidity risk measurement standards for FDIC-supervised institutions. These standards establish a minimum liquidity standard and a minimum stable funding standard for certain FDIC-supervised institutions on a consolidated basis. The documents apply to FDIC-supervised institutions, including GSIB depository institutions, Category II FDIC-supervised institutions, and Category III FDIC-supervised institutions. The applicability may also extend to FDIC-supervised institutions based on factors such as asset size, level of complexity, risk profile, scope of operations, affiliation with foreign or domestic covered entities, or risk to the financial system.
Can you summarize 12 CFR Part 330?
This set of legal documents, part of the Code of Federal Regulations, provides regulations and statements of general policy related to deposit insurance coverage provided by the Federal Deposit Insurance Corporation (FDIC). It governs the ownership rights and capacities in which deposit accounts are maintained at insured depository institutions. The documents define various terms such as ‘Act’, ‘Corporation’, ‘Deposit’, ‘Deposit account records’, ‘FDIC’, ‘Insured branch’, ‘Insured deposit’, ‘Insured depository institution’, ‘Interest’, ‘Natural person’, ‘Non-contingent trust interest’, ‘Sole proprietorship’, ‘Standard maximum deposit insurance amount’, ‘Trust estate’, ‘Trust funds’, and ‘Trust interest’.
Can you summarize 12 CFR Part 370?
These legal documents pertain to the recordkeeping requirements for covered institutions to ensure timely determination of deposit insurance. The covered institutions are required to implement information technology systems and recordkeeping capabilities to calculate the amount of deposit insurance coverage available for each deposit account in the event of failure. The regulations define various terms and apply to insured depository institutions with 2 million or more deposit accounts or those that voluntarily comply with the requirements.
Can you summarize 12 CFR Part 44?
The provided legal document content governs the prohibitions and restrictions on proprietary trading and investments in or relationships with covered funds by certain banking entities. It applies to national banks, Federal branches and agencies of foreign banks, Federal savings associations, and certain subsidiaries thereof. The document provides definitions for various terms used in the regulation and clarifies that the prohibitions and restrictions apply to the activities and investments of the identified banking entities, even if authorized under other applicable provisions of law.
Can you summarize 12 CFR Part 50?
The provided legal document content pertains to the liquidity risk measurement standards for certain national banks and Federal savings associations. These standards establish a minimum liquidity standard and a minimum stable funding standard for the mentioned institutions on a consolidated basis. The documents cover various aspects, including the calculation and maintenance of the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR). They provide guidelines for determining high-quality liquid assets (HQLA), calculating the total net cash outflow amount, and determining the net stable funding ratio.
Can you summarize 12 CFR Part 53?
This document governs the computer-security incident notification requirements for banking organizations, including national banks, Federal savings associations, Federal branches or agencies of foreign banks, and bank service providers. It defines various terms such as banking organization, bank service provider, business line, computer-security incident, covered services, designated financial market utility, notification incident, and person. The document requires banking organizations to notify the appropriate OCC supervisory office or OCC-designated point of contact about a notification incident as soon as possible and no later than 36 hours after the incident is determined.
Can you summarize 22 CFR Part 201, Subpart H?
This document, part of the Code of Federal Regulations, specifically the Rules and Procedures Applicable to Commodity Transactions Financed by USAID, outlines the rights and responsibilities of banks when making payments under a letter of credit. The bank is responsible for obtaining specified documents and examining them to ensure compliance with requirements. The documents must indicate the shipment, source, and destination of commodities, and describe them accurately. The bank is not required to make payment for discounts and commissions unless disclosed in the documents.
Can you summarize 25 CFR 11.415?
A person who shall by willful misrepresentation or deceit, or by false interpreting, or by the use of false weights or measures obtain any money or other property, shall be guilty of fraud, a misdemeanor.
Can you summarize 25 CFR 11.416?
(a) A person is guilty of forgery, a misdemeanor, if, with purpose to defraud or injure anyone, or with knowledge that he or she is facilitating fraud or injury to be perpetrated by anyone, he or she: (1) Alters, makes, completes, authenticates, issues or transfers any writing of another without his or her authority; or (2) Utters any writing which he or she knows to be forged in a manner above specified.
Can you summarize 25 CFR 11.421?
(a) A person who issues or passes a check or similar sight order for the payment of money, knowing that it will not be honored by the drawee, commits a misdemeanor. (b) For the purposes of this section, an issuer is presumed to know that the check or order would not be paid, if: (1) The issuer had no account with the drawee at the time the check or order was issued; or (2) Payment was refused by the drawee for lack of funds, upon presentation within 30 days after issue, and the issuer failed to make good within 10 days after receiving notice of that refusal.
Can you summarize 25 CFR 11.422?
(a) A person commits a misdemeanor if he or she uses a credit card for the purpose of obtaining property or services with knowledge that: (1) The card is stolen or forged; or (2) The card has been revoked or cancelled; or (3) For any other reason his or her use of the card is unauthorized by the issuer. (b) Credit card means a writing or other evidence of an undertaking to pay for property or services delivered or rendered to or upon the order of a designated person or bearer.
Can you summarize 26 CFR 301.6657-1?
This section of the Code of Federal Regulations governs the penalties for bad checks. It applies to persons who tender a check or money order in payment of any amount receivable under the Code. If a check or money order is not paid upon presentment, a penalty of one percent of the amount of the check or money order, in addition to any other penalties provided by law, shall be paid by the person who tendered such check or money order.
Can you summarize 31 CFR 535.531?
This legal document authorizes banks subject to the jurisdiction of the United States to make payments from blocked accounts for checks and drafts. There are certain conditions for such payments: (1) The amount involved in any one payment, acceptance, or debit should not exceed $3000; or (2) The check or draft was within the United States in the process of collection by a domestic bank on or prior to the effective date and does not exceed $50,000.
Can you summarize 31 CFR Chapter X?
The provided legal document content outlines the regulations, reporting requirements, recordkeeping requirements, special information sharing procedures, and special standards of diligence, prohibitions, and special measures for casinos and card clubs. It clarifies the meanings of various terms used in the regulations and provides definitions for terms such as business year, casino account number, customer, gaming day, and machine-readable. The document emphasizes the need for casinos to implement and maintain a compliance program to ensure adherence to the regulations set forth in 31 U.
Can you summarize 32 CFR Part 232?
This legal document, part of the Code of Federal Regulations, implements 10 U.S.C. 987 and imposes limitations on the cost and terms of certain extensions of credit to Service members and their dependents. It applies to creditors who provide consumer credit to covered borrowers. The document defines key terms such as consumer credit, creditor, covered borrower, and military annual percentage rate (MAPR). It specifies the maximum allowable amount of charges and the types of charges associated with a covered extension of consumer credit.
Can you summarize 42 CFR 403.222?
(a) A State has an approved regulatory program if the Panel determines that the State has in effect under State law a regulatory program that provides for the application of standards, with respect to each Medicare supplemental policy issued in that State, that are equal to or more stringent than those specified in section 1882 of the Social Security Act. (b) Policy issued in that State means (1) A group policy, if the holder of the master policy resides in that State; and (2) An individual policy, if the policy is (i) Issued in that State; or (ii) Issued for delivery in that State.
Can you summarize 48 CFR 1652.204-71?
This clause, as prescribed in the Code of Federal Regulations, applies to all FEHBP contracts. It requires the Carrier to coordinate the payment of benefits under the contract with benefits under Medicare, other group health benefits coverages, and automobile insurance that pays benefits without regard to fault. The Carrier is not allowed to pay benefits under the contract until it determines whether it is the primary carrier or unless permitted by the Contracting Officer.
Can you summarize 5 CFR Chapter LVIII?
The provided legal document content falls under the Code of Federal Regulations and specifically pertains to the administrative personnel of the Board of Governors of the Federal Reserve System. It governs the activities and operations of the organization within this context. The documents apply to the administrative personnel within the Board of Governors of the Federal Reserve System. No specific exemptions or penalties are mentioned in the provided legal document content.
Can you summarize 5 CFR Chapter LXXX?
The provided legal document content pertains to the Federal Housing Finance Agency (FHFA) within the Code of Federal Regulations (CFR) under the Administrative Personnel section. It governs the operations and activities of the FHFA. The documents apply to the Federal Housing Finance Agency (FHFA) and its operations. No specific exemptions or penalties for non-compliance or violation of the documents provisions are mentioned in the provided legal document content.
Can you summarize 5 CFR Chapter XXI?
The provided legal document content pertains to the administrative personnel of the Department of the Treasury. It falls under the Code of Federal Regulations and specifically focuses on the regulations related to the Department of the Treasury’s administrative personnel. The document applies to all individuals who are part of the administrative personnel of the Department of the Treasury. No specific exemptions or penalties are mentioned in this document.
Can you summarize 5 CFR Chapter XXII?
The provided legal document content consists of the Supplemental Standards of Ethical Conduct for Employees of the Federal Deposit Insurance Corporation (FDIC). These standards supplement the Standards of Ethical Conduct for Employees of the Executive Branch contained in 5 CFR part 2635. The regulations apply to employees of the FDIC, as well as the Comptroller of the Currency and the Director of the Office of Thrift Supervision in connection with their activities as members of the Corporation’s Board of Directors.
Can you summarize Rev. Proc. 2005-47?
This revenue procedure outlines the conditions under which the Commissioner will allow taxpayers to treat credit card cash advance fees as creating or increasing original issue discount (OID) on a pool of credit card loans. It applies to taxpayers who issue credit cards that allow cardholders to access a revolving line of credit for both credit card purchase transactions and cash advances. The procedure provides the exclusive method by which a taxpayer can obtain the Commissioner’s consent to change its accounting method for credit card cash advance fees.
Can you summarize Rev. Rul. 2004-52?
This revenue ruling clarifies the treatment of credit card annual fees for federal income tax purposes. It states that credit card annual fees are not considered interest for tax purposes. The ruling further explains that these fees are includible in the gross income of the card issuer when they become due and payable by the cardholders under the terms of the credit card agreements. The ruling emphasizes that the annual fees are not compensation for the use or forbearance of money, but rather charged for all the benefits and services available to the cardholder.
Can you summarize SR 03-1?
This document, issued by the Board of Governors of the Federal Reserve System, provides supervisory account management and loss allowance guidance for credit card lending. It applies to banking organizations supervised by the Federal Reserve that engage in credit card lending. The guidance clarifies expectations regarding account management, risk management, and loss allowance practices for credit card lending. It covers topics such as credit line management, over-limit practices, minimum payments and negative amortization, workout and forbearance practices, as well as reporting requirements related to income recognition and loss allowance practices.
Can you summarize SR 15-15?
This guidance issued by the Board of Governors of the Federal Reserve System explains supervisory concerns related to shareholder protection arrangements structured by bank and savings and loan holding companies. The guidance applies to bank holding companies and savings and loan holding companies, including those with $10 billion or less in consolidated assets. Shareholder protection arrangements that have raised supervisory issues include provisions such as cash payments reflecting the difference in share prices, providing additional shares of stock at minimal or no cost, granting existing shareholders the ability to acquire additional shares at significant discounts, granting investors with less-than-majority control the right to restrict or prevent the issuance of additional shares, and giving the holding company’s board of directors authority to nullify share purchases or take actions that inhibit secondary market transactions.
Can you summarize Financial Institution Letters - 1999 > Identity Theft?
This document discusses the Identity Theft and Assumption Deterrence Act of 1998, which addresses the problem of identity theft and the misuse of personal identifying information for criminal purposes. The Act criminalizes fraud in connection with the unlawful theft and misuse of personal identifying information, regardless of whether the information appears or is used in documents. It also toughens the penalty provisions for such offenses. The Act establishes an offense for knowingly transferring or using another person’s means of identification without lawful authority with the intent to commit unlawful activity.
Can you summarize ARAR 210.00, Section 10?
The provided legal document content pertains to the regulation and oversight of Bank Holding Companies in Arkansas. Bank Holding Companies are subject to specific rules and requirements outlined in these documents. The regulations aim to ensure the stability and soundness of the banking system by imposing certain restrictions and obligations on Bank Holding Companies. The documents cover various aspects such as capital requirements, permissible activities, corporate governance, risk management, and reporting obligations.
Can you summarize ARAR 210.00?
The provided legal document content covers various administrative policies related to the banking industry in Arkansas. The first document, Administrative Policy #008, outlines the requirements for the composition and responsibilities of the Bank Board of Directors. It emphasizes the need for directors to be knowledgeable about economic conditions, competent in business, and skilled in financial management. The policy also mandates director training approved by the Bank Commissioner. The second document focuses on contingency planning for community banks, emphasizing the need for a comprehensive plan to minimize disruptions and ensure timely resumption of operations.
Can you summarize IRM 3.14.2.7.1.4.2?
This document governs the penalties imposed on dishonored checks or other forms of payment that are returned unpaid by a financial institution. The penalties associated with dishonored payments are identified on the Master File and IDRS as TC 280 or TC 286. If a Dishonored Payment transaction and penalty are pending on the notice module, certain actions need to be taken, such as deleting any refund resulting from the dishonored/bad check, waiting for TC 841 to post if the refund was deleted, inputting CC STAUP for 6 cycles if a balance due remains, and updating the notice to include the Dishonored Payment Penalty.
Can you summarize 10 CACR Chapter 1, Subchapter 10?
The provided legal document content covers various aspects of the operations and activities of banks in California, including the repealed Parity Regulations that governed banks in California. It also includes regulations related to audit reports of California state banks, loans to insiders by banks, acquisition of a California state-chartered bank or trust company’s own shares, derivative credit exposure for financial institutions engaged in commercial banking business, service of notice by banks to their customers or creditors, acquiring and holding of equity securities of corporations by banks, establishment and operation of representative offices for foreign banks in California, establishment of California state banks, and establishment, operation, and management of offices of California state banks.
Can you summarize 10 CACR Chapter 1, Subchapter 3?
The provided legal document content pertains to the authorization to engage in banking business in California. It is repealed and was previously governed by the California Code of Regulations under the Investment category, specifically under the Commissioner of Business Oversight, Division of Financial Institutions. The document does not mention any specific exemptions or penalties. It is important to note that this document is no longer in effect as it has been repealed.
Can you summarize 10 CACR Chapter 1, Subchapter 4?
The provided legal document content pertains to the application process for temporary exemption from subdivision (a) of Civil Code Section 2923.52 under the California Foreclosure Prevention Act [Repealed]. The document specifies the requirements for comprehensive loan modification programs in California, including specific debt-to-income ratios, modification features, and targeting borrowers to keep them in their homes. The application must be filed with the appropriate agencies based on the type of license held by the applicant.
Can you summarize 10 CACR Chapter 3, Subchapter 10?
The provided legal document content pertains to the repealed Article 6 (Sections 1801-1805) of the California Code of Regulations under the Commissioner of Financial Protection and Innovation. This article governed the Accusations and Hearings related to Check Sellers, Bill Payers, and Proraters. However, it has been repealed. No specific exemptions or penalties are mentioned in this document. The document provides regulatory guidelines for individuals and entities involved in the business of check selling, bill paying, and prorating in California.
Can you summarize 10 CACR Section 10.16002?
Whenever this Part requires that an eligible asset be described, the following information shall be provided with respect to such eligible asset: (a) Name of obligor. (b) Complete title (including series). (c) Interest rate. (d) Serial number. (e) Maturity date. (f) Call date. (g) Par value. (h) Market value. Credits Note: Authority cited: Section 215, Financial Code. Reference: Section 1761, Financial Code. Cal. Admin. Code tit. 10, 10.16002, 10 CA ADC 10.
Can you summarize 10 CACR Section 10.19072?
Credits Note: Authority cited: Section 215, Financial Code. Reference: Sections 772, 1705, 1934, and 1938, Financial Code. History 1. Change without regulatory effect amending section filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34). 2. Change without regulatory effect repealing section filed 8-21-2019 pursuant to section 100, title 1, California Code of Regulations (Register 2019, No. 34). Cal. Admin. Code tit. 10, 10.19072, 10 CA ADC 10.
Can you summarize 10 CACR Section 10.19107?
This legal document outlines the applicable provisions of the Banking Law that regulated corporations and their controlling subject institutions must comply with. The regulated corporation is treated as an operating division of the controlling subject institution for the purpose of these provisions. The document specifies the sections of the Financial Code and Chapters of the Banking Law that are applicable. It also states that certain types of transactions between a regulated corporation and a person who has a specified relationship with the controlling subject institution are subject to the same restrictions as transactions between the subject institution and such a person.
Can you summarize 10 CACR Section 10.3475?
This subpart of the California Code of Regulations governs the solicitation and acceptance of pre-opening funds by subject institutions after incorporation. It does not apply to or affect any offer or sale of securities issued by the subject institution under authority of a permit or exemption from Financial Code Section 1201. The subpart also does not apply when pre-opening funds are exclusively provided by an organizer that is a bank, registered bank holding company, or a person required to become a registered bank holding company due to the establishment of the subject institution.
Can you summarize 10 CACR Section 10.4360?
This legal document governs the disclosure and documentation requirements for affiliates of an applicant seeking to convert a California National Bank into a California State Bank. The document applies to applicants for the conversion and requires them to provide a list or diagram of their affiliates, including parent companies, subsidiaries, and their relationships. It also requires disclosure of information about registered bank holding companies, personal and financial information of individual affiliates, and financial statements and reports of corporate affiliates.
Can you summarize 18 CACR Division 3, Chapter 3?
The provided legal document content pertains to the Bank and Corporation Tax in California. It governs the taxation of banks and corporations operating within the state. The document does not specify any exemptions or penalties related to the tax. It is applicable to all entities that are subject to bank and corporation tax in California.
Can you summarize 18 CACR Division 3, Chapter 3.5?
The provided legal document content pertains to the administration of tax under the California Bank and Corporation Tax. It specifies the repeal of subchapter 24, which includes article 1, sections 26422 through 26426. The repeal was filed on 11-23-98, in accordance with Government Code section 11343.4(d). The document history references previous registers, such as Register 75, No. 40 and Register 97, No. 32. The document is part of the California Code of Regulations, specifically under the Public Revenues section, Franchise Tax Board, and Bank and Corporation Tax.
Can you summarize 2 CACR Division 2, Chapter 2, Subchapter 8?
The provided legal document content covers various aspects of the Unclaimed Property Law in California. It includes guidelines for determining reasonable cause in cases of non-compliance, reporting requirements for unclaimed property, remitting funds through electronic funds transfer, defining terms and concepts related to the law, valuing securities and delivering them to the State Controller’s Office, charges lawfully withheld from property, and discontinuance of payment of interest or dividends. These documents apply to holders of unclaimed property, entities reporting and delivering property that escheats, and holders of intangible interests.
Can you summarize 3 NJAC Chapter 1, Subchapter 17?
This subchapter of the New Jersey Administrative Code governs automated teller machines (ATMs). It defines an ATM as a facility or terminal owned or rented by a bank, savings bank, or savings and loan association, allowing customers to make deposits, obtain disbursements, or transfer money. The definition also includes communication terminal facilities and remote service units. The subchapter applies to state-chartered institutions with branch offices in New Jersey, unless otherwise indicated, as well as foreign financial institutions without principal or branch offices in New Jersey.
Can you summarize 3 NJAC Chapter 1?
The provided legal document content covers various aspects of banking and financial activities in New Jersey. It includes regulations on maximum interest rates for loans, application processes for depository institutions, mortgage loans in disaster areas, fees and charges associated with examinations, changing the name for licensees, investigations and hearings, restrictions on real property transactions, loans involving affiliated persons, multiple party deposit accounts, insurance requirements for borrowers, revolving credit equity loans, availability of funds for banking institutions, definitions for mortgage loans, fees, and obligations, fees associated with mortgage loans, commitment process for mortgage loans, expiration of lock-in agreements and commitments, trust funds for lenders, rules and regulations for mortgage brokers, automated teller machines (ATMs), registration of service facilities for foreign banks, New Jersey Consumer Checking Accounts, and requests for disclosure of social security numbers.
Can you summarize 3 NJAC Chapter 11, Subchapter 9?
This legal document found in the New Jersey Administrative Code under the section on Investments governs standby letters of credit. Standby letters of credit represent an obligation to the beneficiary on the part of the issuer. The obligations can include repaying money borrowed or advanced to the account party, making payment on account of any indebtedness undertaken by the account party, or making payment on account of any default by the account party in the performance of an obligation.
Can you summarize 3 NJAC Chapter 11?
The provided legal document content covers various aspects related to investments by banks and their subsidiary companies, including restrictions on equity security investments, contributions to and investments in subsidiary companies, permissible activities for subsidiary companies, examination and supervision of subsidiary companies, and approval procedures for specific investments or activities. The documents also govern commercial loans made by savings banks, borrowing limitations of directors, executive officers, and related interests, and the authority granted to savings banks and state associations to engage in credit card operations.
Can you summarize 3 NJAC Chapter 13?
The provided legal document content pertains to bank holding company applications, reporting requirements, examinations, and regulations in New Jersey. It defines various terms related to bank holding companies and their applications. The document outlines the application process for acquiring a New Jersey bank or New Jersey bank holding company, including the required information and documentation. It also mandates the filing of certain reports with the Commissioner to enable monitoring of the activities of bank holding companies or persons that control a New Jersey bank or bank holding company.
Can you summarize 3 NJAC Chapter 14?
This legal document found in the New Jersey Administrative Code governs bank service corporations. It provides definitions for terms used in the context of bank service corporations and clarifies the meanings of various terms such as ‘affiliate’, ‘bank’, ‘bank services’, ‘bank service corporation’, ‘banking institution’, ‘invest’, ’limited liability company’, ‘person’, and ‘savings bank’. The document outlines the permissible activities that banking institutions can engage in, including contracting with a bank service corporation for the provision of bank services and investing in a bank service corporation, subject to certain limitations.
Can you summarize 3 NJAC Chapter 32, Subchapter 3?
These legal documents pertain to the formation and approval process of mutual state association holding companies and their subsidiary capital stock state associations in New Jersey. They provide definitions for various entities involved in conversions of associations, such as ‘Capital stock state association’, ‘Commissioner’, ‘Department’, ‘Mutual state association’, ‘Mutual state association holding company’, ‘Organizing mutual state association’, ‘State association’, ‘Subsidiary capital stock state association’, and ‘Subsidiary holding company’. The documents outline the requirements for the application process, including the submission of a description of the proposed formation, certified copies of resolutions, and a certificate of incorporation.
Can you summarize 3 NJAC Chapter 34, Subchapter 1?
The provided legal document content covers various aspects related to the Governmental Unit Deposit Protection Act (GUDPA) and its provisions in New Jersey. It governs collateral requirements for depositories that accept the deposits of local New Jersey governmental unit funds. The document specifies eligible collateral for public deposits and provides definitions for different types of financial institutions. It also outlines the reporting requirements for public depositories, including the filing of a quarterly report with the Department.
Can you summarize 3 NJAC Chapter 36?
The provided legal document content pertains to the establishment of banking development districts in the state of New Jersey. It applies to municipalities that wish to establish a banking development district and banks that want to open a branch within such a district. The document defines various terms, including ‘bank’ which refers to State or Federally chartered banks, savings banks, savings and loan associations, or credit unions operating in the state.
Can you summarize 3 NJAC Chapter 37?
This document, part of the New Jersey Administrative Code, governs savings account promotions conducted by financial institutions. It defines various terms such as ‘Commissioner’ referring to the Commissioner of the New Jersey Department of Banking and Insurance, ‘Department’ referring to the New Jersey Department of Banking and Insurance, ‘Eligible individual’ referring to a natural person who meets certain criteria, and ‘Financial institution’ referring to a New Jersey chartered bank, savings bank, savings and loan association, or credit union.
Can you summarize 3 NJAC Chapter 4?
The provided legal document content covers various aspects of the regulation and operation of depository institutions, stock option plans for banks, reporting requirements for banks and out-of-State banks, and activities of foreign banks and agents of foreign banks in New Jersey. The capital requirements for depository institutions include maintaining a minimum ratio of Tier 1 capital to total assets and qualifying capital to risk-weighted assets. The Commissioner has the authority to establish higher minimum ratios based on various factors.
Can you summarize 3 NJAC Chapter 42?
The provided legal document content pertains to the Pinelands Development Credit Bank and its operations. It establishes the rules and procedures for the sale, transfer, conveyance, encumbrance, and use of Pinelands Development Credits authorized and allocated under the Pinelands Comprehensive Management Plan. The document outlines the roles and responsibilities of the Board of Directors and the Executive Director of the bank. It also defines key entities and terms associated with the bank.
Can you summarize 3 NJAC Chapter 5?
This subchapter of the New Jersey Administrative Code governs the funding mechanism for the Division of Banking in the Department of Banking and Insurance in New Jersey. It applies to depository institutions and other financial entities regulated by the Division of Banking, including banks, credit unions, mortgage lenders, consumer finance licensees, check cashers, money transmitters, pawnbrokers, home repair contractors, motor vehicle installment sellers, debt adjusters, high-cost home loan counselors, and foreclosure consultants.
Can you summarize 3 NJAC Chapter 6, Subchapter 3?
The provided legal document content pertains to the limit on loans to an executive officer in banks. The document states that the maximum loan limitation prescribed in N.J.S.A. 17:9A-72B(2) is increased to an aggregate amount not to exceed at any one time 2.5 percent of the capital funds of the bank, or $25,000, whichever is greater, but not exceeding $100,000. The document also mentions that loans to finance the education of an executive officer’s children are excluded from these limitations.
Can you summarize 3 NJAC Chapter 6?
The provided legal document content covers various aspects related to banking activities in the state of New Jersey. It includes definitions for terms used in the New Jersey Administrative Code related to banking, such as ‘bank,’ ‘banking institution,’ ‘capital funds,’ ‘capital stock association,’ ‘capital stock savings bank,’ ‘de novo branch,’ ’executive officer,’ ‘foreign bank,’ ‘insured depository institution,’ ‘issuer,’ ‘mutual association,’ ‘qualified bank,’ ‘savings bank,’ ‘state association,’ and ’trust account.’ The documents also pertain to the approved depositories for investments comprising security funds, the limit on loans to an executive officer in banks, the general provisions of banking in New Jersey, the sales of Federal funds by State member banks, State nonmember banks, and savings banks, the conversion of savings bank charters, unsecured days funds transactions, the investment of cash held for fiduciary accounts, the parity between state banks and savings banks with federal and out-of-state institutions, the biennial fee for foreign banks operating in New Jersey, the liability of officers, managers, and their families and affiliates in savings banks, the qualified banks acquiring underwritten securities for their trust accounts, and the conversion of a bank to a capital stock savings bank in New Jersey.
Can you summarize 3 NJAC Chapter 7?
The provided legal document content includes provisions from the New Jersey Administrative Code section on Safe and Sound Methods of Banking. It governs the required fidelity coverage of counsel for banks, savings banks, and State associations in New Jersey. When banks or associations permit counsel to handle funds, they must obtain an endorsement rider to their fidelity bond or a letter from their insurance company certifying coverage for attorneys and their employees involved in such transactions.
Can you summarize 3 NJAC Chapter 8?
This legal document governs the approval of reserve depositaries for banks not members of the Federal Reserve System. It applies to banks and national banking associations with offices in New Jersey that have total assets in excess of $100 million, as well as banks and national banking associations with no offices in New Jersey but with offices within the second and third Federal Reserve Districts, and that have total assets in excess of $300 million.
Can you summarize NJAC 3:11-13.1?
This legal document, found in the New Jersey Administrative Code under the section on Investments, specifically addresses the borrowing limitation of directors, executive officers, and related interests in the banking industry. It states that a bank may extend credit to a director or to a corporation in which such director or an executive officer has a controlling interest, or to a partnership in which such director or executive officer is a partner, as long as the proposed liability does not cause the total liabilities of the director or executive officer, and the liabilities of each corporation and partnership in which they have a controlling interest, to exceed 25 percent of the bank’s capital funds.
Can you summarize 45 TNCO Chapter 10?
The Financial Records Privacy Act, also known as the ‘Financial Records Privacy Act,’ is a chapter within the Tennessee Code that governs the privacy and confidentiality of financial records. It applies to banks and financial institutions operating in Tennessee. The act ensures the confidentiality, disclosure, and reproduction of banking information, savings and loan records, and other writings or tangible objects obtained by the attorney general. The act also addresses the unlawful disclosure of savings and loan information and the preservation of records.
Can you summarize 45 TNCO Chapter 2, Part 14?
The Bank Holding CompaniesBank Structure Act of 1974, part of the Tennessee Code, governs bank holding companies and banking institutions in Tennessee. It provides regulations and guidelines for their structure and operations. The Act prohibits bank holding companies and out-of-state banks from acquiring control of, merging, or consolidating with a Tennessee bank that has not been in operation for at least three years, with exceptions for certain circumstances. The Act also prohibits a bank or bank holding company from acquiring any bank in Tennessee if it would control 30% or more of the total amount of deposits of insured depository institutions in Tennessee.
Can you summarize 45 TNCO Chapter 2, Part 19?
This part of the Tennessee Code provides definitions for terms used in relation to Credit Card State Banks. It defines terms such as ‘Control’, ‘Credit card state bank’, ‘Domestic holding company’, ‘Domestic lender’, ‘Foreign lender’, ‘Holding company’, and ‘Qualifying organization’. The definitions clarify the meaning of these terms within the context of the Tennessee Code. The part also includes provisions related to the authority of companies that organized prior to July 1, 2020, to own or control a credit card state bank.
Can you summarize 45 TNCO Chapter 2, Part 7?
The provided legal document content covers various aspects related to deposits in banks. It includes provisions regarding the right and power of banks to receive money on deposit and pay interest, the operation of deposit accounts in the name of minors or multiple parties, deposits made in trust, payable-on-death accounts, and the authority of power of attorney for banking institutions. The documents also address the final adjustment of statements of account, adverse claims to bank deposits, payment of deposits in the absence of an executor or administrator, reserve requirements for state banks, enforcement of a bank’s obligation to pay the balance of a deposit account, and cashing checks payable to a decedent and collecting monies from a deceased depositor’s account.
Can you summarize 45 TNCO Chapter 2, Part 8?
The provided legal document content covers various aspects related to deposit insurance in Tennessee. It authorizes state banks, with the approval of the commissioner, to enter into contracts and take advantage of memberships, loans, subscriptions, contracts, grants, rights, or privileges offered by the federal deposit insurance corporation (FDIC). State banks are also permitted to subscribe for and acquire stock, debentures, or other types of insurance from the FDIC. The document governs the appointment of the FDIC as the receiver of a state bank in Tennessee when the bank is closed due to its inability to meet the demands of its depositors or as required by Tennessee law.
Can you summarize 45 TNCO Chapter 2, Part 9?
This legal document governs the authority of banks to engage in leasing safe deposit facilities and clarifies their liability in case of loss or damage to the deposited property. It defines key terms such as ‘agent’, ‘fiduciary’, ’lessee’, and ’lessor’. The document specifies that the bank is not liable for any loss of valuables in the safe deposit box due to theft, robbery, fire, or any other cause, and is not responsible for the safety of the property.
Can you summarize 45 TNCO Chapter 2?
The provided legal document content covers various aspects related to the acquisition, formation, and control of banks and savings institutions, the organization and operation of banks in Tennessee, the items allowed in the charter of a bank, the qualifications and election of directors and officers in state banks, the membership in Federal Reserve Banks, the general powers of banks and financial institutions in Tennessee, deposits in banks, deposit insurance in Tennessee, leasing safe deposit facilities, fiduciary powers, loans and transactions involving a state bank’s own stock, installment loans in Tennessee, reporting requirements for banks, investment and security powers of authorized state banks, Credit Card State Banks, private trust companies acting as fiduciaries, and state trust companies in Tennessee.
Can you summarize 47 TNCO Chapter 18, Part 21?
The Tennessee Identity Theft Deterrence Act of 1999 aims to prevent and minimize harm resulting from identity theft. While it does not impose liability on businesses or banks for solely failing to prevent identity theft, it also does not immunize them from civil suits under the Tennessee Consumer Protection Act of 1977. Victims of identity theft can file claims against businesses or banks for failing to prevent or minimize the harm caused by identity theft.
Can you summarize 47 TNCO Chapter 22?
The provided legal document content pertains to the use and issuance of credit cards in Tennessee. It defines ‘credit card’ and addresses the rules regarding unsolicited credit cards and unauthorized use. It outlines the requirements for assuming liability for a credit card and exercising reasonable care in its use and safekeeping. The document also prohibits the use of credit card information for identification purposes in connection with the sale of goods or services paid by check or the acceptance of a check, except in specific circumstances.
Can you summarize 47 TNCO Chapter 29?
This section of the Tennessee Code governs the liability for dishonored checks. It applies to persons who have executed and delivered a check or draft drawn on or payable at a bank or other financial institution. If a person stops payment on the check or allows it to be dishonored due to lack of funds, failure to have an account, or lack of an authorized signature, they may be held liable in a civil action.
Can you summarize 47 TNCO Chapter 2A?
The provided legal document content pertains to the formation and construction of lease contracts in Tennessee. It outlines the requirements for enforceability, modification, and rescission of lease contracts. The document specifies the conditions for creating express warranties and the implied warranties of merchantability and fitness for a particular purpose in lease contracts. It also addresses the rights of third-party beneficiaries and the allocation of risk of loss in lease contracts. Additionally, the document covers insurance and proceeds related to lease contracts.
Can you summarize 47 TNCO Chapter 4?
The Uniform Commercial Code Bank Deposits and Collections governs the rules and regulations related to bank deposits and collections in Tennessee. It aims to provide a uniform statement of the principal rules of the bank collection process, ensuring uniformity in the law of bank collections. The document promotes the efficiency of the check collection process, particularly through the use of automated systems and electronic transmission of check information. It defines the rights between parties with respect to bank deposits and collections, creating a legal framework that accommodates automation and truncation for the benefit of all bank customers.
Can you summarize 47 TNCO Chapter 4A?
These legal documents govern funds transfers and are governed by Article [Chapter] 4A of the Tennessee Code. They provide precise rules for assigning responsibility, defining behavioral norms, allocating risks, and establishing limits on liability in funds transfers. The documents are intended to be the exclusive means of determining the rights, duties, and liabilities of the parties involved in funds transfers. They emphasize the importance of considering the competing interests of banks, commercial and financial organizations, and the public in the drafting process.
Can you summarize 47 TNCO Chapter 5?
The Uniform Commercial Code Letters of Credit governs commercial instruments and transactions related to letters of credit in Tennessee. It provides a theoretical framework for the function and legal nature of letters of credit while accommodating developments in their efficient use. The document defines the unique characteristics of letters of credit and their legal consequences, distinguishing them from other forms of assurance and contracts. It emphasizes the need for letter of credit law to remain responsive to commercial reality and the customs and expectations of the international banking and mercantile community.
Can you summarize 47 TNCO Chapter 9?
The ‘Uniform Commercial Code Secured Transactions’ is a legal document that governs secured transactions in Tennessee. It provides a comprehensive framework for the regulation of security interests in personal property and fixtures. The document covers various topics such as the creation, perfection, and enforcement of security interests, priority rules, and the rights and obligations of debtors, secured parties, and third-party creditors. It applies to all parties involved in secured transactions in Tennessee and aims to provide a simple and unified structure for such transactions.
Can you summarize 66 TNCO Chapter 29, Part 1?
The provided legal document content pertains to the ‘Uniform Unclaimed Property Act’ in Tennessee. This Act governs the handling of abandoned or unclaimed property, civil penalties for evasion or failure to perform duty, making fraudulent reports, agreements between owners of unclaimed property and persons who assist in locating, delivering, recovering, or assisting in the recovery of such property, disclosure and use of confidential information, and maintenance of confidential information in a secure manner.
Can you summarize 66 TNCO Chapter 3?
The provided legal document content consists of provisions from the Tennessee Code that govern fraudulent conveyances and devises, execution for the value of alienated lands, and the protection of bona fide purchasers. These provisions aim to ensure the proper handling of debts, protect creditors’ rights, and provide clarity on the rights and responsibilities of devisees and purchasers of lands. The provisions under fraudulent conveyances and devises state that any devises made to defraud creditors of their debts shall be null and void against such creditors.
Can you summarize TNCO 39-14-114?
The provided legal document pertains to the offense of forgery under Tennessee law. It defines forgery as the act of altering, making, completing, executing, or authenticating a writing with the intent to defraud or harm another. The document further explains that forgery includes making false entries in books or records, issuing or transferring forged writings, and possessing forged writings with the intent to utter them. The offense of forgery is punishable as theft, with a minimum classification of a Class E felony.
Can you summarize TNCO 39-14-119?
(a) Any person who reports or attempts to report a credit or debit card as being lost, stolen, or mislaid knowing the report to be false violates this subsection (a). (b) Any person who, with intent to defraud, uses a credit or debit card or information from such card, which has previously been reported lost, stolen or mislaid, violates this subsection (b). (c) A violation of this section is a Class B misdemeanor.
Can you summarize TNCO 39-14-120?
This provision, found in the Tennessee Code under the section for Offenses Against Property, specifically addresses the crime of issuing a false financial statement. It applies to any person who knowingly makes or utters a written instrument that inaccurately describes the financial condition or ability to pay, or represents in writing that such an instrument is accurate when it is materially inaccurate. The offense is considered a Class B misdemeanor. The purpose of this provision is to promote the integrity of business decisions by encouraging accurate financial statements.
Can you summarize TNCO 39-14-121?
This legal document governs offenses related to issuing or passing worthless checks in Tennessee. It applies to any person who issues or passes a check or similar sight order for payment with fraudulent intent or knowingly, when there are not sufficient funds in the bank or other drawee for payment. The document provides exemptions for post-dated checks and checks where the payee or holder knows or has good and sufficient reason to believe there are insufficient funds.
Can you summarize TNCO 39-14-130?
(a) Any person who takes or destroys any valuable papers with intent to injure or defraud shall be punished as if for theft. If the value of the papers is not ascertainable, the offense is a Class A misdemeanor. (b) For the purposes of this section, valuable papers includes: (1) Any bond, promissory note, bill of exchange, order, or certificate; (2) Any book of accounts respecting goods, money or other things; (3) Any deed or contract in force; (4) Any receipt, release, or defeasant; (5) Any instrument of writing whereby any demand, right or obligation is created, ascertained, increased, extinguished or diminished; or (6) Any other valuable paper writing.
Can you summarize TNCO 39-14-137?
This provision prohibits individuals from knowingly committing or engaging in false or fraudulent conduct, representation, or practice to qualify for participation in programs administered by or through a state or local government agency. The programs specifically encourage and enhance economic development for disadvantaged businesses, small businesses, minority-owned businesses, and disadvantaged business concerns and enterprises. Violation of this provision is punishable as theft, and any contract entered into as a result of a violation is deemed null and void.
Can you summarize TNCO 39-14-150?
The ‘Identity Theft Victims’ Rights Act of 2004’ governs identity theft and identity theft trafficking in Tennessee. It applies to any person who knowingly obtains, possesses, buys, uses, sells, transfers, gives, trades, loans, delivers, or possesses with the intent to sell, transfer, give, trade, loan, or deliver the personal identifying information of another. The act defines personal identifying information and specifies various unlawful acts related to identity theft. It also establishes penalties for identity theft and identity theft trafficking, with identity theft being a Class D felony and identity theft trafficking being a Class C felony.
Can you summarize TNCO 45-2-1006?
This legal provision authorizes banks or trust companies, when acting as fiduciaries or holding securities as custodians for fiduciaries, to deposit or arrange for the deposit of securities with the federal reserve bank in their district. The securities must be those on which the United States or any of its departments, agencies, or instrumentalities has agreed to pay, guaranteed to pay, or guaranteed payment. The securities are to be credited to one or more accounts on the books of the federal reserve bank in the name of the bank or trust company, designated as fiduciary or safekeeping accounts.
Can you summarize TNCO 45-2-1007?
This section of the Tennessee Code authorizes banks or trust companies acting as fiduciaries, cofiduciaries, agents for fiduciaries, or custodians to deposit or arrange for the deposit of securities in a clearing corporation. When the securities are deposited, certificates representing securities of the same class and issuer can be merged and held in bulk in the name of the clearing corporation’s nominee, regardless of ownership. The records of the bank or trust company must always indicate the party for whose account the securities are deposited.
Can you summarize TNCO 45-2-1103?
Compliance with the requirements of 12 U.S.C. 375a, 375b, and 1828(j) and applicable federal regulations shall be deemed compliance with the laws of Tennessee concerning loans to directors and officers of state banks. Acts 1969, ch. 36, 1 (3.241); 1973, ch. 294, 6; T.C.A., 45-430; Acts 1989, ch. 591, 1; 2001, ch. 54, 19. Cross-References. Penalty for Class A misdemeanor, 40-35-111. Textbooks . Tennessee Jurisprudence, 5 Tenn. Juris., Banks and Banking, 48.
Can you summarize TNCO 45-2-1702?
This provision, found in the Tennessee Code under the section on Prohibited Acts for Banking Institutions, governs the offense of receiving or permitting the receipt of a deposit, premium payment, or investment in a financial institution that is known to be unable to make payment of the deposit on demand or is about to suspend operations or go into receivership. The offense applies to any person directing or participating in the direction of a financial institution.
Can you summarize TNCO 45-2-1807?
Any depository account with a state bank or state bank subsidiary upon which drafts, checks, or other negotiable instruments can be drawn and that is not insured or partially insured by a corporation or subdivision of the United States government must in the application for the account inform the customer of the lack of deposit insurance, and the customer must acknowledge by signature and date of the same. Acts 1989, ch.
Can you summarize TNCO 45-2-1808?
This legal document governs the disclosure requirements for state banks and securities broker-dealers that offer both insured deposit accounts and noninsured investments. It applies to these entities when they advertise, provide brochures, prospectuses, or other advertising statements, as well as when opening customer accounts. The document requires disclosures to be made regarding the insured or noninsured nature of the account or investment offering. For noninsured investments, it must be indicated that the investment is not insured, while for insured deposit accounts or certificates of deposit, it must be stated that the deposit is insured.
Can you summarize TNCO 45-2-1908?
A bank may take security of any type, including, but not limited to, a mortgage or deed of trust on residential property or a deposit account or certificate of deposit, for a cardholder’s obligations under a credit card account. Acts 1993, ch. 447, 11.
Can you summarize TNCO 45-2-605?
(a) A bank may accept money for transmission and may transmit money. (b) A bank may buy and sell foreign exchange to the extent necessary to meet the needs of customers. Acts 1969, ch. 36, 1 (3.210); T.C.A., 45-413.
Can you summarize TNCO 45-2-606?
Any bank may, for the convenience of its customers, provide suitable receptacles on, in, or as a part of the bank premises for the deposit of money, checks and other property, and may contract with its customers, through display of appropriate notice upon the receptacles or by written notice to its customers, that the receptacles are instrumentalities of the customer and that money, checks or other property placed in them shall not be considered to be deposited with the bank until received by an employee or officer of the bank.
Can you summarize TNCO 45-2-618?
This provision, found in the Tennessee Code under the General Powers of Banks section, pertains to banks and their requirement to provide a maturity notice for nonrenewable certificates of deposit. The compliance with the Truth in Savings Act and applicable federal regulations is deemed compliance with Tennessee laws regarding the disclosure of information in connection with deposit accounts. However, for nonrenewable certificates of deposit with a term of more than one (1) month but no longer than one (1) year, the bank must provide a maturity notice that meets the requirements of the Truth in Savings Act, as if the certificate’s term exceeded one (1) year.
Can you summarize TNCO 45-2-619?
This section of the Tennessee Code governs electronic cash dispensing devices. It defines ‘depository institution’ as an insured bank, mutual savings bank, insured credit union, member of the Federal Home Loan Bank Act, or a savings association. The definition also includes associations or entities wholly owned by or consisting only of these institutions. The section further defines ’electronic cash dispensing device’ as an electronic device, such as an automated teller machine, through which a consumer can obtain cash by initiating an electronic fund transfer instruction to their depository institution.
Can you summarize TNCO 45-2-620?
(a) A state or national bank or savings institution or savings bank may accept funds for deposit or placement in federally insured institutions, within or without the state; provided, that the bank has entered into a deposit agreement or deposit placement agreement with the depositor. (b) The depository may also enter into a custodial agreement with the customer to maintain any certificate of deposit or other evidences of the deposits so received or placed.
Can you summarize TNCO 45-2-711?
This legal provision, found in the Tennessee Code under the section for Banks and Financial Institutions, addresses the payment and negotiation of checks in situations where no estate has been opened or the estate has been closed. It states that if no executor or administrator of a decedent has qualified and given notice to the bank, or if the qualified executor or administrator has been discharged, the bank may, at its discretion, negotiate or send for collection and pay out the proceeds of checks made payable to the decedent or the decedent’s estate.
Can you summarize TNCO 47-18-126?
This section of the Tennessee Code, specifically the Consumer Protection Act of 1977, governs the printing of electronically printed receipts for credit and debit card transactions. It prohibits any person accepting credit cards or debit cards for business transactions from printing or causing to be printed more than five digits of the card number or the expiration date on the receipts. However, this section only applies to electronically printed receipts and does not apply to transactions where the card information is recorded by handwriting or by an imprint or copy of the card.
Can you summarize TNCO 47-18-128?
(a) Any person providing goods or services who initiates a preauthorized debit card transaction that is more than twenty-five percent (25%) of the actual transaction amount, or fifty dollars ($50.00), whichever is greater, shall disclose at the time and point of sale that a hold will be placed on the customer’s debit card account. The person initiating the hold shall disclose the dollar amount of the hold, if the amount is known.
Can you summarize TNCO 47-18-2107?
This section governs the release of personal consumer information in Tennessee. It applies to any person or business that conducts business in Tennessee, or any agency of Tennessee or its political subdivisions, that owns or licenses computerized personal information of residents of Tennessee. The section defines terms such as ‘breach of system security’, ’encrypted’, ‘information holder’, ‘personal information’, and ‘unauthorized person’. It requires information holders to disclose any breach of system security to affected residents of Tennessee within 45 days of discovery or notification, unless a longer period is required for law enforcement purposes.
Can you summarize TNCO 47-3-104?
This legal document defines and governs negotiable instruments. It specifies that a negotiable instrument is an unconditional promise or order to pay a fixed amount of money. The instrument must be payable to bearer or to order, payable on demand or at a definite time, and must not contain any other undertaking or instruction beyond the payment of money. The document also provides definitions for various types of negotiable instruments, such as checks, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit.
Can you summarize TNCO 47-4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and 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.
Can you summarize TNCO 47-4-215?
This legal document, part of the Tennessee Code, specifically addresses the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. 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, and failure to revoke a provisional settlement within the permitted time. The document also discusses the effect of provisional settlements made through clearing houses or by debits and credits between banks.
Can you summarize TNCO 47-4-301?
This legal document, part of the Tennessee Code, specifically addresses the recovery of payment by return of items in the context of payor banks. It outlines the circumstances under which a payor bank can revoke a settlement and recover the settlement made for a demand item. The document specifies that 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.
Can you summarize TNCO 47-4-303?
This legal document, found in the Tennessee Code under Commercial Instruments and Transactions, specifically in the section on Bank Deposits and Collections, pertains to the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the 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.
Can you summarize TNCO 47-4-401?
This legal document governs the circumstances under which a bank may charge a customer’s account. According to the document, a bank is allowed to charge against the customer’s account for an item that is properly payable, authorized by the customer, and in accordance with any agreement between the customer and the bank. The customer is not liable for an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize TNCO 47-4-403?
This legal document, part of the Tennessee Code, specifically addresses the customer’s right to stop payment and the burden of proof of loss in the relationship between a payor bank and its customer. According to the document, a customer or any authorized person can 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, but if the original order was oral, it lapses after fourteen days unless confirmed in writing.
Can you summarize TNCO 47-4-404?
According to the Tennessee Code, a bank is not obligated to pay a check presented by a customer more than six months after its date, except for certified checks. 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 considered stale. The section does not apply to certified checks, as they are the primary obligation of the certifying bank.
Can you summarize TNCO 47-4-406?
This legal document governs the duty of customers to review statements of account provided by banks. According to the document, if a bank sends or makes available a statement of account showing payment of items for the customer’s account, the bank must either return the items paid or provide sufficient information in the statement to allow the customer to identify the items paid. The customer is required to exercise reasonable promptness in examining the statement or items to determine any unauthorized payments, alterations, or missing or incorrectly credited deposits.
Can you summarize Expanded Examination Procedures For Products and Services > Automated Clearing House Transactions?
This document provides an overview of Automated Clearing House (ACH) transactions and International ACH transactions (IAT). It assesses the adequacy of a bank’s systems to manage the risks associated with ACH and IAT transactions, as well as the bank’s ability to implement effective monitoring and reporting systems. ACH transactions are payment instructions to credit or debit a deposit account, primarily used for domestic payments. IATs involve payment transactions with financial agencies located outside the territorial jurisdiction of the United States.
Can you summarize Expanded Examination Procedures For Products and Services > Electronic Banking?
This document provides an overview of the risks associated with electronic banking (e-banking) and the management systems required to mitigate these risks. It covers various e-banking services such as automated teller machine (ATM) transactions, online account opening, internet banking transactions, and telephone banking. The document emphasizes the need for banks to develop adequate policies, procedures, and processes for customer identification and monitoring in e-banking. It highlights the importance of capturing and monitoring electronic transactions, identifying red flags, and implementing risk mitigation measures.
Can you summarize Expanded Examination Procedures For Products and Services > Funds Transfers?
This document provides an overview of funds transfers and aims to assess the adequacy of a bank’s systems in managing the associated risks. It focuses on the risks related to funds transfers and the bank’s ability to implement effective monitoring and reporting systems. Funds transfers involve the movement of funds between banks and financial institutions, both domestically and internationally. The document discusses various payment systems, including wholesale payment systems like Fedwire and CHIPS, as well as the use of SWIFT for international transactions.
Can you summarize Federal Financial Institutions Examination Council (FFIEC) > FFIEC IT Examination Handbook?
The provided legal document content consists of multiple documents related to e-banking and risk management in the financial industry. The documents cover various aspects of wireless banking, including the risks associated with it and the need for risk management. They also provide guidance on aggregation services, highlighting the increased level of risk and the importance of risk management practices. Additionally, the documents include a comprehensive list of laws, regulations, and guidance related to e-banking and safeguarding customer information.
Can you summarize FFIEC IT Examination Handbook > Retail Payment Systems?
The provided legal document, Appendix E of the Federal Financial Institutions Examination Council (FFIEC) IT Examination Handbook, focuses on the risks associated with Mobile Financial Services (MFS) and emphasizes an enterprise-wide risk management approach. It discusses the technologies used in the mobile channel and provides guidance for integrating MFS into an institution’s risk management program. The document also provides a set of work program objectives for examiners to assess the effectiveness of an institution’s MFS risk management.
Can you summarize Risks Associated with Money Laundering and Terrorist Financing > Automated Clearing House Transactions (2014)?
This document provides an overview of Automated Clearing House (ACH) transactions and International ACH Transactions (IAT). It assesses the adequacy of a bank’s systems to manage the risks associated with ACH and IAT transactions, as well as the bank’s ability to implement effective monitoring and reporting systems. ACH transactions involve payment instructions to credit or debit a deposit account, while IATs are ACH entries that are part of payment transactions involving a financial agency’s office located outside the United States.
Can you summarize Risks Associated with Money Laundering and Terrorist Financing > Electronic Banking (2014)?
This document, titled ‘Electronic Banking (2014)’, focuses on assessing the adequacy of a bank’s systems to manage the risks associated with electronic banking customers, including Remote Deposit Capture (RDC) activity. It emphasizes the importance of effective monitoring and reporting systems in managing these risks. The document highlights that e-banking systems, which provide electronic delivery of banking products to customers, include various channels such as automated teller machine (ATM) transactions, online account opening, internet banking transactions, and telephone banking.
Can you summarize Risks Associated with Money Laundering and Terrorist Financing > Funds Transfers (2014)?
This document, part of the Federal Financial Institutions Examination Council (FFIEC) BSA/AML Examination Manual, focuses on assessing the adequacy of a bank’s systems to manage the risks associated with funds transfers. It aims to evaluate the bank’s ability to implement effective monitoring and reporting systems. The document provides an overview of funds transfers, including wholesale payment systems, retail transfer systems, and international transactions. It discusses the risks and risk factors associated with funds transfers, such as the volume and dollar value of transactions, geographic locations, and customer relationships.
Can you summarize Risks Associated with Money Laundering and Terrorist Financing > Non-Bank Financial Institutions (2014)?
This document focuses on assessing the adequacy of a bank’s systems to manage the risks associated with accounts of nonbank financial institutions (NBFI). NBFIs are broadly defined as institutions other than banks that offer financial services. The document highlights that banks are not expected to serve as the de facto regulator of any NBFI industry or individual NBFI customer. It emphasizes the need for banks to develop policies, procedures, and processes to identify and assess the potential risks posed by NBFI relationships.
Can you summarize Risks Associated with Money Laundering and Terrorist Financing > Privately Owned Automated Teller Machines (2014)?
This document focuses on assessing the adequacy of a bank’s systems to manage the risks associated with privately owned ATMs and ISO relationships. Privately owned ATMs, often found in convenience stores, bars, restaurants, grocery stores, or check cashing establishments, are susceptible to money laundering and fraud. ISOs, acting as agents for merchants and ATM owners, process electronic transactions. Due to the lack of registration, ownership limits, monitoring, or examination of privately owned ATMs and ISOs in most states, they pose increased risks.
Can you summarize Risks Associated with Money Laundering and Terrorist Financing > Third-Party Payment Processors (2014)?
This document, issued by the Federal Financial Institutions Examination Council (FFIEC), provides guidance on assessing the adequacy of a bank’s systems to manage the risks associated with its relationships with third-party payment processors. It applies to banks that offer account services to these processors. The document highlights the risks associated with processors, such as money laundering, identity theft, fraud schemes, and other illicit transactions. It emphasizes the importance of implementing policies, procedures, and processes to address these risks, including conducting background checks, verifying merchant identities, and monitoring processor relationships for unusual or suspicious activities.
Can you summarize 27.2502?
(a) All checks drawn upon the Treasurer by the government are negotiable at par. (b) Any person within the limits of American Samoa who charges a fee for cashing a check of the government shall be fined not more than $100. History: 1962, PL 7-23.
Can you summarize 28.1212?
This legal document pertains to the supervision and examination of financial institutions within the Territory of American Samoa. The Office of Financial Institutions (OFI) is responsible for exercising supervision over the business affairs of these financial institutions. The commissioner or examiners appointed by OFI are required to visit each financial institution at least once every twenty-four months to examine its affairs and determine its financial condition. This includes inspecting and verifying the assets and liabilities of the institution, ensuring the validity of mortgages held by the institution, and investigating the method of operation and conduct of the institutions.
Can you summarize 46.4118?
This provision, found in the American Samoa Code Annotated under the Criminal Justice section, pertains to the crime of passing a bad check. It states that a person commits this crime when they issue or pass a check or similar sight order for the payment of money, knowing that it will not be paid by the drawee or that there is no such drawee, with the purpose to defraud. The provision also establishes that if the issuer had no account with the drawee or if there was no such drawee at the time the check or order was issued, it is considered prima facie evidence of their purpose to defraud and knowledge that the check or order would not be paid.
Can you summarize 10 USC 921a?
921a. Art. 121a. Fraudulent use of credit cards, debit cards, and other access devices (a) In General . Any person subject to this chapter who, knowingly and with intent to defraud, uses (1) a stolen credit card, debit card, or other access device; (2) a revoked, cancelled, or otherwise invalid credit card, debit card, or other access device; or (3) a credit card, debit card, or other access device without the authorization of a person whose authorization is required for such use; to obtain money, property, services, or anything else of value shall be punished as a court-martial may direct.
Can you summarize 10 USC 923a?
Article 123a of the Uniform Code of Military Justice governs the act of making, drawing, or uttering a check, draft, or order without sufficient funds. This article applies to any person subject to the Uniform Code of Military Justice. It prohibits the making, drawing, uttering, or delivering of a check, draft, or order for the payment of money upon any bank or depository with the intent to defraud or deceive. It is considered prima facie evidence of intent to defraud or deceive if the payment is refused due to insufficient funds, unless the maker or drawer pays the amount due within five days of receiving notice.
Can you summarize 10 USC 987?
This legal document, 987 of the United States Code, sets limitations on the terms of consumer credit extended to members of the armed forces and their dependents. It prohibits creditors from requiring members or dependents to pay interest on such credit, except as agreed to under the credit agreement or authorized by applicable State or Federal law. The document also restricts the annual percentage rate of interest to not exceed 36 percent.
Can you summarize 11 USC 742?
Effect of section 362 of this title in this subchapter Notwithstanding section 362 of this title , SIPC may file an application for a protective decree under the Securities Investor Protection Act of 1970. The filing of such application stays all proceedings in the case under this title unless and until such application is dismissed. If SIPC completes the liquidation of the debtor, then the court shall dismiss the case.
Can you summarize 12 USC 1701l1?
1701l1. Mortgage proceeds fraudulently misappropriated by mortgagor; recovery of deficiency after foreclosure The Secretary of Housing and Urban Development shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law where the Secretary has reason to believe that the mortgage proceeds have been fraudulently misappropriated by the mortgagor.
Can you summarize 12 USC 5533?
This section of the United States Code governs the consumer rights to access information related to consumer financial products or services obtained from covered persons. Covered persons are required to make available, upon request, information in their control or possession regarding transactions, accounts, costs, charges, and usage data. The information must be provided in an electronic form usable by consumers. However, there are exceptions to this requirement, including confidential commercial information, information collected for fraud prevention or detection of unlawful conduct, information required to be kept confidential by other laws, and information that cannot be retrieved in the ordinary course of business.
Can you summarize 12 USC 5535?
This legal document establishes the Private Education Loan Ombudsman within the Bureau of Consumer Financial Protection. The Ombudsman is designated to provide timely assistance to borrowers of private education loans. The Secretary and the Director are required to disseminate information about the Ombudsman’s availability and functions to borrowers, potential borrowers, and various entities involved in private education loan programs. The Ombudsman’s functions include receiving and attempting to resolve complaints from borrowers, establishing coordination with the student loan ombudsman for assistance with complaints related to private education or Federal student loans, compiling and analyzing data on borrower complaints, and making recommendations to relevant authorities.
Can you summarize 12 USC 5601?
This legal document, found in the United States Code under the section on Remittance transfers, addresses various aspects related to remittance transfers. It focuses on expanding the use of the automated clearinghouse system and other payment mechanisms for remittance transfers to foreign countries, particularly those receiving significant remittance transfers from the United States. The document also requires the Federal banking agencies and the National Credit Union Administration to provide guidelines to financial institutions regarding the offering of low-cost remittance transfers and no-cost or low-cost basic consumer accounts.
Can you summarize 12 USC Chapter 1?
This legal document establishes the Office of the Comptroller of the Currency within the Department of the Treasury. The Office is responsible for ensuring the safety and soundness of institutions and other persons under its jurisdiction, as well as compliance with laws and regulations. It also aims to provide fair access to financial services and fair treatment of customers. The chief officer of the Office, known as the Comptroller of the Currency, performs their duties under the general direction of the Secretary of the Treasury.
Can you summarize 12 USC Chapter 16?
This legal document, found in the United States Code under the section for the Federal Deposit Insurance Corporation, establishes standards for safety and soundness in the banking industry. It applies to all insured depository institutions. The document outlines operational and managerial standards that must be followed, including internal controls, loan documentation, credit underwriting, interest rate exposure, asset growth, and compensation. It also requires appropriate Federal banking agencies to prescribe standards related to asset quality, earnings, and stock valuation.
Can you summarize 12 USC Chapter 17?
These legal documents govern various aspects related to bank holding companies, control over banks or companies, acquisition of bank shares or assets, ownership or control of voting shares of nonbanking companies, administration of bank holding companies, antitrust review in bank holding company transactions, securities holding companies, proprietary trading and ownership interests in hedge funds or private equity funds, and concentration limits on large financial firms. They apply to bank holding companies, banks, nonbanking companies, supervised securities holding companies, banking entities, and large financial firms.
Can you summarize 12 USC Chapter 19?
The provided legal document content pertains to the security measures for banks and savings associations. It requires each bank or savings association to comply with minimum standards for the installation, maintenance, and operation of security devices and procedures. These measures should be reasonable in cost and aimed at discouraging robberies, burglaries, and larcenies, as well as assisting in the identification and apprehension of individuals committing such acts. The rules for these security measures must be established by the Federal supervisory agencies within six months from July 7, 1968.
Can you summarize 12 USC Chapter 2, Subchapter XVII?
This legal document governs the procedures and requirements for handling unclaimed property recovered from closed national banks. It applies to the Comptroller of the Currency, who is responsible for the possession, custody, and control of the unclaimed property. It also applies to claimants who assert a legal interest in the property. The document outlines the process for providing final notice to claimants regarding the availability of unclaimed property and establishes a reasonable period of time for claimants to file their claims.
Can you summarize 12 USC Chapter 22?
The provided legal document pertains to tying arrangements in the banking industry. It prohibits banks from extending credit, leasing or selling property, furnishing services, or fixing or varying consideration on certain conditions or requirements. These conditions include the customer obtaining additional credit, property, or services from the bank, its holding company, or subsidiaries, or providing additional credit, property, or services to the bank or its holding company. However, banks may impose reasonable conditions in credit transactions to ensure credit soundness.
Can you summarize 12 USC Chapter 25?
The legal document specified in 2402 of the United States Code governs the membership composition of the National Commission on Electronic Fund Transfers. The Commission is composed of twenty-six members, including representatives from various government agencies such as the Federal Reserve System, the Attorney General’s office, the Comptroller of the Currency, and the Federal Home Loan Bank Board. Additionally, there are representatives from state agencies regulating banking and thrift institutions, officers or employees of banking, thrift, and other business entities, individuals from private life not affiliated with financial institutions, the Comptroller General of the United States, and the Director of the Office of Technology Assessment.
Can you summarize 12 USC Chapter 3?
The provided legal document content covers various aspects of the creation, membership, compensation, and expenses of the Board of Governors of the Federal Reserve System. It outlines the appointment process, terms of office, and qualifications of the Board members, including the Chairman and Vice Chairmen. The document also addresses the ineligibility of Board members to hold office in member banks during their term and for two years thereafter. It grants the Board the power to levy assessments on Federal reserve banks to cover its expenses.
Can you summarize 12 USC Chapter 34?
The legal document establishes the Financial Institutions Examination Council (FIEC) with the purpose of promoting consistency and uniformity in the examination and supervision of financial institutions. The FIEC consists of various members, including the Comptroller of the Currency, Chairman of the Board of Directors of the Federal Deposit Insurance Corporation, Governor of the Board of Governors of the Federal Reserve System, Director of the Consumer Financial Protection Bureau, Chairman of the National Credit Union Administration Board, and Chairman of the State Liaison Committee.
Can you summarize 12 USC Chapter 50?
These legal documents govern various aspects of check truncation, substitute checks, indemnity, expedited recredit, statute of limitations, consumer awareness, regulations, study and report on funds availability, statistical reporting of costs and revenues, evaluation and report by the Comptroller General, and efficiency and cost reduction of depositary services. They apply to Federal reserve banks, depository institutions, financial service customers, consumers, banks, indemnifying banks, and warranting banks. The documents authorize the use of substitute checks to facilitate check truncation and improve the efficiency of the check collection system.
Can you summarize 12 USC Chapter 53, Subchapter IV?
This legal document, found in the United States Code under the section on payment, clearing, and settlement supervision, governs the clearing and settlement of payment, securities, and other financial transactions, as well as the conduct of systemically important payment, clearing, and settlement activities by financial institutions. It emphasizes the importance of safe and efficient arrangements for these activities, while acknowledging the risks they may pose. The document aims to enhance the regulation and supervision of systemically important financial market utilities and payment, clearing, and settlement activities by financial institutions.
Can you summarize 15 USC 1616?
This legal document, 1616 of the United States Code, requires the Board to conduct a review of the consumer credit card market every two years. The review includes examining the terms of credit card agreements, practices of credit card issuers, effectiveness of disclosure of terms and fees, adequacy of protections against unfair or deceptive acts, and the impact of the implementation of this Act on credit availability, safety of credit card issuers, risk-based pricing, and credit card product innovation.
Can you summarize 15 USC 1632?
This legal document, governed by the United States Code, specifically the Consumer Credit Protection Act, addresses the form of disclosure and additional information required in credit transactions. It mandates that information required by this subchapter must be disclosed clearly and conspicuously, with the terms ‘annual percentage rate’ and ‘finance charge’ being more prominently disclosed. The Bureau of Consumer Financial Protection has the authority to regulate the form, order, and terminology used in these disclosures.
Can you summarize 15 USC 1637?
This legal document, found in the United States Code, falls under the Consumer Credit Protection Act. It governs the disclosure requirements for creditors before opening any account under an open end consumer credit plan. The document outlines the specific items that must be disclosed to the person to whom credit is being extended, including conditions for imposing finance charges, methods of determining the balance and finance charge, identification of other charges, and the disclosure of security interests.
Can you summarize 15 USC 1638?
This legal document, found in the United States Code under the section on Consumer Credit Protection, pertains to consumer credit transactions other than under an open end credit plan. It requires creditors to disclose specific information to consumers, such as the identity of the creditor, the amount financed, the finance charge, the annual percentage rate, the total of payments, and the number, amount, and due dates of payments. The document also includes requirements for disclosures in residential mortgage transactions, private education loans, and periodic statements for residential mortgage loans.
Can you summarize 15 USC 1642?
Issuance of credit cards No credit card shall be issued except in response to a request or application therefor. This prohibition does not apply to the issuance of a credit card in renewal of, or in substitution for, an accepted credit card.
Can you summarize 15 USC 1643?
This section of the United States Code governs the liability of the holder of a credit card. It outlines the conditions under which a cardholder may be held liable for unauthorized use of a credit card. The liability is limited to $50, provided that the card is an accepted credit card and the card issuer has given adequate notice to the cardholder of the potential liability. The unauthorized use must occur before the card issuer has been notified of loss, theft, or unauthorized use of the card.
Can you summarize 15 USC 1644?
This legal document, found in the United States Code under the section on Consumer Credit Protection, specifically addresses the fraudulent use of credit cards. It outlines various actions that are considered illegal, including using counterfeit, fictitious, altered, forged, lost, stolen, or fraudulently obtained credit cards to obtain money, goods, services, or anything else of value. The document also covers the transportation of such cards in interstate or foreign commerce, as well as the use of interstate commerce to sell or transport them.
Can you summarize 15 USC 1645?
Business credit cards; limits on liability of employees The exemption provided by section 1603(1) of this title does not apply to the provisions of sections 1642, 1643, and 1644 of this title, except that a card issuer and a business or other organization which provides credit cards issued by the same card issuer to ten or more of its employees may by contract agree as to liability of the business or other organization with respect to unauthorized use of such credit cards without regard to the provisions of section 1643 of this title , but in no case may such business or other organization or card issuer impose liability upon any employee with respect to unauthorized use of such a credit card except in accordance with and subject to the limitations of section 1643 of this title .
Can you summarize 15 USC 1650?
This section of the United States Code aims to prevent unfair and deceptive private educational lending practices and eliminate conflicts of interest. It provides definitions for terms such as ‘cosigner,’ ‘covered educational institution,’ ‘gift,’ ‘institution of higher education,’ ‘postsecondary educational expenses,’ ‘preferred lender arrangement,’ ‘private educational lender,’ ‘private education loan,’ and ‘revenue sharing.’ The section prohibits private educational lenders from offering gifts or engaging in revenue sharing with covered educational institutions.
Can you summarize 15 USC 1666b?
This provision, found in the United States Code under the Consumer Credit Protection Act, governs the timing of payments for credit card accounts under open-end consumer credit plans. It states that a creditor cannot treat a payment as late unless they have adopted reasonable procedures to ensure that the periodic statement, including the required information, is mailed or delivered to the consumer at least 21 days before the payment due date.
Can you summarize 15 USC 1666e?
1666e. Notification of credit card issuer by seller of return of goods, etc., by obligor; credit for account of obligor With respect to any sales transaction where a credit card has been used to obtain credit, where the seller is a person other than the card issuer, and where the seller accepts or allows a return of the goods or forgiveness of a debit for services which were the subject of such sale, the seller shall promptly transmit to the credit card issuer, a credit statement with respect thereto and the credit card issuer shall credit the account of the obligor for the amount of the transaction.
Can you summarize 15 USC 1666f?
This provision, found in the United States Code under the Consumer Credit Protection Act, addresses the offering of cash discounts to cardholders by sellers in sales transactions where the seller is not the card issuer. It states that card issuers cannot prohibit sellers from offering discounts to cardholders to encourage payment by cash, check, or similar means instead of using a credit card. Additionally, it clarifies that any discount offered by a seller to induce payment by cash, check, or other means not involving the use of an open-end credit plan or a credit card does not constitute a finance charge if it is offered to all prospective buyers and its availability is clearly and conspicuously disclosed.
Can you summarize 15 USC 1666g?
1666g. Tie-in services prohibited for issuance of credit card Notwithstanding any agreement to the contrary, a card issuer may not require a seller, as a condition to participating in a credit card plan, to open an account with or procure any other service from the card issuer or its subsidiary or agent.
Can you summarize 15 USC 1666h?
This section of the United States Code governs the offset of a cardholder’s indebtedness by the issuer of a credit card with funds deposited by the cardholder. It states that a card issuer cannot offset a cardholder’s debt against funds held on deposit with the issuer, unless the cardholder has previously authorized such action in writing and the cardholder has not requested the offset for any outstanding disputed amount. The written authorization is not required for credit card accounts existing before the effective date of this section, but it must be obtained upon renewal of the account or within one year after the effective date.
Can you summarize 15 USC 1666i?
This provision, found in the United States Code under the Consumer Credit Protection section, pertains to claims and defenses arising from credit card transactions. It applies to card issuers and cardholders who have entered into an open end consumer credit plan. The card issuer is subject to all claims and defenses, except for tort claims, if certain prerequisites are met. These prerequisites include the cardholder making a good faith attempt to resolve the disagreement with the person honoring the credit card, the initial transaction amount exceeding $50, and the transaction occurring in the same state as the cardholder’s mailing address or within 100 miles of such address.
Can you summarize 15 USC 1666j?
This legal document, 1666j of the United States Code, addresses the applicability of State laws to credit billing practices. It states that this part does not annul, alter, or affect, or exempt any person subject to the provisions of this part from complying with, the laws of any State with respect to credit billing practices, except to the extent that those laws are inconsistent with any provision of this part, and then only to the extent of the inconsistency.
Can you summarize 15 USC 1681c2?
This section of the United States Code, under the Commerce and Trade section, specifically addresses the block of information resulting from identity theft. It applies to consumer reporting agencies. According to this section, consumer reporting agencies are required to block the reporting of any information in the file of a consumer that the consumer identifies as information resulting from alleged identity theft. The agency must block this information within 4 business days after receiving appropriate proof of the consumer’s identity, a copy of an identity theft report, identification of the information by the consumer, and a statement from the consumer that the information is not related to any transaction by the consumer.
Can you summarize 15 USC 1692p?
This legal document provides an exception to the definition of a debt collector for private entities operating certain bad check enforcement programs. To qualify for the exception, the following conditions must be met: (1) a State or district attorney establishes a pretrial diversion program for alleged bad check offenders, (2) a private entity subject to an administrative support services contract with the State or district attorney operates the program, and (3) the private entity complies with certain requirements, such as conforming with the terms of the contract, not exercising independent prosecutorial discretion, and contacting alleged offenders only after a determination of probable cause and failed payment.
Can you summarize 15 USC 1693i?
This provision, found in the United States Code under the Consumer Credit Protection Act, governs the issuance of cards or other means of access for initiating electronic fund transfers. It prohibits issuing such cards or means of access to consumers unless it is in response to a request or application, or as a renewal or substitution for an accepted card or means of access. However, there are exceptions that allow the distribution of unsolicited cards, codes, or means of access under certain conditions.
Can you summarize 15 USC 1693o2?
This legal document, found in the United States Code under the section on Consumer Credit Protection and Electronic Fund Transfers, governs the establishment of reasonable fees and rules for payment card transactions. It grants regulatory authority to the Board to prescribe regulations regarding interchange transaction fees for electronic debit transactions. The regulations aim to ensure that the amount of interchange transaction fees charged by issuers is reasonable and proportional to the cost incurred by the issuer.
Can you summarize 15 USC 6802?
This document, governed by the United States Code, COMMERCE AND TRADE, PRIVACY, DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION, outlines the obligations of financial institutions with respect to the disclosure of personal information. It prohibits financial institutions from disclosing nonpublic personal information to nonaffiliated third parties unless the consumer has been provided with a notice that complies with the requirements of section 6803. The document also requires financial institutions to provide consumers with the opportunity to opt out of such disclosures and explains how they can exercise that option.
Can you summarize 15 USC 6804?
This legal document grants regulatory authority to the Bureau of Consumer Financial Protection, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission to prescribe regulations for the disclosure of nonpublic personal information. The regulations apply to financial institutions and other persons subject to the jurisdiction of these agencies. However, the Bureau of Consumer Financial Protection does not have authority to prescribe regulations regarding the standards under section 6801 of this title.
Can you summarize 15 USC 6821?
This legal document, found in the United States Code under the Commerce and Trade section, governs the privacy protection for customer information of financial institutions. It prohibits obtaining customer information by false pretenses, such as making false statements or providing forged documents. The document also prohibits solicitation of a person to obtain customer information from a financial institution under false pretenses. However, there are exemptions for law enforcement agencies, financial institutions conducting security testing or investigations, insurance institutions investigating insurance fraud, certain types of customer information available as public records, and collection of child support judgments.
Can you summarize 15 USC 8402?
This legal document, found in the United States Code under the Commerce and Trade section, specifically addresses prohibitions against certain unfair and deceptive Internet sales practices. It applies to post-transaction third party sellers, initial merchants, and consumers. The document outlines requirements for post-transaction third party sellers, including the clear and conspicuous disclosure of material terms of the transaction to the consumer before obtaining their billing information, and obtaining express informed consent from the consumer for the charge.
Can you summarize 15 USC Chapter 41, Subchapter I, Part C?
The provided legal document content covers various aspects of credit advertising and limits on credit card fees. It includes provisions governing the treatment of catalogs and multiple-page advertisements, advertising of downpayments and installments, and advertising of open end credit plans. The documents also address the nonliability of advertising media, the use of the annual percentage rate in oral disclosures, and the consideration of ability to repay. Specific requirements are outlined for advertisements of open end consumer credit plans secured by a consumer’s principal dwelling, including the disclosure of certain information.
Can you summarize 15 USC Chapter 91?
This legal document, part of the United States Code under the section ‘COMMERCE AND TRADE » CHILDRENS ONLINE PRIVACY PROTECTION’, defines key terms related to children’s online privacy protection. It establishes definitions for terms such as ‘child’, ‘operator’, ‘Commission’, ‘disclosure’, ‘Federal agency’, ‘Internet’, ‘parent’, ‘personal information’, ‘verifiable parental consent’, ‘website or online service directed to children’, ‘person’, and ‘online contact information’. The document specifies that it does not apply to nonprofit entities exempt from coverage under section 45.
Can you summarize 15 USC Chapter 94, Subchapter I?
These legal documents, governed by the United States Code, COMMERCE AND TRADE, PRIVACY, DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION, establish the policy that financial institutions have an obligation to respect the privacy of their customers and protect the security and confidentiality of their nonpublic personal information. The documents require agencies or authorities, excluding the Bureau of Consumer Financial Protection, to establish appropriate standards for financial institutions under their jurisdiction. These standards include administrative, technical, and physical safeguards to ensure the security and confidentiality of customer records and information, protection against threats or hazards to the integrity of such records, and prevention of unauthorized access or use that could harm customers.
Can you summarize 15 USC Chapter 94, Subchapter II?
This legal document governs the privacy protection for customer information of financial institutions. It prohibits obtaining customer information by false pretenses and solicitation of customer information under false pretenses. There are exemptions for certain entities and circumstances. The document does not specify penalties for non-compliance or violations. Compliance with this subchapter is enforced by the Federal Trade Commission (FTC) and other agencies. The document also addresses the relation of the subchapter to State laws, stating that it does not supersede or alter State laws unless they are inconsistent.
Can you summarize 18 USC 1004?
Certification of checks Whoever, being an officer, director, agent, or employee of any Federal Reserve bank, member bank of the Federal Reserve System, insured bank (as defined in section 3(h) of the Federal Deposit Insurance Act), branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978), or organization operating under section 25 or section 25(a) 1 1 See References in Text note below.
Can you summarize 18 USC 1005?
This legal document, specified under the United States Code, falls under the section of ‘Crimes and Criminal Procedure’ and specifically pertains to ‘Fraud and False Statements’. It governs bank entries, reports, and transactions. The document applies to officers, directors, agents, and employees of various financial institutions, including Federal Reserve banks, member banks, depository institution holding companies, national banks, insured banks, branches or agencies of foreign banks, and organizations operating under the Federal Reserve Act.
Can you summarize 18 USC 1006?
This legal provision, outlined in the United States Code under the section on fraud and false statements, pertains to individuals who are officers, agents, employees, or connected in any capacity with various federal credit institutions. The institutions covered include the Federal Deposit Insurance Corporation, National Credit Union Administration, Federal home loan banks, Federal Housing Finance Agency, Farm Credit Administration, Department of Housing and Urban Development, Federal Crop Insurance Corporation, Farmers Home Administration, Rural Development Administration, Farm Credit System Insurance Corporation, Farm Credit Banks, banks for cooperatives, lending, mortgage, insurance, credit, and savings and loan corporations or associations authorized or acting under the laws of the United States, and small business investment companies.
Can you summarize 18 USC 1007?
Federal Deposit Insurance Corporation transactions Whoever, for the purpose of influencing in any way the action of the Federal Deposit Insurance Corporation, knowingly makes or invites reliance on a false, forged, or counterfeit statement, document, or thing shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Can you summarize 18 USC 1013?
Farm loan bonds and credit bank debentures Whoever deceives, defrauds, or imposes upon, or attempts to deceive, defraud, or impose upon any person, partnership, corporation, or association by making any false pretense or representation concerning the character, issue, security, contents, conditions, or terms of any farm loan bond, or coupon, issued by any Federal land bank or banks; or of any debenture, coupon, or other obligation, issued by any Federal intermediate credit bank or banks; or by falsely pretending or representing that any farm loan bond, or coupon, is anything other than, or different from, what it purports to be on the face of said bond or coupon, shall be fined under this title or imprisoned not more than one year, or both.
Can you summarize 18 USC 1028?
This legal document, found in the United States Code under the section on Fraud and False Statements, addresses fraud and related activity in connection with identification documents, authentication features, and information. It applies to any person who knowingly and without lawful authority produces, transfers, possesses, or uses identification documents, authentication features, or false identification documents. The document outlines various offenses and their corresponding penalties, including fines and imprisonment. It also provides definitions for terms such as ‘authentication feature,’ ‘document-making implement,’ ‘identification document,’ ‘false identification document,’ and ‘means of identification.
Can you summarize 18 USC 1028A?
The provided legal document pertains to the offense of aggravated identity theft. It states that anyone who knowingly transfers, possesses, or uses a means of identification of another person without lawful authority during and in relation to any felony violation enumerated in subsection (c) shall be sentenced to a term of imprisonment of 2 years, in addition to the punishment provided for such felony. Additionally, for felony violations enumerated in section 2332b(g)(5)(B), the sentence for aggravated identity theft is 5 years of imprisonment.
Can you summarize 18 USC 1029?
This section of the United States Code governs fraud and related activity in connection with access devices. It applies to any person who knowingly and with intent to defraud engages in activities related to access devices. The section defines various offenses, including producing, using, or trafficking in counterfeit access devices, trafficking in or using unauthorized access devices to obtain anything of value, possessing counterfeit or unauthorized access devices, producing, trafficking in, or possessing device-making equipment, effecting transactions with access devices issued to another person to receive payment or anything of value, soliciting a person for the purpose of offering or selling access devices, using or possessing modified telecommunications instruments to obtain unauthorized use of telecommunications services, using or possessing scanning receivers, using or possessing hardware or software configured to insert or modify telecommunication identifying information, and causing or arranging for another person to present evidences or records of transactions made by an access device without authorization.
Can you summarize 18 USC 1030?
This legal document, known as 1030 of the United States Code, governs fraud and related activity in connection with computers. It outlines various offenses related to unauthorized access, obtaining information without authorization, damaging protected computers, and trafficking in unauthorized access information. The document specifies the penalties for each offense, which can range from fines to imprisonment for up to twenty years. The offenses covered by this document apply to any person who commits computer-related fraud or related activities.
Can you summarize 18 USC 1032?
This legal provision, outlined in 1032 of the United States Code, pertains to the concealment of assets or property from various entities such as the Federal Deposit Insurance Corporation (FDIC), conservators appointed by the Comptroller of the Currency, the FDIC acting as receiver for a covered financial company, or the National Credit Union Administration Board. It prohibits individuals or entities from knowingly concealing or attempting to conceal assets or property from these entities.
Can you summarize 18 USC Chapter 63?
These legal documents cover various aspects of fraud offenses and related matters. They include provisions on mail fraud, wire fraud, bank fraud, injunctions against fraud, definition of ‘scheme or artifice to defraud’, health care fraud, securities and commodities fraud, attempt and conspiracy, failure of corporate officers to certify financial reports, and fraud in foreign labor contracting. The documents apply to individuals or entities involved in fraudulent activities, financial institutions, health care benefit programs, securities and commodities markets, corporate officers, and individuals or entities involved in foreign labor contracting.
Can you summarize 26 USC 6657?
Bad checks If any instrument in payment, by any commercially acceptable means, of any amount receivable under this title is not duly paid, in addition to any other penalties provided by law, there shall be paid as a penalty by the person who tendered such instrument, upon notice and demand by the Secretary, in the same manner as tax, an amount equal to 2 percent of the amount of such instrument, except that if the amount of such instrument is less than $1,250, the penalty under this section shall be $25 or the amount of such instrument, whichever is the lesser.
Can you summarize 50 USC Chapter 50?
The legal documents reviewed under the Servicemembers Civil Relief Act provide protections and benefits to servicemembers and their dependents during their military service. These documents cover various aspects such as jurisdiction, applicability, stay of proceedings, default judgments, taxes, public lands, inappropriate use of the chapter, and servicemembers’ rights and protections. The Servicemembers Civil Relief Act applies to servicemembers, dependents, courts, and administrative agencies. It allows for the temporary suspension of judicial and administrative proceedings that may adversely affect the civil rights of servicemembers.
Can you summarize 7 USC 2235a?
2235a. Deposit and retention of credit card refunds or rebates On and after November 28, 2001 , refunds or rebates received on an on-going basis from a credit card services provider under the Department of Agricultures charge card programs may be deposited to and retained without fiscal year limitation in the Departments Working Capital Fund established under section 2235 of this title and used to fund management initiatives of general benefit to the Department of Agriculture bureaus and offices as determined by the Secretary of Agriculture or the Secretarys designee.
Can you summarize NJST 12A:4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, or agreement. 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 to receive settlement.
Can you summarize NJST 12A:4-215?
This legal document 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. It applies to payor banks, presenting banks, successive prior collecting banks, collecting banks, and customers. 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 NJST 12A:4-301?
This legal document governs the actions and responsibilities of payor banks in relation to deferred posting, recovery of payment by return of items, time of dishonor, and return of items. It specifies that if a payor bank settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt, it may revoke the settlement and recover the settlement by returning the item or sending written notice of dishonor or nonpayment.
Can you summarize NJST 12A:4-303?
This provision, found in the New Jersey General and Permanent Statutes under the Commercial Transactions section, governs the treatment of items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which these items may be charged or certified. It applies to payor banks and their customers. According to the provision, any knowledge, notice, or stop-payment order received by the bank, legal process served upon the bank, or setoff exercised by the bank 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.
Can you summarize NJST 12A:4-401?
This legal document governs the circumstances under which a bank may charge a customer’s account. According to the document, a bank can 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. However, a customer is not liable for an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize NJST 12A:4-403?
This provision, found in the New Jersey General and Permanent Statutes under the Commercial Transactions section, grants customers or persons authorized to draw on the account the right to stop payment of any item drawn on the customer’s account or close the account. The order to the bank must describe the item or account with reasonable certainty and be received in a timely manner to allow the bank to act on it before taking any action on the item.
Can you summarize NJST 12A: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. L.1995,c.28,s.2.
Can you summarize NJST 12A:4-406?
This legal document governs the duty of customers to discover and report unauthorized signatures or alterations in banking transactions. It applies to both customers and banks. According to the document, if a bank sends a statement of account or items to a customer, the customer must promptly examine them to determine if any payment was unauthorized due to alteration or unauthorized signature. If the customer should have reasonably discovered the unauthorized payment based on the provided statement or items, they must promptly notify the bank.
Can you summarize NJST 12A:5-109?
This legal document, found in the New Jersey General and Permanent Statutes under the section of Commercial Transactions, pertains to fraud and forgery in relation to presentations made in compliance with the terms and conditions of a letter of credit. If a required document is forged or materially fraudulent, or if honoring the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, the issuer shall honor the presentation if demanded by certain parties who have given value in good faith and without notice of forgery or material fraud.
Can you summarize NJST 17:16E-6?
Nothing in this act shall prevent a person who is a director or officer of a bank holding company from being a director or officer of any one or more banks which are subsidiaries of such company, nor shall anything in this act prevent a person who is a director or officer of a bank which is a subsidiary of a bank holding company from being a director or officer of any one or more other banks which are subsidiaries of such holding company.
Can you summarize NJST 17:16K-14?
The provisions of this act shall not apply to any automated teller machine or automated teller machine facility located in any building, structure or space the primary purposes or function of which is: unrelated to the provision of financial services to the general public, including but not limited to office buildings, supermarkets, airports and school buildings; to provide automated teller machine services to persons employed in such building; or installed for a temporary purpose for a period of not more than thirty days.
Can you summarize NJST 17:16K-16?
As used in this act: ‘Automated teller machine’ means any electronic information processing device located in the State of New Jersey which accepts or dispenses cash in connection with a credit or deposit account. ‘Operator’ means any State or federally chartered bank, savings bank, savings and loan association, credit union, or other entity, which owns or operates an automated teller machine. L.2004,c.182,s.1.
Can you summarize NJST 17:16K-17?
Every automated teller machine located in this State shall have displayed on it, in a conspicuous place, a permanent, affixed label or notice that appears on the automated teller machine screen that clearly indicates the name and contact telephone number of the operator of the automated teller machine. L.2004,c.182,s.2.
Can you summarize NJST 17:16K-8?
This legal document pertains to the evaluation of the safety of automated teller machines (ATMs). It applies to operators of all ATMs that are in operation after the effective date of this act. The evaluation of ATM safety includes considering the compliance of lighting with the required standards and assessing any obstructions in the area that may adversely affect user safety. The intention of this section is not to impose a duty to close, relocate, or modify ATMs or ATM facilities based on specific events or circumstances, but rather to establish a standard of good faith for their evaluation.
Can you summarize NJST 17:3B-29?
This legal document pertains to bank revolving credit plans. It begins by stating that the interest charged by issuers of bank credit cards may depend on the laws of the state where the bank is chartered or has its principal office. The document highlights that national bank issuers can export the rate of interest allowed in their home state to other states. It also mentions that related charges are considered part of the exportable rate of interest.
Can you summarize NJST 17:3B-5?
This legal document provides definitions for various terms used in the context of credit and lending. It governs the terms and concepts related to borrowers, closed end credit, credit devices, lenders, loans, notes or loan agreements, outstanding unpaid indebtedness, purchases, revolving credit plans, and periodic percentage rates. The document applies to natural persons obtaining credit for personal, family, or household purposes, as well as lenders such as banking institutions, federally chartered savings banks, and associations.
Can you summarize NJST 17:9A-195?
Officers and managers; permitted loans. The Commissioner of Banking may promulgate rules and regulations for the purpose of establishing the terms and conditions of loans made by a savings bank to its managers, directors and officers and their families and other persons with which the manager, director or officer may be affiliated as stockholder, agent, trustee, partner, endorser, surety or obligor. The rules and regulations may prescribe limits on the amount of liability which may be incurred, establish criteria for the terms and security for the loans and set forth procedures for the review and approval of the loans by the management of the savings bank.
Can you summarize NJST 18A:3C-3?
This provision requires credit card issuers with an approved registration to provide a one-time, on-campus program of education on the responsible use of credit to students of a campus of an institution of higher education. The program of education must include a full explanation of the financial consequences of not paying off credit card balances in full within the specified time to avoid interest charges, as well as an explanation of how the credit card issuer computes interest on unpaid balances.
Can you summarize NJST 2C:21-5?
This section of the New Jersey Code of Criminal Justice governs the issuance or passing of bad checks, money orders, or the authorization of electronic funds transfers. It applies to any person who issues or passes a check or similar sight order for the payment of money, or authorizes an electronic funds transfer. The section establishes that an issuer is presumed to know that the check, money order, or electronic funds transfer will not be paid if they had no account with the drawee at the time of issuance, or if payment was refused by the drawee due to lack of funds or a closed account.
Can you summarize NJST 2C:21-6?
This section of the New Jersey Code of Criminal Justice governs credit cards. It provides definitions for terms such as cardholder, credit card, expired credit card, issuer, receives, and revoked credit card. The section outlines various crimes related to credit cards, including making false statements to obtain a credit card, credit card theft, receiving lost or stolen credit cards, selling or buying credit cards, obtaining control over a credit card as security for debt, falsely making or embossing credit cards, signing credit cards without authorization, and fraudulent use of credit cards.
Can you summarize NJST 3B:20-23?
An exchange or conversion of shares may be made pursuant to this article notwithstanding that the fiduciary which holds the shares in the trust estate is the banking institution which issued them. Amended 1997, c.26, s.20.
Can you summarize NJST 3B:20-32?
A banking institution depositing securities pursuant to this article shall be subject to rules and regulations as, in the case of State chartered institutions the Commissioner of the Department of Banking and, in the case of national banks, the Comptroller of the Currency may from time to time issue. L.1981, c. 405, s. 3B:20-32, eff. May 1, 1982.
Can you summarize NJST 46:30B-1?
46:30B-1. Short title. This chapter shall be known and may be cited as the ‘Uniform Unclaimed Property Act.’ L.1989, c.58, s.1; amended 2002, c.35, s.1.
Can you summarize NJST 46:30B-42.1?
This legal document governs the presumption of abandonment of stored value cards, exceptions to the presumption, and cash redemption requirements. It applies to issuers of stored value cards and owners of stored value cards. The document specifies that a stored value card with no activity for five years is presumed abandoned. The proceeds of a general purpose reloadable card presumed abandoned are the value of the card on the date it is presumed abandoned, while the proceeds of other stored value cards presumed abandoned are 60% of the card’s value.
Can you summarize NJST 46:30B-43?
46:30B-43. Amounts presumed abandoned. In the case of credit balances, customer overpayments, security deposits, refunds, credit memoranda, unused tickets, or similar instruments, the amount presumed abandoned is the amount credited to the recipient. L.1989, c.58, s.1; amended 2002, c.35, s.36.
Can you summarize NJST 46:30B-72.1?
This legal document governs the sale of tangible property, such as jewelry and works of art, in the state of New Jersey. It applies to administrators who handle abandoned property. The document outlines the procedures to be followed for the sale, including sending notification to the owner, advertising the intent to auction in a local newspaper, preparing an itemized list of auctionable items, and compensating the holder of the unclaimed property.
Can you summarize NJST 46:30B-73?
The purchaser of property at any sale conducted by the administrator pursuant to this chapter takes the property free of all claims of the owner or previous holder thereof and of all persons claiming through or under them. The administrator shall execute all documents necessary to complete the transfer of ownership. Source: New. L.1989, c.58, s.1.
Can you summarize NJST 56:11-16?
As used in this act: ‘Consumer’ means a natural person. ‘Credit card’ means any instrument or device, whether known as a credit card, credit plate, or by any other name, issued with or without fee by an issuer for the use of the credit card holder in obtaining money, goods, services or anything else of value on credit. ‘Credit card holder’ means a consumer named on the face of a credit card to whom or for whose benefit the credit card is issued by an issuer.
Can you summarize NJST 56:11-17?
No person which accepts a credit card for a consumer transaction shall require the credit card holder, as a condition of using a credit card in completing the consumer transaction, to provide for recordation on the credit card transaction form or any other form, any personal identification information that is not required by the issuer to complete the credit card transaction, including, but not limited to, the credit card holder’s address or telephone number, or both; provided, however, that the credit card holder’s telephone number may be required on a credit card transaction form if the credit card transaction is one for which the credit card issuer does not require authorization.
Can you summarize NJST 56:11-42?
No retail sales establishment shall print electronically more than the last five digits of a customer’s credit card account number or the expiration date of that credit card upon any sales receipt provided at the point of sale to the customer, except that the provisions of this section shall not apply to any sales receipt in which the sole means of recording the customer’s credit card number is by handwriting or by an imprint or copy of the credit card.
Can you summarize NJST 56:11-44?
This act shall be known and may be cited as the ‘Identity Theft Prevention Act.’ L.2005,c.226,s.1.
Can you summarize NJST 56:11-45?
This document, part of the New Jersey General and Permanent Statutes, addresses the issue of identity theft. The Legislature recognizes that identity theft has become a significant law enforcement challenge in the new economy, with personal information being vulnerable to criminal interception and misuse. Despite increased public awareness, incidents of identity theft continue to rise. The document highlights that identity theft violates the privacy of citizens and can have severe consequences, such as restricted access to credit and diminished employment opportunities.
Can you summarize NJST 56:11-46?
This legal document governs the election of placing a security freeze on a consumer report. It applies to consumers and consumer reporting agencies. A consumer may elect to place a security freeze on their consumer report by making a request in writing or through a secure electronic mail connection. The consumer reporting agency is required to place the security freeze within five business days of receiving a written request. The agency must provide a written confirmation of the security freeze to the consumer, along with a unique personal identification number or password.
Can you summarize NJST 56:11-47?
If a security freeze is in place, a consumer reporting agency shall not change any of the following official information in a consumer report without sending a written confirmation of the change to the consumer within 30 days of the change being posted to the consumer’s file: name; date of birth; Social Security number; or address. Written confirmation is not required for technical modifications of a consumer’s official information, including name and street abbreviations, complete spellings, or transposition of numbers or letters.
Can you summarize NJST 56:11-48?
The provisions of sections 4 through 9 of this amendatory and supplementary act shall not apply to a consumer reporting agency that acts only as a reseller of credit information by assembling and merging information contained in the data base of another consumer reporting agency or multiple consumer reporting agencies, and does not maintain a permanent data base of credit information from which new consumer reports are produced, except that such a reseller of credit information shall honor any security freeze placed on a consumer report by another consumer reporting agency.
Can you summarize NJST 56:11-49?
The following entities are not required to place a security freeze in a consumer report, pursuant to section 5 of this amendatory and supplementary act: a. A check services company or fraud prevention services company, which issues reports on incidents of fraud or authorizations for the purpose of approving or processing negotiable instruments, electronic funds transfers, or similar methods of payments; and b. A demand deposit account information service company, which issues reports regarding account closures due to fraud, substantial overdrafts, ATM abuse, or similar negative information regarding a consumer, to inquiring banks or other financial institutions for use only in reviewing a consumer request for a demand deposit account at the inquiring bank or financial institution.
Can you summarize NJST 56:11-50?
a. Any person who willfully fails to comply with the requirements of sections 4 through 9 of this amendatory and supplementary act shall be liable to a consumer as provided in section 11 of P.L.1997, c.172 (C.56:11-38). b. Any person who is negligent in failing to comply with the requirements of sections 4 through 9 of this amendatory and supplementary act shall be liable to a consumer as provided in section 12 of P.
Can you summarize NJST 56:11-51?
This legal document prohibits creditors from denying credit to, or reducing the credit limit of, individuals solely because they were victims of identity theft. The definition of ‘victim of identity theft’ includes individuals who present a copy of a police report or a properly completed affidavit of identity theft when applying for credit or increasing their credit limit. However, creditors still have the right to deny credit or reduce the credit limit of identity theft victims for other reasons authorized by law.
Can you summarize NJST 56:11-52?
Any creditor who violates any provision of this act shall be liable for a penalty of not more than $5,000 for each violation, to be collected by and in the name of the Commissioner of Banking and Insurance in a summary proceeding pursuant to the ‘Penalty Enforcement Law of 1999,’ P.L.1999, c.274 (C.2A:58-10 et seq.). L.2007,c.33,s.2.
Can you summarize NJST 56:11-53?
This act shall be known and may be cited as the ‘Personal Information and Privacy Protection Act.’ L.2017, c.124, s.1.
Can you summarize NJST 56:8-153?
This document, part of the New Jersey General and Permanent Statutes, defines key terms related to unsolicited credit cards and checks. It states that a ‘check’ refers to a demand draft drawn on or payable through a US depository institution, while a ‘credit card’ encompasses various credit devices. An ‘unsolicited check’ is defined as a check sent to a person to draw on an existing credit account or activate a new account, excluding certain circumstances.
Can you summarize NJST 56:8-154?
It shall be an unlawful practice for any person to mail or otherwise deliver an unsolicited credit card to a person in this State. L.2004,c.159,s.2.
Can you summarize NJST 56:8-155?
No person in whose name an unsolicited credit card is issued shall be liable for any amount resulting from use of that card, from which that person or a member of that person’s family or household derives no benefit, unless the person has accepted the card by activating the card or using the card, or by authorizing use of the card by another person. Failure to destroy or return an unsolicited credit card shall not constitute acceptance of the card.
Can you summarize NJST 56:8-156?
No person in whose name an unsolicited check is issued shall be liable for any amount resulting from use of that check or account, unless the person who is the holder of the account upon which the check is to be drawn, or who is the payee on the check, as the case may be, has accepted the check or account by using the check or account. Failure to destroy or return an unsolicited check shall not constitute acceptance of the check or account.
Can you summarize NJST 56:8-163?
This legal document, part of the New Jersey General and Permanent Statutes, governs the disclosure of breach of security to customers. It applies to businesses that conduct business in New Jersey or public entities that compile or maintain computerized records containing personal information. According to the document, any business or public entity that experiences a breach of security in their computerized records must disclose the breach to any customer who is a resident of New Jersey and whose personal information was accessed by an unauthorized person.
Can you summarize NJST Chapter 12A:12?
The legal document pertains to the use of electronic records and electronic signatures by governmental agencies in the state of New Jersey. It allows each governmental agency to determine whether and to what extent they will send and accept electronic records and electronic signatures. The document also specifies that the governmental agency may determine the manner and format in which electronic records are created, generated, sent, communicated, received, and stored. It also provides guidelines for electronic signatures, control processes, and procedures to ensure the preservation, integrity, security, confidentiality, and auditability of electronic records.
Can you summarize NJST Chapter 12A:2A?
These legal documents, part of the New Jersey General and Permanent Statutes, govern commercial transactions and lease contracts. They cover various aspects such as the formation and enforceability of lease contracts, rights and obligations of lessors and lessees, allocation of risk of loss, default and remedies, insurance and proceeds, and the priority of liens and claims. The documents provide definitions for key terms used in commercial transactions and lease contracts. They also outline the rights and remedies available to lessors and lessees in case of default, nonconformity of goods, or other breaches of the lease contract.
Can you summarize NJST Chapter 12A:3?
This legal document, part of the New Jersey General and Permanent Statutes, provides guidelines and regulations for promise or order conditions in commercial transactions. It defines the conditions for a promise or order to be considered payable to bearer or payable to order. It also addresses the conversion of instruments, the obligation of parties to pay the instrument, and the discharge of obligations. The document applies to parties involved in commercial transactions, including issuers, payees, holders, and transferees of negotiable instruments.
Can you summarize NJST Chapter 12A:4?
This legal document governs the responsibilities of collecting banks in commercial transactions. It requires collecting banks to exercise ordinary care in presenting items or sending them for presentment, sending notice of dishonor or nonpayment, settling for an item upon receiving final settlement, and notifying their transferor of any loss or delay in transit. The collecting bank must take proper action within its midnight deadline following receipt of an item, notice, or settlement to exercise ordinary care.
Can you summarize NJST Chapter 12A:4A?
These legal documents cover various aspects of payment orders and funds transfers in commercial transactions. They govern the payment process between a beneficiary’s bank and the beneficiary, including the conditions for payment and the enforceability of conditions or agreements between the beneficiary and the bank. The documents also address the provisional nature of payments made through a funds-transfer system and the rights and obligations of the beneficiary’s bank and the originator in case of non-settlement or failure of the system.
Can you summarize NJST Chapter 12A:5?
This section of the New Jersey General and Permanent Statutes, under the Commercial Transactions category, governs the remedies available in various scenarios related to letters of credit. It outlines the remedies for beneficiaries, successors, and nominated persons in case of wrongful dishonor or repudiation by the issuer. The claimant may recover the amount subject to dishonor or repudiation, obtain specific performance, or recover an amount equal to the value of performance.
Can you summarize NJST Chapter 12A:9?
The provided legal document content covers various aspects of commercial transactions in New Jersey. It includes information on the perfection and priority of security interests, the filing and termination of financing statements, the disposition of collateral, and the rights and duties of debtors, secured parties, and other parties involved in commercial transactions. The documents provide guidance on how to establish and maintain the perfection of security interests in different types of collateral, the requirements for filing and terminating financing statements, the procedures for disposing of collateral, and the obligations and rights of debtors and secured parties.
Can you summarize NJST Chapter 17:16E?
The provided legal document content pertains to the regulation of interlocking relationships among financial institutions in New Jersey. It states that a person who is a director or officer of a bank holding company can also be a director or officer of any one or more banks that are subsidiaries of the holding company. Similarly, a person who is a director or officer of a bank that is a subsidiary of a bank holding company can also be a director or officer of any one or more other banks that are subsidiaries of the holding company.
Can you summarize NJST Chapter 17:3B?
This legal document provides definitions for various terms used in the context of credit and lending. It governs the terms and concepts related to borrowers, closed end credit, credit devices, lenders, loans, notes or loan agreements, outstanding unpaid indebtedness, purchases, revolving credit plans, and periodic percentage rates. The document applies to natural persons obtaining credit for personal, family, or household purposes, as well as lenders such as banking institutions, federally chartered savings banks, and associations.
Can you summarize NJST Chapter 17:4?
The provided legal document content pertains to the governance of successor companies and predecessor companies in the finance and insurance sector under the New Jersey General and Permanent Statutes. It defines the terms ‘successor company’ and ‘predecessor company’ and outlines the specific inclusions for each term. A successor company, formed under certain provisions, may be substituted as a fiduciary in matters where the predecessor company has qualified. The substitution is subject to the best interests of the trust or relation and in aid of the liquidation.
Can you summarize NJST Chapter 17:9A?
The legal document governs the establishment, operation, and closure of various types of offices and entities related to foreign banks and commercial lending companies in the state of New Jersey. It regulates the acquisition of New Jersey banks and bank holding companies by individuals or entities. The document sets out the conditions and requirements for obtaining licenses, conducting business, and complying with applicable laws and regulations. It applies to foreign banks, commercial lending companies, bank holding companies, and individuals or entities seeking to acquire New Jersey banks or bank holding companies.
Can you summarize NJST Chapter 18A:3C?
The provided legal document content governs credit card solicitations on campuses of institutions of higher education in New Jersey. It prohibits credit card issuers from issuing credit cards to students enrolled in an institution of higher education unless the student has attended a one-time, on-campus program of education provided by the credit card issuer. The document also prohibits credit card issuers from purchasing student information from institutions of higher education or offering gifts or promotional incentives to entice students to apply for a credit card.
Can you summarize NJST Chapter 31:1?
This legal document authorizes and empowers counties, municipalities, school districts, bodies corporate and politic, districts or public authorities, agencies, commissions, or other public institutions created by the State, any county, or municipality to contract to pay interest on money borrowed without any limitations on the rate of interest per annum or the annual interest cost to maturity. The document overrides any other law, statute, or regulation that imposes a maximum rate of interest or annual interest cost on bonds, notes, or other obligations.
Can you summarize NJST Chapter 46:30B?
The legal document content provides a comprehensive overview of the New Jersey General and Permanent Statutes related to PROPERTY. It covers various aspects such as the assessment of costs for examination, form of claim and allowance, actions in the Chancery Division of the Superior Court, establishment and management of trust funds, confidentiality of certain records, purchaser’s rights at sale, conditions for subjecting property to custody of the State, property held in fiduciary capacity, exemptions for foreign property, reclamation of property by the holder, maintenance of records by the administrator, presumption of abandonment, limitation on holder’s power to impose charges, appeals process, reporting of previous holders, notice requirements for undeliverable notices, destruction or disposal of property, interstate agreements, examination of records by the administrator, amounts presumed abandoned, and limitations on holder’s power to impose charges.
Can you summarize 18 ARCO Chapter 28, Subchapter 2?
The Unclaimed Property Act in Arkansas governs the custody, reporting, payment, and disposal of unclaimed property. It applies to holders of unclaimed property and the state of Arkansas. The Act defines key terms and provides exemptions for certain types of property. It establishes the presumptions of abandonment for various types of property and outlines the criteria for determining when property is unclaimed. The Act also governs the reporting requirements for holders of unclaimed property, the payment or delivery of abandoned property, the notice and publication requirements, the custody and recovery of unclaimed property by the state, and the public sale of abandoned property.
Can you summarize 18 ARCO Chapter 28?
The provided legal document content consists of three sections related to unclaimed property in Arkansas. The first section governs the abandonment of property with service or repair shops, such as clothing left at dry cleaners and audio or video equipment left at businesses engaged in servicing or repairing such equipment. If the property is not claimed within a specified time period, it is considered abandoned, and the owner of the property may dispose of it and retain the proceeds from any sale.
Can you summarize 19 ARCO Chapter 4, Subchapter 10?
This legal document pertains to the use of credit cards by the State of Arkansas. It restricts the use of credit cards solely to oil company credit cards. The document includes emergency clauses from Acts 1979, No. 676, 9; Acts 2001, No. 1453, 49; and Acts 2003, No. 656, 10. These emergency clauses declare the immediate necessity of the Act for the preservation of public peace, health, and safety. The Act from 1979 aims to provide proper accounting of services received by the State through the use of credit cards.
Can you summarize 23 ARCO Chapter 31?
This legal document pertains to the State Bank Department and State Banking Board in Arkansas. It governs financial institutions and securities regulated by these entities. No specific exemptions or penalties are mentioned in the document. The document has been repealed by Acts 1997, No. 89, Section 3. The chapter was derived from various sources, including Acts from 1913, 1921, 1927, 1967, 1975, 1981, 1983, 1985, and 1987. For further information on the resolution of multiple legislation affecting a section, refer to 1-2-207 and 1-2-303.
Can you summarize 23 ARCO Chapter 45?
The provided legal document content is a part of the Arkansas Banking Code of 1997, which governs financial institutions and securities in Arkansas. The document does not specify any exemptions or penalties. It includes information about the effective dates of certain acts related to interstate banking and branching efficiency, as well as the flow of development capital funds into the state. The document also references additional research references related to banks, access to public records, and witnesses.
Can you summarize 23 ARCO Chapter 46?
This legal document pertains to the State Bank Department and State Banking Board within the Arkansas Code, specifically under the section of Public Utilities and Regulated Industries. It governs the regulation and oversight of financial institutions and securities within the state. The document establishes the authority and responsibilities of the State Bank Department and State Banking Board in ensuring the proper functioning and compliance of financial institutions and securities in Arkansas.
Can you summarize 23 ARCO Chapter 47?
The provided legal document content covers various aspects related to deposits and banking operations in Arkansas. It includes information on the establishment and ownership of deposit accounts, payment and withdrawal rules, securing of deposits, deferred income investment accounts, savings promotion raffles, and agency designation on certificates of deposit. It also governs the investment powers and limitations of state banks, loan limits for state banks, establishment and operation of operating subsidiaries, engagement in real estate investment and development activities, bank service companies, operations of state banks, and creation and powers of subsidiary trust companies.
Can you summarize 23 ARCO Chapter 48, Subchapter 4?
This subchapter of the Arkansas Code governs the organization and operation of Bank Holding Companies. It applies to bank holding companies, banks, and state banks. The subchapter defines a ‘Bank subsidiary’ as a bank that is owned or controlled by a bank holding company through various means. The subchapter also includes a definition of ‘Company’ as any corporation, limited liability company, or business trust doing business in Arkansas, excluding certain corporations.
Can you summarize 23 ARCO Chapter 48?
The provided legal document content covers various aspects of the organization and operation of financial institutions and securities in Arkansas. It includes regulations and guidelines for the establishment, management, and functioning of these entities within the state. The documents cover topics such as the conversion of trust companies into banks, closure of offices on legal holidays, agency agreements between state banks and affiliated institutions, exemptions from furnishing fidelity bonds, reserves and dividends for state banks, mergers and consolidations, establishment of branch offices, and the operation of customer-bank communication terminals.
Can you summarize 23 ARCO Chapter 50?
The provided legal document content covers various violations of banking laws in Arkansas. It includes provisions for the prosecution of violations of the Arkansas Banking Code of 1997 or any other relevant statute or rule within the Bank Commissioner’s duty. The document also addresses the forfeiture of charter for institutions under the supervision of the State Bank Department if their directors knowingly violate any laws or department rules. It prohibits unauthorized persons from using certain words or phrases in connection with their business that may lead others to believe they are authorized to engage in banking activities.
Can you summarize 28 ARCO Chapter 69, Subchapter 2?
This legal document governs fiduciary relationships for banks and trust companies. It covers various aspects such as the Uniform Common Trust Fund Act, foreign banks and trust companies as fiduciaries, and limited relaxation of the prudent person rule for fiduciaries and financial institutions. The document also mentions the effective dates of different acts related to fiduciary relationships. Acts from 1947 and 1985 address the use of a single common trust fund for the benefit of fiduciaries and beneficiaries.
Can you summarize 4 ARCO Chapter 104?
This legal document governs the solicitation of credit card applications on college campuses. It applies to credit card issuers, institutions of higher education, and individuals under 21 years of age. The document prohibits the solicitation of credit card applications in academic buildings and within 100 feet of academic buildings on the campus of an institution of higher education. It also prohibits offering gifts or promotional incentives to individuals under 21 years of age through direct face-to-face contact to entice them to apply for a credit card.
Can you summarize 4 ARCO Chapter 110?
The Personal Information Protection Act, also known as the ‘Personal Information Protection Act’, aims to ensure the protection of sensitive personal information about Arkansas residents. The Act requires individuals, businesses, and state agencies that acquire, own, or license personal information about Arkansas citizens to provide reasonable security for the information. It specifically governs the breach of security of computerized data that compromises the security, confidentiality, or integrity of personal information. The Act defines ‘breach of the security of the system’ as the unauthorized acquisition of such data, excluding good faith acquisition by an employee or agent for legitimate purposes.
Can you summarize 4 ARCO Chapter 115?
This legal document, part of the Arkansas Code under the Business and Commercial Law section, governs the required disclosures and prohibitions for credit card processing services in the state. It applies to persons or entities providing credit card processing services. The document mandates specific information that must be disclosed on any contract or agreement, including the effective date, term, monthly minimum fee, and termination fee. These disclosures and other terms and conditions must be printed in a minimum 8-point font.
Can you summarize 4 ARCO Chapter 2A?
The provided legal document content pertains to the formation and construction of lease contracts governed by the Uniform Commercial Code. It specifies the requirements for enforceability of lease contracts, including the total payments threshold and the need for a written agreement. Exceptions to these requirements are also outlined. The document further addresses the effect of lease contracts, providing guidelines for lease agreements and their impact on parties involved. It emphasizes the obligation of each party to ensure the other party’s expectation of receiving due performance is not impaired and outlines procedures for demanding adequate assurance of performance.
Can you summarize 4 ARCO Chapter 3?
The provided legal document content covers various aspects related to negotiable instruments under the Uniform Commercial Code. It includes definitions of terms used in the context of negotiable instruments, guidelines for negotiation, transfer, and indorsement of negotiable instruments, rules for enforcement and liability of parties involved, regulations for handling dishonored negotiable instruments, and provisions for discharge and effect of discharge of obligations. These documents apply to parties involved in negotiable instruments, including issuers, drawers, indorsers, transferees, and holders in due course.
Can you summarize 4 ARCO Chapter 4?
These legal documents, part of the Arkansas Code under the Uniform Commercial Code, govern bank deposits and collections. They discuss the variation by agreement, measure of damages, and action constituting ordinary care in this context. The provisions can be varied by agreement, but a bank cannot disclaim responsibility for lack of good faith or failure to exercise ordinary care, nor can they limit the measure of damages for such lack or failure.
Can you summarize 4 ARCO Chapter 4A?
These legal documents, found in the Arkansas Code under Business and Commercial Law, specifically in the Uniform Commercial Code section on Funds Transfers, govern various aspects of funds transfers and payment orders. They provide definitions and regulations related to payment orders and funds transfers, including the obligations of receiving banks, the rights and obligations of parties involved in a funds transfer, and the choice of law in funds transfers. The documents apply to banks, customers, and other entities involved in funds transfers.
Can you summarize 4 ARCO Chapter 60?
This legal document found in the Arkansas Code under Business and Commercial Law governs the liability for restitution in cases where a check is issued but not paid due to insufficient funds. It applies to holders of ‘hot checks’ who are entitled to recover the increasing costs associated with processing and collecting on these checks. The document declares an emergency and highlights the inadequacy of current law in allowing adequate recovery of these costs.
Can you summarize 4 ARCO Chapter 87?
The Arkansas Equal Consumer Credit Act of 1975, also known as the Arkansas Equal Consumer Credit Act, prohibits creditors and credit card issuers from discriminating against individuals based on sex or marital status in consumer credit transactions. The Act applies to all creditors and credit card issuers in Arkansas. It establishes that any action brought under the Act can be filed in any court of competent jurisdiction in the state within one year from the date of the violation.
Can you summarize 4 ARCO Chapter 9?
This legal document governs secured transactions under the Uniform Commercial Code (UCC). It applies to creditors and debtors involved in transactions where a security interest is taken in personal property to secure the payment or performance of an obligation. The document outlines various provisions related to the creation, perfection, and enforcement of security interests, as well as the rights and obligations of the parties involved. It also provides rules for determining priority among competing security interests.
Can you summarize ARCO 23-48-503?
This legal document governs the process of merging banks, bank holding companies, or savings and loan associations into state banks in Arkansas. The merger requires approval from the Bank Commissioner and the State Banking Board, along with compliance with applicable state or federal laws. The plan of merger must include the names of the parties involved, the resulting entities, and the terms and conditions of the merger. If multiple entities result from the merger, the plan must also specify the allocation of assets, the party responsible for paying the fair value of shares, and the allocation or discharge of liabilities and obligations.
Can you summarize ARCO 23-48-509?
This legal document governs the merger of a wholly owned Arkansas bank holding company into a state bank. It states that with the approval of the Bank Commissioner, a wholly owned Arkansas bank holding company that owns all the outstanding shares of a subsidiary state bank can be merged into the bank without the approval of the shareholders of either entity. The board of directors of both the holding company and the state bank must adopt a plan of merger that includes the names of the entities and the manner and basis of converting the holding company’s shares into shares of the state bank.
Can you summarize ARCO 4-110-105?
The Personal Information Protection Act in Arkansas requires any person or business that acquires, owns, or licenses computerized data containing personal information to disclose any breach of the security of the system to affected residents of Arkansas. The disclosure must be made in a timely manner and without unreasonable delay, taking into account the needs of law enforcement and measures necessary to determine the scope of the breach and restore the integrity of the data system.
Can you summarize ARCO 4-27-832?
(a) Except as provided by subsection (c) of this section, a corporation may not lend money to or guarantee the obligation of a director of the corporation unless: (1) the particular loan or guarantee is approved by a majority of the votes represented by the outstanding voting shares of all classes, voting as a single voting group, except the votes of shares owned by or voted under the control of the benefited director; or (2) the corporation’s board of directors determines that the loan or guarantee benefits the corporation and either approves the specific loan or guarantee or a general plan authorizing loans and guarantees.
Can you summarize ARCO 4-4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse rules, or agreement. 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 to receive 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.
Can you summarize ARCO 4-4-215?
This legal document, part of the Arkansas Code under the Uniform Commercial Code, pertains to the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. 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 a provisional settlement within the permitted time. It also explains that if provisional settlement does not become final, the item is not considered finally paid.
Can you summarize ARCO 4-4-301?
This legal document governs the procedures and requirements related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It applies specifically to payor banks. The document outlines the conditions under which a payor bank can settle for a demand item and the actions it can take to revoke the settlement and recover the payment. It also specifies the time limits and methods for returning items or sending notice of dishonor.
Can you summarize ARCO 4-4-303?
This legal document, found in the Arkansas Code under Business and Commercial Law, specifically in the Uniform Commercial Code section on Bank Deposits and Collections, pertains to the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the 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 certain conditions are met.
Can you summarize ARCO 4-4-401?
This legal document, found in the Arkansas Code under Business and Commercial Law, specifically in the Uniform Commercial Code section, pertains to the relationship between a payor bank and its customer regarding bank deposits and collections. According to this document, a bank has the authority to charge a customer’s account for an item that is properly payable from that account, 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 ARCO 4-4-403?
This legal document, found in the Arkansas Code under the Business and Commercial Law section, specifically in the Uniform Commercial Code related to Bank Deposits and Collections, addresses the customer’s right to stop payment and the burden of proof of loss. According to this document, a customer or any authorized person can stop payment of any item drawn on the customer’s account or close the account by providing an order to the bank.
Can you summarize ARCO 4-4-404?
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 (6) months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. History. Acts 1961, No. 185, 4-404; A.S.A. 1947, 85-4-404; Acts 1991, No. 572, 6. Research References U. Ark. Little Rock L.J. SurveyBusiness Law, 14 U.
Can you summarize ARCO 4-4-406?
This legal document, part of the Arkansas Code under the Uniform Commercial Code, specifically addresses the duty of customers to discover and report unauthorized signatures or alterations on bank items. It applies to customers and banks involved in bank deposits and collections. The document outlines the responsibilities of banks to provide statements of account and return or make available the items paid to customers. It also requires customers to exercise reasonable promptness in examining the statements or items and promptly notify the bank of any unauthorized payments.
Can you summarize ARCO 5-37-207?
This legal document, found in the Arkansas Code, addresses the offense of fraudulent use of a credit card or debit card. It states that a person commits this offense if they use a stolen, revoked or cancelled, forged, or unauthorized credit card, credit card account number, debit card, or debit card account number with the purpose to defraud. The severity of the offense depends on the value of all moneys, goods, or services obtained within a six-month period.
Can you summarize ARCO 5-37-307?
This section of the Arkansas Hot Check Law governs the offense of knowingly issuing a worthless check. It applies to any person who issues or passes a check, order, draft, or any other form of presentment involving the transmission of account information for the payment of money. The offense occurs when the issuer does not have sufficient funds in or on deposit with the bank or other drawee for the payment in full of the check, order, draft, or any other form of presentment involving the transmission of account information.
Can you summarize 3 AKAC 02.110?
(a) In order to protect liquidity, a state bank shall comply with the reserve requirements imposed upon depository institutions by 12 C.F.R. 204, revised as of November 16, 2009, and adopted by reference. (b) If a bank fails to maintain the reserve required in (a) of this section, the department may determine that the bank is in danger of becoming illiquid, and that the bank is engaged in an unsafe or unsound practice as defined in AS 06.
Can you summarize 3 AKAC 02.121?
An officer of a state bank may have an uncollateralized credit card balance of up to $10,000 as a loan with that bank. For purposes of AS 06.05.210 (a), such a loan must be approved by the board of directors of that bank only at the time the credit card is issued and the unpaid balance of the loan need not be reported to the department, unless it is $10,000 or greater.
Can you summarize 3 AKAC 02.145?
This legal document governs the authorized activities for domestic bank holding companies and their subsidiaries in Alaska. It allows domestic bank holding companies to engage in financial, fiduciary, insurance, and other activities permitted for subsidiaries of banks. These activities include mortgage banking, factoring, equipment leasing, property management, data processing services, armored car or messenger services, and operation of credit bureaus, travel agencies, personal finance companies, commercial finance companies, or trust companies.
Can you summarize 3 AKAC 02.150?
This legal document pertains to the operation of a bank holding company in the state of Alaska. It requires domestic and out-of-state bank holding companies to apply for a permit from the department in order to operate as a bank holding company in the state. The department will issue a permit if it determines that the issuance will not disadvantage the public and is consistent with maintaining a competitive, safe, and sound banking system.
Can you summarize 3 AKAC 02.155?
A subsidiary bank may not extend credit, secured or unsecured, in excess of the bank’s legal lending limit to the bank’s holding company or any of the holding company’s subsidiaries. In this section, to extend credit includes: (1) loans; (2) the purchase of securities or other assets under a repurchase agreement; (3) the discount of promissory notes, bills of exchange, conditional sales contracts, or other similar paper; and (4) advances made against collateral security in the form of capital stock, bonds, debentures, or other obligations of the domestic bank holding company or its subsidiaries.
Can you summarize 3 AKAC 02.160?
(a) The executive officers, directors, and principal shareholders of a new domestic bank holding company must file, on forms provided by the department, required biographical and financial information before engaging in activities regulated by 3 AAC 02.145 - 3 AAC 02.180 . New or additional directors and officers shall also file on forms provided by the department the information required by this subsection within 30 days after being elected to or hired for the position.
Can you summarize 3 AKAC 02.165?
Repealed. (Eff. 7/31/69, Register 31; am 4/6/79, Register 70; repealed 1/10/94, Register 129)
Can you summarize 3 AKAC 02.170?
Repealed. (Eff. 7/31/69, Register 31; am 4/6/79, Register 70; repealed 1/10/94, Register 129)
Can you summarize 3 AKAC 02.175?
(a) Before a change of ownership may occur in the outstanding voting shares of a domestic bank holding company that will result in a change of control, the transaction must be approved by the department. (b) If a change of ownership occurs or is about to occur in the outstanding voting shares of an out-of-state bank holding company, and the change results in or will result in a change of control, the transaction must be reported by the out-of-state bank holding company to the department immediately, but not later than the end of the next state business day.
Can you summarize 3 AKAC 02.190?
This document governs the issuance and regulation of letters of credit by banks. It applies specifically to banks and outlines various requirements and considerations related to letters of credit. Some key provisions include the classification of letters of credit in regulatory reports of examination, the liability of participating banks in the issuance of a letter of credit, the credit analysis required for issuing a letter of credit, the disclosure of outstanding letters of credit in financial statements, and the maintenance of records by banks.
Can you summarize 3 AKAC 08.215?
This legal document, part of the Alaska Administrative Code, pertains to loans and other material affiliated transactions made by issuers of securities. The document states that the offer or sale of securities may be disallowed unless the issuer has at least two independent directors on its board. It also outlines specific exemptions for loans or loan guarantees made for certain purposes, such as travel expenses or the purchase of securities by officers, directors, and employees.
Can you summarize 38 ILAC Chapter II, Part 1010?
The Student Loan Servicing Rights Act outlines the requirements and obligations for licensees who service student loans. Licensees are required to maintain electronic records in a commonly used format that is accessible, readable, and printable by the Director and Division staff. These records must be maintained for a minimum of 3 years after a serviced loan has been paid in full or assigned to collection, or the servicing rights have been sold, assigned, or transferred.
Can you summarize 38 ILAC Chapter II, Part 1075, Subpart 1075?
The provided legal document content covers various aspects related to savings bank holding companies. It includes provisions for the conversion of mutual holding companies to capital stock holding companies, maintenance of records for holding companies and their subsidiary entities, limitations and waivers related to dividends for subsidiary savings banks, converted mutual savings banks, and mutual holding companies, acquisition and disposal of subsidiaries, formation of resulting savings bank of a mutual holding company, stock issuance plan for reorganizing savings banks and mutual holding companies, directors of a Mutual Holding Company, establishment of a ’liquidation account’ for members of the mutual savings bank before conversion, definitions for various terms used in the Savings Bank Act and Savings Bank Holding Companies, and reorganization of mutual savings banks into mutual holding companies or their participation in mutual holding company reorganizations.
Can you summarize 38 ILAC Chapter VII?
The provided legal document content states that it has been repealed at 35 Ill. Reg. 16084, effective September 20, 2011. It does not govern any specific aspects or entities as it has been repealed. Therefore, it does not apply to any specific audience or entities. No exemptions or penalties are mentioned in the document.
Can you summarize 74 ILAC Chapter V, Part 760?
The provided legal document contains definitions related to the Revised Uniform Unclaimed Property Act in the Illinois Administrative Code. The Act governs the handling of unclaimed property in the state of Illinois. The document defines various terms essential for understanding the provisions and requirements of the Act. The first document pertains to safe deposit boxes and the handling of abandoned property. It establishes that safe deposit boxes with contents that have remained unclaimed for 5 years are presumed abandoned.
Can you summarize 02-029 MECM Ch. 107?
This regulation, issued by the Bureau of Financial Institutions in Maine, authorizes financial institution holding companies in Maine to engage in specific closely related activities as enumerated in the Bank Holding Company Act of 1956 or Section 408 of the National Housing Act. The regulation allows Maine financial institutions or financial institution holding companies to engage in activities that are at least as broad as, or broader than, those authorized by federal law and regulation.
Can you summarize 02-029 MECM Ch. 119?
This document is a joint rule issued by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection in Maine. It repeals and replaces the previous Alternative Mortgage Transaction Joint Rule. The purpose of this rule is to regulate alternative mortgage transactions in the state. It allows creditors and financial institutions to offer certain alternative mortgage products that are secured by a first-lien on real estate and are generally accepted on the national secondary market.
Can you summarize 02-029 MECM Ch. 132?
This regulation, Chapter 132 of the Code of Maine Rules, governs the formation of mutual holding companies and the issuance of minority stock by subsidiary savings institutions. It provides the regulatory framework for mutual financial institutions to reorganize into subsidiary savings institutions, with at least 51% of the stock owned by the mutual holding company. The reorganization process involves the transfer of assets and liabilities from the mutual financial institution to the subsidiary savings institution.
Can you summarize 02-029 MECM Ch. 136?
This regulation, Chapter 136 of the Code of Maine Rules, governs the operation of deposit production offices by financial institutions authorized to do business in the state of Maine. It sets forth the factors that the Superintendent will consider in determining compliance with 9-B M.R.S.A. 241(8). The regulation establishes standards for compliance, including thresholds for Maine deposits and loan-to-deposit ratios. It also outlines additional performance factors that may be considered. The regulation imposes reporting requirements, including the filing of a Maine Interstate Report by interstate financial institutions.
Can you summarize 02-029 MECM Ch. 140?
This rule, jointly promulgated by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection, establishes disclosure and procedural requirements for student loan products offered by lenders and issuers resulting from an allocation of the state ceiling. The purpose of this rule is to ensure that student loan borrowers receive complete disclosures to make informed choices among available products. The rule applies to student loans made on or after August 1, 2000, funded with tax-exempt bonds utilizing the state ceiling.
Can you summarize 02-029 MECM Ch. 145?
This document, Chapter 145 of the Code of Maine Rules, is a joint rule issued by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection. It pertains to financial institutions authorized to do business in Maine, credit unions authorized to do business in Maine, and supervised lenders. The purpose of this Chapter is to allow subject lenders to provide student borrowers with loans that have non-standard payment schedules and allow for deferral of periodic payments with the accrual of interest and costs.
Can you summarize 02-030 MECM Ch. 245?
This rule, jointly promulgated by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection, establishes disclosure and procedural requirements for student loan products offered by lenders and issuers resulting from an allocation of the State ceiling. The rule aims to ensure that student loan borrowers receive complete disclosures to make informed choices among available products. It applies to student loans made on or after August 1, 2000, funded with tax-exempt bonds utilizing the state ceiling.
Can you summarize 02-030 MECM Ch. 250?
This legal document, titled ‘Alternative Mortgage Transactions’, is a joint rule issued by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection in Maine. The purpose of this rule is to regulate alternative mortgage transactions made or entered into in the state. It allows creditors and financial institutions to offer certain alternative mortgage products that are secured by a first-lien on real estate and are generally accepted on the national secondary market.
Can you summarize 02-030 MECM Ch. 400?
This rule, jointly enacted by the Superintendent of Insurance, the Superintendent of Banking, and the Director of Consumer Credit Regulation, addresses the sale of insurance products by financial institutions and supervised lenders in Maine. The rule establishes requirements regarding signage, physical location, and the identification of affiliated insurance agencies, producers, and consultants. Its purpose is to minimize customer confusion and provide adequate consumer protections. The rule applies to financial institutions, financial institution holding companies, credit unions, supervised lenders, and their affiliates.
Can you summarize 02-030 MECM Ch. 600?
This document, Chapter 600 of the Code of Maine Rules, is jointly promulgated by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection. It pertains to financial institutions, credit unions, and supervised lenders authorized to do business in Maine. The purpose of this Chapter is to provide exemptions from certain provisions of Title 9-A M.R.S.A. related to payment schedules and deferral of payments for student loans. It allows lenders to provide student borrowers with loans that have non-uniform payment schedules and the ability to defer payments while accruing interest and costs.
Can you summarize MECM 02-029?
This regulation, issued by the Bureau of Financial Institutions, provides the framework for state-chartered financial institutions and their subsidiaries, service corporations, and affiliates to engage in certain securities activities. The regulation aims to maintain competitive equality between federally-chartered and state-chartered institutions. It grants authority to the Superintendent to authorize these activities and ensures that traditional securities activities and investment advisory services offered by state-chartered financial institutions are not limited. The regulation defines key terms, authorizes specific activities, imposes restrictions and limitations, and requires prior approval for certain activities.
Can you summarize WVCO 31A-4-26?
This legal document governs the limitation on loans and extensions of credit, limitation on investments, loans to executive officers and directors of banks and employees of the banking department, exceptions, and valuation of securities. It applies to state-chartered banking institutions, persons, common enterprises, directors, executive officers, and employees of the Division of Financial Institutions. The document sets limitations on the total loans and extensions of credit that can be made by a state-chartered banking institution to any one person or common enterprise.
Can you summarize WVCO 46-4-213?
This legal document, part of the West Virginia Code’s Uniform Commercial Code on Bank Deposits and Collections, governs the medium and time of settlement by a bank. It states that 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, it provides default rules. The medium of settlement is either cash or credit to an account in a federal reserve bank or specified by the person receiving settlement.
Can you summarize WVCO 46-4-215?
This section of the West Virginia Code, specifically the Uniform Commercial Code under the Bank Deposits and Collections section, governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. According to the code, 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 WVCO 46-4-301?
This section of the West Virginia Code, specifically the Uniform Commercial Code under the Bank Deposits and Collections section, governs the actions and responsibilities of payor banks in relation to demand items. It outlines the circumstances under which a payor bank can revoke a settlement and recover the payment for a demand item. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize WVCO 46-4-303?
This section of the West Virginia Code, specifically under the Uniform Commercial Code and Bank Deposits and Collections, governs the treatment of items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which these items may be charged or certified. It applies to payor banks and their customers. According to the document, any knowledge, notice, or stop-payment order received by the payor bank, legal process served upon the bank, or setoff exercised by the bank 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.
Can you summarize WVCO 46-4-401?
This legal document, part of the West Virginia Code’s Uniform Commercial Code, governs bank deposits and collections. It outlines the circumstances under which a bank may charge a customer’s account, even if it creates an overdraft. The bank can charge against the account if the item is properly payable, authorized by the customer, and in accordance with any agreement between the customer and bank. The customer is not liable for the amount of an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize WVCO 46-4-403?
This legal document, part of the West Virginia Code’s Uniform Commercial Code on Bank Deposits and Collections, governs the customer’s right to stop payment and the burden of proof of loss. According to this document, a customer or any person authorized to draw on the account may 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 six-month periods.
Can you summarize WVCO 46-4-404?
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.
Can you summarize WVCO 46-4-406?
This legal document, part of the West Virginia Code’s 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 either return the paid items or provide sufficient information for the customer to identify the items. If the items are not returned, the person retaining them must maintain the capacity to furnish legible copies for seven years.
Can you summarize WVCO 46A-2-101?
This legal document, part of the West Virginia Consumer Credit and Protection Act, establishes limitations for negotiable instruments related to consumer credit sales or consumer leases. It states that a holder in due course of such negotiable instruments shall be subject to all claims and defenses arising from the specific consumer credit sale or consumer lease that the buyer or lessee has against the seller or lessor. However, the holder’s liability is limited to the amount owed at the time they receive notice of the claims or defenses.
Can you summarize WVCO 46A-2-106?
This legal document, part of the West Virginia Consumer Credit and Protection Act, governs the consumer’s right to cure default, cure, and acceleration. It applies to consumers and creditors in West Virginia. After a consumer defaults on an installment obligation or any other secured obligation, the creditor may give notice to the consumer, stating the amount and date by which the default must be cured. The notice must also be provided to any cosigner of the obligation.
Can you summarize WVCO 46A-2-107?
This legal document, found in the West Virginia Code under the Consumer Credit Protection Act, addresses the topic of security in sales or leases. It outlines the conditions under which a seller or issuer of a seller credit card can take a security interest in the property sold, goods upon which services are performed, land to which the goods are affixed, or property of the buyer. The debt secured must meet certain thresholds.
Can you summarize WVCO 46A-2-108?
In addition to contracting for a security interest pursuant to the provisions on security in sales or leases, a seller or issuer of a seller credit card in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller or issuer of a seller credit card has an existing security interest in the other property and such debts are consolidated.
Can you summarize WVCO 46A-2-119a?
This section of the West Virginia Consumer Credit and Protection Act applies to secured transactions involving collateral primarily purchased for personal, family, household, or agricultural purposes. It also applies to transactions where collateral was previously used for such purposes or when a debt primarily incurred for such purposes is secured by collateral. The section allows a secured creditor, after a default by the debtor, to send a written proposal to the debtor setting forth a value for the collateral.
Can you summarize WVCO 46A-6-110?
This provision, part of the West Virginia Consumer Credit and Protection Act, prohibits the solicitation or acceptance of postdated checks with the intent of presenting them for payment before the date listed on the check. It also prohibits misrepresenting that postdating a check will prevent its early payment. If a postdated check is presented for payment before the date, the payee must immediately return the funds to the maker of the check upon request and pay any fees and costs incurred by the maker.
Can you summarize WVCO 61-3-24a?
This section of the West Virginia Code addresses various crimes against property related to credit cards and telephonic services. It defines terms such as ‘counterfeit credit card’ and ‘credit card making equipment.’ It is unlawful for any person to knowingly obtain or attempt to obtain credit, purchase or attempt to purchase goods, property or services using false, fictitious, or counterfeit credit cards or other credit devices. It is also unlawful to engage in fraudulent schemes or methods to avoid payment of charges for telephonic or telegraph services.
Can you summarize WVCO 61-3-39a?
This section of the West Virginia Code governs the making, drawing, issuing, uttering, or delivering of worthless checks on a preexisting debt. It applies to any person, firm, or corporation. The section imposes penalties on individuals who make such checks knowing or having reason to know that there are insufficient funds to pay the check upon presentation. The penalties also apply to officers or agents of corporations who make such checks on behalf of the corporation.
Can you summarize WVCO Chapter 31A, Article 1?
This chapter of the West Virginia Code, known as the state banking Code of West Virginia, aims to foster and promote sound and dynamic financial institutions, particularly banking institutions, in the state. It intends to provide necessary and desirable services to the public for the economic, social, and industrial health and development of the state. The provisions of this chapter are to be interpreted, construed, and administered liberally to accomplish these purposes.
Can you summarize WVCO Chapter 31A, Article 2?
The legal document content reviewed pertains to the Division of Banking in West Virginia. It covers various aspects of the division, including the appointment, tenure, qualifications, and duties of the commissioner and deputy commissioner of banking. The document also grants the commissioner supervision and jurisdiction over state banks, regulated consumer lenders, residential mortgage lenders, credit unions, and other entities subject to the commissioner’s supervision or jurisdiction. It outlines the powers and duties of the commissioner, including the ability to issue orders, conduct investigations, and enforce compliance with banking laws and regulations.
Can you summarize WVCO Chapter 31A, Article 2A?
The MAXWELL GOVERNMENTAL ACCESS TO FINANCIAL RECORDS ACT governs the access and obtaining of financial records by state entities in West Virginia. It outlines the circumstances under which state entities can access financial records of customers held by financial institutions. These circumstances include written authorization from the customer, disclosure in response to a court order or subpoena, disclosure authorized by the state entity acting as guardian, conservator, administrator, or executor, disclosure in connection with civil or criminal proceedings involving a state entity, disclosure to law enforcement officers in criminal investigations, and disclosure as required or permitted by state or federal law.
Can you summarize WVCO Chapter 31A, Article 3?
This legal document pertains to the West Virginia Board of Banking and Financial Institutions. It governs various aspects such as the appointment, qualifications, terms, oath, quorum, meetings, disqualification of members from participation, compensation, records, office space, personnel, and continuation of the board. The board consists of six members and the commissioner, who serves as the chairman. The members are appointed by the Governor with the advice and consent of the Senate.
Can you summarize WVCO Chapter 31A, Article 4?
These legal documents govern various aspects of banking institutions and services in West Virginia. They cover the chartering and operation of banking institutions, the use of certain terms in connection with business activities, the requirements for incorporating a banking institution, the qualifications and oaths of directors, fidelity bonds and insurance, stockholder lists, stockholder inspection rights, stockholder liability, powers of banking institutions, trust powers, transfer of fiduciary accounts, delegation of functions, filing of annual reports, annual stockholder meetings, trust business requirements, reproduction of checks and records, errors in account statements, sale of services and equipment, leasing of personal property, legal holidays and Sundays, operation of branches, cessation of business, prohibition of unauthorized banking and trust business, withdrawals from deposits, employment information disclosure, refusal to open checking accounts, and nondiscrimination in lending.
Can you summarize WVCO Chapter 31A, Article 4A?
This legal document governs the conversion of national banks to state-chartered banks in West Virginia. It allows any bank, thrift, or credit union organized under the laws of the United States or any other state to convert into a state bank with the approval of the board of Banking and Financial Institutions. The converting institution must file an application with the division, along with articles of incorporation, bylaws for the proposed state bank, and a fee.
Can you summarize WVCO Chapter 31A, Article 5?
This legal document governs bank services, bank service corporations, and investments in bank service corporations. It defines ‘bank services’ as various functions performed for a state bank or a national banking association, as well as the sale of related services and products. ‘Bank service corporation’ refers to a corporation that performs bank services for multiple banking institutions, with each institution owning part of the corporation’s capital stock. The document allows state banks to invest up to ten percent of their paid-in and unimpaired capital and unimpaired surplus in a bank service corporation.
Can you summarize WVCO Chapter 31A, Article 6?
This legal document, found in the West Virginia Code under the section ‘BANKS AND BANKING’, governs the nominee registration of fiduciary securities. It applies to banks, nonbanking subsidiaries of a bank holding company, nonbanking subsidiaries of a banking institution, or entities jointly owned by federally insured depository institutions authorized to exercise trust powers. The document allows these entities to hold securities in a fiduciary capacity and register them in the name of a nominee or nominees of the trust institution, or in its own name, without disclosing the fiduciary relationship.
Can you summarize WVCO Chapter 31A, Article 7?
These legal documents, part of the West Virginia Code governing banks and banking, regulate the handling of failing financial institutions in the state. The documents cover the appointment of conservators and receivers, the powers and responsibilities of conservators and receivers, the role of the FDIC as a receiver, the payment of expenses and debts, the claims procedure, and hearings and judicial review. The purpose of these regulations is to protect and preserve the assets of depositors, shareholders, and other creditors in failing financial institutions, maintain their financial integrity, stability, and accountability, and strengthen the authority of the state commissioner of banking.
Can you summarize WVCO Chapter 31A, Article 8A?
This legal document, part of the West Virginia Code, governs the acquisitions of banks by bank holding companies. It defines the term ‘acquire’ and outlines various actions that constitute an acquisition, such as merging or consolidating with a bank holding company, assuming ownership or control of voting shares, or acquiring the assets of a bank holding company or a bank. The document also provides definitions for terms like ‘affiliate,’ ‘bank,’ ‘bank holding company,’ and ‘company.
Can you summarize WVCO Chapter 31A, Article 8B?
The West Virginia Community Reinvestment Act requires banking institutions to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business. This includes the need for credit services as well as deposit services. The Act imposes an obligation on banking institutions to help meet the credit needs of the local communities in which they are chartered. The purpose of the Act is to encourage banking institutions to meet the credit needs of their local communities while ensuring the safe and sound operation of these institutions.
Can you summarize WVCO Chapter 31A, Article 8C?
This legal document governs the provision of financially-related services by banks and bank holding companies. It applies to national banks, federally chartered thrift institutions, West Virginia state or federally chartered credit unions, and banks chartered by any other state. The term ‘financially related’ includes various products, services, and activities offered by these entities, such as equity investments in real estate development, securities underwriting and brokerage, and financial consulting. The Commissioner of Banking has the authority to deem other activities, products, and services offered by providers of financial products or services as financially related.
Can you summarize WVCO Chapter 33, Article 27A?
The West Virginia Mutual to Mutual Insurance Holding Company Act provides a legal framework for the reorganization and governance of mutual insurance companies in West Virginia. It defines various terms and applies to domestic and foreign mutual insurance companies, intermediate holding companies, and reorganized stock companies. The act allows for the creation of intermediate holding companies that own all the shares of voting stock of recognized stock companies. It also establishes the concept of mutual insurance holding companies, which are domestic mutual insurance holding companies incorporated through a reorganization plan.
Can you summarize WVCO Chapter 46, Article 2A?
This legal document pertains to leases under the Uniform Commercial Code (UCC). It provides definitions for various terms used in lease contracts, such as ‘buyer in ordinary course of business,’ ‘cancellation,’ ‘commercial unit,’ ‘conforming goods,’ ‘consumer lease,’ ‘fault,’ ‘finance lease,’ ‘goods,’ ‘installment lease contract,’ ’lease,’ ’lease agreement,’ ’lease contract,’ ’leasehold interest,’ ’lessee,’ ’lessee in ordinary course of business,’ ’lessor,’ ’lessor’s residual interest,’ ’lien,’ ’lot,’ ‘merchant lessee,’ ‘present value,’ ‘purchase,’ ‘sublease,’ ‘supplier,’ ‘supply contract,’ and ’termination.
Can you summarize WVCO Chapter 46, Article 3?
This legal document, part of the West Virginia Code’s Uniform Commercial Code, governs the process of presentment, dishonor of notes and drafts, obligation of indorsers and drawers, excusal of presentment, discharge of obligations, and tender of payment related to negotiable instruments. It provides definitions and guidelines for the conversion of instruments and clarifies the law applicable to conversion of personal property. The document establishes the rules for presentment, including the methods, effectiveness, and requirements for presentment.
Can you summarize WVCO Chapter 46, Article 4?
This legal document, part of the West Virginia Code’s Uniform Commercial Code on Bank Deposits and Collections, governs various aspects of bank deposits and collections. It covers the liability of banks for action or nonaction with respect to items handled for presentment, payment, or collection. The document also addresses the variation of provisions by agreement, the measure of damages, and the action constituting ordinary care in relation to banks. It provides definitions for various terms used in the article and establishes the meanings of terms like ‘bank,’ ‘depositary bank,’ ‘payor bank,’ ‘intermediary bank,’ ‘collecting bank,’ and ‘presenting bank.
Can you summarize WVCO Chapter 46, Article 4A?
The provided legal document content is part of the West Virginia Code’s Uniform Commercial Code on funds transfers. It governs the various aspects of funds transfers, including the definition of terms related to payment orders, the issuance and acceptance of payment orders, the time of receipt of payment orders, the authorization and verification of payment orders, the unenforceability of certain verified payment orders, the refund of payment and the duty to report unauthorized payment orders, the handling of erroneous payment orders, the role of third-party communication systems, the obligations of receiving banks when executing payment orders, the obligations of beneficiary’s banks regarding payment and notice to the beneficiary, the rights and obligations of parties involved in funds transfers, the treatment of creditor process served on receiving banks, the court’s power to restrain certain actions related to funds transfers, the sequencing of charges to the sender’s account, the preclusion of objections to payment by the customer, the rate of interest applicable to payment orders, and the choice of law for funds transfers.
Can you summarize WVCO Chapter 46, Article 5?
This legal document, found in the West Virginia Code under the Uniform Commercial Code, governs the issuance, amendment, cancellation, and duration of letters of credit. It defines various terms related to letters of credit and outlines the obligations and responsibilities of different parties involved in letters of credit transactions. The document specifies that a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary.
Can you summarize WVCO Chapter 46A, Article 2A?
The provided legal document content pertains to the breach of the security of consumer information under the West Virginia Consumer Credit and Protection Act. It defines the term ‘breach of the security of a system’ as the unauthorized access and acquisition of unencrypted and unredacted computerized data compromising the security or confidentiality of personal information. The breach must cause the individual or entity to reasonably believe it will result in identity theft or other fraud to any resident of West Virginia.
Can you summarize WVCO Chapter 46A, Article 6I?
The provided legal document content pertains to consumer protections in electronic transactions under the West Virginia Consumer Credit and Protection Act. It defines ‘consumer transaction’ as a transaction involving an individual primarily affecting personal, family, household, or agricultural purposes. It states that in a consumer transaction, when a consumer is required to provide notice to exercise or preserve their rights, they may do so using the same method by which they were provided with notice.
Can you summarize WVCO Chapter 46A, Article 6L?
This legal document governs the process of placing a security freeze on a consumer’s credit report. It applies to consumer-reporting agencies and consumers. Consumer-reporting agencies are required to allow consumers to place a security freeze on their credit report either through a written request or a secure electronic method. The agency must place the security freeze within five business days of receiving the request. The consumer-reporting agency must provide a written confirmation of the security freeze to the consumer and a unique personal identification number or password for authorizing the distribution of credit information.
Can you summarize ORAR 170-145?
The provided legal document content pertains to the administration of unclaimed property in Oregon. It outlines the procedures and requirements for holders of unclaimed property to report and remit the property to the Treasurer in an accurate and timely manner. The document emphasizes the importance of exercising due diligence to locate the owner of the property and notifying them of the process for claiming the property. It also governs the electronic submission of reports through the Unclaimed Property Portal, with the option for holders to request permission to submit a hard-copy report.
Can you summarize ORAR 441-135?
The provided legal document, governed by the Oregon Administrative Rules, addresses the issue of fraud and deceit in relation to securities or securities business. It prohibits the use of false or misleading certifications or professional designations in connection with the offer, sale, or purchase of securities, or the provision of advice related to securities. The rule covers activities such as using certifications or designations that have not been earned, using nonexistent or self-conferred certifications, or using certifications that falsely imply specialized knowledge.
Can you summarize ORAR 441-205-0120?
This document governs the transmission or maintenance of payments received in connection with underwritings. It applies to broker-dealers participating in any distribution of securities, except for firm commitment underwritings. The document states that it is considered a fraudulent, deceptive, or manipulative act or practice for a broker-dealer to accept any part of the sale price of a security being distributed unless certain conditions are met. These conditions include promptly transmitting the money or consideration received to the entitled persons, or if the distribution is made on certain bases, promptly depositing the funds in a separate bank account as agent or trustee, or transmitting all funds to an escrow agent.
Can you summarize ORAR 441-205?
This legal document, part of the Oregon Administrative Rules under the Department of Consumer and Business Services, Finance and Securities Regulation, pertains to the denial, suspension, or revocation of licenses for broker-dealers and customers in the state of Oregon. It defines the terms ‘Manipulative, Deceptive, or Fraudulent Device or Contrivance’ and ‘Fraudulent, Deceptive, or Manipulative Act or Practice’ to include various acts, practices, or courses of business that operate or would operate as fraud or deceit upon any person.
Can you summarize ORAR 441-500?
This document governs the fees for banks, trust companies, savings banks, extranational institutions, savings associations, and call for reports in Oregon. It applies to Oregon based insured institutions, extranational institutions, and trust companies subject to the jurisdiction of the Director. The document provides definitions for terms used, such as ‘assets’ and outlines the process for determining fee assessments based on the average assets of the institutions. It also specifies the annual fee assessment amounts based on different asset ranges.
Can you summarize ORAR 441-505?
The provided legal document content covers a wide range of banking regulations in Oregon. It includes reporting requirements for deposits by various entities, such as Oregon commercial banks, Oregon savings banks, non-Oregon institutions, federal banks, insured institutions, and trust companies. The documents also outline the reporting requirements for banks and extranational institutions, including the submission of quarterly reports of condition, earnings, and dividends. Additionally, there are reporting requirements for trust companies, which must file a Report of Fiduciary Activity with the Director.
Can you summarize ORAR 441-730-0205?
This document governs the limitation on charging a prepayment penalty by consumer finance licensees in Oregon. It applies specifically to consumer finance licensees. The document outlines situations where a licensee may not charge a penalty for prepayment of all or part of the unpaid balance of a loan. These situations include when the licensee refinances a loan they own, repossesses collateral and applies the proceeds towards the unpaid balance, forecloses on property and applies proceeds from the foreclosure, exercises an option in the loan agreement for immediate repayment, repays the loan balance with insurance benefits resulting from the borrower’s death, or demands repayment of the unpaid balance.
Can you summarize ORAR 441-735-0205?
A licensee may not charge a penalty for prepayment of all or part of the unpaid balance of a loan where: (1) The licensee has repossessed any collateral offered for the loan, sold the collateral and applied the proceeds of the sale towards the unpaid balance of the loan; (2) The licensee exercises an option contained in the loan agreement to require immediate repayment of all or part of the unpaid balance of the loan; or (3) The licensee demands repayment of all or part of the unpaid balance of the loan.
Can you summarize IC 24-4.5-2-108?
Sec. 108. Definition: ‘Revolving Charge Account’ ‘Revolving charge account’ means an arrangement between a seller and a buyer pursuant to which: (1) the seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card; (2) the unpaid balances of amounts financed arising from purchases and the credit service and other appropriate charges are debited to an account; (3) a credit service charge if made is not precomputed but is computed on the outstanding unpaid balances of the buyer’s account from time to time; and (4) the buyer has the privilege of paying the balances in installments.
Can you summarize IC 24-4.9-3-1?
This legal document, governed by the Indiana Code, specifically the Trade Regulation section on Disclosure of Security Breach, outlines the disclosure and notification requirements for data base owners in the event of a breach of data security. According to the document, after discovering or being notified of a breach, the data base owner must disclose the breach to an Indiana resident if their unencrypted personal information or encrypted personal information with access to the encryption key was or may have been acquired by an unauthorized person.
Can you summarize IC 24-4.9?
The provided legal document content pertains to the Indiana Code, specifically the Trade Regulation section on DISCLOSURE OF SECURITY BREACH. This article does not apply to state agencies or the judicial or legislative department of state government. The document does not mention any specific penalties for non-compliance or violation. Therefore, entities other than state agencies and the judicial or legislative department of state government are subject to the provisions outlined in this document regarding the disclosure of security breaches.
Can you summarize IC 24-5-26?
This legal document found in the Indiana Code under the Trade Regulation section governs the duties concerning a victim of identity theft. It prohibits persons engaged in trade or commerce from denying credit or public utility service to a consumer solely because they were a victim of identity theft, provided that the person had prior knowledge of the consumer’s victimization. A consumer is presumed to be a victim of identity theft if they provide a copy of a police report and either a standardized affidavit of identity theft or an acceptable affidavit of fact.
Can you summarize IC 26-1-3.1?
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.
Can you summarize IC 26-1-4-213?
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.
Can you summarize IC 26-1-4-215?
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.
Can you summarize IC 26-1-4-301?
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.
Can you summarize IC 26-1-4-303?
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.
Can you summarize IC 26-1-4-401?
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.
Can you summarize IC 26-1-4-403?
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.
Can you summarize IC 26-1-4-404?
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.
Can you summarize IC 26-1-4-406?
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.
Can you summarize IC 26-1-4?
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’.
Can you summarize IC 26-1-4.1?
The legal document content, part of the Indiana Code under the Commercial Law and Uniform Commercial Code, provides definitions and provisions related to fund transfers. It governs the rights, obligations, and procedures for banks, customers, and other entities involved in fund transfers. The document covers various aspects, including definitions of payment orders, acceptance and rejection of payment orders, cancellation and amendment of payment orders, liability for late or improper execution of payment orders, payment obligations, rights and obligations of receiving banks and beneficiary’s banks, and choice of law in funds transfers.
Can you summarize IC 26-1-5.1?
The legal document, specifically Section 102 of the Indiana Code, falls under the Commercial Law and governs the use and handling of Letters of Credit. It provides definitions for various terms related to Letters of Credit, outlines the rights, obligations, and responsibilities of the parties involved in the issuance, confirmation, amendment, or presentation of a letter of credit, and establishes the requirements for a letter of credit to be considered valid and enforceable.
Can you summarize IC 26-1-9.1?
The provided legal document content falls under the Indiana Code, specifically the Uniform Commercial Code’s Secured Transactions section. It covers various aspects of secured transactions, including definitions of terms, purchase-money security interests, control of deposit accounts and electronic chattel paper, control of certificated and uncertificated securities, control of commodity contracts, control of letter-of-credit rights, sufficiency of description for collateral, application of IC 26-1-9.1, creation and perfection of security interests, after-acquired collateral, rights and duties of secured parties, additional duties of secured parties, requests for accounting and statements of account, perfection and priority of security interests, perfection and priority of security interests in property subject to certain statutes, regulations, and treaties, perfection and priority of security interests in goods covered by a certificate of title, perfection and priority of security interests in deposit accounts, perfection and priority of security interests in investment property, priority of security interests in chattel paper and instruments, priority of security interests in fixtures and crops, and priority of security interests in letter-of-credit rights.
Can you summarize IC 26-2-3?
The provided legal document content pertains to negotiable instruments. It states that all promissory notes, bills of exchange, bonds, or other instruments in writing, signed by any person who promises to pay money or acknowledges money to be due, or for the delivery of a specific article, or to convey property, or to perform any stipulation mentioned therein, shall be negotiable by endorsement. The assignee of any such instrument may recover against the person who made the same.
Can you summarize IC 26-2-7?
The provided legal document content pertains to the penalties for stopping payments or permitting dishonor of checks and drafts under the Indiana Code, specifically the Commercial Transactions section. It applies to persons liable under section 4 of this chapter. The document outlines the liabilities and penalties for individuals who stop payment on a check without valid legal cause or allow a check to be dishonored by a financial institution due to lack of funds, failure to have an account, or lack of an authorized signature.
Can you summarize IC 28-1-1?
The Indiana Financial Institutions Act, also known as The Indiana Financial Institutions Act, provides regulations and definitions for various terms used in the context of financial institutions. It applies to a wide range of entities, including banks, trust companies, corporate fiduciaries, savings associations, credit unions, savings banks, banks of discount and deposit, and industrial loan and investment companies. The act clarifies that the term ‘bank’ or ‘bank or trust company’ does not include savings associations, credit unions, or industrial loan and investment companies.
Can you summarize IC 28-1-11?
The legal document, part of the Indiana Code, grants banks and trust companies in Indiana various rights, privileges, and powers. It allows them to act as fiscal or transfer agents, buy and sell transportation, solicit and write insurance, and act as attorneys in fact or agents for any lawful purpose. The document also grants banks and trust companies the power to act as executors or trustees, guardians, and administrators of estates.
Can you summarize IC 28-1-12?
This legal document, governed by the Indiana Code, provides the authority for courts or officers to appoint a bank or trust company as a fiduciary in various proceedings or actions. The document outlines the criteria for qualification, including being organized under specific provisions, being a national bank authorized to act as a fiduciary, or being organized and doing trust company business under the laws of a specified state or territory. It also allows a bank or trust company from another state to establish a place of business or agency in Indiana for fiduciary activities, subject to approval.
Can you summarize IC 28-1-13?
This legal document, governed by the Indiana Code, specifically the section related to the Department of Financial Institutions and the Loans and Investments of Banks and Trust Companies, establishes limits on the total loans and extensions of credit that a bank can provide to a single borrower. The document distinguishes between loans and extensions that are not fully secured and those that are fully secured by readily marketable collateral. For loans not fully secured, the bank’s total exposure to a single borrower may not exceed fifteen percent (15%) of the bank’s unimpaired capital and unimpaired surplus.
Can you summarize IC 28-1-15?
The provided legal document content pertains to the Statements of Condition of Banks and Trust Companies in Indiana. According to the document, the Department of Financial Institutions has the authority to require banks and trust companies to prepare, submit, and publish statements of condition. These statements need to be verified and submitted according to the designated forms, notice, and dates specified by the department. Banks and trust companies are also required to publish their statements of condition in a newspaper located in the city or town where they have their principal office.
Can you summarize IC 28-1-18.2?
This legal document, part of the Indiana Code, provides the definition and scope of the term ‘affiliate’ in the context of financial institutions. It also governs the concept of control over another company and fiduciary ownership or control of shares. The document specifies the requirements for banks and trust companies to furnish a statement of financial condition of their affiliates to the Department of Financial Institutions upon request. It outlines the powers of the Department of Financial Institutions in conducting examinations of affiliates of a bank or trust company.
Can you summarize IC 28-1-2-40?
This legal document, as part of the Indiana Code, pertains to the Department of Financial Institutions and its powers and duties. It specifically addresses the substantial compliance of financial institutions that issue unsecured credit cards (excluding debit cards) to Indiana borrowers with the federal Credit Card Accountability Responsibility and Disclosure Act of 2009. If the department receives credible evidence that a financial institution is not in substantial compliance, the director of the department must send a notice to the institution’s chief executive officer, describing the evidence and consequences of noncompliance.
Can you summarize IC 28-1-2?
The provided legal document governs the compliance of financial institutions, excluding licensees under IC 24-4.4, IC 24-4.5, or 750 IAC 9, with various money laundering laws and regulations. The financial institutions are required to comply with the Bank Secrecy Act, the USA Patriot Act of 2001, regulations established by the Financial Crimes Enforcement Network of the United States Department of the Treasury, federal money laundering statutes and regulations, and any other applicable state or federal money laundering statutes or regulations.
Can you summarize IC 28-1-20?
The provided legal document content covers various aspects related to banks and trust companies in Indiana. It governs statements of account, dormant accounts, and service and maintenance charges. Depositors are required to exercise due diligence in examining their statements and notify the bank of any errors. Banks, savings banks, and trust companies are allowed to impose reasonable monthly service and maintenance charges on dormant and active accounts. The document also regulates transfers of debt, making them null and void if made after an act of insolvency or with the intention of preferential treatment of creditors.
Can you summarize IC 28-1-21.6?
This legal document, governed by the Indiana Code, specifically addresses the procedures for charter conversion of mutual or stock savings associations to commercial banks. The document outlines the requirements and steps that savings associations must follow for a successful charter conversion. These include preparing and submitting a plan of charter conversion to the Department of Financial Institutions, adoption of the plan by the board of directors, approval by the department, and obtaining the approval of the plan by the voting parties.
Can you summarize IC 28-1-22?
The legal document, as per the Indiana Code, requires foreign corporations to obtain a certificate of admission from the Department of Financial Institutions before conducting business in Indiana. The certificate of admission must be filed with the secretary of state. The document specifies that certain activities listed in IC 23-0.5-5-5(a) do not constitute transacting business within the meaning of the document, and isolated business transactions that are not regular, systematic, or continuing also do not fall under the scope of the document.
Can you summarize IC 28-1-3.1?
The provided legal document content pertains to the liquidation of financial institutions in Indiana. The documents outline the authority of the Department of Financial Institutions to take possession of the business and property of financial institutions under certain conditions, such as insolvency, unsafe or unsound condition, refusal to pay deposits or obligations, violation of court orders or regulations, or breach of fiduciary duties. The department is required to make a finding of such conditions and serve a certified copy of the finding to the financial institution’s executive officer, who must surrender possession to the department.
Can you summarize IC 28-1-31?
This legal document, governed by the Indiana Code, specifically the Department of Financial Institutions, outlines the procedures for charter conversions of out-of-state financial institutions into commercial banks. The document states that the out-of-state financial institution must prepare and submit a plan of charter conversion to the department, which must include the terms and conditions required by the department. The plan must be adopted by a majority of the board of directors and approved by the department.
Can you summarize IC 28-1-5?
The provided legal document content is governed by the Indiana Code, specifically the section related to Banks, Trust Companies, and Building and Loan Associations Generally. It covers the corporate capacity and authority of corporations, stating that corporations have the capacity to act like a natural person but can only perform acts necessary, convenient, or expedient for their purposes and not repugnant to law. The document also lists the general rights, powers, and privileges of corporations, including the ability to continue as a corporation, sue and be sued, acquire and dispose of property, borrow money, conduct business, appoint officers and agents, make bylaws, and dissolve.
Can you summarize IC 28-1-7?
The provided legal document content pertains to the merger and consolidation of banks, trust companies, and building and loan associations in Indiana. It outlines the process and requirements for merging or consolidating financial institutions, including the approval of the Department of Financial Institutions. The document specifies that the approval of the department is not required if the surviving corporation is organized under the laws of the United States or a state other than Indiana.
Can you summarize IC 28-1-7.1?
This legal document, found in the Indiana Code under the Department of Financial Institutions, pertains to the eligibility and conditions for a voluntary supervisory conversion of depository financial institutions with mutual ownership. The director has the authority to determine if the conversion satisfies certain conditions. These conditions include: (1) the institution being significantly undercapitalized or undercapitalized with a standard conversion to stock form not being feasible, and the converted institution or resulting entities being likely to be viable; (2) severe financial conditions threatening the stability of the institution, and a voluntary supervisory conversion to stock form likely improving the financial condition of the institution or resulting in entities with improved financial condition; or (3) the institution being in receivership or conservatorship, or in imminent danger of it, and the voluntary supervisory conversion enabling the termination or avoidance of receivership or conservatorship.
Can you summarize IC 28-1-7.5?
This legal document, governed by the Indiana Code, specifically under the section related to the formation of certain bank holding companies, outlines the requirements and procedures for the acquisition of bank, trust company, corporate fiduciary, or stock savings bank by a holding company under a plan of exchange. The document covers various aspects such as the approval process, filing requirements, public hearing, dissenting shareholders’ rights, and the preparation of articles of exchange.
Can you summarize IC 28-1-8?
The provided legal document content pertains to the sale, lease, exchange, or other disposition of property and assets of various financial institutions, including banks, trust companies, corporate fiduciaries, savings banks, savings associations, industrial loan and investment companies, and credit unions. The document defines the term ‘corporation’ to include these entities. It also clarifies that the term ‘shareholder’ refers to a member of a mutual savings bank, mutual savings association, or credit union.
Can you summarize IC 28-1-9?
These legal documents, governed by the Indiana Code, specifically address the voluntary dissolution of banks, trust companies, and building and loan associations. They outline the authority, procedures, and requirements for surrendering the certificate of incorporation, conducting a vote of shareholders, obtaining approval from the Department of Financial Institutions, appointing a liquidating agent, disposing of assets, paying debts and liabilities, distributing remaining assets, and filing articles of dissolution. The documents also cover the disposition of trust and fiduciary property, the assertion of claims by creditors and shareholders, and the treatment of unclaimed property.
Can you summarize IC 28-11-1-13.5?
This legal document, specified under Section 13.5 of the Indiana Code, pertains to the Department of Financial Institutions. It grants the department the authority to accept payments by credit card, debit card, charge card, or similar methods for various fees and penalties established by the department. The liability for such payments is not discharged until the department receives payment or credit from the responsible institution. Additionally, the department is authorized to contract with a bank or credit card vendor for accepting bank or credit cards.
Can you summarize IC 28-12?
The provided legal document content pertains to the incorporation and formation of banks, trust companies, and building and loan associations in Indiana. It outlines the requirements for individuals to act as incorporators and the necessary steps to be followed, including the signing and acknowledgment of articles of incorporation before a notary public. The document also specifies the information that must be included in the articles of incorporation, such as the corporate name, authorized shares, principal office address, names and addresses of incorporators and initial directors, and the purpose of the corporation.
Can you summarize IC 28-14-3-4?
This section of the Indiana Code governs the powers and duties of corporate fiduciaries regarding loans. It authorizes corporate fiduciaries to lend money and hold real and personal property as security for loan repayment, subject to certain conditions. Corporate fiduciaries are allowed to make loans to fiduciary accounts they administer, as long as the governing document does not prohibit borrowing money and pledging account assets. The terms of such loans must be comparable to those available from other lenders.
Can you summarize IC 28-2-13?
The provided legal document content governs the establishment and operation of branches by state banks in Indiana. It defines key terms such as ‘acquired bank’, ‘acquiring bank’, ‘affiliate’, ‘automated teller machine’, ‘bank’, ‘branch’, ‘branch by acquisition’, ‘branch de novo’, ‘company’, ‘control’, ‘department’, ‘foreign bank’, ‘Indiana affiliate’, ‘Indiana bank’, and ‘state bank’. The document outlines the conditions and requirements for state banks to establish branches de novo or by acquisition within Indiana.
Can you summarize IC 28-2-14?
This legal document, governed by the Indiana Code, specifically under the section on Indiana Bank Holding Companies, outlines the process and requirements for companies or bank holding companies seeking to acquire a bank or bank holding company. The document states that the acquiring company must file an application for approval with the department, which may accept the application, request additional information, or return the application if it is incomplete. Upon acceptance, the department conducts an investigation into the condition of the applicant and the bank or bank holding company proposed to be acquired.
Can you summarize IC 28-2-16?
This legal document, governed by the Indiana Code, specifically under the Financial Institutions section related to banks, outlines the process and requirements for a foreign bank holding company to acquire an Indiana bank or Indiana bank holding company. The document states that the foreign bank holding company must file an application for approval with the department, which will then conduct an investigation into the condition of the applicant and the bank or bank holding company proposed to be acquired.
Can you summarize IC 28-2-6?
This legal provision in the Indiana Code allows banks, trust companies, corporate fiduciaries, and national banking associations incorporated under the laws of Indiana to register and hold stocks, bonds, or other securities in the name of a nominee or nominees when acting in a fiduciary capacity. The provision requires consent from the co-fiduciary if acting as a co-fiduciary. The fiduciary must maintain clear records of the ownership of the securities and retain possession and control over the investments.
Can you summarize IC 28-2-7?
The provided legal document content pertains to Fiduciary Bonds in the state of Indiana. It states that banks, trust companies, and corporate fiduciaries organized under the laws of Indiana or the United States of America, and operating within Indiana, are not required to file certain bonds while acting in a fiduciary capacity in any estate, trust, receivership, action, matter, or proceeding pending in Indiana courts. These bonds include those for the full performance of duties, accounting for funds or property, or any other purpose.
Can you summarize IC 28-3-1?
The provided legal document content pertains to the liquidation of banks in the state of Indiana. According to the Indiana Code, when the directors of a bank wish to liquidate the bank, they must file a petition with the department of financial institutions for authorization. If two-thirds of the capital stock owners vote in favor of the liquidation, the department will enter an order directing the liquidation of the bank. The officers of the bank are then required to proceed with the liquidation, starting with the payment of all depositors in full.
Can you summarize IC 28-3-2?
This legal document, found in the Indiana Code, governs the conversion, merger, and consolidation of banks and trust companies with national banking associations. It states that any bank or trust company in Indiana may convert into, merge, or consolidate with a national banking association, subject to the applicable provisions of IC 28-2-13 or IC 28-2-17. The document clarifies that no approval from any officer, department, or agency of the state is required for such conversions, mergers, or consolidations.
Can you summarize IC 28-6.2?
The provided legal document content defines various terms and concepts related to mutual savings bank holding companies. It covers definitions for terms such as ‘Acquiree savings bank’, ‘Affiliate’, ‘Associate’, ‘Company’, ‘Control’, ‘Default’, ‘Director’, ‘FDIC’, ‘Federal mutual holding company’, ‘Member’, ‘Mutual holding company’, ‘Mutual savings bank’, ‘Parent’, ‘Person’, ‘Reorganization plan’, ‘Reorganizing savings bank’, ‘Resulting savings bank’, ‘Savings association’, ‘Stock’, ‘Stock benefit plan’, ‘Stock issuance plan’, ‘Stock savings bank’, ‘Subsidiary’, and ‘Voting parties’.
Can you summarize IC 28-8-1?
The provided legal document content pertains to the governance of bank service corporations under the Indiana Code. Bank service corporations are defined as corporations organized to perform bank services for two or more banks or trust companies, with each owning a portion of its capital stock. The document includes definitions of terms related to bank services and clarifies that certain payments, such as rent, goods sold and delivered, or services rendered, are not considered investments.
Can you summarize IC 28-9?
The provided legal document content is the Indiana Code section on the Depository Financial Institutions Adverse Claims Act. This Act governs the rights and interests of depositors and adverse claimants in deposit accounts held with depository financial institutions. The Act defines various terms such as ‘adverse claim,’ ‘adverse claimant,’ ‘depositor,’ ‘deposit account,’ ‘depository financial institution,’ ‘person,’ and ‘working day.’ An adverse claim includes claims that are adverse to the rights or interests of any depositor, claims made in the name of a person other than the depositor, claims of authority by a corporate officer or agent that conflict with another person’s claim of authority, and claims of money judgment creditors against depositors.
Can you summarize IC 32-34-1.5-87?
Sec. 87. (a) The attorney general may adopt rules under IC 4-22-2 to carry out the purposes of this chapter. (b) The attorney general may adopt rules under IC 4-22-2 regarding virtual currency, controllable electronic records, and digital assets, to the extent such rules are consistent with, and not otherwise covered by, the following: (1) IC 26-1-9.1. (2) IC 26-1-11. (3) Any other Indiana law concerning virtual currency, controllable electronic records, or digital assets.
Can you summarize IC 32-34-1.5?
The Revised Unclaimed Property Act under the Indiana Code governs the handling of lost or unclaimed personal property in Indiana. It specifies the time periods after which certain types of property are presumed abandoned if unclaimed by the apparent owner. The act applies to apparent owners of unclaimed property in Indiana. The document outlines the obligations of holders of unclaimed property, including reporting requirements and the delivery of property to the attorney general.
Can you summarize IC 32-34?
The first legal document governs the sale of unclaimed property in hotels in Indiana, allowing proprietors, managers, or lessees to sell unclaimed articles at a public auction after holding them for at least three months. The second document addresses the handling of unclaimed personal property found within lawfully repossessed vehicles, requiring creditors to notify debtors of discovered property and allowing the creditor to claim the property if not claimed by the debtor within 30 days.
Can you summarize IC 4-1-11?
The provided legal document content pertains to the breach of the security of the system and the disclosure of such breaches by state agencies. It defines the term ‘breach of the security of the system’ as the unauthorized acquisition of computerized data compromising the security, confidentiality, or integrity of personal information maintained by a state or local agency. The document specifies that the term does not include the good faith acquisition of personal information by an agency or employee for agency purposes, as long as the information is not used or further disclosed without authorization.
Can you summarize 36a RCSA 1?
These legal documents govern various aspects of administrative procedures, organizational structure, and regulatory oversight within the Department of Banking in Connecticut. They provide definitions, organizational structure, and procedures for administrative proceedings. The documents clarify the meanings of terms, outline the responsibilities of the commissioner and various divisions within the department, establish procedures for filing applications and motions, govern the inspection and copying of public records, and outline the process for requesting advisory opinions or interpretations.
Can you summarize 36a RCSA 136-48?
This legal document, part of the Connecticut Administrative Code and The Banking Law of Connecticut, governs the conversion of Mutual Connecticut Banks to Capital Stock Connecticut Banks. It outlines two methods of conversion: (a) conversion through an existing holding company acquiring all the capital stock of the converting institution, and (b) conversion through merging into an existing insured capital stock bank that is a wholly-owned subsidiary of a holding company. In both methods, eligible account holders and supplemental eligible account holders of the converting institution receive nontransferable rights from the holding company to purchase its capital stock.
Can you summarize 36a RCSA 136?
This legal document governs the process of converting mutual Connecticut banks to capital stock Connecticut banks. It provides definitions and terms used in the conversion process and outlines the requirements for the conversion application, business plan, notification to depositors, proxy solicitation, offering circular, and other necessary documents. The document also specifies the allocation of conversion shares, purchase limitations, and restrictions on sales and repurchases of shares. It further addresses the establishment and maintenance of a liquidation account, the implementation of stock option plans, and the acquisition of shares by directors, officers, and their associates.
Can you summarize 36a RCSA 40?
This document, part of the Connecticut Administrative Code and The Banking Law of Connecticut, provides a retention schedule for various types of records that Connecticut banks and Connecticut credit unions are required to maintain. The document covers administrative/corporate records, cash records, deposit account records, loan records, customer service records, international department records, and trust department records. It specifies the retention periods for each category of records, ranging from permanent retention to a few months or years.
Can you summarize 16 DCMR 2?
The provided legal document content consists of various regulations and requirements related to loaning money in the District of Columbia. It covers the licensing requirements for individuals and entities engaged in the business of loaning money, distinguishing between Class A and Class B licenses based on the interest rates charged. The document outlines the application process for obtaining a money lender’s license, including the submission of necessary information and a bond.
Can you summarize 26 DCMR C1?
These rules govern the organizing, chartering, and regulating of financial institutions in the District of Columbia. They aim to facilitate the expansion of financial services for District residents, particularly those in underserved and low- and moderate-income areas. The rules establish standards and guidelines for financial institutions subject to the Commissioner’s authority, ensuring that they provide financial services that support the development and revitalization of underserved neighborhoods, meet the credit and deposit service needs of lower income and minority residents, and promote small, minority, and woman-owned businesses.
Can you summarize 26 DCMR C18?
The provided legal document content pertains to the registration, revocation, suspension, and renewal of automated teller machines (ATMs) in the District of Columbia. The documents specify that any person operating an ATM or point of sale terminal in the District of Columbia must file a registration application with the Commissioner and obtain approval. The registration application requires information such as the applicant’s name, address, business structure, safety policies, installation dates, and fees charged for services.
Can you summarize 26 DCMR C2?
These documents govern various aspects of applications and approvals related to conducting business in the District of Columbia. They cover applications for conducting business, opening branches or additional offices, acquiring District banks or bank holding companies, and obtaining deposit-taking charters. The documents specify the forms to be filed for different activities and provide guidelines for the information required in the applications. Financial institutions wishing to open a branch or office in the District must submit a business plan outlining their proposed capital investment and community development program.
Can you summarize 26 DCMR C204?
This document governs the applications made by nonregional bank holding companies to acquire a District bank or District bank holding company. Nonregional bank holding companies must file Form 5 with the Commissioner and obtain a recommendation from the Commissioner and approval from the Council before completing the acquisition. The Commissioner’s recommendation is required before any action by the Council and in addition to any approvals required by federal law. The application must also include information required by Form 3.
Can you summarize 26 DCMR C27?
The provided legal document content pertains to the foreclosure mediation rights and procedures for residential mortgages in the District of Columbia. It is governed by the District of Columbia Municipal Regulations, specifically 5 DCMR 2100. The regulations apply to parties involved in foreclosure proceedings for residential mortgages in the District of Columbia, except for foreclosures by a condominium association against an owner or housing cooperative association against a member when the foreclosure is brought for a reason other than default on a residential mortgage.
Can you summarize 26 DCMR C30?
The provided legal document content consists of various sections of the District of Columbia Municipal Regulations governing student loan servicers. These regulations apply to any person or entity that operates as a student loan servicer in the District of Columbia. The regulations outline the scope and applicability of the chapter, exemptions for certain financial institutions and educational institutions, financial statement and net worth requirements for license applicants, license application content and fees, requirements for surety bonds, withdrawal of an initial application, issuance and transferability of licenses, license expiration and renewal, information challenge process, license reinstatement, denial of application, surrender of license, annual reports and reporting requirements, annual assessments, change of location notification, record keeping requirements, notification of significant events, special reports, suspension and revocation of licenses, licensing fees, complaints, and complaint handling procedures.
Can you summarize 9 DCMR 30?
These legal documents, part of the District of Columbia Municipal Regulations, cover various aspects related to the disposition of unclaimed property. They provide rules for the implementation of the ‘Uniform Disposition of Unclaimed Property Act of 1980’ and apply to matters raised with the Deputy Chief Financial Officer of the Office of Tax and Revenue. The documents define tangible and intangible personal property and discuss the presumption of abandonment for various types of property.
Can you summarize FINANCIAL INSTITUTIONS GENERALLY > Automated Teller Machines and the Disclosure of Safety Information?
This document, Rule 69U-100.963 of the Florida Administrative Code, pertains to the disclosure of safety information related to Automated Teller Machines (ATMs). It defines key terms such as ‘access device’ and ‘automated teller machine’. Section 655.963 of the Florida Statutes requires customers receiving access devices to ATMs to be provided with safety information. The Office of Financial Regulation (OFR) has discretionary authority to determine the substance of such safety information. The document provides guidelines for the type of safety precautions that should be addressed, including being alert and aware of the surroundings, being accompanied by another person, handling cash proceeds and personal identification numbers (PINs) properly, and taking appropriate actions when faced with suspicious activities.
Can you summarize Florida Administrative Code > BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS?
The provided legal document content covers various aspects related to banks, trust companies, savings banks, and associations. It includes requirements for state banks and trust companies to file a list of stockholders upon demand by the Office of Financial Regulation (OFR). The document also outlines criteria for loans secured by secondary liens on real estate, including documentation requirements and limitations on loan maturity. Additionally, it allows state banks to purchase leases covering specified goods, subject to certain conditions and limitations.
Can you summarize FLREG 69I-20.0025?
69I-20 69I-20.0025 Shareholder Affidavit. Rulemaking Authority 717.138 FS. Law Implemented 717.124, 717.126 FS. HistoryNew 11-6-96, Formerly 3D-20.0025, Transferred to 69G-20.0025.
Can you summarize FLREG 69I-20.0028?
69I-20 69I-20.0028 General Principles for Joint Ownership of Property for Accounts that are not Unclaimed Demand, Savings or Checking Accounts Formerly Held by a Financial Institution. Rulemaking Authority 717.138 FS. Law Implemented 717.124, 717.12406, 717.126 FS. HistoryNew 4-27-09, Transferred to 69G-20.0028.
Can you summarize FLREG 69I-20.0037?
69I-20 69I-20.0037 Reporting and Remitting Abandoned Property by Mail-in Secondhand Precious Metals Dealers. Rulemaking Authority 717.117(1), 717.138 FS. Law Implemented 538.31, 538.32, 717.117, 717.119 FS. HistoryNew 10-13-10, Transferred to 69G-20.0037.
Can you summarize FLREG 69I-20.035?
69I-20 69I-20.035 Reporting Safe Deposit Box Contents. Rulemaking Authority 717.117(1), 717.138 FS. Law Implemented 717.117 FS. HistoryNew 1-3-05, Transferred to 69G-20.035.
Can you summarize FLREG 69I-20.036?
69I-20 69I-20.036 Remitting of Safe Deposit Box Contents and Reimbursement of Expenses. Rulemaking Authority 717.138 FS. Law Implemented 717.117, 717.119, 717.1201(7), 717.127 FS. HistoryNew 6-23-91, Amended 8-24-98, 4-16-02, Formerly 3D-20.036, Amended 1-3-05, Transferred to 69G-20.036.
Can you summarize FLREG 69U-100.067?
This rule, found in the Florida Administrative Code, applies to state-chartered banks, associations, savings banks, or international agencies. It governs their investments in subsidiary corporations that only hold assets the institution may acquire or invest in directly. The rule allows such investments without limitation, as long as the individual investments, loans, or assets owned by the subsidiary corporation, when combined with other investments, loans, and assets of the same issuer, obligor, entity, person, or source owned by the institution and its other subsidiary corporations, do not exceed the applicable limitations of law.
Can you summarize FLREG 69U-100.963?
This rule, 69U-100.963 of the Florida Administrative Code, pertains to the disclosure of safety information related to automated teller machines (ATMs). It applies to financial institutions in Florida that operate ATMs and their customers. The rule defines key terms such as ‘access device’ and ‘automated teller machine’. It requires customers receiving access devices to ATMs to be furnished with information regarding safety precautions for using the ATM. The information must be personally delivered or mailed to each customer’s mailing address.
Can you summarize FLREG Chapter 14-116?
The provided legal document content establishes the requirements for the approval of letters of credit. These letters of credit are provided by banks or savings associations at the request of applicants, professional service providers, or contractors. The letter of credit must be issued by a bank or savings association organized and existing under the laws of Florida or the United States, with a branch office authorized to receive deposits in Florida.
Can you summarize FLREG Chapter 69I-20?
The provided legal document content pertains to the regulations and procedures related to unclaimed property in the state of Florida. It is governed by the Florida Administrative Code, specifically the Department of Financial Services and the Division of Accounting and Auditing. The document includes various rules and procedures for filing claims, registration, proof of ownership and entitlement to unclaimed property, database submissions, investigation or examination fees, shareholder affidavit, claimant affidavit, general principles for joint ownership of property, payment of conflicting claims, survivorship accounts reported by a financial institution, definitions, reporting and remitting abandoned property by mail-in secondhand precious metals dealers, report of unclaimed property, reporting safe deposit box contents, remitting of safe deposit box contents and reimbursement of expenses, late annual reports, late payments, and late delivery of unclaimed property, written notice, bureau of unclaimed property reporting instructions, voluntary disclosure agreements, examinations and audits, penalty guideline definitions, purpose, calculating penalty, prosecutorial discretion, stated penalty guidelines for violation of specific sections, criminal proceedings, time for payment of administrative fines and costs, aggravating and mitigating factors, minor violations, and orders or settlements requiring restitution.
Can you summarize FLREG Chapter 69U-120?
The provided legal document content consists of multiple documents governed by the Florida Administrative Code, Department of Financial Services, FSC - Financial Institution Regulation. These documents pertain to banks, trust companies, savings banks, and associations in Florida. They cover various aspects such as stockholder lists, stock options, loans secured by secondary liens on real estate, lease financing, undivided profits, borrowing obligations, eligibility criteria for securities, internal audit procedures, filing of director and officer information, filing of financial reports, investments and deposits in foreign banks, daily liquidity, and assessments to be paid by state banks and state trust companies.
Can you summarize 20 KYAR 1:030?
20 KAR 1:030. Unclaimed property; escheating. RELATES TO: KRS 393.090, 393.110 STATUTORY AUTHORITY: KRS 393.280 NECESSITY, FUNCTION, AND CONFORMITY: This administrative regulation sets out the time when unclaimed property may be claimed by the rightful owner prior to escheating to the department. It also requires the holder to furnish the department a list setting out specific items that have been returned to the rightful owner. HISTORY: (21 Ky.R. 682; 1280; eff.
Can you summarize 201 KYAR 30:330 Section 4?
Dishonored Checks. Any dishonored or returned check shall incur the cost of collection plus twenty-five (25) dollars.
Can you summarize 30 KYAR 5:021 Section 4?
Filing fees may be paid by the following methods: (1) Debit and credit cards issued by approved issuers; (2) Electronic checks processed under National Automated Clearing House Association (‘NACHA’) rules and arrangements; (3) Prepaid account upon the submission and approval of an Application for Prepaid Account and payment of an amount not less than $250; (4) Personal checks, cashier’s checks, certified checks, and money orders made payable to the Kentucky State Treasurer; (5) Cash; and (6) Interaccount from Kentucky state agencies.
Can you summarize 808 KYAR 1:060?
808 KAR 1:060. Automated teller machines. RELATES TO: KRS 286.3-180, 286.5-061, 286.6-055 STATUTORY AUTHORITY: KRS 286.1-020(1), 286.5-702, 286.6-070 NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.1-020(1) authorizes the commissioner to promulgate administrative regulations necessary to implement KRS Chapter 286. This administrative regulation provides for the use of an automated teller machine by a financial institution and specifies that an automated teller machine is not a branch or service facility of the financial institution.
Can you summarize 808 KYAR 15:040?
808 KAR 15:040. Multibank Companies. RELATES TO: KRS 286.3-095, 286.3-905 STATUTORY AUTHORITY: KRS 286.1-011(2), 286.3-020 NECESSITY, FUNCTION, AND CONFORMITY: KRS 286.1-011(2) requires the Department of Financial Institutions to exercise all administrative functions of the state in relation to the regulation, supervision, chartering, and licensing of banks. KRS 286.3-020 authorizes the commissioner to approve applications for a bank or trust company charter. KRS 286.3-095 and 286.3-905 set forth statutory procedures for filing applications by a bank holding company or individual to acquire control of a state-chartered bank or bank holding company that controls a state-chartered bank; the setting of filing and examination fees; and the examination of any holding company that controls a state-chartered bank.
Can you summarize 808 KYAR Chapter 15?
The provided legal document content consists of multiple administrative regulations issued by the Kentucky Department of Financial Institutions. The first regulation, 808 KAR 15:010, establishes exceptions to the maximum debt to banks for state and national banks in Kentucky. It ensures competitive equality between state and national banks by establishing the status of excess funds (federal funds) transactions. The regulation also provides an exception to the bank lending limits for excess funds transactions and loans, or extensions of credit secured by certain types of government obligations.
Can you summarize 1 VAAC Agency 75, Chapter 40?
The provided legal document content pertains to the administrative review process for unclaimed property claims in the state of Virginia. It outlines the steps involved in requesting an administrative review and correction of the administrator’s determination. The process begins with the submission of a written request to the administrator, who acts as the agent for the State Treasurer. Within 30 calendar days of receiving the request, the administrator will schedule an administrative review meeting at the Department of the Treasury.
Can you summarize 10 VAAC Agency 5, Chapter 130?
This legal document pertains to the reporting requirements for companies that have control over any Virginia financial institution. These companies are required to annually file a copy of the report they submit to the federal regulatory agency with the Bureau of Financial Institutions. However, certain exemptions apply, including companies exempt from reporting to a federal agency under the Bank Holding Company Act and companies that acquire a controlling interest in a Virginia financial institution solely in specific capacities.
Can you summarize 10 VAAC Agency 5, Chapter 140?
This legal document governs the process of acquiring a financial service center bank in Virginia. It applies to applicants who wish to acquire such banks. The applicant must file an application with the Bureau of Financial Institutions using the prescribed form and pay the required fee. The Bureau will investigate the application and may request additional information. Once the application is accepted, the Bureau will publish notice of the application. If a written objection is filed, a hearing may be established.
Can you summarize 10 VAAC Agency 5, Chapter 20?
This legal document governs the conversion of a state mutual savings and loan association to a stock association. It is authorized by 6.2-1139 of the Code of Virginia and requires compliance with the Virginia Non-Stock Corporation Act and regulations from the federal Office of Thrift Supervision (OTS) regarding mutual-to-stock conversions. The document outlines the process for conversion, including the application for conversion, which requires a filing fee and specific accompanying documents.
Can you summarize 10 VAAC Agency 5, Chapter 30?
These legal documents pertain to state savings institution holding companies in Virginia. They cover various aspects such as the authority of the State Corporation Commission to order a holding company to cease and desist actions detrimental to the safety or soundness of a state savings institution, reporting requirements for holding companies, examination powers of the Bureau of Financial Institutions, and the application process for acquiring or controlling state savings institutions or holding companies.
Can you summarize 23 VAAC Agency 10, Chapter 330?
The provided legal document content consists of two sections related to the Bank Franchise Tax in Virginia. The first section governs the deductions that can be made from gross capital for bank franchise tax purposes. It outlines the various items that can be deducted, including the assessed value of real estate, the book value of certain tangible personal property, the capital attributable to qualifying U.S. government obligations, and the amount of capital accounts of certain bank subsidiaries.
Can you summarize Chapter 208-512 WAAC?
The provided legal document content covers various aspects related to banks and financial institutions. It includes guidelines and regulations for leasing bank premises, subprime and nontraditional mortgage lending, insurance-related activities, investment of banks in investment companies, community reinvestment, permissible investments for banks, management of investment securities, and conduct of insurance-related activities through a subsidiary of a bank. These documents apply to banks, savings banks, savings associations, financial institutions, credit unions, mortgage brokers, and consumer loan companies.
Can you summarize Chapter 208-512A WAAC?
These legal documents govern the limits on loans and extensions of credit for financial institutions, banks, state insured banks, state member banks, and limited liability companies. The documents provide guidelines and requirements for calculating lending limits, attributing loans or extensions of credit to separate persons or entities, and granting exceptions to lending limits based on extenuating circumstances. They also address specific exemptions for loans or extensions of credit secured by U.
Can you summarize Chapter 208-528 WAAC?
The provided legal document outlines the requirements and guidelines for incorporating a bank or trust company in the state of Washington. It specifies that a notice of intention to organize must be filed with the Director of the Department of Financial Institutions, accompanied by the necessary documentation and a Cashier’s Check to cover the cost of investigation. The document emphasizes the need for complete and timely submission of all required information.
Can you summarize Chapter 208-544 WAAC?
This legal document governs the collection of additional services fees by the division from regulated institutions. The fees are applicable to various services provided by the division, including chartering a new regulated institution, conversion of an existing nonstate chartered institution to a Washington state chartered institution, establishment of an office or bureau by an alien bank in Washington state, acquisition and control of shares or assets of a bank or bank holding company, issuance or filing of a notice of change of control, requests for division approval to use bank or trust company-related words in a company name, meeting attendance by division personnel with the board of directors or senior management of a regulated institution, off-site monitoring of a regulated institution, voluntary or involuntary liquidation, acting as conservator of a bank or trust company, investigation and resolution of consumer complaints, inquiries not in the normal course of business, investigation and enforcement actions against unlicensed bank or trust businesses, and various applications submitted by existing regulated institutions.
Can you summarize Chapter 208-548 WAAC?
These legal documents govern the acquisition of banks, trust companies, national banking associations, or bank holding companies by out-of-state bank holding companies. They apply specifically to out-of-state bank holding companies seeking to acquire such institutions in Washington state. The documents require the applicant out-of-state bank holding company to submit various items of information with the application, including audited financial statements, statements of assets and liabilities, income and expense reports, and a business plan for the operation of the acquired institution.
Can you summarize WAAC 208-512A-500?
No provision of Titles 30A and 32 RCW, chapter 208-512 WAC, or this chapter, shall limit the duty of a bank or a bank’s affiliate, independent of any requirements of this chapter, to also comply with the provisions of Federal Reserve Board Regulation O, 12 C.F.R. Part 215, which relates to loans and extensions of credit to insiders of a bank or bank affiliate and their immediate family. [Statutory Authority: RCW 43.
Can you summarize WAAC 208-620-612?
You must adopt written policies and procedures implementing the federal guidelines. The policies and procedures must be maintained as a part of your books and records and must be made available to the department upon request. [Statutory Authority: RCW 43.320.040, 19.144.070, 2008 c 78. WSR 09-01-159, 208-620-612, filed 12/23/08, effective 1/23/09.]
Can you summarize 021-0001 WYAR?
The provided legal document content consists of two parts. The first part pertains to the hearings conducted by the Banking Board in Wyoming Administrative Rules. It outlines the requirements for filing a petition to request the Board’s review and dismissal of a notice of intent and proposed order issued by the Commissioner under the enforcement article. The petition must include the petitioner’s signature, verification of the truth and accuracy of the matters in the petition, and a copy or description of the notice of intent.
Can you summarize 021-0002 WYAR?
The provided legal document content covers a wide range of topics related to banking and financial institutions in Wyoming. It includes regulations on community development investments for banks, exemptions from bank debt limitations, branch licensing requirements, acquisition of Wyoming branch banks, orders and petitions related to the Wyoming Administrative Rules for the Audit Department of the Banking Division, representation before the Commissioner, obtaining copies of recordings or transcripts of hearings, suspension or revocation of a trust company’s charter, establishment of intrastate branches, bank relocation applications, miscellaneous bank matters, bank sales of securities, insurance, and annuities, collection of supervisory fees, charter applications for financial institutions, service of process, confidentiality and public inspection of records, computing time periods, retention and preservation of records, enhanced digital asset custody framework, and special purpose depository institutions (SPDIs).
Can you summarize 044-0002-45 WYAR?
The provided legal document content covers various aspects related to insurance holding company systems and the regulation of insurers. It includes regulations for the filing of registration statements for affiliated insurers, acquisition of control of or merger with a domestic insurer, annual registration statements, and enterprise risk reports. The regulations are promulgated under the authority granted by the Wyoming Insurance Code. The purpose of these regulations is to set forth rules and procedural requirements necessary for the implementation of the Insurance Holding Company System Regulatory Act.
Can you summarize WIAC DFI-Bkg 16.05?
A bank may provide real estate brokerage services directly or through a subsidiary at its home office, authorized branch offices, and other locations, provided, the bank does not make loans, accept deposits, provide trust services other than as permitted by s. 221.0316 , Stats., or cash checks or other negotiable instruments at such other locations. Notification of locations shall be made annually as part of the financial statement. Prior approval by the administrator of the division of banking of such other locations is not required.
Can you summarize WIAC DFI-Bkg 18.02?
(1) A bank or its subsidiary is limited for its aggregate loan or investment portfolio to the respective percentage established by the administrator of the division of banking pursuant to s. 221.0321 (3) , Stats. (2) The statutory limitations with respect to officers’, directors’ and employees’ of a bank, as set forth at s. 221.0625 , Stats., are applicable to and included in calculating the appropriate amounts of such officers’, directors’ or employees’ involvement, relationship, ownership or other participation through a subsidiary.
Can you summarize WIAC DFI-Bkg Chapter 10?
The provided legal document outlines the procedure for filing a Notice of Appeal with the administrator of the division of banking in the department of financial institutions. It applies to interested persons who are aggrieved by an act, order, or determination of the administrator under chapters 220, 221, and 223 of the Wisconsin Statutes. The document specifies the required form and provides space to set forth the substance of the order, the nature of the petitioner’s interest, and the grounds of appeal.
Can you summarize WIAC DFI-Bkg Chapter 11?
These documents govern the procedure before the Administrator of the Division of Banking in Wisconsin. They apply to any person involved in a contested case as defined by s. 227.01, Stats., or any proceeding at the direction of the administrator or on the request of any party establishing a reasonable need. The hearings shall be held at the office of the Administrator of the Division of Banking in Madison, Wisconsin, unless otherwise specifically provided by law or ordered by the administrator.
Can you summarize WIAC DFI-Bkg Chapter 14?
The provided legal document content pertains to the Customer Bank Communications Terminal Joint Rules under the Wisconsin Administrative Code, specifically under the Department of Financial Institutions-Banking. It defines key terms used in the regulations and outlines the requirements for banks intending to engage in activities authorized under s. 221.0303, Stats. Banks must file a written notice with the administrator before commencing such activities, unless the administrator regularly receives information on changes in locations of customer bank communications terminals from a supplier.
Can you summarize WIAC DFI-Bkg Chapter 17?
This legal document, found in the Wisconsin Administrative Code under the Department of Financial Institutions-Banking, pertains to the capital structure of interim banks. It specifies that the minimum level of capital stock for an interim bank shall be $5,000. Additionally, it outlines the requirements for capital stock in the context of mergers or consolidations involving interim banks. If the existing bank is the surviving charter, the interim bank’s capital stock may be cancelled and transferred to the surplus of the surviving entity or the stock of the surviving entity may be increased by the amount of the interim bank’s capital stock.
Can you summarize WIAC DFI-Bkg Chapter 18?
This legal document, part of the Wisconsin Administrative Code, falls under the jurisdiction of the Department of Financial Institutions-Banking. It governs the loans and investments made by banks and their subsidiaries. The document defines key terms such as ‘investment’ and ‘security’, specifying the permissible forms of investments and securities. It also clarifies that loans under s. 221.0321 (1), Stats., do not need to be secured. Additionally, the document provides a definition for ‘subsidiary’ as any business in which a parent bank owns at least 80% of the voting stock.
Can you summarize WIAC DFI-Bkg Chapter 3?
The first document governs the authority of bank-owned banks to provide banking and bank-related services to various entities and individuals related to depository institutions. The second document outlines the operations of banks through their operating subsidiaries, including the activities permitted for these subsidiaries and the limitations on transactions between the parent bank and the subsidiaries. The third document governs the leasing of personal property by banks, specifying the types of leases allowed and the provisions related to net leases.
Can you summarize WIAC DFI-Bkg Chapter 40?
This legal document provides definitions for various terms related to mortgage banking regulation. It defines the division of banking, investor, licensee, loan application fee, loan commitment, loan commitment fee, person, trust account, and trust funds. The document clarifies that trust funds do not include nonrefundable loan application fees. It applies to persons who are licensed under s. 224.72 or 224.725, Stats. The document does not mention any exemptions or penalties. It also states that a person who provides funding for a loan must be licensed as a mortgage banker if they are in the business of originating loans directly with loan applicants.
Can you summarize WIAC DFI-Bkg Chapter 8?
This legal document provides definitions related to various aspects of banking operations. It defines a ‘branch’ as a permanent, attended banking facility authorized by s. 221.0302, Stats., which has no separate legal identity, assets, or liabilities from the home office. The term ‘home office’ refers to a bank chartered pursuant to s. 221.0208, Stats., that owns and operates one or more branches. A ‘paying and receiving station’ is a permanent, attended facility authorized to cash checks, accept deposits, make withdrawals, or accept loan payments, or an unattended night depository.
Can you summarize WIAC DFI-Bkg Chapter 9?
The provided legal document content pertains to the retention of books and records by banks in Wisconsin. Each bank is required to retain its records in a manner consistent with prudent business practices and in accordance with applicable state or federal laws, rules, and regulations. The record retention system used must be able to accurately produce such records. Banks are allowed to destroy their records, except where a retention period is required by state or federal laws, rules, or regulations.
Can you summarize WIAC DFI-SB Chapter 22?
This legal document provides definitions for various terms and concepts related to savings bank mutual holding companies. It outlines two methods of reorganization: organizing subsidiary stock savings banks and transferring assets, insured deposits, and liabilities, or organizing a first-tier subsidiary stock savings bank, which then organizes a second-tier subsidiary stock savings bank and transfers assets, insured deposits, and liabilities through a merger. The document also mentions the possibility of organizing a mutual holding company with the approval of the division, which then organizes a subsidiary stock savings bank and transfers assets, insured deposits, and liabilities through a merger.
Can you summarize WIAC DFI-WCA 1.86?
It is an unconscionable credit practice, pursuant to s. 426.108 , Stats., for any credit grantor to issue a credit card in the name of any person under terms which purport to create the contractual liability of that person in any manner inconsistent with s. DFI-WCA 1.351 unless the person to be held liable personally requested the creditor to issue the card and open the account. History: Cr. Register, October, 1980, No.
Can you summarize WIAC DFI-WCA 1.87?
It is an unconscionable credit practice, pursuant to s. 426.108 , Stats., for any person to sell the credit card account numbers of any other person to another for any purpose. History: Cr. Register, February, 1993, No. 446, eff. 3-1-93.
Can you summarize VTCR 21-010-005?
This regulation, issued by the Department of Financial Regulation’s Banking Division in Vermont, governs the record retention requirements for financial institutions, credit unions, independent trust companies, and state licensed financial businesses. The regulation applies to records created on or after July 1, 2014. It requires institutions to be able to rebuild a transaction for seven years from the date of the transaction or seven years from the payoff date of a loan.
Can you summarize VTCR 21-010-012?
Regulation B-99-1, also known as Secured Credit Cards, is a regulation promulgated by the Department of Financial Regulation’s Banking Division in Vermont. The purpose of this regulation is to promote the informed use of consumer credit and provide consumer protection. It requires the inclusion of specific minimum contract terms in the cardholder agreement for secured credit cards. Secured credit cards are designed to make credit available to riskier borrowers who may not be eligible for unsecured credit cards.
Can you summarize VTCR 21-010-016?
The provided legal document content pertains to the privacy of consumer financial and health information. It governs entities regulated by the Department of Financial Regulation’s Banking Division in the state of Vermont. The document does not mention any specific exemptions. However, it does not provide information about the penalties for non-compliance or violation of the privacy provisions. The document likely contains regulations and guidelines related to the collection, storage, use, and disclosure of consumer financial and health information by entities under the jurisdiction of the Department of Financial Regulation’s Banking Division in Vermont.
Can you summarize 230 RICR 40-10-4?
This legal document governs the Mortgage Foreclosure Disclosure requirements for Mortgagees and Mortgagors of Residential Real Estate in Rhode Island. It applies to Mortgagors, Mortgagees, and Mediation Coordinators involved in mortgage foreclosure proceedings in Rhode Island. The Rhode Island Department of Business Regulation, Division of Banking is responsible for enforcing these requirements. The document requires Mortgagees to provide a Notice of Mediation Conference to the Mortgagor prior to initiating foreclosure. The Notice must be provided at the address of the Residential Real Estate and, if different, at the address designated by the Individual Consumer Mortgagor.
Can you summarize 230 RICR Chapter 40?
The provided legal document content covers various aspects of banking regulations in Rhode Island. It includes the record retention requirements for money servicers and debt collectors, as well as the procedures and requirements for mutual holding companies operating in Rhode Island. The document also covers lending regulations, including the regulation of interest on escrow accounts, home loans, derivative transactions in lending limits, and mortgage foreclosure disclosure. Additionally, there are regulations governing credit unions in Rhode Island, including procedures for credit union by-laws, eligibility criteria for members of the credit union’s supervisory committee, and requirements for compliance with federal deposit insurance laws.
Can you summarize RICR Title 230, Chapter 40, Subchapter 15?
The Mutual Holding Companies Procedures govern Rhode Island financial institutions operating in mutual form. It provides procedures, requirements, and options for the reorganization of mutual financial institutions into mutual holding companies and the issuance of securities by resulting subsidiary financial institutions or subsidiary holding companies. The document defines various terms used in the regulation and clarifies that ‘board of trustees’ and ‘board of directors’ are interchangeable. It outlines the conditions for reorganizations, including board approval, filing of a Reorganization Plan and Application, approval by depositors, obtaining necessary regulatory approvals, and maintaining federally insured deposits.
Can you summarize RICR Title 280, Chapter 20, Subchapter 05?
The legal document titled ‘Bank Deposits Tax’ governs the definition of ‘deposits’ for various types of financial institutions, including national banking associations, state banks, trust companies, savings banks, building and loan associations, savings and loan associations, loan and investment companies, and credit unions. The document provides specific definitions for ‘deposits’ for each type of institution, including the types of deposits or time deposits that are included or excluded. It also defines terms such as ‘international banking facility’ and ‘international credit union facility’.
Can you summarize NVAC 205?
This legal document, governed by the Nevada Administrative Code, specifically addresses the approval or denial of applications, issuance, and activation of identity theft program cards. According to NRS 205.4651, the Attorney General will approve an application for an identity theft program card if the applicant is a victim of identity theft in Nevada, has filed a written report with a law enforcement agency stating their victim status, and the application is complete.
Can you summarize NVAC 645E?
These legal documents pertain to the licensing and regulation of mortgage bankers in Nevada. They outline the requirements and procedures for obtaining a license, including the qualifications and experience needed. The documents also cover the use of fictitious names, advertising regulations, change of control, surety bond requirements, reporting obligations, record retention, and examination procedures. Additionally, the documents address the conduct of hearings, including rules of evidence and the authority of the Commissioner to make informal dispositions or enter into consent agreements.
Can you summarize NVAC 645E.295?
This legal document, found in the Nevada Administrative Code under Mortgage Bankers, outlines the limitations and conditions for insider loans made or arranged by a mortgage banker. The lending limit for insider loans must not exceed 25 percent of the total dollar amount of the outstanding balances of funded loans made or arranged by the mortgage banker, or 100 percent of the mortgage banker’s net worth as indicated in their most recent financial statement submitted to the Commissioner.
Can you summarize NVAC 658?
This legal document governs the fee for supervision and examination of banks licensed pursuant to chapters 657 to 668, inclusive, of NRS. The fee is collected by the Commissioner of Financial Institutions on or before June 30 of each year. The fee is determined based on the portion of the annual budget approved by the Legislature for expenses related to the operations of the Commissioner and the Division of Financial Institutions.
Can you summarize NVAC 660?
The provided legal document content pertains to the establishment and operation of mechanical tellers in Nevada. According to NRS 660.075, an applicant who wishes to establish and operate a mechanical teller must submit an application and pay a fee of $1 for each mechanical teller to the Division of Financial Institutions of the Department of Business and Industry. Additionally, financial institutions that operate mechanical tellers under chapter 660 of NRS are required to pay an annual fee of $1 for each mechanical teller to the Division of Financial Institutions.
Can you summarize NVAC 662?
This legal document, found in the Nevada Administrative Code under the section ‘Banks: Powers and Miscellaneous Provisions’, provides interpretation and clarification regarding the determination of ’total outstanding loans’ as used in NRS 662.145. The document states that if a loan is secured by a cash deposit under the direct control of the bank, the amount of the loan does not include the cash deposit. Additionally, loans subject to certain requirements must be combined if the proceeds directly benefit another borrower with outstanding loans at the same bank or if a common enterprise exists between the borrowers.
Can you summarize NVAC 665?
The provided legal document outlines the retention periods for various categories of business records that state banks are required to maintain. These records include administration, insurance, accounting and auditing, capital, collections, commercial loans, consumer credit, credit cards, demand deposits, due from banks, due to banks, general, general ledger, international, investments, official checks and drafts, personnel, proof, clearings and transit, real estate loans, registered mail, safe deposit, savings and time deposits, and trust department.
Can you summarize NVAC 666?
The provided legal document content pertains to the approval process for mergers and certain actions by Nevada depository institutions. According to the Nevada Administrative Code, an application for approval of a merger must be accompanied by a nonrefundable fee of $4,500. Similarly, an application for approval of certain actions must also be accompanied by a nonrefundable fee of $4,500. These requirements were added to the Nevada Administrative Code by the Commissioner of Financial Institutions in 2006.
Can you summarize NVAC 668?
The provided legal document content pertains to prohibited practices and penalties related to licensed banks in Nevada. According to the document, if a licensed bank or its authorized representative fails to respond to the Commissioner of Financial Institutions within 20 business days after receiving a written notice of a filed complaint, the licensee is deemed to have admitted to the allegations in the complaint. The document also states that complaints filed with the Division of Financial Institutions, along with any accompanying documents and investigation reports, are considered confidential, subject to the discretion of the Commissioner of Financial Institutions.
Can you summarize NVAC 671?
This legal document, governed by the Nevada Administrative Code, pertains to the fee for supervision and related activities for licensees under the Issuers of Instruments for Transmission or Payment of Money. The Commissioner charges and collects a fee of $75 per hour from each licensee for any supervision, examination, audit, investigation, or hearing conducted under chapter 671 of NRS. The Commissioner will bill each licensee upon the completion of the activity, and the fee must be paid within 30 days.
Can you summarize NHCAR Ban 1106?
The provided legal document content pertains to consumer complaints against banks in New Hampshire. The document is sourced from the New Hampshire Code of Administrative Rules, specifically Ban 1106.01. It appears to be a regulation or rule related to consumer complaints filed against banks in the state. The document does not specify any exemptions or penalties related to the complaints. However, it is important to note that the document references other sources and amendments that may provide further details on exemptions and penalties.
Can you summarize NHCAR Chapter Ban 1800?
This legal document pertains to the calculation of bank reserves for banking companies. It specifies the requirements and guidelines for determining the amount of reserves that banking companies are required to maintain. The document focuses on ensuring that banking companies comply with the necessary reserve requirements to maintain financial stability and meet regulatory standards. It does not mention any specific exemptions or penalties related to the calculation of bank reserves.
Can you summarize NHCAR Chapter Ban 600?
The provided legal document content pertains to the regulation of branch banking and electronic customer service terminals in New Hampshire. It governs the entities operating these facilities and outlines the requirements and guidelines they must adhere to. The document does not mention any specific exemptions or penalties for non-compliance. Overall, the document focuses on ensuring the proper functioning and regulation of branch banking and electronic customer service terminals in New Hampshire.
Can you summarize NHCAR Chapter Ban 800?
The provided legal document content pertains to the rules of construction for RSA 394-A:11 (1983 Laws, Chapter 369:12) in New Hampshire. These rules govern the powers and inconsistent charter provisions related to banking organizations. The document has been repealed and is no longer in effect. The source of the repeal is cited as #255l, effective from 1-7-84, and it is exempt from expiration. The document was subsequently repealed by #12393, effective from 9-29-17.
Can you summarize NHCAR Chapter Tre 300?
The provided legal document content pertains to the New Hampshire Unclaimed and Abandoned Property Law, RSA 471-C. It requires businesses, financial institutions, utilities, and other holders to review their records annually to identify any funds, securities, or other property that may have been unclaimed for specified periods. These holders are then required to make an annual report of their findings. The document establishes rules for identifying abandoned property, outlines the responsibilities of reporting it, and provides guidelines for compliance examinations.
Can you summarize NHCAR Rev 304.10?
This legal document governs the adjustments required to apportionment factors for financial institutions. It applies specifically to financial institutions and provides provisions for the apportionment of income to New Hampshire. The document outlines definitions for various terms such as billing address, borrower or credit cardholder located in New Hampshire, commercial domicile, credit card, credit card issuer’s reimbursement fee, finance lease, financial institution, gross rents, loan, loan secured by real property, merchant discount, participation, person, real and tangible property, regular place of business, syndication, taxable, and transportation property.
Can you summarize WVCS 106-06?
The provided legal document content is a rule that allows state-chartered banks to use the stock of their parent bank holding company as collateral for loans or extensions of credit. The rule is governed by the West Virginia Code of State Rules under the Banking section. It was filed on May 2, 1989, and became effective on the same date. The authority for this rule is W. Va. Code ‘31A-2-4(c)(11). According to the rule, a state-chartered bank can accept the stock of its parent bank holding company as collateral as long as the aggregate fair market value of all such parent bank holding company stock held as collateral does not exceed ten percent (10%) of the capital stock and surplus of the state-chartered bank.
Can you summarize WVCS Banking?
The provided legal document content consists of various rules and regulations governing different aspects of the banking industry in West Virginia. These documents cover a wide range of topics, including collateral requirements for state-chartered banks, record-keeping requirements for residential mortgage lenders, brokers, and loan originators, regulations and restrictions on regulated consumer lenders, guidelines for lease financing transactions, implementation of the West Virginia Community Reinvestment Act, installation and operation of customer bank communication terminals, procedures for requesting declaratory rulings and conducting contested case hearings, use of off-premise bookkeeping services by financial institutions, regulations for reverse mortgage loans, sale of insurance products by state-chartered banks, regulations under the West Virginia Consumer Credit and Protection Act, valuation of real estate owned by state-chartered banks, notice and treatment of joint accounts in the banking sector.
Can you summarize TNRR 0180-05?
This document outlines the requirements for publishing a public notice for applications or notifications related to a new bank charter or a branch bank. The notice must be published in a newspaper of general circulation in the community where the facility is to be established. In the case of a branch bank application/notification, an additional notice must be published in a newspaper of general circulation in the community where the applicant bank’s main office is located.
Can you summarize TNRR 0180-07?
The provided legal document content outlines the rules and regulations related to application procedures, forms, instructions, and reports for banks, BIDCOs, savings banks, and trust companies in the state of Tennessee. It establishes the fees that the Department of Financial Institutions will assess against these entities for making such applications. The Commissioner has the authority to vary or waive a requirement if permitted by statute. The document covers various aspects of the application process, including the notice of intention to organize a state bank, approval of the notice, stock subscriptions, charter application, public notice, investigation and examination by the Commissioner, issuance of a charter and certificate of authority, amendment of charters, establishment of branch offices, relocation of main office or branch, and organizational expense fund for proposed state banks.
Can you summarize TNRR 0180-11?
The provided legal document content pertains to the reserves required of state banks in the state of Tennessee. The document is governed by T.C.A. 45-2-709 and Chapter 226 of the Public Acts of 1981. It was originally filed on August 25, 1981, and became effective on October 9, 1981. The document was repealed on January 30, 1985, and the repeal became effective on April 16, 1985. The document was revised in March 1999.
Can you summarize TNRR 0180-15?
These documents pertain to the rules and regulations governing acquisitions for financial institutions and holding companies in the state of Tennessee. The rules establish application or notification procedures for direct or indirect acquisitions and aim to monitor compliance with the deposit cap. They prohibit bank holding companies from acquiring a Tennessee bank if it would result in controlling 30% or more of insured deposits in the state. The rules also prohibit the acquisition of a bank that has not been in operation for five years, subject to exemptions.
Can you summarize TNRR 0180-16?
These rules, part of the Rules and Regulations of the State of Tennessee under the Tennessee Department of Financial Institutions, pertain to insurance requirements for state-chartered banks. The rules allow banks to establish a special reserve fund in lieu of providing a fidelity bond for active officers and employees. The establishment of the special reserve fund is subject to the bank’s adjusted total capital to adjusted total assets ratio meeting or exceeding its peer group average.
Can you summarize TNRR 0180-19?
The Rules of Procedure for Investments and Activities for State-Chartered Banks and Their Subsidiaries govern the permissible investments and activities of state-chartered banks and their subsidiaries in the state of Tennessee. The document aims to broaden the range of activities available to state-chartered banks and ensure their competitiveness with other financial entities. It emphasizes the importance of safety and soundness in these investments and activities. The document requires state-chartered banks to notify the Department when forming a subsidiary or engaging in new activities through an existing subsidiary.
Can you summarize TNRR 0180-21?
These rules pertain to the assessment of the annual banking fee for state banks in the state of Tennessee. The Department of Financial Institutions divides its annual budget among state banks through an assessment known as the ‘banking fee’, based on the banks’ assets. The banking fee is not prorated and must be paid in full by state banks on the first day of the fiscal year. The maximum banking fee assessment cannot exceed the fee that a national bank of equivalent asset size would pay.
Can you summarize TNRR 0180-22?
This document, Chapter 0180-22 of the Rules and Regulations of the State of Tennessee, establishes rules pertaining to the agency relationships of state-chartered banks. The rules are applicable to state-chartered banks in Tennessee and are in accordance with the provisions of Public Chapter 85, Acts of 1989. The primary purposes of these rules are to facilitate transactions and activities described in Public Chapter 85 and to protect the safety and soundness of all Tennessee banks, their depositors, and other customers.
Can you summarize TNRR 0180-31?
The provided legal document content outlines the rules and regulations for Tennessee-chartered banks regarding the establishment of loan production offices. The document states that banks must file a notice with the commissioner 14 days prior to establishing a loan production office. The notice should include various details such as the bank’s name and address, the name and address of the loan production office, the responsible bank officer, a description of proposed activities, and the planned opening date.
Can you summarize MOCS 20 CSR 1140-2.127?
This document pertains to the regulation of automated teller machines (ATMs) and remote service units in the state of Missouri. It states that these machines are not considered branches and therefore do not require regulatory approval. The term ‘branch’ in section 362.107 of the Missouri Revised Statutes does not include ATMs, point of sale devices, cash dispensing machines, or similar unmanned banking terminals. As a result, banks and trust companies do not need to obtain approval from the commissioner of finance to establish or relocate such devices.
Can you summarize MOCS 20 CSR 1140-6.090?
This rule, filed under the Missouri Code of State Regulations, pertains to banks and addresses the issue of securing private deposits. The rule states that banks are not authorized to pledge assets to secure or collateralize deposits other than deposits of public moneys held by or for the benefit of a public officer or a political subdivision. The lack of authorization or direction concerning private deposits indicates that banks lack the power to pledge securities for such deposits.
Can you summarize MOCS Title 20, Division 1135?
This legal document establishes the rules of procedure for hearings before the State Banking Board. The State Banking Board is responsible for determining appeals from certain decisions made by the commissioner of finance, providing advice on banking matters to the Division of Finance, and approving regulations promulgated by the commissioner of finance. The board is composed of five individuals appointed by the governor, including two bankers, two nonbankers, and one attorney.
Can you summarize MOCS Title 20, Division 1140, Chapter 1?
The Division of Finance, under the Missouri Code of State Regulations, is responsible for regulating various financial institutions and businesses. These include state-chartered banks and trust companies, state-chartered savings and loan companies, consumer credit lenders or small loan companies, financing institutions subject to the Financing Institution Licensing Law, sales finance companies subject to the Motor Vehicle Time Sales Law, sale of checks (money order) companies, mortgage broker companies, title loan companies, payday loan companies, and development finance corporations organized under Chapter 371, RSMo.
Can you summarize MOCS Title 20, Division 1140, Chapter 10?
The provided legal document outlines the obligations and requirements for holding companies that intend to acquire a bank in Missouri. It specifies that holding companies must comply with section 362.915, RSMo, which sets a maximum size for growth through acquisition. The director of finance is responsible for determining if the proposed acquisition is permitted under section 362.915, RSMo and must provide findings within 30 days of receiving the necessary information. Holding companies are required to provide the director with the required information, regardless of whether an application is required by the Board of Governors of the Federal Reserve System.
Can you summarize MOCS Title 20, Division 1140, Chapter 2?
The provided legal document content covers various aspects related to banks and trust companies in the state of Missouri. It includes rules and regulations governing the operation of state-chartered banks and trust companies, as well as guidelines for specific activities and investments. The documents address topics such as the operation of insurance agencies by state-chartered banks, the purchase of bank-owned life insurance, investments in real estate development corporations, loan limits, trust accounts, fiduciary investments, marketing policies, automated teller machines (ATMs), financial subsidiaries, preservation of books and records, and lease financing limited partnerships.
Can you summarize MOCS Title 20, Division 1140, Chapter 25?
This regulation governs the operation of electronic fund transfer systems by associations. It defines key terms such as electronic fund transfer system, personal security identifier (PSI), and remote service unit (RSU). The regulation allows associations to establish and use RSUs on an unrestricted geographic basis, subject to the requirements of the Electronic Fund Transfer Act and Regulation E of the Federal Reserve Board. It also sets requirements for RSU access techniques, privacy of account data, security measures, supervision of RSUs, and home banking services.
Can you summarize MOCS Title 20, Division 1140, Chapter 6?
The provided legal document content consists of various interpretive rulings issued by the Missouri Department of Commerce and Insurance, specifically the Division of Finance. These rulings provide guidance and policy statements on different aspects of banking and financial activities in Missouri. The rulings cover topics such as the application of loan limits to investments in industrial revenue bonds, contracting for additional interest or stock purchase warrants, investing in mutual funds, engaging in tax preparation activities, offering check guaranty services, operating credit bureaus, purchasing employee residences, investing in the stock of the Federal Agricultural Mortgage Corporation, providing sweep account services, establishing loan production offices, establishing trust representative offices, and securing private deposits.
Can you summarize MOCS Title 20, Division 1140, Chapter 9?
The provided legal document content pertains to the procedures for hearings required for the issuance of Cease and Desist Orders and the removal or suspension of officers and directors of banks and trust companies. The document defines key terms such as ‘Commissioner’, ‘Hearing Officer’, and ‘Respondent’. The commissioner is responsible for maintaining a complete record of all proceedings, which are treated as confidential records of the Division of Finance. The document also outlines requirements for pleadings, briefs, and other documents, including their format and content.
Can you summarize MOCS Title 4, Division 50, Chapter 1?
The provided legal document content refers to the Missouri Code of State Regulations, specifically the Department of Economic Development and the State Banking Board. The State Banking Board is responsible for regulating banking activities within the state of Missouri. The document content has been moved to a new location, specifically 20 CSR 1135-2.010. The content does not mention any specific exemptions or penalties. It is important to review the updated regulations in 20 CSR 1135-2.
Can you summarize MOCS Title 4, Division 50, Chapter 2?
The provided legal document content pertains to the State Banking Board under the Missouri Code of State Regulations and the Department of Economic Development. It governs the regulations and guidelines for state banks operating in Missouri. The document applies to state banks and the State Banking Board responsible for their regulation and supervision. No specific exemptions or penalties are mentioned in the document.
Can you summarize OKAC 710:40-1-7?
A bank holding company may exclude from the computation of capital employed the capital employed of a bank held by such holding company to the extent of the holding company’s ownership percentage in the held bank. If a bank holding company owns less than one hundred percent (100%) of the stock of the held bank, then the bank holding company shall multiply its percentage of stock ownership in the held bank by the amount of capital employed of such held bank as reflected on the held bank’s Franchise Tax Return.
Can you summarize OKAC 710:50-27?
The provided legal document states that every state banking association, national banking association, and credit union organized under the laws of Oklahoma is subject to a privilege tax. The tax is based on the United States taxable income, as defined by 68 O.S. 2353(10), with adjustments determined by 68 O.S. 2358, 68 O.S. 2370(D)(1), and 68 O.S. 2370(D)(2). However, state and national banks and state credit unions that make a Federal Subchapter ‘S’ election are exempt from paying the ‘in lieu’ tax.
Can you summarize OKAC 735:80?
The first legal document governs the disposition of unclaimed property other than cash in Oklahoma, allowing the State Treasurer to dispose of unclaimed property without commercial value and outlining the rights of the original owner or their heirs. The second legal document governs the process of resolving conflicting claims and the payment of claims paid in error. The third legal document outlines the verification and approval process for claims of unclaimed property.
Can you summarize OKAC 85:1?
The provided legal document content pertains to the Oklahoma Administrative Code related to the State Banking Department. It covers various procedural rules and processes, including filing a petition for a declaratory ruling, the complaint procedure for consumers, filing petitions for rulemaking, issuance of subpoenas, attendance of witnesses, pre-hearing conferences, production of documents, and service of pleadings in administrative proceedings. The document also provides definitions for terms used in the Oklahoma Administrative Code related to the State Banking Department.
Can you summarize OKAC 85:10-11-12?
In order that the books and records of a bank or trust company reflect its contingent liabilities, the bank or trust company shall properly maintain records on all letters of credit issued and outstanding showing the following information: (1) Controlled registration numbering system; (2) Name of the account party for whom the letter of credit is established; (3) the name of the beneficiary; (4) the amount; and (5) the expiration date.
Can you summarize OKAC 85:10-11-16?
This legal document governs the deposit and safekeeping agreements and fees between banks and their customers. It establishes a debtor-creditor relationship between the bank and the customer based on the agreement executed or adopted by the customer. The document allows banks to charge reasonable fees for account and safekeeping services, even if the specific terms of the contract are silent on service charges. It also states that interest on a deposit may or may not be paid on a dormant account, as determined by the bank’s board policy.
Can you summarize OKAC 85:10-11-4?
(a) Lease. For purposes of Section 1302 of the Code, the term ‘receipt’ shall mean a copy of the lease contract but does not mean that the lessor must provide a receipt for any or all items deposited in a safe deposit box. (b) Requirements. Each lessor that provides safe deposit box services for its customers shall: (1) Maintain a record as to the lessee(s) of each box rented. (2) Maintain a record as to the person or persons permitted to enter the box () with minimum data consisting of names of entries into the box and dates of entry.
Can you summarize OKAC 85:10-11-5?
Any state bank is authorized to pay interest on deposits at rates authorized by its board of directors and not otherwise prohibited by the law of this state or by federal law. [ Source: Amended at 25 Ok Reg 1064, eff 5-25-08]
Can you summarize OKAC 85:10-3-20?
This legal document governs bank or trust-related activities conducted by institutions or organizations directed to or offered to residents of Oklahoma in a public manner. It defines bank or trust-related activities for banks, bank holding companies, trust companies, and their affiliates domiciled outside Oklahoma, as well as for business organizations that are not banks, bank holding companies, or trust companies. The document requires institutions or organizations conducting bank or trust-related activities without a certificate of authority in Oklahoma to file a Registration Statement with the Commissioner prior to engaging in such activities and annually thereafter.
Can you summarize OKAC 85:10-3-21?
This document governs the fees associated with various applications and transactions related to state banks and trust companies. It applies to applicants for authority to organize a state bank or trust company, applicants for change of location, applicants for approval of operating or financial subsidiaries, applicants for certificate to maintain and operate a branch, applicants for abandonment or exercise of trust powers, applicants for merger, applicants for purchase and assumption agreements, and applicants for registration statements.
Can you summarize OKAC 85:10-9-4?
[ Source: Amended at 14 Ok Reg 3559, eff 8-1-97 (emergency); Amended at 15 Ok Reg 2952, eff 7-15-98; Revoked at 25 Ok Reg 1064, eff 5-25-08]
Can you summarize OKAC 85:10-9-7?
This legal document, found in the Oklahoma Administrative Code, specifically in the State Banking Department section, pertains to the supervision, regulation, and administration of banks, trust companies, and the Oklahoma Banking Code. It defines the terms ‘main office’ and ‘branch office’ in relation to loan decision and loan funding, to include ‘back office facility’ operations. A ‘back office facility’ refers to a bank facility that is not accessible to or visited by the public.
Can you summarize OKAC 85:10-9-8?
Deposits in nominal amounts taken by bank officers or employees at elementary or secondary schools from students pursuant to or as part of a bank program offered to the school by the bank for educational purposes, shall be permissible and shall not be considered a ‘branch.’ [ Source: Amended at 15 Ok Reg 2952, eff 7-15-98]
Can you summarize OKAC 85:10?
The provided legal document content covers various aspects of the supervision, regulation, and administration of banks, trust companies, and the Oklahoma Banking Code. It outlines the complaint procedure for reporting violations, the process of ordering evidentiary hearings, and the subsequent actions and appeals. The document also governs the use of promotional materials and sales literature in connection with the offer or sale of securities, including the requirements for offering circulars and mandatory disclosures.
Can you summarize 7 TXAC 12.1?
This subchapter of the Texas Administrative Code governs loans and extensions of credit made by a state bank and its operating subsidiaries. Its purpose is to protect the safety and soundness of state-chartered banks by preventing excessive loans to one person or a relatively small group of financially interdependent persons, and to promote diversification of loans to reduce portfolio and credit risk. The subchapter applies to all loans and extensions of credit made by a state bank and its operating subsidiaries, except for loans made to the bank’s ‘affiliates’ as defined in 12 U.
Can you summarize 7 TXAC 139.9?
A bank holding company with fewer than 500 shareholders that owns the majority of the voting shares of a bank domiciled in Texas is hereby exempted from the dealer registration requirements of the Securities Act, 12, with respect to its participation in a sale or other transaction involving its own securities or the securities of a bank where the bank holding company owns a majority of the voting shares of such bank.
Can you summarize 7 TXAC 3.111?
This document governs the handling of confidential information by the Texas Department of Banking and applies to financial institutions, applicants, shareholders, participants, officers, directors, managers, affiliates, and service providers. The document recognizes the need for confidentiality in financial institutions’ financial condition and business affairs while balancing the public’s need for information. It defines confidential information as written and oral information obtained by the department regarding the financial condition or business affairs of the mentioned entities.
Can you summarize 7 TXAC 3.24?
A state bank shall notify the banking commissioner and submit the information required by 12 CFR Part 225, Subpart N, or Part 304, Subpart C, as applicable, or any successor regulation, regarding a computer-security incident that qualifies under such regulations as a notification incident, no later than the time the information is required to be submitted to the applicable federal regulatory agency. Source Note: The provisions of this 3.24 adopted to be effective January 2, 2020, 44 TexReg 8227; amended to be effective September 8, 2022, 47 TexReg 5328
Can you summarize 7 TXAC 3.35?
This section of the Texas Administrative Code governs the imprinting requirements for safe deposit box keys issued by financial institutions in Texas. It clarifies the requirements of the Finance Code, 59.110, which mandates the imprinting of keys with the financial institution’s routing number. The section defines key terms such as ‘financial institution’ and ‘routing number.’ It specifies that the routing number should be imprinted on the head or shank of the key, or alternatively, on a secure tag attached to the key.
Can you summarize 7 TXAC 3.53?
This legal document, found in the Texas Administrative Code, pertains to the asset deposit and pledge requirement applicable to foreign banks that maintain and operate a Texas state branch or agency and carry nonrelated deposit liabilities on the books and records of such branch or agency. The document requires these foreign banks to pledge and keep assets on deposit with a depository in accordance with the subchapter. The amount of assets required to be deposited is based on the lower of the principal amount or market value and is determined by either one percent of the average total nonrelated liabilities or $100 million, subject to a minimum deposit of $100,000.
Can you summarize 7 TXAC 3.54?
This document pertains to the asset deposit and pledge requirement applicable to foreign banks with Texas state branches or agencies that carry only nonrelated other liabilities on their books and records and do not carry nonrelated deposit liabilities. According to this document, foreign banks meeting the mentioned criteria are not required to pledge assets. However, the banking commissioner has the authority to require asset pledge based on certain factors. In such cases, the bank must comply with all provisions of this subchapter relating to the deposit and pledge of assets.
Can you summarize 7 TXAC 3.59?
This document outlines the requirements and conditions for a deposit agreement between a foreign bank and a depository in the context of a Texas state branch or agency. The deposit agreement must be approved by the banking commissioner and include specific terms and conditions. Only assets eligible to be pledged under the relevant regulations may be deposited into the pledge account. The assets must be pledged to the banking commissioner for the benefit of the creditors and depositors of the Texas state branch or agency.
Can you summarize 7 TXAC 3.60?
(a) Retention of receipts of statements. A foreign bank must retain for three years from the date of receipt the originals of all receipts or statements obtained from a depository under 3.59 of this title (relating to Deposit Agreement and Conditions). The foreign bank must make such originals available to the department at the time of the examination of such branch or agency. (b) Withdrawal request and certificate. Coincidentally with any withdrawal request authorized pursuant to 3.
Can you summarize 7 TXAC 3.92?
This document, part of the Texas Administrative Code, pertains to user safety at unmanned teller machines. It defines terms used in this subchapter and provides guidelines for measuring compliance with safety procedures. It states that landlords or owners of property must comply with safety procedures if they control the access area or defined parking area for an unmanned teller machine. If compliance cannot be obtained, the owner or operator of the machine must notify the landlord in writing.
Can you summarize 7 TXAC 3.93?
This legal document governs the establishment and operation of deposit production offices (DPOs) by Texas state banks. DPOs are sites other than the home office or a branch of the bank where deposit production activities can take place. Texas state banks are authorized to engage in deposit production activities at DPOs, including soliciting deposits, providing information about deposit products, and assisting with opening deposit accounts. However, DPOs must not engage the public in the business of banking, such as making loans, receiving deposits, and paying withdrawals.
Can you summarize 7 TXAC 65.11?
All transactions, including loans, involving officers, directors, affiliated persons, controlling persons or employees shall be limited and governed by the provisions of Federal Reserve Board Regulations O and W, which sections are hereby incorporated by reference. Such provisions shall be enforced by the department. Source Note: The provisions of this 65.11 adopted to be effective January 10, 1989, 13 TexReg 6472; amended to be effective May 5, 2016, 41 TexReg 3107
Can you summarize 7 TXAC 67.17?
This legal document, part of the Texas Administrative Code, pertains to user safety at unmanned teller machines. It defines terms used in the document and provides guidelines for measuring compliance with safety procedures. It states that landlords or owners of property must comply with safety procedures if they control the access area or parking area for an unmanned teller machine. If compliance cannot be obtained, the owner or operator of the machine must notify the landlord in writing.
Can you summarize 7 TXAC 75.34?
This document, part of the Texas Administrative Code, governs the establishment and maintenance of Loan Production Offices (Loan Offices), Administrative Offices, and Deposit Production Offices by savings banks. Loan Production Offices have the authority to take loan applications, originate loans, approve or make credit decisions, accept loan payments, and manage or sell real estate owned by the institution. Administrative Offices are established for administrative purposes only and cannot accept savings deposits or loan applications.
Can you summarize 7 TXAC 77.33?
All transactions, including loans, involving officers, directors, affiliated persons, controlling persons or employees shall be limited and governed by the provisions of Federal Reserve Board Regulations O and W, which sections are hereby incorporated by reference. Such provisions shall be enforced by the department. Source Note: The provisions of this 77.33 adopted to be effective September 23, 1993, 18 TexReg 6096; amended to be effective May 5, 2016, 41 TexReg 3119
Can you summarize 7 TXAC Chapter 12?
The provided legal document content covers various aspects of the ownership, management, and disposal of Other Real Estate Owned (OREO) by state banks in Texas. It provides definitions for key terms related to OREO and outlines the circumstances under which a state bank may acquire OREO. The document also establishes appraisal requirements, additional expenditures, holding period requirements, and methods of disposing of OREO. Furthermore, the document discusses the investment limits for state banks in Texas, including the definition of ‘unimpaired capital and surplus’ and the determination of investment limits.
Can you summarize 7 TXAC Chapter 3?
The provided legal document governs the handling of confidential information by the Texas Department of Banking. It applies to various entities including financial institutions, applicants, shareholders, participants, officers, directors, managers, affiliates, and service providers. The document recognizes the importance of confidentiality in financial institutions’ financial condition and business affairs while also considering the public’s need for information. Confidential information is defined as written and oral information obtained by the department regarding the financial condition or business affairs of the mentioned entities.
Can you summarize 7 TXAC Chapter 67?
The provided legal document content covers various aspects related to savings and deposit accounts, user safety at unmanned teller machines, issuance of capital obligations by associations, method of computing dividends for associations, and distribution and payment of earnings on savings or deposit accounts by associations. The documents govern the authorization and requirements for deposit accounts for state-chartered associations, including the need for resolutions and bylaw amendments. They also require the submission of certificates and/or savings account forms for review.
Can you summarize 7 TXAC Chapter 76, Subchapter C?
This legal document governs the reorganization of a savings bank as a mutual holding company. It specifies the requirements and procedures for a savings bank to reorganize as a mutual holding company, including the submission of an application to the Commissioner, the proposed certificate of formation and bylaws for the subsidiary savings bank and mutual holding company, and the complete plan of reorganization. The Commissioner may conduct an examination of the applicant savings bank and approve the reorganization without a hearing if certain conditions are met.
Can you summarize 7 TXAC Chapter 77, Subchapter B?
The provided legal document content pertains to savings and deposits in the context of Texas Administrative Code. It states that a savings bank is allowed to pledge its assets to secure deposits from various entities, including the United States government, state or political subdivisions, local municipalities, federally-recognized Indian tribes, and other entities as required by state or federal law or court order. The document does not mention any specific exemptions or penalties related to savings and deposits.
Can you summarize UTAC R333-10-5?
(1) A bank or bank holding company shall notify the Commissioner of Financial Institutions of its intent to acquire or establish a subsidiary that: (a) sells, distributes or underwrites stocks, bonds, debentures, notes, or other securities; (b) acts as an investment advisor to any investment company; (c) conducts any activity for which the subsidiary is required to register with the Securities and Exchange Commission as a broker-dealer; or (d) engages in any other securities activity.
Can you summarize UTAC R333-13-3?
This document outlines the federal laws that are applicable to banks subject to the jurisdiction of the Department of Financial Institutions in Utah. The laws include the Truth in Lending Act, Equal Credit Opportunity Act, Truth in Savings Act, Bank Secrecy Act, Federal Deposit Insurance Corporation Improvement Act, Federal Reserve Act, Real Estate Settlement Procedures Act, Fair Credit Reporting Act, Expedited Funds Availability Act, Electronic Fund Transfers Act, and Community Reinvestment Act.
Can you summarize UTAC R333?
The provided legal document content outlines the federal laws applicable to banks under the jurisdiction of the Department of Financial Institutions in Utah. These laws cover various aspects of banking operations, including lending practices, credit reporting, fund availability, real estate lending standards, and safety and soundness standards. The document does not mention any specific exemptions or penalties for non-compliance or violation of these laws.
Can you summarize UTAC R865-6f-32?
This legal document, titled ‘Taxation of Financial Institutions Pursuant to Utah Code Ann. Sections 59-7-302 through 59-7-321’, governs the taxation of financial institutions in the state of Utah. It provides definitions for various terms used in the document, including ‘billing address’, ‘borrower or credit card holder located in this state’, ‘commercial domicile’, ‘compensation’, ‘credit card’, ‘credit card issuer’s reimbursement fee’, ’employee’, ‘financial institution’, ‘gross rents’, ’loan’, ’loans secured by real property’, ‘merchant discount’, ‘participation’, ‘person’, ‘principal base of operations’, ‘real property owned’, ’tangible personal property owned’, ‘regular place of business’, ‘state’, ‘syndication’, ’taxable’, and ’transportation property’.
Can you summarize 17 KSAR Article 1?
The document defines the term ‘commissioner’ as the Kansas state bank commissioner in the context of articles 1 through 23 of the Kansas Administrative Regulations related to the Office of the State Bank Commissioner. These regulations are authorized by K.S.A. 9-1713 and implement K.S.A. 1995 Supp. 9-701. The document does not provide any exemptions or penalties. It solely serves to clarify the meaning of the term ‘commissioner’ within the specified articles of the regulations.
Can you summarize 17 KSAR Article 11?
The provided legal document content covers various documentation requirements for banks and trust companies. It includes requirements for maintaining a central listing of personal property taken in payment of a debt, insurance coverage for tangible property, appraisals and evaluations of real estate, assets charged off the books, loans issued by banks, records and documentation for real estate owned, bonds, and loans. The documents specify the information that must be included in the central listings, such as property description, acquisition date, original debtor’s name, indebtedness amount, and acquisition cost.
Can you summarize 17 KSAR Article 12?
The provided legal document content pertains to the preparation and maintenance of transaction summaries for banks or trust companies. It requires that a daily summary of all transactions, including assets, liabilities, and net worth, be prepared and kept on file at the bank or trust company. Additionally, a monthly summary of transactions relating to fiduciary assets must be prepared and maintained. The document specifies that each transaction affecting the assets, liabilities, or fiduciary assets held by the bank or trust company should be shown in detail.
Can you summarize 17 KSAR Article 15?
The document provides guidelines for the retention periods of various records that banks and trust companies must maintain. It covers a wide range of records, including administrative records, accounting and auditing records, checking accounts, Christmas club accounts, collections, commercial loans, consumer credit, customer service records, general records, general ledger, international department records, investments, official checks and drafts, personnel records, proof, clearings and transit records, real estate loans, registered mail, safe deposit vault records, savings accounts, tellers’ records, trust records, and minimum electronic data processing (EDP) record retention.
Can you summarize 17 KSAR Article 16?
The provided legal document outlines the requirements for an application for a certificate of authority for a proposed bank or trust company. The application must include the name and address of the proposed bank or trust company, as well as the names and addresses of the organizers, proposed officers, proposed directors, and shareholders. Detailed financial statements, certified by the owners, for the organizers, proposed officers, directors, and individual shareholders owning or controlling 10% or more of the stock must also be provided.
Can you summarize 17 KSAR Article 17?
The provided legal document governs the notification requirements for banks intending to engage in financial futures contracts. It requires banks to notify the commissioner and provide specific information before commencing such activity. The information includes a copy of the bank’s written policy established by the board of directors, background and experience of authorized persons, trading limits and conditions for deviations, responsible bank personnel, procedures to prevent unauthorized trading, blank forms for daily contract activity, and blank internal record keeping forms.
Can you summarize 17 KSAR Article 19?
The provided legal document pertains to the organization and approval process for bank subsidiaries engaged in securities activities in the state of Kansas. It states that each bank subsidiary must be a wholly-owned subsidiary of the parent bank and may lease or sell office space from the parent bank, provided it represents fair market value. The bank subsidiary may employ parent bank employees, as long as they are fairly compensated. Additionally, the bank subsidiary must obtain prior approval from the bank commissioner and the state banking board before locating any office outside the state of Kansas.
Can you summarize 17 KSAR Article 21?
This document governs the acquisition of control of Kansas banks or Kansas bank holding companies by bank holding companies. It outlines the requirements and procedures for bank holding companies to acquire one or more Kansas banks or Kansas bank holding companies. The document defines ‘acquisition of control’ as owning, controlling, or having the power to vote 25 percent or more of any class of voting securities, controlling the election of a majority of directors or trustees, or exercising a controlling influence over management or policies.
Can you summarize 17 KSAR Article 22?
This document outlines the application fees required for various types of applications filed with the office of the state bank commissioner in Kansas. The fees are nonrefundable and vary depending on the type of application. Some of the applications covered include bank or trust company charter, new branch bank, relocation of main office or branch, merger, consolidation, transfer of assets and liabilities, change of control, conversion to state charter, bank service corporation, fiduciary activities, money order license, change of name, revenue bond pledgibility, letter of good standing, and administrative appeals.
Can you summarize 17 KSAR Article 23?
These legal documents, part of the Kansas Administrative Regulations under the Office of the State Bank Commissioner’s Trust Supervision, cover various aspects related to banks and trust companies. The first document requires these entities to maintain records of securities transactions for at least three years and provide customers with notifications regarding the transactions. The second document specifies the time and content requirements for securities transaction notifications. The third document pertains to the location of trust documents, requiring banks and trust companies to maintain original governing instruments at approved sites and make them available for examination purposes.
Can you summarize 17 KSAR Article 8?
This document, part of the Kansas Administrative Regulations under the Office of the State Bank Commissioner, governs banks’ acquisition of interests in financial subsidiaries or engaging in new activities within existing financial subsidiaries. The document requires banks to provide written notice to the commissioner before acquiring an interest or engaging in a new activity. The notice should include details such as the proposed transactions, percentage of ownership, name and address of the financial subsidiary, current and proposed activities, and information about insurance activities if applicable.
Can you summarize Agency 103 KSAR?
The provided legal document content governs the determination of the market value of negotiable promissory notes secured by first lien mortgages on real estate. These notes are pledged and assigned by banks or savings and loan associations as security for deposits of municipal or quasi-municipal corporations. The regulations outline a specific process for determining the market value, which involves calculating the average interest rate for all such notes pledged by the institution, obtaining the current GNMA bid rate for comparable obligations, and multiplying the total of real estate loans pledged by the GNMA bid quotation to ascertain the current value of the pledged real estate loans.
Can you summarize Agency 104 KSAR?
The provided legal document is a regulation issued by the Kansas Administrative Regulations. It governs consumer-purpose adjustable rate real estate transactions. The regulation applies to creditors who offer consumer-purpose adjustable rate notes secured by a real estate mortgage or consumer-purpose contracts for deed to real estate with an adjustable interest rate provision. It allows creditors to use any interest-rate index that is readily verifiable by the borrower, as long as the adjustment is beyond the control of the creditor.
Can you summarize 3 COCR 701-1 CB101.37?
This legal document, Section 11-105-302 of the Code of Colorado Regulations, governs transactions with affiliates and loans to executive officers, directors, and principal shareholders for commercial banks in Colorado. The document sets restrictions on covered transactions with affiliates, defines the term ‘affiliate,’ and requires that covered transactions and exempt transactions between a bank and an affiliate be consistent with safe and sound banking practice. It also establishes collateral requirements for certain transactions with affiliates and provides exemptions for specific types of transactions.
Can you summarize 3 COCR 701-1 CB101.47?
This document governs the reporting requirements for persons who become executive officers, directors, or persons responsible for the management, control, or operation of a bank. Within 90 days of assuming such positions, individuals must notify the Division of Banking in writing, including information on any civil or criminal offenses they have been found guilty or liable for. Additionally, a biographical report must be filed within 90 days if certain conditions are met, such as the bank being chartered less than two years ago, undergoing a change in control, or not being in compliance with minimum capital requirements.
Can you summarize 3 COCR 701-1 CB101.55?
This legal document, Section 11-105-604 of the Code of Colorado Regulations, pertains to the contractual acceptance of deposits by financial institutions. The document outlines the requirements and obligations for financial institutions when entering into deposit contracts. The board of directors of a financial institution is required to fully review and approve deposit contracts, with such review and approval being noted in the minutes. Financial institutions must also file a copy of the deposit contract with the State Bank Commissioner within 30 days of its effective date.
Can you summarize 3 COCR 701-1 CB101.62?
A. A state bank may, upon the deposit with it of any funds by a federally-recognized Indian Tribe, or any officer, employee or agent thereof in his or her official capacity, give security for the safekeeping and prompt payment of the funds so deposited by the deposit of United States bonds and other collateral eligible under Banking Board Rule PDP3 for pledging to protect public deposits. B. A pledge of eligible collateral shall be evidenced by a security agreement that: 1.
Can you summarize 3 COCR 701-5?
The Electronic Funds Act, which was repealed effective 11/30/2006, defined various terms related to electronic banking transactions in Colorado. The act defined ‘Account Holder’ as a person with an established demand, savings, or loan account at a Colorado bank. ‘Bank of Account’ referred to the bank where an account holder had their account. ‘Banking Transactions’ encompassed cash withdrawals, deposits, account transfers, payments, disbursements, and loan payments initiated by an account holder at a communications facility and accessing their account at a Colorado bank.
Can you summarize 3 COCR 701-6 TC10?
This document governs the reporting requirements for new executive officers, directors, and persons in control of trust companies, as well as the related late filing penalty. Any person who assumes such a position must notify the Division of Banking within 90 days in writing, including information on any civil or criminal offenses they have been found guilty or liable for. Additionally, a biographical report must be filed within 90 days if certain conditions are met, such as the trust company being chartered less than two years ago or undergoing a change in control.
Can you summarize 3 COCR 701-6 TC17?
This Rule governs the deposit of eligible securities by trust companies that are not authorized to accept or hold savings deposits, time deposits, or certificates of deposit. The purpose of this Rule is to protect the Division of Banking in the event of the involuntary liquidation of a trust company. Trust companies are required to deposit eligible securities with custodians, with a market value of not less than $250,000. These eligible securities, even if commingled with other assets, are deemed to be held in trust for the benefit of the Division of Banking in case of liquidation.
Can you summarize 3 COCR 701-6 TC6?
A. On or after December 31, 1990, no trust company shall accept or hold savings deposits, time deposits, or certificates of deposit pursuant to Section 11-109-201 (1)(d), C.R.S., unless such deposits are insured by the Federal Deposit Insurance Corporation (FDIC) or its successor. A trust company is not authorized to receive and maintain transaction deposit accounts pursuant to Section 11-109-201(2), C.R.S.
Can you summarize COCR 701?
This legal document is part of the Code of Colorado Regulations and is related to the regulation of Money Transmitters by the Department of Regulatory Agencies, Division of Banking. It provides definitions for various terms such as ‘Control,’ ‘Financial institution,’ ‘National Multistate Licensing System and Registry’ (NMLS), ‘Parent,’ ‘Permissible Investment,’ ‘Person,’ ‘Record,’ and ‘Stored Value.’ The document also describes the NMLS as an information portal for licensing and registration in financial services industries.
Can you summarize 10 PACO II(13)?
The provided legal documents cover a range of topics related to banking and loans in Pennsylvania. They include definitions of key terms used in the Pennsylvania Code, such as ‘Act,’ ‘Indebtedness limitation,’ ‘Nonperishable staples,’ and ‘Readily marketable staples.’ The documents also address the purchase and sale of participations or undivided interests in pools of evidences of indebtedness or agreements for the payment of money, with specific requirements for the retaining of interests and identification of included evidence of indebtedness or agreements.
Can you summarize 10 PACO Section 29.3?
Borrowings by an institution owned or controlled by a bank holding company from the bank holding company and other bank or nonbank subsidiaries of the bank holding company does not constitute borrowing of money. The borrowings shall be made in conformance with a written policy established by the bank holding company governing the financial planning of the bank holding company and its subsidiaries. Source The provisions of this 29.3 adopted November 2, 1990, effective November 3, 1990, 20 Pa.
Can you summarize 19 PACO Section 17.6?
This legal document, found in the Pennsylvania Code, pertains to the naming requirements for corporations and business associations in Pennsylvania. It outlines the characteristics that would result in the Department refusing to approve a corporate name or register a fictitious name. The document prohibits names that are deceptively similar to institutions subject to the Banking Code and names that contain certain banking-related words, unless specific exemptions apply. The exemptions include various financial institutions and organizations.
Can you summarize 22 PACO Section 31.34?
Each institution of higher education shall establish a policy that regulates the marketing of credit cards on campus in accordance with Article XXIII-A of the School Code (24 P. S. 23-2301-A23-2303-A). Authority The provisions of this 31.34 issued under section 2603-B of the Public School Code of 1949 (24 P. S. 26-2603-B). Source The provisions of this 31.34 adopted July 14, 2006, effective July 15, 2006, 36 Pa.B. 3650.
Can you summarize 49 PACO I(C)(63)?
The provided legal document content pertains to the policy regarding the imposition of a processing fee for returned checks issued to the Department or any bureau, commission, or board under its jurisdiction. Unless otherwise indicated in statute or regulation, individuals or entities that issue a check that is not honored by the institution on which it is drawn will be charged a $20 processing fee. There are no specific exemptions or penalties mentioned in this document.
Can you summarize 58 PACO Section 1116.4?
This legal document governs the placement and requirements of automated teller machines (ATMs) within an establishment licensee’s facility. According to the document, ATMs may be placed at any location within the facility, except in the video gaming area if they offer credit card advances. ATMs located in the video gaming area must be equipped with an integrated camera that records the image of all persons using the redemption terminal for a minimum period of 30 days.
Can you summarize 58 PACO Section 465a.29?
This document governs the placement and requirements of automated teller machines (ATMs) within licensed gaming facilities. ATMs may be placed at any location within the facility, except for those that offer credit card advances, which are not allowed on the gaming floor. Each ATM must have a unique identification number displayed on labels that are easily visible to the surveillance department. The labels must have white lettering on a black background or another approved color combination.
Can you summarize NDAC Article 12.5-03?
The provided legal document content governs the service fees associated with accepting payments made by credit cards, debit cards, or electronic fund transfers by executive branch agencies in compliance with credit card company rules. The documents require the Bank of North Dakota, acting on behalf of the state, to establish rules regarding service fees and approve the amount that may be charged by executive agencies. The Bank of North Dakota is designated as the credit card administrator for state agencies, boards, and commissions.
Can you summarize NDAC Article 85-03?
The provided legal document content pertains to the governance of unclaimed property in North Dakota. It applies to holders of unclaimed property, administrators, claimants, and heir finders. The document provides definitions for key terms such as ‘claim,’ ‘claimant,’ ‘claim form,’ ‘due diligence,’ and ‘heir finder.’ It references the North Dakota Century Code chapter 47-30.2 and outlines the process of returning unclaimed property to the rightful owner through the formal filing of a claim.
Can you summarize NDAC Chapter 13-02-02?
The provided legal document content pertains to bank reserves. It states that each banking association must maintain a percentage of its deposits as reserves, which should be equal to the amount required by the board of governors of the federal reserve system. The document does not mention any specific exemptions or penalties related to this requirement.
Can you summarize NDAC Chapter 13-02-06?
This legal document governs the establishment and operation of customer electronic funds transfer centers by state-chartered banks. It allows banks to establish customer electronic funds transfer centers for various purposes, such as cash dispensing, fund transfers, and customer account inquiries. The document specifies that cash or checks may be received and dispensed at the center’s location, subject to verification by the bank. The center can be manned or unmanned, and the bank may provide an employee for a limited period to assist in its operation.
Can you summarize NDAC Chapter 13-02-12?
The provided legal document pertains to the requirements for a reciprocating state bank holding company to acquire or organize a North Dakota state or national bank. The company must demonstrate how they will meet the credit needs for business expansion of the local community or trade area where the bank and any facilities, stations, or banking houses are located. The document provides definitions for terms such as ‘family farm’, ‘farmer’, ‘investments in community development’, ’low and moderate income housing’, and ‘student education loans’.
Can you summarize NDAC Chapter 13-02-17?
This legal document governs the sale or purchase of associations, banking institutions, or holding companies. It requires the secretary of the board to publish a notice of the application in the official newspaper of the county where the entity is located. The notice must include the entity’s name, the number of shares to be sold or purchased, and the total number of outstanding shares. It also provides information on how written comments can be submitted to the board and how the application can be requested or reviewed.
Can you summarize NDAC Chapter 13-02-21?
The provided legal document governs the disclosure of customer information by financial institutions. It applies to financial institutions that have not received a customer’s express consent or opt-in election. The document outlines various circumstances under which customer information can be disclosed to third parties, including transactions requested or authorized by the customer, servicing or processing of financial products or services, securitization or secondary market sales, protection of confidentiality or security, fraud prevention, risk control, resolving disputes or inquiries, and more.
Can you summarize NDAC Chapter 13-02-22?
The provided legal document content pertains to the establishment and operation of deposit production offices by state-chartered banks in North Dakota. A deposit production office is defined as an office separate from the bank’s main office or facility, where deposits are solicited but not received, withdrawals are not paid, and loans are not made. The document outlines the criteria and considerations for the approval of deposit production office applications by the commissioner.
Can you summarize NDAC Section 13-02-11-02?
This document, part of the North Dakota Administrative Code, pertains to the Department of Financial Institutions and specifically addresses the Minimum Guidelines for Report of Examining Committee for Banking and Savings and Loan Associations. The document outlines the minimum procedures that examinations conducted by the board of directors, examining committee, auditors, or internal audit control system should include to comply with the report requirement of section 6-03-69. These procedures cover various aspects such as bank operations and asset accounts, loans and lease, security investments and trading accounts, liquidity capital accounts and income and expenses, trust department (if applicable), and bank subsidiaries (if applicable).
Can you summarize NDAC Title 12.5?
The legal documents provided cover three different programs administered by the Bank of North Dakota. The College SAVE program establishes rules and regulations for higher education savings, including eligibility requirements, account establishment, contributions, distributions, and investment guidelines. The documents also govern the service fees associated with credit card payments accepted by executive branch agencies. The North Dakota ABLE plan provides tax-free savings accounts for individuals with disabilities, with the Bank of North Dakota responsible for administration and marketing.
Can you summarize MNAC 2660.0030?
This legal document outlines the acquisition procedure for associations in reciprocating states to establish or operate branch offices in Minnesota. It allows associations to acquire, merge, purchase, and assume assets or liabilities, consolidate, and acquire voting shares of savings and loan holding companies, savings associations, or savings banks located in Minnesota. The document specifies the requirements for filing an application, including the necessary attachments such as resolutions, examination reports, acquisition agreements, financial statements, and other relevant information.
Can you summarize MNAC 2675.2246?
Where a bank makes a direct investment in a certificate of deposit of another financial institution, such investment shall not exceed its legal lending limit as provided in Minnesota Statutes, section 48.24 ; however, this limitation shall apply only to that portion, if any, of the investment which is not insured by an agency of the United States. Statutory Authority: MS s 46.01 History: 9 SR 1689 Published Electronically: September 14, 2007
Can you summarize MNAC 2675.3120?
This provision governs the treatment of ‘other real estate’ acquired by associations through foreclosure or deed in lieu thereof. When an association acquires title to real estate, it must transfer it to an account called ‘other real estate’. The amount entered in this account cannot exceed the balance of the principal amount of the loan at the time of acquisition, plus foreclosure costs and delinquent taxes and assessments paid at the time of acquisition.
Can you summarize MNAC 2675.6120?
This document governs the treatment of Other Real Estate by credit unions. When real estate is acquired through foreclosure or by deed in lieu of foreclosure, it must be transferred to an account titled ‘Other Real Estate’ on the date of sheriff’s certificate or other conveyance. Costs of repairs and restoration may not be added to the real estate account unless they are for permanent improvements. Delinquent taxes may be added to the book value of the property.
Can you summarize MNAC 2675.8100?
This document pertains to the Minnesota Administrative Rules governing the Commerce Department’s Financial Institutions. It provides definitions for various terms used in Minnesota Statutes, sections 47.61 to 47.74, and parts 2675.8100 to 2675.8190. The defined terms include ‘Act’ referring to Minnesota Statutes, sections 47.61 to 47.74, ‘Card’ referring to the access device used to activate a terminal, ‘Card issuer’ referring to a financial institution or authorized person providing the use of a terminal, ‘Control’ referring to ownership or leasehold interest in a terminal, ‘Customer’ referring to a person with a contractual relationship with a financial institution for terminal transactions, ‘Operator’ referring to a person assisting in terminal transactions, ‘Person’ referring to any individual or entity, ‘Personal identification code’ referring to the confidential code necessary for a terminal transaction, ‘Provider’ referring to the person having control over a terminal, ‘Terminal’ referring to an electronic financial terminal, and ‘Transaction’ referring to a financial function performed at a terminal.
Can you summarize MNAC 2675.8110?
This document, governed by Minnesota Statutes, section 47.71, and published under the authority of the Commerce Department, specifically relates to the operation of electronic funds transfer terminals. It establishes an application procedure, minimum technical operation standards, and disclosure requirements for customers using such terminals. The purpose of this document is to inform, guide, and protect consumers, retailers, and financial institutions in the utilization of electronic financial terminal systems. It also sets out specific requirements concerning the issuance of cards, disclosures of pertinent information, and reporting of data relating to financial transactions initiated at electronic financial terminals.
Can you summarize MNAC 2675.8120?
This document outlines the requirements for obtaining authorization to establish and maintain electronic financial terminals. It applies to any person, excluding state or federal savings associations, savings banks, credit unions, state or national banks, who wishes to establish and maintain a terminal or terminals at a specific location. The application must be submitted to the commissioner at least 45 days before the establishment of the terminal(s). The application should include information such as the name and address of the controlling person, descriptive information about the terminals, details about the transactions to be performed, schedule of charges, operational information, agreements related to the terminal, security and privacy procedures, and evidence of compliance with relevant statutes.
Can you summarize MNAC 2675.8130?
Notice to commissioner: A. The commissioner shall be given written notice by the applicant not less than 30 days prior to the change of control or change of the operator of any terminal or terminals. For purposes of this item, ‘operator’ does not include individual employees of a provider or retailer. B. The commissioner shall be given written notice by the applicant of the termination of terminal operations at the location authorized not more than ten days after termination of all regulated activity.
Can you summarize MNAC 2675.8160?
This legal document, governed by the Minnesota Administrative Rules under the Commerce Department for Financial Institutions, outlines the customer disclosure requirements for financial institutions. It specifies the information that must be disclosed to customers in writing or through electronic communications when a card is issued or when cards meeting certain requirements are outstanding. The required disclosures include the types of financial transactions available, schedule of charges, restrictions or limits on transactions, frequency of sending periodic transaction statements, procedure for reporting errors, termination of the card agreement, time needed to complete transactions, reversal of transactions made through a terminal, liability for unauthorized withdrawals, civil action rights for customers, and privacy protection for electronic financial terminals.
Can you summarize MNAC 2675.8170?
A financial institution shall provide each customer with a periodic transaction statement at least quarterly. The statement shall include, but need not be limited to, the following: date of transaction, amount of each transaction, and type of each transaction, which may be in clear and understandable abbreviations or codes. Statutory Authority: MS s 47.71 Published Electronically: September 14, 2007
Can you summarize MNAC 2675.8180?
For purposes of Minnesota Statutes, section 47.67 , notices on the site of a terminal intended to inform the customer of the operational characteristics, source of assistance or service, or fees or charges relating specifically to the use of the terminal are not considered prohibited advertising. Statutory Authority: MS s 45.023 ; 47.71 History: 22 SR 1711 Published Electronically: September 14, 2007
Can you summarize MNAC 2675.8190?
The limitation on the financial transactions authorized to be performed at a terminal does not prohibit using the terminal’s capability to: A. dispense funds authorized and initiated by a government agency solely for the purpose of electronic benefit transfer purposes; or B. deliver other consumer convenience services. These consumer convenience services include, but are not limited to, services that affect the payment for and dispense postage stamps, tickets, coupons, phone cards, or other media under agreements with affiliated or nonaffiliated businesses.
Can you summarize MNAC Chapter 2675?
The provided legal document content covers a wide range of topics related to financial institutions, loans, investments, real estate loans, securities, safe deposit boxes, internal control systems, examination reports, examining authority, opinion audits, agreed upon procedures examination, liquidity requirements, mortgage loans, other real estate, certificates of indebtedness, delinquent loans, books and records, credit unions, regulated loan act, industrial loan and thrift companies, insurance in credit unions, electronic funds transfer terminals, and customer disclosure requirements for financial institutions.
Can you summarize MNAC Chapter 2885?
The provided legal document content pertains to the implementation of the Uniform Disposition of Unclaimed Property Act in Minnesota. It defines the term ‘service charges’ in the context of property presumed abandoned and specifies that service charges include deductions made by a holder from such property. The document also outlines the reporting requirements for service charges deducted from unclaimed property, including the information that must be included or attached when filing a report.
Can you summarize 10 INAC 1.5?
The provided legal document content consists of definitions related to the Unclaimed Property Act. These definitions apply throughout the article and provide clarity on the terms used in the Act. The document defines terms such as ‘Act’ which refers to the Unclaimed Property Act, ‘Contraband’ which refers to items that may not generally be legally possessed, ‘Credit memo’ which includes all types of refunds and credit balances, ‘Deduct’ or ‘deducted’ which means to exclude or withhold, ‘Holder in due course’ which refers to the holder of an instrument as defined in IC 26-1-3.
Can you summarize 45 INAC 3.1-1-111?
This legal document pertains to the membership in affiliated groups and bank holding companies under the Adjusted Gross Income Tax Act in Indiana. It adopts the definition of ‘affiliated group’ from the Internal Revenue Code, with the requirement that members must have adjusted gross income derived from sources within the state. Domestic International Sales Corporations (DISC’S) prohibited from filing consolidated returns and banks that are members of an affiliated group for Federal income tax purposes are not included in the affiliated group for Indiana adjusted gross income tax purposes.
Can you summarize 750 INAC 2?
The provided legal document content covers various aspects of regulations and requirements for Banks and Trust Companies operating in Indiana. It includes topics such as Surety Bonds, annual CPA audits, signature cards, dormant charges for checking and savings accounts, classification of securities, floor plan inspection reports, repossessions and unearned discount, title search process for real estate mortgages, retention of records, and exceptions to sound capital limitation on obligations for U.S. Government Direct and Agencies.
Can you summarize SDAR 64:26:03:13?
This document, part of the Administrative Rules of South Dakota, pertains to the filing of separate returns by financial institutions. It specifically applies to financial institutions that share a common parent, such as a bank holding company. The document outlines factors that the secretary will consider in determining whether separate returns are required. These factors include the presence of a separate charter for each institution, the flow of goods and services between the institution and its parent, the extent of management oversight by the parent, the potential distortion of county income, the presence of common administrative officers or procedures, and whether each institution conducts business as a separate entity.
Can you summarize SDAR Article 39:04?
The provided legal document content pertains to the rules and regulations governing STATE-ISSUED BANK CARDS under the jurisdiction of the Bureau of Finance and Management in South Dakota. The document defines several terms used in the context, including ‘Agency’ (referring to any unit of state government submitting a budget proposal or informational budget to the Legislature), ‘Bureau’ (referring to the bureau of finance and management), ‘Commissioner’ (referring to the commissioner of finance and management), ‘Traveler’ (referring to any state employee authorized to travel for official state business), and ‘Issuing authority’ (referring to a financial institution selected by the state to issue bank cards to travelers).
Can you summarize SDAR Chapter 20:07:02?
The provided legal document outlines the procedure for filing a petition for declaratory ruling with the South Dakota State Banking Commission. It applies to individuals or entities seeking a ruling on the applicability of a statutory provision, rule, or order issued by the commission. The petitioner must provide the relevant statute, rule, or order, along with the facts and circumstances giving rise to the issue. The commission will issue a declaratory ruling in response to the precise issue presented.
Can you summarize SDAR Chapter 20:07:03?
This legal document, part of the Administrative Rules of South Dakota, pertains to the internal management of banks. It authorizes banks to purchase or hold certain investments, including stock in federal home loan banks and revenue bonds issued by the United States, states, territories, political subdivisions, public agencies, or instrumentalities. Banks are also allowed to acquire securities through foreclosure or compromise, use interest rate future contracts as a hedge, invest in corporate debt obligations with top three ratings, participate in export programs, and purchase annuities within specified limits.
Can you summarize SDAR Chapter 20:07:06?
This legal document, sourced from the Administrative Rules of South Dakota, pertains to the examination fee schedule for state-chartered banks and non-depository banks. State-chartered banks are required to pay a semiannual fee for examinations based on their total assets. The fee rates vary depending on the value of assets, with different rates applied to different asset ranges. Non-depository banks are also subject to an additional semiannual fee of $500. The Division of Banking in South Dakota maintains a fee calculator on its website to determine the examination fee owed by each bank.
Can you summarize SDAR Chapter 20:07:15?
The provided legal document content pertains to the granting of charters or branch authorizations by the banking commission under certain circumstances. These circumstances include when the director appoints the federal deposit insurance corporation as a receiver for a bank under their possession, and when the federal deposit insurance corporation sells the bank to another bank that purchases the assets and assumes the liabilities of the failed bank. In such cases, a charter or branch authorization may be necessary for the assuming bank due to the purchase and assumption.
Can you summarize SDAR Chapter 20:07:16?
The provided legal document outlines the requirements and regulations for special bank subsidiaries in South Dakota. It states that a special bank subsidiary must meet several criteria, including being adequately capitalized, physically separate and distinct from the parent bank, conducting business independently, and maintaining separate accounting procedures and corporate records. The application for operation of the subsidiary must be approved by the director. The document also mentions limitations on the amount of capital a bank can invest in special bank subsidiaries without written permission.
Can you summarize SDAR Chapter 20:07:18?
This legal document governs the authority of banks to purchase and hold cash value life insurance policies. Banks are allowed to purchase and hold an interest in cash value life insurance policies on the life of its key persons and borrowers. They can also purchase cash value life insurance in connection with benefit plans on employees, officers, and directors, subject to certain limitations. However, banks are prohibited from purchasing cash value life insurance if the insurable interest is primarily based on a key person’s status as a shareholder of the bank or bank holding company.
Can you summarize SDAR Chapter 20:07:23?
The provided legal document content pertains to the establishment and termination of mobile branch banks in South Dakota. According to the document, banks are required to submit a letter of notice to the director at least 30 days before terminating an existing mobile branch bank. The letter should include a statement of the area that will no longer be served, the impact of discontinuance within the previously served area, and the reasons for termination.
Can you summarize SDAR Chapter 39:04:01?
The provided legal document content pertains to the rules and regulations governing STATE-ISSUED BANK CARDS under the jurisdiction of the Bureau of Finance and Management in South Dakota. The document defines several terms used in the context, including ‘Agency’ (referring to any unit of state government submitting a budget proposal or informational budget to the Legislature), ‘Bureau’ (referring to the bureau of finance and management), ‘Commissioner’ (referring to the commissioner of finance and management), ‘Traveler’ (referring to any state employee authorized to travel for official state business), and ‘Issuing authority’ (referring to a financial institution selected by the state to issue bank cards to travelers).
Can you summarize SDAR Chapter 39:04:02?
The provided legal document content pertains to the usage of state-issued bank cards primarily for business purposes. It states that travelers who are issued state-issued bank cards are responsible for paying all charges incurred on the card according to the credit terms of the issuing authority. Failure to pay charges on time or maintain a sufficient credit balance may result in revocation of the card. Reimbursement for state travel expenses does not include any interest charge accrued on the bank card or the transaction fee on a cash advance.
Can you summarize 1.21.2.361 NMAC?
A. Category: Financial and accounting - unclaimed property. B. Description: Records related to unclaimed property. C. Retention: destroy 10 years from close of calendar year from date of final disposition of property. [ 1.21.2.361 NMAC - N, 10/1/2015]
Can you summarize MGL Chapter 106, Article 2A?
These legal documents, governed by the Massachusetts General Law, specifically under the Uniform Commercial Code for Leases, cover various aspects of lease contracts. They outline the rights and remedies of lessors and lessees, damages recoverable in case of default, disposition of goods, revocation of acceptance, risk of loss, warranties, insurance, and other related aspects of lease agreements. The documents provide guidelines for the allocation of risk, identification of goods, exclusion or modification of warranties, insurance requirements, and the rights and obligations of the parties involved.
Can you summarize MGL Chapter 106, Article 3?
This section of the Massachusetts General Law, specifically under the Uniform Commercial Code - Negotiable Instruments, addresses the discharge of indorsers and accommodation parties in relation to the payment of negotiable instruments. It clarifies that the discharge of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or accommodation party with a right of recourse against the discharged party. The section also outlines the circumstances under which an extension of the due date or a material modification of the obligation can discharge the indorser or accommodation party, provided that it causes a loss to them.
Can you summarize MGL Chapter 106, Article 4, Section 4-213?
This section of the Massachusetts General Law governs the medium and time of settlement by a bank. The medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse rules, or agreement. 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 to receive settlement. The time of settlement varies depending on the method of tender, such as cash, cashier’s check, teller’s check, credit in a Federal Reserve bank account, credit or debit to a bank account, or funds transfer.
Can you summarize MGL Chapter 106, Article 4, Section 4-215?
This section of the Massachusetts General Law, specifically under the Uniform Commercial Code for Bank Deposits and Collections, governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of 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.
Can you summarize MGL Chapter 106, Article 4, Section 4-301?
This section of the Massachusetts General Law, specifically under the Uniform Commercial Code for Bank Deposits and Collections, governs the procedures and actions 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, including returning the item or sending written notice of dishonor or nonpayment.
Can you summarize MGL Chapter 106, Article 4, Section 4-303?
This section of the Massachusetts General Law, specifically under the Uniform Commercial Code for Bank Deposits and Collections, governs the timing and order in which payor banks can process items subject to notice, stop-payment orders, legal processes, or setoffs. 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 right or duty to pay an item or charge the 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 cut-off hour has passed.
Can you summarize MGL Chapter 106, Article 4, Section 4-401?
This section of the Massachusetts General Law governs the circumstances under which a bank may charge a customer’s account. 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 in accordance with any agreement between the customer and the bank. The customer is not liable for the amount of an overdraft if they did not sign the item or benefit from its proceeds.
Can you summarize MGL Chapter 106, Article 4, Section 4-403?
This section of the Massachusetts General Law, specifically under the Uniform Commercial Code for Bank Deposits and Collections, governs the right of a customer or any authorized person to stop payment of any item drawn on the customer’s 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.
Can you summarize MGL Chapter 106, Article 4, Section 4-404?
Section 4404. 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.
Can you summarize MGL Chapter 106, Article 4, Section 4-406?
This legal document, Section 4406 of the Massachusetts General Law, falls under the Uniform Commercial Code and specifically pertains to bank deposits and collections. It outlines the duties and responsibilities of both banks and customers regarding the discovery and reporting of unauthorized signatures or alterations on items such as statements of account. The document requires banks to either return the paid items to the customer or provide sufficient information in the statement of account for the customer to identify the items paid.
Can you summarize MGL Chapter 106, Article 4?
The provided legal document content covers various sections of the Massachusetts General Law, specifically under the Uniform Commercial Code, governing Bank Deposits and Collections. These sections outline the rights, responsibilities, and procedures related to bank transactions, including the handling of items, presentment, payment, collection, and return of items. The documents address the roles and obligations of collecting banks, payor banks, and depositary banks, as well as the rights and liabilities of customers, drawees, and payors.
Can you summarize MGL Chapter 106, Article 4A?
The legal document content provides regulations and guidelines for funds transfers, covering various aspects such as the execution and acceptance of payment orders, the cancellation and amendment of payment orders, the liability for late or improper execution of payment orders, the obligations of receiving banks and customers, the authorization and verification of payment orders, the refund of unauthorized payment orders, the use of security procedures, and the definitions of key terms.
Can you summarize MGL Chapter 106, Article 5?
These legal documents, under the Massachusetts General Law and the Uniform Commercial Code, govern various aspects of letters of credit. They cover the security interest that an issuer or nominated person has in documents presented under a letter of credit, the liability of issuers, nominated persons, or advisers, subrogation rights and obligations, time limits for commencing actions, transfer of beneficiary rights, assignment of proceeds, transferability of rights, handling of presentations, rights and obligations of issuers, warranties of beneficiaries, roles and obligations of various parties, issuance, amendment, cancellation, and duration of letters of credit, consideration requirements, remedies for wrongful dishonor or repudiation, and definitions of terms related to letters of credit.
Can you summarize MGL Chapter 106, Article 9?
This legal document provides information on various sections of the Massachusetts General Law related to secured transactions under the Uniform Commercial Code. It covers topics such as the filing and effectiveness of financing statements, amendments, and termination statements, the continuation of financing statements, the perfection and priority of security interests, the disposition of collateral, the redemption of collateral, and the rights and duties of secured parties and debtors. The document outlines the requirements and procedures for filing and maintaining records, the duties of filing offices, and the rights and actions available to secured parties after default.
Can you summarize MGL Chapter 167, Section 2I?
This section of the Massachusetts General Law requires banks, including savings banks, co-operative banks, and trust companies, to comply with various federal laws and regulations. The specific federal laws and regulations that banks must comply with include the federal Expedited Funds Availability Act, the federal Fair Credit Billing Act, the federal Electronic Fund Transfer Act, regulations of the federal banking agency governing safeguarding of monies and securities, regulations governing minimum security devices and procedures and Bank Secrecy Act compliance, regulations governing loans to executive officers, directors, or principal shareholders of a bank, and other applicable federal regulations.
Can you summarize MGL Chapter 167, Section 46?
This section of the Massachusetts General Law governs the honoring and cashing of checks presented by pensioners or retirees by banks in the commonwealth. It applies to all banks doing business in the commonwealth, except for internet banks, national banks, national banking associations, federal savings banks, federal savings and loan associations, and federal credit unions. The conditions for honoring and cashing the checks include the pensioner or retiree being a resident of the commonwealth, providing adequate identification information, and the check being issued as a social security, supplemental security income, or retirement benefit by the federal government or the commonwealth.
Can you summarize MGL Chapter 167?
The provided legal document content covers a wide range of topics related to the supervision of banks. It includes provisions on the appointment of compliance review supervisors, confidentiality of compliance review documents, fair lending laws, honoring and cashing of checks presented by pensioners or retirees, examination and inspection of foreign banks and out-of-state banks, treatment of unclaimed dividends and funds resulting from the liquidation of institutions, declaration of dividends and objections to claims, appointment of conservators for banks, and the closing of banks.
Can you summarize MGL Chapter 167A?
The provided legal document content covers various aspects related to bank holding companies. It includes provisions for the confidentiality of information in applications filed with the board of bank incorporation, the registration process for bank holding companies, the authority to act under Section 2, the activities of banking institutions that are subsidiaries of a bank holding company, violations of regulations and orders issued by the commissioner related to bank holding companies, criteria for determining whether a company qualifies as a bank holding company, acts that do not require approval by the board, and acts that require prior written approval by the board of bank incorporation.
Can you summarize MGL Chapter 167B?
These legal documents, governed by the Massachusetts General Law, cover various aspects of electronic branches and electronic fund transfers. They include provisions for the assessment of electronic branches, determination of assessment rates, and the responsibility of owners or lessors to pay assessments. The documents also address violations related to electronic branches and electronic fund transfers, including giving false or inaccurate information, failure to provide required information, and non-compliance with provisions. Fraudulent activities such as making false statements, unauthorized use or possession of access devices, obtaining money or goods through misrepresentation, and unauthorized use of electronic funds transfer systems are also covered.
Can you summarize MGL Chapter 167C?
These legal documents cover various aspects related to bank locations and operations in Massachusetts. They include provisions for the authorization of out-of-state banks, out-of-state federal banks, and foreign banks to act in a fiduciary capacity. The commissioner has the authority to grant a certificate of authorization to these banks, subject to certain conditions. The documents also govern the establishment and maintenance of branches by foreign banks, out-of-state banks, and out-of-state federal banks.
Can you summarize MGL Chapter 167D, Section 6?
Section 6. No bank shall assess a fee, charge or other assessment against an account, established for personal, family or household purposes, of a depositor who, as the payee of a check, draft or money order, of which the payee is not also the maker, deposits the same therein and payment on any such instrument is refused by the depository institution upon which it is drawn because of insufficient funds or because the maker thereof did not have an account at such depository institution; provided, however, that a bank may assess a reasonable fee, charge or assessment that represents its direct costs, as established annually by the commissioner, incurred for processing such check, draft or money order.
Can you summarize MGL Chapter 167D, Section 7?
Section 7. A bank or federally-chartered bank which accepts a deposit for demand deposit or other account subject to withdrawal by negotiable or transferable instrument for the purpose of making a transfer to a third party shall, if requested by the depositor, provide without charge not less than 25 cancelled instruments or legible copies of the fronts and backs thereof per calendar year; provided, that, if requested by a depositor who is blind, the bank shall make additional accommodations to provide additional cancelled instruments or information thereon as is possible in accordance with the federal Check Clearing for the 21st Century Act, 12 U.
Can you summarize MGL Chapter 167D?
The provided legal document content covers various aspects related to deposits and accounts in the context of Massachusetts General Law. It includes provisions for the recognition of adverse claimants to deposits, repayment of deposits made at foreign branches, ability to set off or recoup deposits against debts, notification of transfer of funds to reduce debts, designation of beneficiaries in retirement plans, exculpation of banks when paying deposits to unauthorized persons, handling of lost or stolen passbooks or instruments, establishment of accounts for security deposits and condominium funds, procedures for handling unusual demands for withdrawals, payment of deposits belonging to deceased depositors, giving collateral for deposits, provision of cancelled instruments to depositors, assessment of fees for returned checks, establishment of savings promotion raffles, establishment of limited access deposit accounts, and establishment of demand deposit and savings accounts for certain age groups.
Can you summarize MGL Chapter 167F?
The provided legal document content covers various aspects related to investments and other powers of banks and corporations in Massachusetts. It outlines the ability of banks to subscribe for stock issued by the Federal Reserve Bank of Boston for membership in the federal reserve system. It also allows banks to invest in, establish, operate, or subscribe for services from other banks, federal banks, foreign banks, out-of-state banks, or out-of-state federal banks for obtaining technology, trust services, financial planning, compliance, internal audits, human resource, or other operational functions.
Can you summarize MGL Chapter 167G?
The provided legal document, governed by the Massachusetts General Law, outlines the powers and activities of the trust department of a bank. The trust department is authorized to hold money or property in trust or on deposit from personal representatives, voluntary personal representatives, assignees, conservators, and trustees. It can also act as a personal representative, voluntary personal representative, receiver, assignee, guardian, conservator, or trustee under a will or instrument creating a trust.
Can you summarize MGL Chapter 167I?
These legal documents cover a wide range of corporate bank transactions, including mergers, consolidations, purchase of assets, and conversions. They provide guidelines and regulations for various entities such as co-operative banks, stock banks, federally-chartered banks, thrift institutions, credit unions, foreign banks, limited purpose trust companies, mutual banks, mutual holding companies, out-of-state banks, savings banks, subsidiary banking institutions, and trust companies. The documents outline the procedures and effects of these transactions, including the requirements for notice, approval, and payment to regulatory funds.
Can you summarize MGL Chapter 167J, Section 10?
Section 10. An officer, director or trustee of a bank, except as provided in this section, shall not borrow from or otherwise become indebted to the bank of which the individual is an officer, director or trustee and a bank, except as provided in this section, shall not make a loan or extend credit in any other manner to any of its officers, directors or trustees. An officer, director or trustee of a bank may borrow and a bank may make a loan or extend credit to its officers, directors or trustees subject to the terms and conditions set forth in clause (6) of section 2I of chapter 167.
Can you summarize MGL Chapter 170?
The provided legal document content covers various aspects of co-operative banks, employees benefit association, employees retirement association, meetings of the board and committees, security committee and audit committee, voting rights, formation and organization of cooperative banks, management of cooperative banks, by-laws of mutual banks, stock banks and mutual banks, treasurer’s duties, and more. These documents apply to co-operative banks, employees of participating organizations, members of the benefit association, trustees of the Co-operative Banks Employees Retirement Association, directors, officers, and shareholders of cooperative banks, security committee and audit committee members, members of the board of directors, incorporators, stockholders, and shareholders of cooperative banks.
Can you summarize MGL Chapter 200A?
The legal document content reviewed covers various aspects of the disposition of unclaimed property in Massachusetts. It includes provisions for the payment or delivery of property to the treasurer, the termination of legal relationships between holders and owners, and the protection of holders who act in good faith. The legal document content also governs the powers and duties of the treasurer, including the examination of books and records, reporting violations, penalties, costs, interest, limitation period for examinations, appeal of audit findings, and written petition for review.
Can you summarize MGL Chapter 266, Section 37?
This section of the Massachusetts General Law pertains to individuals who engage in fraudulent activities involving checks, drafts, or orders for payment of money. It is considered a crime if an individual makes, draws, utters, or delivers such instruments with the intent to defraud, knowing that there are insufficient funds or credit in the bank or depositary. The act of making, drawing, uttering, or delivering a check, draft, or order that is refused by the drawee is considered prima facie evidence of intent to defraud and knowledge of insufficient funds or credit.
Can you summarize MGL Chapter 266, Section 37C?
This section of the Massachusetts General Law deals with fraudulent activities involving credit cards. It covers various offenses such as obtaining control over a credit card as security for debt, receiving a credit card that was stolen or obtained unlawfully, falsely making or embossing a credit card, obtaining money, goods, or services using a credit card obtained unlawfully or forged, representing oneself as the cardholder without consent, failing to provide goods or services as authorized by the issuer, receiving money or goods obtained unlawfully, possessing incomplete credit cards with the intent to complete them without consent, and possessing machinery or contrivances to reproduce unauthorized credit cards.
Can you summarize MGL Chapter 93H, Section 3A?
This section of the Massachusetts General Law governs breaches of security that involve social security numbers. If a person or agency knows or has reason to know that they have experienced a security breach that includes a social security number, they are required to contract with a third party to offer credit monitoring services at no cost to the affected residents. The duration of the credit monitoring services should be at least 18 months, or 42 months if the person or agency experiencing the breach is a consumer reporting agency.
Can you summarize MGL Chapter 93H?
This section of the Massachusetts General Law governs security breaches and the protection of personal information of Massachusetts residents. It imposes a duty on persons or agencies that maintain or store personal information about residents of Massachusetts to report any known security breach or unauthorized use of such information. The duty includes providing notice to the owner or licensor of the data, as well as to the attorney general, the director of consumer affairs and business regulation, and the affected resident.
Can you summarize - Organization > Change in control.?
This rule governs the acquisition of control of a state savings bank in Ohio. It applies to any person, acting directly or indirectly or through or in concert with one or more persons, who intends to acquire control of a state savings bank. The rule defines various terms such as ‘acquisition,’ ‘acting in concert,’ and ‘control.’ It establishes that any person acquiring ownership, control of, or the power to vote ten per cent or more of any class of voting securities of a state savings bank constitutes the power to direct that state savings bank’s management or policies, requiring prior notice to the division of financial institutions.
Can you summarize OHAC 1301:1?
The first document pertains to the notice of meetings of the Banking Board in Ohio, providing regulations and procedures for obtaining information about these meetings. The second document outlines the guidelines for determining the appropriate capital requirements for trust companies in Ohio, considering various factors such as the nature and volume of business. The third document governs the lending limits and standards for state banks, setting limits on outstanding loans and extensions of credit.
Can you summarize OHAC Rule 1301:1-3-04?
Except as provided by 12 C.F.R. Part 215, as in effect on September 13, 2011, and subject to the same limitations and reporting requirements identified therein, no state bank may extend credit in any manner to any of its executive officers, directors, or principal shareholders, or to any of their related interests.
Can you summarize OHAC Rule 1301:1-4-06?
This legal document governs the change in bank control and applies to persons acquiring ownership, control, or the power to vote ten per cent or more of any class of voting securities of a state bank. It defines key terms such as ‘acquisition’ and ‘acting in concert’. The document establishes a presumption that a person acquiring ten per cent or more of voting securities of a state bank has the power to direct the bank’s management or policies, requiring prior notice to the superintendent.
Can you summarize OHAC Rule 5703-33-05?
This legal document, part of the Ohio Administrative Code under the Department of Taxation, specifically pertains to the reporting of total equity capital for financial institutions in Ohio. The document outlines the principles and methods for reporting equity capital on a consolidated basis at the highest level of ownership. It specifies that the equity of the consolidated reporting group should be based on generally accepted accounting principles reported to the appropriate federal regulatory agency.
Can you summarize ALAC Chapter 892-2-1?
The provided legal document content consists of multiple documents related to the Alabama Unclaimed Property Program. The main document is the State of Alabama Uniform Disposition of Unclaimed Property Act of 2004, which governs the treatment of abandoned or unclaimed property in the state. It establishes provisions for reporting and recovery of unclaimed property, including the requirement for holders to report and remit such property to the Treasurer’s Office. The Act defines terms such as apparent owner or claimant, contents of safe deposit boxes, and dormancy.
Can you summarize ALAC Chapter 892-X-1?
These legal documents cover various aspects of the administration and operation of the Security for Alabama Funds Enhancement (SAFE) Program, as well as the requirements and responsibilities of Qualified Public Depositories (QPDs), custodians, public depositors, and Alabama public housing agencies. The documents provide guidelines for the designation of QPDs, determination of Collateral Pledging Levels, valuation and rating of collateral, and the use of Letters of Credit (LOC) as eligible collateral. They also outline the requirements and responsibilities of custodians, public depositors, and Alabama public housing agencies in relation to the SAFE Program.
Can you summarize ALAC Section 810-9-1-2?
This document pertains to the filing of Financial Institution Excise Tax Returns in Alabama. It applies to all financial institutions as defined in Chapter 16, Title 40, Code of Ala. 1975. The document specifies that financial institutions must file a return with the Alabama Department of Revenue by the corresponding federal income tax or federal information return due date. The return must be made on the prescribed form and complete as per the instructions provided.
Can you summarize GARR Chapter 80-1?
These legal documents, part of the Rules and Regulations of the State of Georgia, cover a wide range of topics related to financial institutions and banks. They provide guidelines and requirements for applications, registrations, and notifications related to establishing and operating financial institutions in Georgia. The documents also govern the agency relationships of financial institutions and bank service contracts, ensuring compliance with safety and soundness principles. Additionally, they outline the minimum requirements for books and records that banks must maintain, ensuring accurate and comprehensive financial records.
Can you summarize GARR Chapter 80-12?
The provided legal document content pertains to the Rules and Regulations of the State of Georgia, specifically focusing on the rules governing Merchant Acquirer Limited Purpose Banks (MALPBs). These rules apply to entities and individuals involved in merchant acquiring activities within the state of Georgia. The document provides definitions for various terms used in Chapters 80-12-1 to 80-12-12, which cover the regulations for MALPBs. The definitions include terms such as ‘Act’, ‘Affiliate’, ‘Annual Attestation Report’, ‘Capital Letter of Credit’, ‘Chargeback’, ‘Executive Officer’, ‘Financial Crime’, ‘Leverage Capital Ratio’, ‘MALPB’, ‘Payment Card’, and others.
Can you summarize GARR Chapter 80-6?
This legal document, part of the Rules and Regulations of the State of Georgia under the Department of Banking and Finance, governs the acquisition or merger of banks or holding companies in the state of Georgia. It requires applicants to publish a notice in a newspaper of general circulation in the county where the bank or holding company to be acquired is located. The notice must include information about the proposed acquisition or merger, the name and location of the company, and the application to the Department of Banking and Finance.
Can you summarize GARR Chapter 80-9?
The provided legal document content pertains to currency transaction reporting and suspicious activities. It states that financial institutions are required to report any currency transaction exceeding $10,000, including transactions exceeding $100,000. These reporting requirements can be satisfied by filing a timely report (FinCEN Form 104) with the federal authority designated in the Currency and Foreign Transaction Reporting Act of 1970 (Bank Secrecy Act). Banks and credit unions must follow federal guidelines for detecting abuses or structuring transactions to avoid Bank Secrecy Act reporting.
Can you summarize GARR Rule 80-1-15-.01?
An ATM machine, which by definition in O.C.G.A. 7-1-603
takes deposits, and a night depository may be established anywhere in this
state. Establishment of an ATM machine in this state does not constitute doing
a banking business here.
Can you summarize GARR Rule 80-1-3-.03?
Pursuant to
15 USC 6801 et seq., 12 CFR Part 364, and 12 CFR
Part 208, banks are required to develop and implement a response program that
will be utilized in the event unauthorized access to customer information has
taken place. Customer information is any record containing nonpublic
information about a customer, whether in paper, electronic, or other form
maintained by or on behalf of a bank. Federal law and regulations require
disclosure to federal regulators of unauthorized access of customer information
in certain circumstances.
Can you summarize GARR Rule 80-1-3-.04?
Pursuant to 12 C.F.R. Part 304 and 12 CFR Part 225 banks and
bank holding companies are required to notify the appropriate federal regulator
no later than 36 hours after the financial institution determinates that a
computer security incident, which rises to the level of a notification
incident, has occurred. A computer security incident is an occurrence that
results in actual harm to the confidentiality, integrity, or availability of an
information system or the information that the system processes, stores, or
transmits.
Can you summarize GARR Rule 80-1-5-.07?
(1) The definition and commentary contained
in Federal Reserve Regulation ‘O’ shall be applied to effect the intent of Code
Section
7-1-491. (2) The Department may use its discretion in
applying the non-preferential loan prohibition, and in particular may find a
violation where it discovers that a bank is attempting to circumvent a
prohibition where it would otherwise apply.
Can you summarize GARR Rule 80-1-5-.08?
(1) A bank which
does not issue its own credit card but acts as an agent for a correspondent
bank may guarantee obligations of established customers in the form of
revolving lender credit card accounts at another bank provided the guaranteeing
bank establishes a maximum limit for each such account, is not obligated for
any amount in excess of such limit, and maintains records updated at least
monthly reflecting the current outstanding balance on each account, the
approved limit on each account, and the current past due or payment status on
each account.
Can you summarize GARR Rule 80-12-7-.04?
This legal document, part of the Rules and Regulations of the State of Georgia, pertains to Merchant Acquirer Limited Purpose Banks (MALPB) and their obligations regarding data breach insurance coverage. MALPBs are required to obtain insurance coverage that protects against the release of nonpublic confidential information under their care, custody, or control to an unauthorized environment or similar actions. The coverage must not be canceled, not renewed, or allowed to lapse without at least 60 days prior written notice to the Department of Banking and Finance.
Can you summarize GARR Subject 80-12-11?
The provided legal document content covers the rules and regulations related to holding companies and Merchant Acquirer Limited Purpose Banks (MALPBs) in the state of Georgia. It requires holding companies to provide certain books and records to the Department of Banking and Finance, including examination reports, reports submitted to relevant agencies, and orders issued by regulatory authorities. Failure to provide the required documentation may result in enforcement action. The document also outlines the approval process for new appointments or changes of directors, executive officers, principal shareholders, or control persons of a holding company, requiring prior written approval from the Department.
Can you summarize 16 HIAR Chapter 39, Subchapter 5?
This section of the Hawaii Administrative Rules governs the fraudulent practices of broker-dealers, broker-dealer agents, and agents of an issuer. It applies to individuals and entities involved in the securities business. The section identifies practices that are generally associated with schemes to manipulate and deems engaging in any of these practices as an ‘act, practice, or course of business that operates or would operate as a fraud or deceit.’ The listed practices include entering into transactions at unreasonable prices or commissions, contradicting prospectus information, falsely leading customers to believe possession of insider information, making contradictory recommendations, failing to make bona fide public offerings, and engaging in manipulative, deceptive, or fraudulent acts.
Can you summarize HIAR 16-26-33?
(a) The division shall review and rely on holding company inspection reports prepared by the federal regulatory agencies in determining the frequency or scope of an examination and the UFIRS composite rating of the subsidiary institution. (b) When the operations of a holding company, subsidiary, or affiliate may have a substantial adverse impact on an institution, an examination of the holding company, subsidiary, or affiliate may be conducted. [Eff 8/13/87; comp 1/27/01] (Auth: HRS 412:2-107 , 412:2-200 , 412:2-201 , 412:11-102 , 412:11-103 ) (Imp: HRS 412:2-100 , 412:2-200 , 412:2-201 , 412:11-102 , 412:11-103 )
Can you summarize IDAPA 12.01.09?
The Rules Pursuant to the Idaho Credit Code govern various aspects of credit transactions in the state of Idaho. These rules apply to all persons who are creditors in the state, including financial institutions and lenders. The document does not mention any specific exemptions or penalties for non-compliance. The rules provide guidelines and regulations for creditors and borrowers involved in credit transactions.
Can you summarize IDAPA 35.01.01.571-579?
This document, part of the Idaho Administrative Code, provides special rules for the apportionment of income for specific industries and financial institutions in Idaho. The special industries covered include construction contractors, airlines, railroads, trucking companies, television and radio broadcasting companies, and publishing companies. Each industry has specific regulations and methods for apportioning income, as outlined in the Multistate Tax Compact (MTC) special industry regulations. Financial institutions are also subject to special rules, which incorporate the MTC Recommended Formula for the Apportionment and Allocation of Net Income of Financial Institutions.
Can you summarize IDAPA 54.03.01?
The Idaho Unclaimed Property Administrative Rules govern the administration and handling of unclaimed property in the state of Idaho. These rules apply to all holders of unclaimed property in Idaho, including individuals, businesses, financial institutions, and other entities that possess unclaimed property. The rules provide exemptions for certain types of property, such as property held by the federal government, property held by other states, and property held by certain types of organizations, such as religious organizations and educational institutions.
Can you summarize 5 DEAC 100?
The provided legal document content consists of three regulations issued by the State Bank Commissioner of Delaware. The first regulation establishes procedures for the creation and existence of an Interim Bank, which can be formed for various purposes such as facilitating the establishment of a Bank Holding Company, acquisition of an Insured Delaware Bank, merger of Out-of-State Banks with Delaware Banks, or merger/reorganization of Insured Banks to result in a Delaware State Bank.
Can you summarize 5 DEAC 1100?
The provided legal document content includes information on taxation and reporting requirements for subsidiary corporations of banking organizations or trust companies, as well as resulting branches of out-of-state banks operating in Delaware. The first document governs the election by a subsidiary corporation to be taxed in accordance with Chapter 19 of Title 30. The election is available to subsidiary corporations that meet certain qualifications and allows them to be excluded from the taxable income of their parent banking organization or trust company.
Can you summarize 5 DEAC 1500?
The provided legal document content outlines the minimum books and records requirements for Credit Card Institutions operating in Delaware. The regulation applies to all Credit Card Institutions and is enforced by the State Bank Commissioner. Its purpose is to ensure that all records are easily accessible for supervisory examination purposes. However, records that are considered to be of a permanent nature are exempted from this requirement. The regulation also allows institutions to make copies of records, such as microfilm or photographs, at their discretion.
Can you summarize 5 DEAC 700?
The provided legal document content covers various aspects of corporation law for state banks and trust companies in Delaware. It includes procedures for establishing mobile branch offices, requirements for merger applications, notice requirements for banks and trust companies engaging in insurance business, limitations on debt accretion for subsidiaries engaged in insurance activities, procedures for conversion or acquisition of building and loan associations, dissolution procedures for state chartered banks or trust companies, procedures for opening branch offices outside Delaware, regulations for subsidiaries engaged in securities activities, application process for Limited Purpose Trust Companies, and procedures for organizing banks or limited purpose trust companies.
Can you summarize 5 DEAC 800?
The provided legal document content covers various aspects related to the acquisition of interests in banking institutions, specifically focusing on out-of-state entities seeking to acquire Delaware savings banks or savings and loan holding companies. The document outlines the application process, including the filing of the application, required exhibits, and fees with the Office of the State Bank Commissioner. It also highlights the requirement for public notice, examination of the application, and submission of comments.
Can you summarize Minimum Books and Records for Credit Card Institutions > Corporate Records?
1.1 Annual Reports 1.2 Charter, certificate of incorporation, bylaws, amendments, minutes of meetings of directors, executive and other committees 1.3 FDIC Assessment base records 1.4 Records of loans to executive officers, directors and principal shareholders 1.5 Records of outside business interests of bank’s executive officers, directors and principal shareholders and their transactions with the bank
Can you summarize Title 12 DEAC?
The provided legal document content consists of regulations and guidelines related to unclaimed property in Delaware. The regulations, issued by the Department of State, govern the method of estimation in the Department of State’s Voluntary Disclosure Agreement program for abandoned or unclaimed property in Delaware. These regulations aim to create consistency in any examination or voluntary disclosure and provide guidelines for estimation calculations. They specify permissible base periods, items to be excluded from the estimation calculation, aging criteria for outstanding and voided checks, and the definition of complete and researchable records.
Can you summarize 187 IAAC Chapter 1?
This legal document describes the organization and structure of the division of banking within the Iowa Administrative Code. The division of banking is a subdivision of the department of commerce and is responsible for the regulation and supervision of various entities in the banking and finance sectors. The division consists of three separate bureaus: the bank bureau, the finance bureau, and the professional licensing and regulation bureau. The bank bureau oversees the supervision, regulation, and chartering of state banks.
Can you summarize 187 IAAC Chapter 11?
The provided legal document content pertains to contested case proceedings within the Iowa Administrative Code’s Banking Division. It outlines the procedures and requirements for contested case proceedings, including the filing of a written request for a contested case proceeding, the necessary information to be included in the request, and the timeframes for filing. The document also specifies the methods of delivery for the notice of hearing, the content that must be included in the notice, and the identification of all parties involved.
Can you summarize 187 IAAC Chapter 12?
The document establishes a uniform process for granting waivers from rules in the Iowa Administrative Code related to banking. It applies to various entities, including individuals, corporations, government agencies, and legal entities. The document does not apply to rules that define the meaning of a statute or other provision of law. If there is a more specific provision of law governing the issuance of a waiver, that provision takes precedence. The superintendent has the discretion to grant a waiver based on the unique circumstances presented in a petition.
Can you summarize 187 IAAC Chapter 2?
The documents provided cover various application procedures for state-chartered banks in Iowa. They govern the conversion of a national bank into a state bank, organization of a state-chartered bank, merger or purchase and assumption for state banks and national and state banks, establishment and operation of a bank office, renewal, amendment, or restatement of articles of incorporation for state banks, purchase or acquisition of outstanding shares of a state bank resulting in control or change in control, relocation of principal place of business or a bank office, procedures for applications requiring a public hearing, authorization of state-chartered banks to engage in securities activities, investment in bank service corporations or subsidiaries, use of futures contracts, forward contracts, and standby contracts by state banks, operation of mobile offices, bank-owned courier services, and convenience offices by state banks, and engagement of state banks in new or innovative electronic activities.
Can you summarize 187 IAAC Chapter 4?
The provided legal document content pertains to the state banking council, which is a statutory council composed of the superintendent and six other members. All members of the council are appointed by the governor. The terms of office for council members, excluding the superintendent, are four-year staggered terms. The council acts in an advisory capacity regarding matters related to the administration of the Iowa Banking Act. The council meets at least once each calendar quarter, generally at the office of the superintendent.
Can you summarize 187 IAAC Chapter 5?
This document outlines the process for filing a petition for rule making with the Iowa Division of Banking. Any person can file a petition by submitting it to the Division of Banking in Des Moines, Iowa. The petition must be in a specific format and include information such as the specific rule-making action sought, relevant laws, arguments and supporting data, and the names and addresses of affected or interested parties. The petition must be dated, signed, and include contact information for the petitioner.
Can you summarize 187 IAAC Chapter 6?
This document governs the process of intervention in proceedings for a declaratory order under the Iowa Administrative Code, specifically in the Banking Division’s DECLARATORY ORDERS section. It applies to persons who qualify as intervenors and file a petition for intervention within six days of the filing of a petition for declaratory order. Additionally, any person who files a petition for intervention prior to the issuance of an order may be allowed to intervene at the discretion of the division of banking.
Can you summarize 187 IAAC Chapter 7?
This legal document governs the disclosure of confidential records without the consent of the subject. It applies to government agencies, recipients who have provided advance written assurance, other government agencies or instrumentalities, individuals in compelling circumstances, legislative services agency, employee disciplinary proceedings, and court orders or subpoenas. The document outlines instances where disclosure may occur without notice to the subject, such as routine use, statistical research or reporting, civil or criminal law enforcement activities, compelling circumstances affecting health or safety, legislative services agency requests, employee disciplinary proceedings, and in response to court orders or subpoenas.
Can you summarize 187 IAAC Chapter 8?
The provided legal document governs the provision of courier services by state banks in Iowa. State banks in Iowa have the option to provide courier services to their customers either through a third-party provider or using their own employees. When using a third-party provider, the state bank may pay the provider directly and charge its customers accordingly. Superintendent approval is not required for this arrangement. If the state bank establishes and operates its own courier services using its own employees, it must comply with the provisions of rule 1872.
Can you summarize 187 IAAC Chapter 9?
The provided legal document content consists of two separate documents governing different aspects of state banks in Iowa. The first document governs real estate lending by state banks and requires them to formulate and maintain a comprehensive written real estate lending policy. The policy should include standards and limits, loan origination and approval procedures, underwriting standards, loan administration procedures, appraisal and evaluation programs, and compliance with secondary market investor requirements. The board of directors must review and approve the policy annually.
Can you summarize 781 IAAC 9.12?
Property held in a plan described in Section 529A of the Internal Revenue Code or held in an account or plan that qualifies for tax deferral under the income tax laws of the United States is presumed abandoned if it is unclaimed by the owner three years from the later of: 9.12(1) The date a second item sent to the owner by first-class mail was returned as undeliverable by the United States Postal Service (USPS), unless a later mailing by first-class mail to the apparent owner was not returned as undeliverable or, for an apparent owner not receiving communications from the holder by first-class mail, the date of the last indication to the holder by the apparent owner of interest in the property; or 9.
Can you summarize 781 IAAC 9.13?
9.13(1) Except as provided in subrules 9.13(2) and 9.13(3), an unused balance on a gift certificate is reportable five years from the date of issuance of the gift certificate or last usage, whichever is later. 9.13(2) An unused balance on a gift certificate that is not redeemable for cash, which was issued prior to July 2, 2014, is reportable five years from the date of issuance of the gift certificate or last usage, whichever is later.
Can you summarize 781 IAAC 9.24?
This legal document, found in the Iowa Administrative Code, pertains to the disposition of safe deposit box contents and other tangible property received by the division of the Iowa treasurer of state. The contents of safe deposit boxes and tangible property are to be held by the division for a minimum of one year. After this period, the property may be sold, held, or destroyed. There are certain restrictions on bidding for safe deposit box contents or other tangible property offered for sale by the division.
Can you summarize 781 IAAC 9.28?
A claim to property for which the apparent owner is an unincorporated nonprofit association that has been dissolved may be made by a person authorized to claim the property in accordance with the dissolved associations bylaws or governing principles or as proven by other documentation as deemed suitable by the division. This rule is intended to implement Iowa Code section 556.20. [ ARC 2809C , IAB 11/9/16, effective 12/14/16]
Can you summarize 781 IAAC 9.6?
This legal document, found in the Iowa Administrative Code under the Treasurer of State’s section on Unclaimed Property, governs the reporting and delivery of safe deposit box contents. It applies to holders of safe deposit boxes or other safekeeping depositories. According to the document, when a safe deposit box or depository is deemed abandoned, it must be opened and inventoried in the presence of at least two employees of the holder.
Can you summarize 781 IAAC 9.8?
This section of the Iowa Administrative Code, under the Treasurer of State, pertains to the reporting of individual retirement accounts (IRAs) and other retirement accounts. It states that the reporting and delivery of property in qualified retirement accounts shall be extended until three years after the earliest occurrence of unsuccessful distribution, required distribution as stated in account agreements, or the date specified in the income tax laws to avoid a tax penalty.
Can you summarize 781 IAAC Chapter 9?
These legal documents pertain to the unclaimed property division under the Treasurer of State in Iowa. They cover various aspects related to unclaimed property, including the approved forms used by the division, definitions of terms used in relation to unclaimed property, assessment of dormancy fees and related charges, reporting and delivery of safe deposit box contents, reporting of individual retirement accounts and other retirement accounts, reporting of unused balances on gift certificates, reporting of funds held in retained asset accounts, reporting of property held in certain plans or accounts, rebuttal of presumption of abandonment for time deposits, contracts with third parties, permission to report and deliver property prior to presumption of abandonment, due diligence requirements for holders, aggregation of property with a value under $50, requirements for submitting a Holder Report Form, disposition of safe deposit box contents and tangible property, regulation of finders, documentation requirements for making claims, reimbursement from the division for unclaimed property, certification and indemnification by claimants, claims by dissolved unincorporated nonprofit associations, claims to custodial property, filing claims with the division, claims by business entities, transfer of property to other states, determination of claimant’s interest in unclaimed property, approval process for claims, payment of claims, appeal process for examination findings, contracts with persons for examination of records, and voluntary compliance self-audit program and amnesty program.
Can you summarize IACO 524.1801?
This subchapter provides definitions for various terms related to banks and bank holding companies in Iowa. It defines terms such as ‘bank holding company’, ‘company’, ‘control’, ’location’, and ‘out-of-state bank holding company’. The definitions are based on the corresponding definitions provided in 12 U.S.C. 1841. The subchapter clarifies the location of a bank or bank holding company based on its principal place of business or main office for a bank, and its home state as determined under 12 U.
Can you summarize IACO 524.1802?
This legal document governs the acquisition of depository institutions and control of deposits in the state of Iowa. It defines key terms such as ‘acquisition’, ‘affiliate’, ‘deposit’, ‘deposit in this state’, ‘deposit report’, ‘depository institution’, ‘holding company’, ‘incorporated in any state’, and ‘series of acquisitions’. The document establishes limitations on the direct or indirect acquisition of depository institutions or their deposits. It states that a depository institution or holding company cannot acquire a depository institution or its deposits if it would result in exceeding fifteen percent of the total deposits in the state.
Can you summarize IACO 524.1803?
Repealed by 2006 Acts, ch 1015, 22 .
Can you summarize IACO 524.1804?
A bank holding company which proposes to directly or indirectly acquire control of, or directly or indirectly acquire all or substantially all of the assets of, a state bank or national bank, shall provide to the superintendent a copy of the application and any modifications or amendments to the application submitted to the federal reserve board for permission to take such action at the same time the application is transmitted to the federal reserve board.
Can you summarize IACO 524.1805?
An out-of-state bank or out-of-state bank holding company that is organized under laws other than those of this state is subject to and shall comply with the provisions of chapter 490, subchapter XV, relating to foreign corporations, and shall immediately provide the superintendent of banking with a copy of each filing submitted to the secretary of state under chapter 490, subchapter XV. [C73, 75, 77, 79, 81, 524.1805] 96 Acts, ch 1056, 19; 97 Acts, ch 50, 2; 2007 Acts, ch 88, 17; 2012 Acts, ch 1017, 120; 2016 Acts, ch 1011, 103; 2019 Acts, ch 24, 104; 2022 Acts, ch 1062, 143 Referred to in 524.
Can you summarize IACO 524.1806?
An individual who is a director or an officer of a bank holding company, as specified by section 524.1801, is deemed to be a director or an officer, or both, as the case may be, of each bank so owned or controlled by that bank holding company, for the purposes of sections 524.612, 524.613 and 524.706, and for the purposes of 12 C.F.R. pt. 215 . [C73, 75, 77, 79, 81, 524.
Can you summarize IACO 524.1807?
Any bank holding company which willfully violates any provision of sections 524.1802 through 524.1806 shall, upon conviction, be fined not less than one hundred dollars nor more than one thousand dollars for each day during which the violation continues. Any individual who willfully participates in a violation of any provisions of sections 524.1802 through 524.1806 shall be guilty of a serious misdemeanor. [C73, 75, 77, 79, 81, 524.1807] 2020 Acts, ch 1063, 305; 2021 Acts, ch 80, 339
Can you summarize IACO 524.1808?
1.Insurance activities in Iowa of an out-of-state bank holding company and its subsidiaries are subject to regulation, including but not limited to regulation under Title XIII, subtitle 1, in the same manner and to the same extent as are the insurance activities of an Iowa bank holding company and its subsidiaries. 2.An authorization for a state bank to engage in activities regulated under Title XIII, subtitle 1, if any, does not grant an out-of-state bank holding company that acquires a state bank or any state bank owned or controlled by such bank holding company or any subsidiary or affiliate the ability or right to engage in such activities outside of this state.
Can you summarize IACO 524.1809?
This legal document pertains to the establishment and regulation of mutual bank holding companies in Iowa. It states that a state bank can be owned by a mutual bank holding company, either directly or indirectly. It also allows a mutual holding company authorized under federal law to convert to a mutual bank holding company authorized under the Iowa Code. The document further explains the process for a mutual corporation to reorganize as a mutual holding company.
Can you summarize IACO 524.819?
Checks drawn on a state bank shall be cleared at par by the state bank on which they are drawn. This section shall not be applicable where checks are received by a state bank as special collection items. [C46, 50, 54, 58, 62, 66, 528.63; C71, 73, 75, 77, 79, 81, 524.819] 2022 Acts, ch 1062, 78 Referred to in 524.1601 Section amended
Can you summarize IACO 546.3?
This legal document pertains to the banking division and its regulation and supervision of various entities. The division is responsible for regulating and supervising banks, debt management licensees, money services, delayed deposit services, mortgage bankers and brokers, regulated loan companies, industrial loan companies, real estate appraisers, and appraisal management companies. The division is headed by the superintendent of banking and is advised by the state banking council. Additionally, the document mentions the administration and management of the professional licensing and regulation bureau within the division.
Can you summarize IACO 554.12101?
This Article shall be known and may be cited as Uniform Commercial Code Funds Transfers. 92 Acts, ch 1146, 1
Can you summarize IACO 554.12102?
Except as otherwise provided in section 554.12108, this Article applies to funds transfers defined in section 554.12104. 92 Acts, ch 1146, 2
Can you summarize IACO 554.12103?
This legal document, part of the Iowa Code’s Uniform Commercial Code, defines and governs payment orders. A payment order is an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions other than the time of payment, and the receiving bank is reimbursed by debiting the sender’s account or receiving payment from the sender.
Can you summarize IACO 554.12104?
In this Article unless the context otherwise requires: 1.Funds transfer means the series of transactions, beginning with the originators payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originators bank or an intermediary bank intended to carry out the originators payment order. A funds transfer is completed by acceptance by the beneficiarys bank of a payment order for the benefit of the beneficiary of the originators payment order.
Can you summarize IACO 554.12105?
This legal document is part of the Iowa Code and specifically pertains to the Uniform Commercial Code (UCC) in the context of funds transfers. It provides definitions for various terms used in the UCC Article related to funds transfers, such as ‘authorized account’, ‘bank’, ‘customer’, ‘funds-transfer business day’, ‘funds-transfer system’, and more. The document also references other definitions applicable to this Article and sections within it. It is important for banks, customers, and other entities involved in funds transfers to understand and comply with these definitions to ensure proper interpretation and application of the UCC provisions related to funds transfers.
Can you summarize IACO 554.12106?
This legal document governs the time of receipt of a payment order or communication canceling or amending a payment order. It applies to receiving banks. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. Different cut-off times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day.
Can you summarize IACO 554.12107?
Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks as of July 1, 1991, supersede any inconsistent provision of this Article to the extent of the inconsistency. 92 Acts, ch 1146, 7; 2022 Acts, ch 1032, 96 Section amended
Can you summarize IACO 554.12108?
Except as provided in subsection 2, this Article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978, 15 U.S.C. 1693 et seq. 2.This Article applies to a funds transfer that is a remittance transfer as defined in the Electronic Fund Transfer Act, 15 U.S.C. 1693o-1, unless the remittance transfer is an electronic fund transfer as defined in the Electronic Fund Transfer Act, 15 U.
Can you summarize IACO 554.12201?
Security procedure means a procedure established by agreement between a customer and a receiving bank for the purpose of verifying that a payment order or communication amending or canceling a payment order is that of the customer, or detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices.
Can you summarize IACO 554.12202?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to payment orders and the security procedures associated with them. It establishes that a payment order received by a receiving bank is considered authorized if the sender has authorized it or is bound by it under the law of agency. Additionally, if a bank and its customer have agreed to verify the authenticity of payment orders through a security procedure, a payment order received by the bank is effective as the customer’s order, even if unauthorized, as long as the security procedure is commercially reasonable and the bank accepted the order in good faith and compliance with the security procedure.
Can you summarize IACO 554.12203?
This legal provision, found in the Iowa Code under the Uniform Commercial Code, addresses the unenforceability of certain verified payment orders. It applies to receiving banks and customers involved in payment transactions. If a payment order is not authorized by the customer but is still effective as an order, the receiving bank may limit its enforcement or retention of payment through a written agreement. However, if the customer can prove that the order was not caused by an authorized person or that unauthorized access to customer information facilitated a breach of the security procedure, the receiving bank is not entitled to enforce or retain payment.
Can you summarize IACO 554.12204?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the refund of payment and the duty of customers to report unauthorized payment orders. If a receiving bank accepts a payment order that is not authorized or enforceable against the customer, the bank must refund any payment related to the order to the extent it is not entitled to enforce payment. The bank is also required to pay interest on the refundable amount.
Can you summarize IACO 554.12205?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the handling of erroneous payment orders in funds transfers. It outlines the rules and obligations for senders and receiving banks in cases where a payment order is transmitted with errors. If the sender can prove compliance with the security procedure and that the error would have been detected if the receiving bank had also complied, the sender is not obligated to pay the order to the extent stated.
Can you summarize IACO 554.12206?
1.If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system by the sender and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are deemed to be those transmitted by the system.
Can you summarize IACO 554.12207?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the treatment of beneficiaries and payment orders in the context of funds transfers. It establishes rules for situations where the beneficiary’s name, bank account number, or other identification is incorrect or refers to a nonexistent or unidentifiable person or account. The document outlines the rights and obligations of the beneficiary’s bank, including the reliance on the identification number as the proper identification of the beneficiary.
Can you summarize IACO 554.12208?
This subsection of the Iowa Code, specifically the Uniform Commercial Code, governs payment orders that identify an intermediary bank or the beneficiary’s bank. It provides guidelines for receiving banks, sending banks, and non-bank senders regarding the proper identification of the intermediary or beneficiary’s bank. If the bank is identified only by an identifying number, the receiving bank may rely on the number without determining whether it identifies a bank. The sender is responsible for compensating the receiving bank for any loss or expenses resulting from the reliance on the number.
Can you summarize IACO 554.12209?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the acceptance of payment orders. It outlines the conditions under which a receiving bank, beneficiary’s bank, or originator’s bank accepts a payment order. A receiving bank accepts a payment order when it executes the order, while a beneficiary’s bank accepts a payment order when it pays the beneficiary, receives payment from the sender, or on the opening of the next funds-transfer business day.
Can you summarize IACO 554.12210?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rejection of payment orders by receiving banks. It states that a payment order can be rejected by the receiving bank through a notice of rejection transmitted orally, electronically, or in writing. The notice of rejection should indicate that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given, either upon transmission or receipt depending on the reasonableness of the means used for transmission.
Can you summarize IACO 554.12211?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the cancellation and amendment of payment orders. It outlines the various methods of communication for canceling or amending a payment order, including oral, electronic, or written means. The effectiveness of the cancellation or amendment depends on factors such as verification through a security procedure or agreement from the receiving bank. The document also specifies that cancellation or amendment is only effective if the receiving bank agrees or if a funds-transfer system rule allows it.
Can you summarize IACO 554.12212?
If a receiving bank fails to accept a payment order that it is obligated by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this Article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this Article or by express agreement.
Can you summarize IACO 554.12301?
1.A payment order is executed by the receiving bank when the receiving bank issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiarys bank can be accepted but cannot be executed. 2.Execution date of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the senders order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received.
Can you summarize IACO 554.12302?
This legal document, part of the Iowa Code’s Uniform Commercial Code, outlines the obligations of a receiving bank when executing a payment order. The receiving bank is obligated to issue a payment order complying with the sender’s instructions and follow any instructions regarding intermediary banks or funds-transfer systems. If the sender’s instruction indicates an expeditious means of transfer, the receiving bank must transmit the payment order accordingly. The receiving bank may use any reasonable funds-transfer system unless instructed otherwise, and exercise ordinary care in selecting intermediary banks.
Can you summarize IACO 554.12303?
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, governs the execution of payment orders by receiving banks. It outlines the rights and entitlements of receiving banks in cases of erroneous execution of payment orders. If a receiving bank issues a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order amount and can recover the excess payment from the beneficiary.
Can you summarize IACO 554.12304?
If the sender of a payment order that is erroneously executed as stated in section 554.12303 receives notification from the receiving bank that the order was executed or that the senders account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety days after the notification from the bank is received by the sender.
Can you summarize IACO 554.12305?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the liability of receiving banks for late or improper execution or failure to execute payment orders. If a funds transfer is completed but the receiving bank breaches section 554.12302, resulting in a delay in payment to the beneficiary, the bank is obligated to pay interest to either the originator or the beneficiary for the period of delay caused by the improper execution.
Can you summarize IACO 554.12401?
Payment date of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiarys bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiarys bank and, unless otherwise determined, is the day the order is received by the beneficiarys bank. 92 Acts, ch 1146, 26 Referred to in 554.
Can you summarize IACO 554.12402?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the obligation of the sender to pay the receiving bank in the context of payment orders. When a payment order is issued to the beneficiary’s bank, acceptance of the order by the bank creates an obligation for the sender to pay the bank the amount of the order. However, payment is not due until the payment date specified in the order.
Can you summarize IACO 554.12403?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the process of payment from the sender to the receiving bank. It specifies that payment occurs when the receiving bank receives final settlement of the obligation through a federal reserve bank or funds-transfer system. If the sender is a bank and has credited an account of the receiving bank, payment occurs when the credit is withdrawn or at midnight of the day when the credit is withdrawable and the receiving bank is aware of it.
Can you summarize IACO 554.12404?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, outlines the obligation of a beneficiary’s bank to pay and provide notice to the beneficiary. According to the document, if a beneficiary’s bank accepts a payment order, they are required to pay the amount of the order to the beneficiary on the payment date. If the beneficiary’s bank refuses to pay upon demand by the beneficiary and receipt of notice of consequential damages, the beneficiary may recover damages if the bank had notice of the damages, unless the bank proves a reasonable doubt concerning the right to payment.
Can you summarize IACO 554.12405?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, addresses the payment by a beneficiary’s bank to the beneficiary. It outlines the conditions under which the beneficiary’s bank is obligated to make payment to the beneficiary. If the beneficiary’s bank credits the beneficiary’s account, payment occurs when the beneficiary is notified of the right to withdraw the credit, the bank applies the credit to a debt of the beneficiary, or funds are otherwise made available to the beneficiary.
Can you summarize IACO 554.12406?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the payment by an originator to a beneficiary in a funds transfer. According to the document, the originator is required to pay the beneficiary at the time the payment order is accepted by the beneficiary’s bank, in an amount equal to the order accepted by the bank. If the payment is made to satisfy an obligation, the obligation is discharged to the same extent as if the beneficiary had received the same amount in money.
Can you summarize IACO 554.12501?
This legal document governs the rights and obligations of parties involved in a funds transfer, as well as funds-transfer system rules. It allows for the variation of rights and obligations through agreement, except where otherwise provided in the document. The document defines ‘funds-transfer system rule’ as a rule of an association of banks governing the transmission of payment orders through a funds-transfer system. It states that such rules may be effective even if they conflict with this document and indirectly affect a party who did not consent to the rule.
Can you summarize IACO 554.12502?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the process of creditor process served on a receiving bank and the setoff by the beneficiary’s bank. The section defines ‘creditor process’ as various legal processes issued by or on behalf of a creditor or claimant with respect to an account. If the creditor process is served on the receiving bank and the bank accepts the payment order, the balance in the authorized account is deemed to be reduced by the amount of the payment order, unless the bank had a reasonable opportunity to act on the creditor process before accepting the payment order.
Can you summarize IACO 554.12503?
For proper cause and in compliance with applicable law, a court may restrain a person from issuing a payment order to initiate a funds transfer, an originators bank from executing the payment order of the originator, or the beneficiarys bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.
Can you summarize IACO 554.12504?
1.If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the senders account, the bank may charge the senders account with respect to the various orders and items in any sequence. 2.In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.
Can you summarize IACO 554.12505?
If a receiving bank has received payment from the receiving banks customer with respect to a payment order issued in the name of the customer as sender and accepted by the receiving bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the receiving bank is not entitled to retain the payment unless the customer notifies the receiving bank of the customers objection to the payment within one year after the notification was received by the customer.
Can you summarize IACO 554.12506?
This legal provision, found in the Iowa Code under the Uniform Commercial Code, governs the rate of interest applicable to payment orders issued to receiving banks. The amount of interest payable can be determined by agreement between the sender and receiving bank or by a funds-transfer system rule if the payment order is transmitted through such a system. If the interest amount is not determined by an agreement or rule, it is calculated by multiplying the applicable federal funds rate by the amount on which interest is payable, and then multiplying the product by the number of days for which interest is payable.
Can you summarize IACO 554.12507?
This legal document, part of the Iowa Code’s Uniform Commercial Code, establishes rules for the governance of rights and obligations in payment orders and funds transfers. It states that the rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction where the receiving bank is located. Similarly, the rights and obligations between the beneficiary’s bank and the beneficiary are governed by the law of the jurisdiction where the beneficiary’s bank is located.
Can you summarize IACO 554.3101?
This Article may be cited as Uniform Commercial Code Negotiable Instruments. 94 Acts, ch 1167, 10, 121, 122
Can you summarize IACO 554.3102?
1.This Article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 12, or to securities governed by Article 8. 2.If there is conflict between this Article and Article 4 or 9, Articles 4 and 9 govern. 3.Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency.
Can you summarize IACO 554.3103?
This legal document, known as the Uniform Commercial Code (UCC), governs commercial transactions. It provides definitions for various terms used in commercial transactions, such as acceptor, drawee, drawer, maker, order, ordinary care, party, promise, prove, remitter, and more. The UCC also includes definitions from other articles that apply to this article. It does not specify any exemptions or penalties. The UCC is a comprehensive set of laws that aim to provide uniformity and clarity in commercial transactions across different states in the United States.
Can you summarize IACO 554.3104?
This legal document, part of the Iowa Code’s Uniform Commercial Code, defines and governs negotiable instruments. A negotiable instrument is an unconditional promise or order to pay a fixed amount of money, payable to bearer or to order, and either payable on demand or at a definite time. It does not contain any other undertakings or instructions beyond the payment of money, although it may include provisions for collateral, confession of judgment, or waiver of certain laws.
Can you summarize IACO 554.3105?
1.Issue means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. 2.An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
Can you summarize IACO 554.3106?
This section of the Iowa Code, specifically under the Uniform Commercial Code, discusses the concept of an unconditional promise or order. It states that a promise or order is considered unconditional unless it includes an express condition to payment, is subject to or governed by another writing, or has rights or obligations stated in another writing. The presence of a reference to another writing does not automatically make the promise or order conditional.
Can you summarize IACO 554.3107?
Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid. 94 Acts, ch 1167, 16, 121, 122
Can you summarize IACO 554.3108?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, defines the terms ‘payable on demand’ and ‘payable at a definite time’ for promises or orders. A promise or order is considered ‘payable on demand’ if it explicitly states so, indicates payment at the will of the holder, or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it becomes due after a specific period of time, at a fixed date or dates, or at a readily ascertainable time or times.
Can you summarize IACO 554.3109?
This legal document, governed by the Iowa Code, pertains to the payment terms of promises or orders. It specifies that a promise or order is payable to bearer if it explicitly states so, does not mention a payee, or indicates that it is payable to cash or not to an identified person. On the other hand, a promise or order that is not payable to bearer is payable to order if it is payable to the order of an identified person or to an identified person or order.
Can you summarize IACO 554.3110?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the identification of the person to whom an instrument is payable. The document states that the person to whom an instrument is initially payable is determined by the intent of the person signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer, even if that person is identified in the instrument by a name or other identification that is not their own.
Can you summarize IACO 554.3111?
Except as otherwise provided for items in Article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker. If a drawee or maker has more than one place of business, the place of payment is any place of business of the drawee or maker chosen by the person entitled to enforce the instrument.
Can you summarize IACO 554.3112?
1.Unless otherwise provided in the instrument, an instrument is not payable with interest, and interest on an interest-bearing instrument is payable from the date of the instrument. 2.Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variable rate or rates. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument.
Can you summarize IACO 554.3113?
1.An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in section 554.4401, subsection 3, an instrument payable on demand is not payable before the date of the instrument. 2.If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder.
Can you summarize IACO 554.3114?
If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. 94 Acts, ch 1167, 23, 121, 122
Can you summarize IACO 554.3115?
This legal document defines an ‘incomplete instrument’ as a signed writing that is intended to be completed by adding words or numbers. It states that if an incomplete instrument falls under the category of an instrument as defined in section 554.3104 of the Iowa Code, it can be enforced according to its terms, whether completed or not. If an incomplete instrument does not fall under section 554.3104 but meets the requirements after completion, it can also be enforced.
Can you summarize IACO 554.3116?
1.Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and severally liable in the capacity in which they sign. 2.Except as provided in section 554.3419, subsection 5, or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law.
Can you summarize IACO 554.3117?
Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement.
Can you summarize IACO 554.3118?
1.A cause of action against a maker or an acceptor accrues a.in the case of a time instrument on the day after maturity; b.in the case of a demand instrument upon its date or, if no date is stated, on the date of issue. 2.A cause of action against the obligor of a demand or time certificate of deposit accrues upon demand, but demand on a time certificate may not be made until on or after the date of maturity.
Can you summarize IACO 554.3119?
In an action for breach of an obligation for which a third person is answerable over pursuant to this Article or Article 4, the defendant may give the third person written notice of the litigation, and the person notified may then give similar notice to any other person who is answerable over. If the notice states that the person notified may come in and defend and that failure to do so will bind the person notified in an action later brought by the person giving the notice as to any determination of fact common to the two litigations, the person notified is so bound unless after seasonable receipt of the notice the person notified does come in and defend.
Can you summarize IACO 554.3120?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.3121?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.3122?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.3201?
1.Negotiation means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. 2.Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its endorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.
Can you summarize IACO 554.3202?
1.Negotiation is effective even if obtained from an infant, a corporation exceeding its powers, or a person without capacity; by fraud, duress, or mistake; or in breach of duty or as part of an illegal transaction. 2.To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy.
Can you summarize IACO 554.3203?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the transfer of instruments and the rights acquired through such transfers. It states that an instrument is considered transferred when it is delivered by a person other than its issuer to give the recipient the right to enforce the instrument. The transfer of an instrument, whether through negotiation or not, grants the transferee the same rights as the transferor, including the rights of a holder in due course.
Can you summarize IACO 554.3204?
This legal document defines and explains the concept of endorsement in the context of negotiable instruments. An endorsement refers to a signature, other than that of the maker, drawer, or acceptor, made on an instrument for the purpose of negotiating the instrument, restricting payment, or incurring liability. The document clarifies that a signature and its accompanying words are considered an endorsement, unless there are unambiguous indications that the signature was made for a purpose other than endorsement.
Can you summarize IACO 554.3205?
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, governs the different types of endorsements on negotiable instruments. It defines and explains three types of endorsements: special endorsement, blank endorsement, and anomalous endorsement. A special endorsement is made by the holder of an instrument and identifies a specific person to whom the instrument is payable. It can only be negotiated by the endorsement of that person.
Can you summarize IACO 554.3206?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the concept of restrictive endorsement. It provides several rules regarding the effectiveness and impact of endorsements on the transfer and negotiation of instruments. The document states that an endorsement limiting payment or stating a condition does not prevent further transfer or enforcement of the instrument. It also outlines the consequences for different parties involved in the purchase, collection, or payment of an instrument with specific endorsements.
Can you summarize IACO 554.3207?
Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An endorser whose endorsement is canceled is discharged, and the discharge is effective against any subsequent holder.
Can you summarize IACO 554.3208?
Repealed by 94 Acts, ch 1167, 121, 122.See 554.3207.
Can you summarize IACO 554.3301?
Person entitled to enforce an instrument means the holder of the instrument, a nonholder in possession of the instrument who has the rights of a holder, or a person not in possession of the instrument who is entitled to enforce the instrument pursuant to section 554.3309 or 554.3418, subsection 4. A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.
Can you summarize IACO 554.3302?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, defines the concept of a ‘holder in due course’. A holder in due course refers to a person who holds an instrument, such as a negotiable instrument, without any apparent evidence of forgery, alteration, or irregularity that questions its authenticity. The holder must have taken the instrument for value, in good faith, and without notice of any issues related to the instrument, such as being overdue, dishonored, containing unauthorized signatures, or altered.
Can you summarize IACO 554.3303?
This legal document, found in the Iowa Code under the Uniform Commercial Code, pertains to the issuance or transfer of instruments for value and consideration. It outlines the various scenarios in which an instrument can be considered issued or transferred for value, such as promises of performance, acquisition of security interests, payment of antecedent claims, exchange for negotiable instruments, or incurring irrevocable obligations. The document also defines ‘consideration’ as any consideration sufficient to support a simple contract and provides defenses for instruments issued without consideration.
Can you summarize IACO 554.3304?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the concept of overdue instruments. An instrument payable on demand becomes overdue under certain circumstances, such as the day after demand for payment is duly made, ninety days after the date for checks, or after an unreasonably long period for non-check instruments. For instruments payable at a definite time, different rules apply depending on whether the principal is payable in installments or not, and whether the due date has been accelerated.
Can you summarize IACO 554.3305?
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, discusses the defenses and claims in recoupment related to the enforcement of obligations for instruments. It outlines the rights and defenses available to obligors, including defenses based on infancy, duress, lack of legal capacity, illegality of the transaction, fraud, and discharge in insolvency proceedings. The document also allows for claims in recoupment by the obligor against the original payee of the instrument, but limits the assertion of such claims against transferees.
Can you summarize IACO 554.3306?
A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument. 94 Acts, ch 1167, 41, 121, 122 Referred to in 554.
Can you summarize IACO 554.3307?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the breach of fiduciary duty. It defines the terms ‘fiduciary’ and ‘represented person’ and outlines the rules that apply when an instrument is taken from a fiduciary for payment or collection. The document states that notice of breach of fiduciary duty by the fiduciary is considered notice of the claim of the represented person. It also specifies the circumstances under which a taker has notice of the breach of fiduciary duty.
Can you summarize IACO 554.3308?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to actions involving instruments. It establishes that the authenticity and authority of each signature on the instrument are admitted unless specifically denied in the pleadings. The burden of establishing the validity of a signature lies with the person claiming validity, but the signature is presumed to be authentic and authorized unless the action is to enforce the liability of a deceased or incompetent signer.
Can you summarize IACO 554.3309?
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, pertains to the enforcement of lost, destroyed, or stolen instruments. It outlines the conditions under which a person not in possession of an instrument is entitled to enforce it. The person seeking enforcement must have been entitled to enforce the instrument when the loss of possession occurred or have acquired ownership from someone who was entitled to it.
Can you summarize IACO 554.3310?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the effect of different types of instruments on obligations. If a certified check, cashier’s check, or teller’s check is taken for an obligation, the obligation is discharged to the same extent as if the amount of the instrument were taken in payment. However, the obligor may still have liability as an endorser of the instrument. If a note or an uncertified check is taken, the obligation is suspended until the instrument is dishonored, paid, or certified.
Can you summarize IACO 554.3311?
This legal provision, found in the Iowa Code under the Uniform Commercial Code, governs the concept of accord and satisfaction by use of an instrument. It outlines the conditions under which a person against whom a claim is asserted can prove that they tendered an instrument in good faith as full satisfaction of the claim. If the claim amount was unliquidated or subject to a bona fide dispute, and the claimant obtained payment of the instrument, certain subsections apply.
Can you summarize IACO 554.3312?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the procedures and rights related to lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. It defines key terms such as ‘check’, ‘claimant’, and ‘declaration of loss’. A claimant can assert a claim to the amount of a check by communicating with the obligated bank, providing a declaration of loss, and reasonable identification if requested. The claim becomes enforceable after a certain period of time, and until then, the obligated bank may still pay the check.
Can you summarize IACO 554.3401?
1.A person is not liable on an instrument unless the person signed the instrument, or the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under section 554.3402. 2.A signature may be made manually or by means of a device or machine, and by the use of any name, including a trade or assumed name, or by a word, mark, or symbol executed or adopted by a person with present intention to authenticate a writing.
Can you summarize IACO 554.3402?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the signature by a representative on an instrument. If a person acting as a representative signs an instrument using either the name of the represented person or their own name, the represented person is bound by the signature to the same extent as if it were a simple contract. The representative’s signature is considered the authorized signature of the represented person, making them liable on the instrument.
Can you summarize IACO 554.3403?
1.Unless otherwise provided in this Article or Article 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this Article. 2.If the signature of more than one person is required to constitute the authorized signature of an organization, the signature of the organization is unauthorized if one of the required signatures is lacking.
Can you summarize IACO 554.3404?
This section of the Iowa Code, specifically under the Uniform Commercial Code, addresses the issue of impostors and fictitious payees in relation to instruments. It states that if an impostor induces the issuer of an instrument to issue it to the impostor or a person acting with the impostor by impersonating the payee or an authorized person, an endorsement of the instrument by any person in the name of the payee is effective as the endorsement of the payee in favor of a person who pays the instrument or takes it in good faith.
Can you summarize IACO 554.3405?
This section of the Iowa Code, specifically under the Uniform Commercial Code, addresses the responsibility of employers for fraudulent endorsement by their employees. The definition of ’employee’ includes independent contractors and employees of independent contractors retained by the employer. ‘Fraudulent endorsement’ is defined as a forged endorsement purporting to be that of the employer or the person identified as payee. ‘Responsibility’ with respect to instruments includes various authorities related to signing, endorsing, processing, preparing, and controlling instruments on behalf of the employer.
Can you summarize IACO 554.3406?
This legal provision, found in the Iowa Code under the Uniform Commercial Code, addresses the issue of negligence contributing to the alteration of an instrument or the making of a forged signature on an instrument. According to this provision, a person who fails to exercise ordinary care and substantially contributes to such alteration or forgery cannot assert it against a person who, in good faith, pays the instrument or takes it for value or collection.
Can you summarize IACO 554.3407?
This legal document, part of the Iowa Code’s Uniform Commercial Code, defines and regulates the concept of ‘alteration’ in commercial transactions. An alteration refers to any unauthorized change in an instrument that modifies the obligation of a party or adds unauthorized words, numbers, or changes to an incomplete instrument. The document states that a fraudulently made alteration discharges a party whose obligation is affected, unless that party assents or is precluded from asserting the alteration.
Can you summarize IACO 554.3408?
A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. 94 Acts, ch 1167, 55, 121, 122
Can you summarize IACO 554.3409?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the acceptance of drafts and certified checks. It defines acceptance as the drawee’s signed agreement to pay a draft, which can be made at any time and becomes effective upon notification or delivery. The document also states that a draft may be accepted even if it is incomplete, overdue, or dishonored. Additionally, it explains that a certified check is a check accepted by the bank on which it is drawn, and acceptance can be indicated by the drawee’s signature or a writing on the check.
Can you summarize IACO 554.3410?
1.If the terms of a drawees acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. 2.The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.
Can you summarize IACO 554.3411?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the refusal to pay cashiers checks, tellers checks, and certified checks. The term ‘obligated bank’ refers to the acceptor of a certified check or the issuer of a cashiers check or tellers check bought from the issuer. If an obligated bank wrongfully refuses to pay a cashiers check or certified check, stops payment of a tellers check, or refuses to pay a dishonored tellers check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment.
Can you summarize IACO 554.3412?
The issuer of a note or cashiers check or other draft drawn on the drawer is obliged to pay the instrument according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 554.3115 and 554.3407. The obligation is owed to a person entitled to enforce the instrument or to an endorser who paid the instrument under section 554.
Can you summarize IACO 554.3413?
This legal document, found in the Iowa Code under the Uniform Commercial Code, governs the obligation of the acceptor of a draft. The acceptor is obliged to pay the draft according to its terms at the time it was accepted. This obligation applies even if the acceptance states that the draft is payable ‘as originally drawn’ or equivalent terms, as long as the acceptance varies the terms of the draft according to the terms of the draft as varied.
Can you summarize IACO 554.3414?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the obligation of the drawer in relation to drafts. It applies to drawers of drafts, except for cashier’s checks or other drafts drawn on the drawer. If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or when it first came into possession of a holder.
Can you summarize IACO 554.3415?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the obligation of an endorser in the case of a dishonored instrument. According to the document, an endorser is obliged to pay the amount due on the instrument as per its terms at the time of endorsement. This obligation is owed to a person entitled to enforce the instrument or a subsequent endorser who paid the instrument.
Can you summarize IACO 554.3416?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs transfer warranties for instruments. It states that a person who transfers an instrument for consideration warrants to the transferee and subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, and the instrument is not subject to any defense or claim in recoupment. The warrantor also warrants that they have no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor, and if the instrument is a demand draft, its creation was authorized by the identified drawer.
Can you summarize IACO 554.3417?
This legal document, found in the Iowa Code under the Uniform Commercial Code, governs presentment warranties in commercial transactions. It outlines the obligations and warranties of the person obtaining payment or acceptance of an unaccepted draft, as well as previous transferors of the draft. The document specifies that the warrantor must warrant to the drawee that they are entitled to enforce the draft, the draft has not been altered, they have no knowledge of unauthorized signatures, and the creation of a demand draft was authorized by the drawer.
Can you summarize IACO 554.3418?
This legal provision, found in the Iowa Code under the Uniform Commercial Code, governs the payment or acceptance of drafts and instruments made by mistake. It states that if a drawee pays or accepts a draft under the mistaken belief that payment had not been stopped or that the drawer’s signature was authorized, the drawee may recover the amount from the person who received the payment or, in the case of acceptance, may revoke the acceptance.
Can you summarize IACO 554.3419?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to instruments signed for accommodation. It outlines the conditions under which an accommodation party signs an instrument for the benefit of another party. An accommodation party may sign the instrument as a maker, drawer, acceptor, or endorser and is obligated to pay the instrument in the capacity in which they sign. The obligation of an accommodation party can be enforced regardless of any statute of frauds or whether they receive consideration for the accommodation.
Can you summarize IACO 554.3420?
This legal document pertains to the conversion of instruments. It states that the law applicable to the conversion of personal property also applies to instruments. An instrument is considered converted if it is taken by transfer from a person not entitled to enforce the instrument or if a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. However, the issuer or acceptor of the instrument, as well as a payee or endorsee who did not receive delivery of the instrument, cannot bring an action for conversion.
Can you summarize IACO 554.3501?
This legal document defines and explains the concept of ‘Presentment’ in the context of the Uniform Commercial Code (UCC) under the Iowa Code. Presentment refers to a demand made by or on behalf of a person entitled to enforce an instrument, such as a check or a promissory note. The demand can be made to the drawee or a party obliged to pay the instrument, or to a bank in the case of a note or accepted draft payable at a bank.
Can you summarize IACO 554.3502?
This legal document governs the dishonor of notes, unaccepted drafts, and accepted drafts. It provides rules for determining when a note or draft is considered dishonored. For notes payable on demand, dishonor occurs if presentment is made to the maker and the note is not paid on the day of presentment. For notes not payable on demand, dishonor occurs if presentment is made and the note is not paid on the day it becomes payable or the day of presentment, whichever is later.
Can you summarize IACO 554.3503?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, pertains to the obligation of an endorser and drawer and the requirement of notice of dishonor. It states that the obligation of an endorser or drawer cannot be enforced unless they are given notice of dishonor complying with the provisions of this section, or if notice of dishonor is excused under section 554.3504, subsection 2. Notice of dishonor can be given by any person through various means, such as oral, written, or electronic communication, as long as it reasonably identifies the instrument and indicates that it has been dishonored or not paid or accepted.
Can you summarize IACO 554.3504?
This legal document, found in the Iowa Code under the Uniform Commercial Code, governs the excusal of presentment for payment or acceptance of an instrument, as well as the excusal of notice of dishonor. Presentment for payment or acceptance may be excused in various circumstances, such as when reasonable diligence cannot be exercised, the maker or acceptor has repudiated the obligation, or the terms of the instrument do not require presentment.
Can you summarize IACO 554.3505?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the evidence of dishonor of negotiable instruments. It outlines the admissible evidence that creates a presumption of dishonor and notice of dishonor. The document specifies that a document regular in form, a stamp or writing of the drawee, payor bank, or presenting bank refusing acceptance or payment, and a book or record of the drawee, payor bank, or collecting bank showing dishonor are all admissible as evidence.
Can you summarize IACO 554.3506?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.3507?
Repealed by 94 Acts, ch 1167, 121, 122.See 554.3501, 554.3502, and 554.3512.
Can you summarize IACO 554.3508?
Repealed by 94 Acts, ch 1167, 121, 122.See 554.3503.
Can you summarize IACO 554.3509?
Repealed by 94 Acts, ch 1167, 121, 122.See 554.3505.
Can you summarize IACO 554.3510?
Repealed by 94 Acts, ch 1167, 121, 122.See 554.3505.
Can you summarize IACO 554.3511?
Repealed by 94 Acts, ch 1167, 121, 122.See 554.3502 and 554.3504.
Can you summarize IACO 554.3512?
1.The holder of a dishonored check, draft, or order may assess against the maker of that check, draft, or order a surcharge not to exceed thirty dollars. 2.The surcharge authorized by this section shall not be assessed unless the holder clearly and conspicuously posts a notice at the usual place of payment, or in the billing statement of the holder, stating that a surcharge will be assessed and the amount of the surcharge.
Can you summarize IACO 554.3513?
This section of the Iowa Code governs the civil remedy for dishonor of checks, drafts, or orders due to lack of funds or credit. In a civil action, the plaintiff can recover total damages equaling three times the face value of the dishonored instrument, including the face value itself. However, the total recovery cannot exceed $500 more than the amount of the dishonored instrument. To be eligible for this remedy, the plaintiff must have made a written demand for payment at least thirty days before commencing the action, notifying the defendant of the intention to seek treble damages.
Can you summarize IACO 554.3601?
1.The obligation of a party to pay the instrument is discharged as stated in this Article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. 2.Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge. 94 Acts, ch 1167, 73, 121, 122
Can you summarize IACO 554.3602?
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, pertains to the payment of instruments. It states that an instrument is considered paid when payment is made by or on behalf of a party obliged to pay the instrument and to a person entitled to enforce the instrument. The payment discharges the obligation of the party obliged to pay, even if there is a claim to the instrument by another person.
Can you summarize IACO 554.3603?
This legal document pertains to the tender of payment of an obligation to pay an instrument. It states that if tender of payment is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. Additionally, if tender of payment is made to a person entitled to enforce the instrument and the tender is refused, there is discharge of the obligation of an endorser or accommodation party to the extent of the amount of the tender.
Can you summarize IACO 554.3604?
1.A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the partys signature, or the addition of words to the instrument indicating discharge; or by agreeing not to sue or otherwise renouncing rights against the party by a signed writing.
Can you summarize IACO 554.3605?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the discharge of endorsers and accommodation parties in relation to payment obligations on an instrument. It clarifies that the discharge of a party’s obligation to pay an instrument does not discharge the obligation of an endorser or accommodation party with a right of recourse against the discharged party. The section also outlines the circumstances under which an extension of the due date or a material modification of the obligation can discharge the obligation of an endorser or accommodation party, provided that loss is proven.
Can you summarize IACO 554.3802?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.3803?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.3804?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.3805?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.3806?
Repealed by 94 Acts, ch 1167, 121, 122.
Can you summarize IACO 554.4101?
This Article may be cited as Uniform Commercial Code Bank Deposits and Collections. [C66, 71, 73, 75, 77, 79, 81, 554.4101] 94 Acts, ch 1167, 78, 122
Can you summarize IACO 554.4102?
1.To the extent that items within this Article are also within Articles 3 and 8, they are subject to the provisions of those Articles. If there is conflict, this Article governs Article 3, but Article 8 governs this Article. 2.The liability of a bank for action or nonaction with respect to an item handled by it for purposes of presentment, payment, or collection is governed by the law of the place where the bank is located.
Can you summarize IACO 554.4103?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the variation by agreement, measure of damages, and action constituting ordinary care in commercial transactions involving banks. While the provisions of this Article can be varied by agreement, 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 may agree on the standards by which the bank’s responsibility is measured, as long as those standards are not manifestly unreasonable.
Can you summarize IACO 554.4104?
This legal document provides definitions for various terms used in the Uniform Commercial Code (UCC) Article 4, which governs the handling, collection, and payment of instruments or orders to pay money. It defines terms such as ‘account,’ ‘banking day,’ ‘customer,’ ‘draft,’ ‘item,’ ‘settle,’ and more. The document also references definitions from other sections and articles of the UCC that apply to Article 4. It applies to banks, customers, drawees, and other parties involved in these transactions.
Can you summarize IACO 554.4105?
In this Article: 1.Bank means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company. 2.Depositary bank means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter. 3.Payor bank means a bank that is the drawee of the draft. 4.Intermediary bank means a bank to which an item is transferred in course of collection except the depositary or payor bank.
Can you summarize IACO 554.4106?
1.If an item states that it is payable through a bank identified in the item, the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and the item may be presented for payment only by or through the bank. 2.If an item states that it is payable at a bank identified in the item, the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and the item may be presented for payment only by or through the bank.
Can you summarize IACO 554.4107?
A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders must be given under this Article and under Article 3. [C66, 71, 73, 75, 77, 79, 81, 554.4106] 94 Acts, ch 1167, 83, 120, 122 C95, 554.4107
Can you summarize IACO 554.4108?
1.For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2:00 p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books. 2.An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day.
Can you summarize IACO 554.4109?
1.Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or permitted by this chapter for a period not exceeding two additional banking days without discharge of drawers or endorsers or liability to its transferor or a prior party.
Can you summarize IACO 554.4110?
1.Agreement for electronic presentment means an agreement, clearing-house rule, or federal reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (presentment notice) rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the agreement. 2.Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.
Can you summarize IACO 554.4111?
An action to enforce an obligation, duty, or right arising under this Article must be commenced within three years after the cause of action accrues. 2005 Acts, ch 11, 8
Can you summarize IACO 554.4201?
This legal document, governed by the Iowa Code’s Uniform Commercial Code, addresses the status of a collecting bank as an agent and the provisional status of credits. It establishes that unless a contrary intent is clearly stated, a collecting bank is considered an agent or subagent of the owner of an item, and any settlement given for the item is provisional. This applies regardless of the form of endorsement or lack thereof.
Can you summarize IACO 554.4202?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the responsibility of collecting banks in the collection or return of items. It requires collecting banks to exercise ordinary care in presenting items or sending them for presentment, sending notice of dishonor or nonpayment, settling for an item, and notifying their transferor of any loss or delay in transit. The document specifies that a collecting bank must take proper action before its midnight deadline following receipt of an item, notice, or settlement, and may be considered to have exercised ordinary care if proper action is taken within a reasonably longer time.
Can you summarize IACO 554.4203?
Subject to Article 3 concerning conversion of instruments (section 554.3420) and restrictive endorsements (section 554.3206), only a collecting banks transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor. [C66, 71, 73, 75, 77, 79, 81, 554.4203] 94 Acts, ch 1167, 90, 122
Can you summarize IACO 554.4204?
1.A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items. 2.A collecting bank may send: a.an item directly to the payor bank; b.an item to a nonbank payor if authorized by its transferor; and c.
Can you summarize IACO 554.4205?
If a customer delivers an item to a depositary bank for collection: 1.The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer endorses the item, and, if the bank satisfies the other requirements of section 554.3302, it is a holder in due course; and 2.
Can you summarize IACO 554.4206?
Any agreed method that identifies the transferor bank is sufficient for the items further transfer to another bank. [C66, 71, 73, 75, 77, 79, 81, 554.4206] 94 Acts, ch 1167, 93, 122
Can you summarize IACO 554.4207?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the transfer warranties in commercial transactions. It outlines the warranties that a customer or collecting bank provides when transferring an item and receiving settlement or other consideration. These warranties include ensuring that the warrantor is entitled to enforce the item, all signatures on the item are authentic and authorized, the item has not been altered, and the item is not subject to any defense or claim in recoupment.
Can you summarize IACO 554.4208?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs presentment warranties in commercial transactions. It applies to drawees, warrantors, and persons making payment. The document establishes warranties that the person obtaining payment or acceptance of an unaccepted draft warrants to the drawee, including being entitled to enforce the draft, no alteration of the draft, no unauthorized signature, and authorization of the creation of a demand draft. The document also outlines the rights of the drawee to recover damages for breach of warranty, the defenses available to warrantors, and the warranties applicable to dishonored drafts.
Can you summarize IACO 554.4209?
1.A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warranty. 2.A person who undertakes to retain an item pursuant to an agreement for electronic presentment warrants to any subsequent collecting bank and to the payor bank or other payor that retention and presentment of the item comply with the agreement.
Can you summarize IACO 554.4210?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, establishes the security interest of a collecting bank in items, accompanying documents, and proceeds. A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either in various scenarios, such as when credit given for the item has been withdrawn or applied, when credit has been given for an item available for withdrawal, or when an advance is made on or against the item.
Can you summarize IACO 554.4211?
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 554.3302 on what constitutes a holder in due course. [S13, 3060-a27; C24, 27, 31, 35, 39, 9487; C46, 50, 54, 58, 62, 541.27; C66, 71, 73, 75, 77, 79, 81, 554.4209] 94 Acts, ch 1167, 96, 120, 122 C95, 554.
Can you summarize IACO 554.4212?
This legal document governs the presentment of items that are not payable by, through, or at a bank. It allows a collecting bank to present such items by sending a written notice to the party to accept or pay. The notice must be sent in a timely manner and the bank must meet any requirements of the party to accept or pay. If presentment is made by notice and payment, acceptance, or request for compliance is not received by the specified time, the presenting bank may treat the item as dishonored and charge any drawer or endorser by sending them notice of the facts.
Can you summarize IACO 554.4213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by federal reserve regulations, circulars, clearing-house rules, or agreement. 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 to receive 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.
Can you summarize IACO 554.4214?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and liabilities of collecting banks regarding charge-backs or refunds. It states that if a collecting bank has made provisional settlement with its customer for an item but fails to receive final settlement due to dishonor, suspension of payments by a bank, or other reasons, the bank may revoke the settlement, charge back the credited amount, or obtain a refund from its customer.
Can you summarize IACO 554.4215?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the final payment of an item by a payor bank. It outlines the conditions under which an item is considered finally paid, including payment in cash, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. The document also specifies that if provisional settlement does not become final, the item is not considered finally paid.
Can you summarize IACO 554.4216?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the rules and provisions related to insolvency and preference. It outlines the obligations and responsibilities of various entities such as payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, presenting banks, and closed bank’s customers. The document states that if an item is in the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, it must be returned to the presenting bank or the closed bank’s customer.
Can you summarize IACO 554.4301?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It applies specifically to payor banks. According to the document, if a payor settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the payment settlement by returning the item or sending written notice of dishonor or nonpayment.
Can you summarize IACO 554.4302?
This legal provision, found in the Iowa Code under the Uniform Commercial Code, governs the responsibility of a payor bank for the late return of an item. According to the provision, if a payor bank receives an item and retains it beyond midnight of the banking day of receipt without settling for it, or fails to pay, return, or send notice of dishonor until after its midnight deadline, the bank becomes accountable for the amount of the item.
Can you summarize IACO 554.4303?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the order in which items may be charged or certified by payor banks. It states that any knowledge, notice, stop-payment order, legal process, or setoff 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 certain conditions are met. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cutoff hour for checks.
Can you summarize IACO 554.4401?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the rules regarding when a bank may charge a customer’s account. According to the document, a bank can 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 in accordance with any agreement between the customer and the bank.
Can you summarize IACO 554.4402?
This legal document pertains to the liability of a payor bank to its customer for wrongful dishonor of an item. The payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, unless it has agreed to pay the overdraft. The payor bank is liable to its customer for damages caused by the wrongful dishonor, including actual damages and consequential damages. The determination of the customer’s account balance, on which the decision to dishonor for insufficiency of available funds is based, can be made at any time between the receipt of the item by the payor bank and the return of the item or giving notice in lieu of return.
Can you summarize IACO 554.4403?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the right of a customer or any authorized person to stop payment of an item drawn on the customer’s account or close the account. The customer or authorized person must provide an order to the bank with a reasonable description of the item or account, giving the bank a reasonable opportunity to act on it. If more than one person’s signature is required to draw on the account, any of these persons may stop payment or close the account.
Can you summarize IACO 554.4404?
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 customers account for a payment made thereafter in good faith. [C66, 71, 73, 75, 77, 79, 81, 554.4404]
Can you summarize IACO 554.4405?
1.A payor or collecting banks authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.
Can you summarize IACO 554.4406?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the duties and responsibilities of customers and banks regarding the discovery and reporting of unauthorized signatures or alterations. According to the document, a bank must either return or provide sufficient information to the customer to identify the items paid in a statement of account. The customer has the right to request items or legible copies from the bank.
Can you summarize IACO 554.4407?
If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights 1.
Can you summarize IACO 554.4501?
A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. [C66, 71, 73, 75, 77, 79, 81, 554.4501] 94 Acts, ch 1167, 113, 122
Can you summarize IACO 554.4502?
If a draft or the relevant instructions require presentment on arrival, when goods arrive or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.
Can you summarize IACO 554.4503?
This legal document governs the responsibility of a bank when presenting documentary drafts. It states that a bank must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment, otherwise only on payment. In case of dishonor, the presenting bank may seek instructions from any referee in case of need designated in the draft or, if not utilizing the referee’s services, must use diligence and good faith to ascertain the reason for dishonor, notify its transferor of the dishonor and the results of its effort to ascertain the reasons, and request instructions.
Can you summarize IACO 554.4504?
1.A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. 2.For its reasonable expenses incurred by action under subsection 1 the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid sellers lien.
Can you summarize IACO 554.5101?
This Article shall be known and may be cited as Uniform Commercial Code Letters of Credit. [C66, 71, 73, 75, 77, 79, 81, 554.5101]
Can you summarize IACO 554.5102?
This legal document provides definitions for key terms used in the Uniform Commercial Code (UCC) Article 5, which deals with letters of credit. It defines terms such as ‘adviser,’ ‘applicant,’ ‘beneficiary,’ ‘confirmer,’ ‘dishonor,’ ‘document,’ ‘good faith,’ ‘honor,’ ‘issuer,’ ’letter of credit,’ ’nominated person,’ ‘presentation,’ ‘presenter,’ ‘record,’ and ‘successor of a beneficiary.’ The document also references definitions from other articles within the UCC that apply to Article 5. Overall, this document serves as a reference for understanding the terminology and concepts related to letters of credit under the UCC.
Can you summarize IACO 554.5103?
This Article of the Iowa Code governs letters of credit and the rights and obligations arising from transactions involving letters of credit. It applies to parties involved in such transactions. The Article allows for variations in the effect of its provisions through agreement or provisions stated or incorporated by reference in an undertaking, except for specific subsections and variations prohibited by other sections. The rights and obligations of an issuer to a beneficiary or nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement underlying the letter of credit.
Can you summarize IACO 554.5104?
A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated by a signature or in accordance with the agreement of the parties or the standard practice referred to in section 554.5108, subsection 5. [C66, 71, 73, 75, 77, 79, 81, 554.5104] 96 Acts, ch 1026, 3, 28; 2012 Acts, ch 1023, 146 Referred to in 554.5102, 554.5116
Can you summarize IACO 554.5105?
Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. [C66, 71, 73, 75, 77, 79, 81, 554.5105] 96 Acts, ch 1026, 4, 28
Can you summarize IACO 554.5106?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the issuance, amendment, cancellation, and duration of letters of credit. According to the document, a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. The document specifies that a letter of credit is revocable only if it explicitly states so. Furthermore, any amendment or cancellation to a letter of credit does not affect the rights and obligations of the beneficiary, applicant, confirmer, and issuer unless they have consented to it, unless the letter of credit allows for revocation or amendment without consent.
Can you summarize IACO 554.5107?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the roles and obligations of the confirmer, nominated person, and adviser in letter of credit transactions. A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.
Can you summarize IACO 554.5108?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, outlines the rights and obligations of an issuer in relation to letters of credit. The document states that an issuer must honor a presentation that strictly complies with the terms and conditions of the letter of credit, unless otherwise agreed with the applicant. The issuer has a reasonable time to honor the presentation, accept a draft, or give notice of discrepancies.
Can you summarize IACO 554.5109?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the treatment of presentations made under a letter of credit that involve fraud or forgery. It outlines the circumstances under which an issuer must honor a presentation, even if a required document is forged or materially fraudulent, provided certain conditions are met. These conditions include the demand for honor being made by a nominated person who has given value in good faith and without notice of forgery or material fraud, or by other specified parties.
Can you summarize IACO 554.5110?
1.If its presentation is honored, the beneficiary warrants: a.to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in section 554.5109, subsection 1; and b.to the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit. 2.
Can you summarize IACO 554.5111?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the remedies available in various scenarios. If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit, the beneficiary, successor, or nominated person presenting on its own behalf may recover the amount that is the subject of the dishonor or repudiation. If the issuer’s obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or recover an amount equal to the value of performance.
Can you summarize IACO 554.5112?
1.Except as otherwise provided in section 554.5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. 2.Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if: a.the transfer would violate applicable law; or b.the transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in section 554.
Can you summarize IACO 554.5113?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the transfer of drawing rights by operation of law. It outlines the rights and obligations of successors of beneficiaries, issuers, and other parties involved in the transfer process. The document specifies that a successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.
Can you summarize IACO 554.5114?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the assignment of proceeds of a letter of credit. It defines ‘proceeds of a letter of credit’ as the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The section allows a beneficiary to assign its right to part or all of the proceeds of a letter of credit, contingent upon compliance with the terms and conditions of the letter of credit.
Can you summarize IACO 554.5115?
An action to enforce a right or obligation arising under this Article must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved partys lack of knowledge of the breach. [C66, 71, 73, 75, 77, 79, 81, 554.5115] 96 Acts, ch 1026, 14, 28
Can you summarize IACO 554.5116?
This legal document governs the liability of issuers, nominated persons, or advisers for their actions or omissions in relation to letters of credit, confirmations, or other undertakings. The liability is determined based on the law of the jurisdiction chosen by an agreement between the parties or by the law of the jurisdiction where the person is located. Customary rules and practices, such as the uniform customs and practice for documentary credits, may also govern the liability.
Can you summarize IACO 554.5117?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the subrogation rights of issuers, applicants, and nominated persons in letter of credit transactions. According to the document, an issuer that honors a beneficiary’s presentation is subrogated to the rights of the beneficiary and the applicant as if the issuer were a secondary obligor of the underlying obligation. Similarly, an applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person.
Can you summarize IACO 554.5118?
This legal provision, found in the Iowa Code under the Uniform Commercial Code, pertains to the security interest of an issuer or nominated person in a document presented under a letter of credit. The security interest arises when the issuer or nominated person honors or provides value for the presentation. The security interest continues until the issuer or nominated person has been reimbursed or has otherwise recovered the value given. This provision states that a security agreement is not necessary to enforce the security interest, and if the document is presented in a medium other than a written or tangible medium, the security interest is perfected.
Can you summarize IACO 554.9101?
This Article may be cited as Uniform Commercial Code Secured Transactions. 2000 Acts, ch 1149, 1, 185, 187
Can you summarize IACO 554.9102?
This legal document is part of the Iowa Code and falls under the Uniform Commercial Code, specifically Article 9. It provides definitions for various terms used in commercial transactions. The document covers definitions related to goods, accounts, agricultural liens, fixtures, consignments, consumer goods, and more. It also includes definitions from other articles of the Uniform Commercial Code that are applicable to this Article. The document does not mention any specific penalties for non-compliance.
Can you summarize IACO 554.9103?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the concept of purchase-money security interest and the application of payments in transactions other than consumer-goods transactions. It defines purchase-money collateral and purchase-money obligation, and outlines the conditions under which a security interest in goods or software qualifies as a purchase-money security interest. The section also addresses the application of payments in nonconsumer-goods transactions, providing guidelines for the order in which payments should be applied to obligations.
Can you summarize IACO 554.9104?
1.Requirements for control.A secured party has control of a deposit account if: a.the secured party is the bank with which the deposit account is maintained; b.the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or c.the secured party becomes the banks customer with respect to the deposit account.
Can you summarize IACO 554.9106?
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, pertains to the control of investment property. It outlines the conditions under which a person has control of a certificated security, uncertificated security, or security entitlement. Additionally, it explains how a secured party can have control over a commodity contract, either by being the commodity intermediary or by agreement with the commodity customer and intermediary.
Can you summarize IACO 554.9107?
A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 554.5114, subsection 3, or otherwise applicable law or practice. 2000 Acts, ch 1149, 7, 185, 187 Referred to in 554.9203, 554.9207, 554.9208, 554.9314, 554.9329, 554.
Can you summarize IACO 554.9108?
This legal document pertains to the sufficiency of description in commercial transactions governed by the Uniform Commercial Code in the state of Iowa. It establishes that a description of personal or real property is considered sufficient if it reasonably identifies what is described, unless otherwise provided in subsections 3, 4, and 5. The document provides examples of reasonable identification, such as specific listing, category, type of collateral defined in the chapter, quantity, computational or allocational formula or procedure, or any other method that objectively determines the identity of the collateral.
Can you summarize IACO 554.9109?
This Article of the Iowa Code, which falls under the Uniform Commercial Code, governs various transactions and security interests in personal property or fixtures. It applies to transactions such as contracts creating security interests, agricultural liens, sales of accounts and promissory notes, consignments, and specific security interests arising under certain sections of the Iowa Code. The Article applies to parties involved in these transactions and security interests. However, there are exemptions to its application, such as when preempted by a United States statute, when another Iowa statute expressly governs the security interest, when a statute of another state or foreign country expressly governs the security interest, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior.
Can you summarize IACO 554.9110?
A security interest arising under section 554.2401, 554.2505, 554.2711, subsection 3, or section 554.13508, subsection 5, is subject to this Article. However, until the debtor obtains possession of the goods: 1.the security interest is enforceable, even if section 554.9203, subsection 2, paragraph c, has not been satisfied; 2.filing is not required to perfect the security interest; 3.the rights of the secured party after default by the debtor are governed by Article 2 or 13; and 4.
Can you summarize IACO 554.9201?
This legal document pertains to security agreements and their general effectiveness. According to the document, a security agreement is effective according to its terms between the parties involved, against purchasers of the collateral, and against creditors. The document also states that transactions subject to this Article are subject to any applicable consumer laws that establish different rules for consumers. In case of conflict between this Article and a rule of law, statute, or regulation, the latter controls.
Can you summarize IACO 554.9202?
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this Article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. 2000 Acts, ch 1149, 12, 185, 187
Can you summarize IACO 554.9203?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the attachment and enforceability of security interests, proceeds, supporting obligations, and formal requisites. It outlines the conditions under which a security interest becomes enforceable against the debtor and third parties, including the requirement of value given and the debtor’s rights or power to transfer rights in the collateral. The document also specifies the formal requisites for attachment, such as the authentication of a security agreement or the possession of collateral by the secured party.
Can you summarize IACO 554.9204?
1.After-acquired collateral.Except as otherwise provided in subsection 2, a security agreement may create or provide for a security interest in after-acquired collateral. 2.When after-acquired property clause not effective.A security interest does not attach under a term constituting an after-acquired property clause to: a.consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or b.
Can you summarize IACO 554.9205?
1.When security interest not invalid or fraudulent.A security interest is not invalid or fraudulent against creditors solely because: a.the debtor has the right or ability to: (1)use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; (2)collect, compromise, enforce, or otherwise deal with collateral; (3)accept the return of collateral or make repossessions; or (4)use, commingle, or dispose of proceeds; or b.the secured party fails to require the debtor to account for proceeds or replace collateral.
Can you summarize IACO 554.9207?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and duties of a secured party who has possession or control of collateral. It establishes that a secured party must exercise reasonable care in the custody and preservation of the collateral. The document outlines the expenses, risks, duties, and rights of a secured party in possession of collateral, including the ability to use or operate the collateral for preservation purposes or as agreed upon with the debtor.
Can you summarize IACO 554.9208?
This section of the Iowa Code, specifically under the Uniform Commercial Code, outlines the additional duties of a secured party who has control of collateral. It applies to secured parties who have control of collateral and are not committed to any outstanding secured obligation or providing further value. The section specifies various actions that the secured party must take upon receiving a demand from the debtor. These actions include releasing the bank from any further obligation to comply with instructions related to a deposit account, paying the debtor the balance on deposit or transferring it to a deposit account in the debtor’s name, communicating the authoritative copy of electronic chattel paper to the debtor or its designated custodian, releasing the designated custodian from any further obligation to comply with instructions, and enabling the debtor or its custodian to make copies or revisions to the authoritative copy.
Can you summarize IACO 554.9209?
1.Applicability of section.Except as otherwise provided in subsection 3, this section applies if: a.there is no outstanding secured obligation; and b.the secured party is not committed to make advances, incur obligations, or otherwise give value. 2.Duties of secured party after receiving demand from debtor.Within ten days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 554.
Can you summarize IACO 554.9210?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to requests for accounting, requests regarding a list of collateral, and requests regarding a statement of account. The document defines the terms related to these requests and outlines the duties of secured parties in responding to such requests. It specifies that a secured party must comply with a request within fourteen days by providing an accounting, approving or correcting a list of collateral, or approving or correcting a statement of account.
Can you summarize IACO 554.9301?
This legal document pertains to the perfection and priority of security interests in collateral. It establishes the rules governing the law of perfection, the effect of perfection or nonperfection, and the priority of security interests in collateral. The document specifies that the local law of the jurisdiction where the debtor is located determines perfection, effect, and priority, unless otherwise provided. It also states that the local law of the jurisdiction where the collateral is located governs the perfection, effect, and priority of a possessory security interest in that collateral.
Can you summarize IACO 554.9302?
While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. 2000 Acts, ch 1149, 22, 185, 187 Referred to in 554.1301, 579A.2, 579B.3
Can you summarize IACO 554.9303?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the perfection and priority of security interests in goods covered by a certificate of title. It applies to goods that are covered by a certificate of title, regardless of any other relationship between the jurisdiction issuing the certificate and the goods or debtor. Goods become covered by a certificate of title upon the submission of a valid application and payment of the applicable fee to the appropriate authority.
Can you summarize IACO 554.9304?
This legal document governs the perfection and priority of security interests in deposit accounts. It specifies that the local law of a bank’s jurisdiction determines the perfection, effect, and priority of a security interest in a deposit account maintained with that bank. The document outlines rules to determine a bank’s jurisdiction, such as agreements between the bank and the debtor/customer, the location of the office serving the customer’s account, or the chief executive office of the bank.
Can you summarize IACO 554.9305?
This legal document governs the perfection and priority of security interests in investment property. It provides rules for determining the governing law, perfection, effect of perfection or nonperfection, and priority of security interests in different types of securities such as certificated securities, uncertificated securities, security entitlements, securities accounts, commodity contracts, and commodity accounts. The document also specifies the jurisdiction of a commodity intermediary based on agreements or the location of offices.
Can you summarize IACO 554.9307?
This legal document provides rules for determining the location of a debtor. The document defines ‘place of business’ as a place where a debtor conducts its affairs. It states that an individual debtor is located at their principal residence, while an organization debtor with only one place of business is located at that place of business. If an organization debtor has multiple places of business, it is located at its chief executive office.
Can you summarize IACO 554.9308?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the perfection of security interests and agricultural liens. It outlines the requirements for perfection and states that a security interest is perfected if it has attached and all applicable requirements have been satisfied. Similarly, an agricultural lien is perfected if it has become effective and all applicable requirements have been satisfied. The document also mentions continuous perfection, where a security interest or agricultural lien can be perfected by different methods without an intermediate period of being unperfected.
Can you summarize IACO 554.9309?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the types of security interests that are considered perfected upon attachment. It applies to various scenarios such as purchase-money security interests in consumer goods, assignments of accounts or payment intangibles, sales of payment intangibles or promissory notes, security interests created by the assignment of health care insurance receivables, and more. The document also references specific sections of the Iowa Code that provide further details on the attachment and enforceability of security interests.
Can you summarize IACO 554.9310?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the filing requirements to perfect security interests and agricultural liens. In general, a financing statement must be filed to perfect these interests. However, there are exceptions where filing is not necessary, such as when the security interest is perfected under specific sections, in certain types of property, in goods in possession of a bailee, in certificated securities, documents, goods, or instruments, in collateral in the secured party’s possession, in a certificated security perfected by delivery, in controllable accounts, electronic records, payment intangibles, deposit accounts, chattel paper, electronic documents, investment property, or letter-of-credit rights perfected by control, in proceeds, or when otherwise specified in section 554.
Can you summarize IACO 554.9311?
This legal document pertains to the perfection of security interests in property that is subject to specific statutes, regulations, and treaties. It states that filing a financing statement is not necessary or effective to perfect a security interest in property subject to certain laws. Compliance with the requirements of the relevant statutes, regulations, or treaties is equivalent to filing a financing statement. For goods covered by a certificate of title, a security interest can only be perfected by complying with the requirements of the applicable law, and such perfection remains even if there is a change in the use or possession of the collateral.
Can you summarize IACO 554.9312?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the perfection of security interests in various types of collateral. It allows for the perfection of security interests in controllable accounts, controllable electronic records, controllable payment intangibles, chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money through filing. However, for certain types of collateral such as deposit accounts, letter-of-credit rights, tangible money, and electronic money, perfection can only be achieved through control or possession.
Can you summarize IACO 554.9313?
This section of the Iowa Code, which falls under the Uniform Commercial Code, governs the perfection of security interests in various types of collateral, including tangible negotiable documents, goods, instruments, tangible money, tangible chattel paper, and certificated securities. It outlines the methods by which a secured party can perfect their security interest, such as taking possession of the collateral or taking delivery of certificated securities. The section also specifies that perfection by possession or delivery occurs at the time the secured party takes possession or delivery and continues only while they retain possession.
Can you summarize IACO 554.9314?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the perfection of security interests through control. It specifies that security interests in various types of collateral, such as controllable accounts, electronic records, payment intangibles, deposit accounts, chattel paper, documents, money, investment property, or letter-of-credit rights, can be perfected by control under specific sections of the code. The document also outlines the time of perfection by control and the continuation of perfection for different types of collateral.
Can you summarize IACO 554.9315?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, addresses the rights of secured parties and agricultural lienholders in relation to the disposition of collateral and the proceeds derived from such disposition. It states that a security interest or agricultural lien continues in collateral even after its sale, lease, license, exchange, or other disposition, unless the secured party authorized the disposition free of the security interest or agricultural lien.
Can you summarize IACO 554.9316?
This legal document discusses the effect of a change in governing law on security interests. It provides rules for determining the continued perfection of security interests in different scenarios. The document covers the general rule for the effect on perfection of a change in governing law, the impact on security interests perfected or unperfected under the law of a new jurisdiction, the continuous perfection of possessory security interests in collateral moved to a new jurisdiction, the effect on goods covered by a certificate of title from another state, the change in jurisdiction of banks, issuers, nominated persons, securities intermediaries, or commodity intermediaries, the effect on filed financing statements of a change in governing law, and the effect of a change in governing law on financing statements filed against the original debtor.
Can you summarize IACO 554.9317?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the priority of interests over security interests or agricultural liens. It states that a security interest or agricultural lien is subordinate to the rights of a person entitled to priority under section 554.9322 and a person that becomes a lien creditor before the security interest or agricultural lien is perfected or certain conditions are met. It also outlines that buyers and lessees who give value and receive delivery of collateral without knowledge of the security interest or agricultural lien and before it is perfected take free of such interests.
Can you summarize IACO 554.9318?
1.Seller retains no interest.A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold. 2.Deemed rights of debtor if buyers security interest unperfected.For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyers security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
Can you summarize IACO 554.9319?
1.Consignee has consignors rights.Except as otherwise provided in subsection 2, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer. 2.Applicability of other law.For purposes of determining the rights of a creditor of a consignee, law other than this Article determines the rights and title of a consignee while goods are in the consignees possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor.
Can you summarize IACO 554.9320?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and obligations of buyers of goods. It specifies that a buyer in ordinary course of business, except for a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the buyer knows of its existence. Similarly, a buyer of consumer goods, who buys without knowledge of a security interest, for value, primarily for personal, family, or household purposes, and before the filing of a financing statement covering the goods, also takes free of the security interest.
Can you summarize IACO 554.9321?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to licensees of general intangibles and lessees of goods in the ordinary course of business. A ’licensee in ordinary course of business’ refers to a person who becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind.
Can you summarize IACO 554.9322?
This legal document, part of the Iowa Code’s Uniform Commercial Code, establishes the rules for determining priority among conflicting security interests and agricultural liens on the same collateral. The general priority rules state that conflicting perfected security interests and agricultural liens rank according to the time of filing or perfection. A perfected security interest or agricultural lien takes priority over a conflicting unperfected security interest or agricultural lien. The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected.
Can you summarize IACO 554.9323?
This legal document pertains to the priority of security interests and advances under the Uniform Commercial Code in Iowa. It establishes rules for determining the priority of a perfected security interest based on the time of advance. The document outlines conditions under which a security interest is subordinate to the rights of a lien creditor. It also provides exceptions for security interests held by buyers of certain types of assets and consignors.
Can you summarize IACO 554.9324?
This legal document, part of the Iowa Code’s Uniform Commercial Code, establishes the priority of purchase-money security interests in various types of goods. A purchase-money security interest refers to a security interest taken by a seller or lender to secure the purchase price or loan used to acquire the collateral. The document outlines the general rule that a perfected purchase-money security interest in goods, other than inventory or livestock, has priority over a conflicting security interest in the same goods.
Can you summarize IACO 554.9325?
1.Subordination of security interest in transferred collateral.Except as otherwise provided in subsection 2, a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: a.the debtor acquired the collateral subject to the security interest created by the other person; b.the security interest created by the other person was perfected when the debtor acquired the collateral; and c.there is no period thereafter when the security interest is unperfected.
Can you summarize IACO 554.9327?
The following rules govern priority among conflicting security interests in the same deposit account: 1.A security interest held by a secured party having control of the deposit account under section 554.9104 has priority over a conflicting security interest held by a secured party that does not have control. 2.Except as otherwise provided in subsections 3 and 4, security interests perfected by control under section 554.9314 rank according to priority in time of obtaining control.
Can you summarize IACO 554.9328?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, establishes rules for determining the priority of conflicting security interests in investment property. The document states that a secured party with control of the investment property has priority over a secured party without control. Conflicting security interests held by secured parties with control rank according to the time of obtaining control. The document also specifies that a security interest held by a securities intermediary or a commodity intermediary has priority over conflicting security interests held by other secured parties.
Can you summarize IACO 554.9329?
The following rules govern priority among conflicting security interests in the same letter-of-credit right: 1.A security interest held by a secured party having control of the letter-of-credit right under section 554.9107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. 2.Security interests perfected by control under section 554.9314 rank according to priority in time of obtaining control.
Can you summarize IACO 554.9330?
This legal document, part of the Iowa Code’s Uniform Commercial Code, establishes the priority of purchasers of chattel paper or instruments. It outlines the conditions under which a purchaser of chattel paper has priority over a security interest claimed as proceeds of inventory or claimed as other security interests. The document specifies that the purchaser must give new value, take possession of the chattel paper, obtain control of the chattel paper, and act in good faith and in the ordinary course of business.
Can you summarize IACO 554.9331?
This legal document addresses the priority of rights of purchasers of various assets, such as controllable accounts, controllable records, controllable payment intangibles, documents, instruments, and securities. It specifies that holders in due course of negotiable instruments, holders of negotiable documents of title, protected purchasers of securities, and qualifying purchasers of controllable accounts, controllable electronic records, or controllable payment intangibles take priority over earlier security interests, even if perfected, as provided in Articles 3, 7, 8, and 14.
Can you summarize IACO 554.9332?
1.Transferee of tangible money.A transferee of tangible money takes the money free of a security interest in the money if the transferee when receiving delivery of the money does not act in collusion with the debtor in violating the rights of the secured party. 2.Transferee of electronic money.A transferee of electronic money takes the money free of a security interest in the money if the transferee when obtaining control of the money does not act in collusion with the debtor in violating the rights of the secured party.
Can you summarize IACO 554.9333?
1.Possessory lien.In this section, possessory lien means an interest, other than a security interest or an agricultural lien: a.which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the persons business; b.which is created by statute or rule of law in favor of the person; and c.whose effectiveness depends on the persons possession of the goods.
Can you summarize IACO 554.9334?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the priority of security interests in fixtures and crops. It outlines the rules for creating security interests in goods that are fixtures or become fixtures, and clarifies that ordinary building materials incorporated into an improvement on land do not qualify for a security interest. The document also addresses the subordination of security interests in fixtures to conflicting interests of encumbrancers or owners of related real property, except in specific cases.
Can you summarize IACO 554.9335?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the creation, perfection, priority, removal, and reimbursement of security interests in accessions. It states that a security interest may be created in an accession and continues in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral. The priority of a security interest in an accession is determined by the provisions of this part, except when a security interest in the whole is perfected by compliance with a certificate-of-title statute.
Can you summarize IACO 554.9336?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the concept of commingled goods. Commingled goods refer to goods that are physically combined with other goods in a way that their individual identity is lost. The section clarifies that a security interest does not exist in commingled goods themselves, but it may attach to the resulting product or mass when goods become commingled. If collateral becomes commingled goods, a security interest attaches to the product or mass.
Can you summarize IACO 554.9337?
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate: 1.a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and 2.
Can you summarize IACO 554.9338?
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 554.9516, subsection 2, paragraph e, which is incorrect at the time the financing statement is filed: 1.the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and 2.
Can you summarize IACO 554.9339?
This Article does not preclude subordination by agreement by a person entitled to priority. 2000 Acts, ch 1149, 59, 187
Can you summarize IACO 554.9340?
1.Exercise of recoupment or setoff.Except as otherwise provided in subsection 3, a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account. 2.Recoupment or setoff not affected by security interest.Except as otherwise provided in subsection 3, the application of this Article to a security interest in a deposit account does not affect a right of recoupment or setoff of the secured party as to a deposit account maintained with the secured party.
Can you summarize IACO 554.9341?
Except as otherwise provided in section 554.9340, subsection 3, and unless the bank otherwise agrees in an authenticated record, a banks rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by: 1.the creation, attachment, or perfection of a security interest in the deposit account; 2.the banks knowledge of the security interest; or 3.the banks receipt of instructions from the secured party.
Can you summarize IACO 554.9342?
This Article does not require a bank to enter into an agreement of the kind described in section 554.9104, subsection 1, paragraph b, even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer. 2000 Acts, ch 1149, 62, 187
Can you summarize IACO 554.9401?
1.Other law governs alienability exceptions.Except as otherwise provided in subsection 2 and sections 554.9406, 554.9407, 554.9408, and 554.9409, whether a debtors rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this Article. 2.Agreement does not prevent transfer.An agreement between the debtor and secured party which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
Can you summarize IACO 554.9402?
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtors acts or omissions. 2000 Acts, ch 1149, 64, 185, 187
Can you summarize IACO 554.9403?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to agreements between account debtors and assignors regarding the assertion of claims or defenses against an assignee. The document states that such agreements are enforceable by an assignee if certain conditions are met, including taking the assignment for value, in good faith, without notice of a claim or defense, and without notice of a defense or claim in recoupment.
Can you summarize IACO 554.9404?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights acquired by an assignee and the claims and defenses that can be made against the assignee. The rights of an assignee are subject to the terms of the agreement between the account debtor and assignor, as well as any defense or claim in recoupment arising from the transaction that gave rise to the contract. Additionally, any defense or claim of the account debtor against the assignor that accrues before receiving a notification of the assignment can be asserted against the assignee.
Can you summarize IACO 554.9405?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the modification of assigned contracts. It states that a modification or substitution of an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. However, this provision is subject to certain conditions. It applies when the right to payment under an assigned contract has not been fully earned by performance or when the right to payment has been fully earned but the account debtor has not been notified of the assignment.
Can you summarize IACO 554.9406?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the discharge of account debtors, notification of assignment, identification and proof of assignment, and restrictions on the assignment of accounts, chattel paper, payment intangibles, and promissory notes. It establishes that an account debtor may discharge its obligation by paying the assignor until it receives a notification, authenticated by the assignor or assignee, stating that the amount due has been assigned and payment should be made to the assignee.
Can you summarize IACO 554.9407?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, addresses restrictions on the creation or enforcement of security interests in leasehold interests or lessor’s residual interest. It states that a term in a lease agreement is generally ineffective if it prohibits, restricts, or requires consent for the assignment, transfer, creation, attachment, perfection, or enforcement of a security interest in a party’s interest under the lease contract or the lessor’s residual interest in the goods.
Can you summarize IACO 554.9408?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, addresses the restrictions on the assignment of promissory notes, health care insurance receivables, and certain general intangibles. It states that any term in a promissory note or agreement between an account debtor and a debtor that prohibits, restricts, or requires consent for the assignment or transfer of, or creation, attachment, or perfection of a security interest in the mentioned assets is ineffective to the extent that it impairs the creation, attachment, or perfection of a security interest or provides grounds for default, breach, recoupment, claim, defense, termination, or remedy.
Can you summarize IACO 554.9409?
This legal document, part of the Iowa Code’s Uniform Commercial Code, addresses the restrictions on the assignment of letter-of-credit rights. It states that any term or rule of law, statute, regulation, custom, or practice that prohibits, restricts, or requires consent for the assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that it impairs the creation, attachment, or perfection of a security interest or provides grounds for default, breach, recoupment, claim, defense, termination, or remedy under the letter-of-credit right.
Can you summarize IACO 554.9501?
This legal document pertains to the filing of financing statements to perfect security interests or agricultural liens. The document specifies the designated filing offices based on the type of collateral and the nature of the financing statement. If the collateral is as-extracted collateral or timber to be cut, or if the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures, the filing should be made at the office designated for filing or recording a mortgage on the related real property.
Can you summarize IACO 554.9502?
This legal document pertains to the sufficiency of financing statements and the record of mortgages as financing statements. It outlines the requirements for a financing statement to be considered sufficient, including providing the name of the debtor, the name of the secured party, and indicating the collateral covered. Additionally, it specifies the requirements for real-property-related financing statements, such as covering as-extracted collateral or timber to be cut, or being filed as a fixture filing for goods that are or will become fixtures.
Can you summarize IACO 554.9503?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the sufficiency of the debtor’s name in a financing statement. It provides guidelines for determining whether a financing statement sufficiently provides the name of the debtor based on different scenarios. These scenarios include registered organizations, trusts, individuals with driver’s licenses, individuals without driver’s licenses, and cases where the debtor does not have a name. The document also clarifies that the absence of a trade name or other names of the debtor does not render a financing statement ineffective.
Can you summarize IACO 554.9504?
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: 1.a description of the collateral pursuant to section 554.9108; or 2.an indication that the financing statement covers all assets or all personal property. 2000 Acts, ch 1149, 75, 185, 187
Can you summarize IACO 554.9505?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. It allows consignors, lessors, bailors, licensors, buyers, and other parties involved in these transactions to file a financing statement or comply with relevant statutes or treaties using specific terms such as ‘consignor’, ‘consignee’, ’lessor’, ’lessee’, ‘bailor’, ‘bailee’, ’licensor’, ’licensee’, ‘owner’, ‘registered owner’, ‘buyer’, ‘seller’, or similar terms instead of ‘secured party’ and ‘debtor’.
Can you summarize IACO 554.9506?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the effectiveness of financing statements. It states that a financing statement that substantially satisfies the requirements of this part is effective, even if it has minor errors or omissions, unless those errors or omissions make the financing statement seriously misleading. However, a financing statement that fails to provide the name of the debtor in accordance with section 554.9503, subsection 1, is considered seriously misleading, unless a search of the filing office’s records under the debtor’s correct name would disclose the financing statement.
Can you summarize IACO 554.9507?
This legal document, found in the Iowa Code under the Uniform Commercial Code, addresses the effect of certain events on the effectiveness of a financing statement. It states that a filed financing statement remains effective even if the collateral is sold, exchanged, leased, licensed, or otherwise disposed of, as long as a security interest or agricultural lien continues. Additionally, the document explains that a financing statement is not rendered ineffective if the information provided in the financing statement becomes seriously misleading, except as provided in subsection 3 and section 554.
Can you summarize IACO 554.9508?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the effectiveness of a financing statement when a new debtor becomes bound by a security agreement. It states that a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights, to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
Can you summarize IACO 554.9509?
This legal document governs the filing of initial financing statements, amendments that add collateral or debtors to financing statements, and termination statements. It specifies the conditions under which a person is entitled to file such records. The document outlines that a person may file an initial financing statement, amendment, or termination statement if the debtor authorizes the filing or if the person holds an agricultural lien that has become effective. It also states that by authenticating or becoming bound as a debtor by a security agreement, a debtor authorizes the filing of an initial financing statement and an amendment.
Can you summarize IACO 554.9510?
1.Filed record effective if authorized.A filed record is effective only to the extent that it was filed by a person that may file it under section 554.9509 or by the filing office under section 554.9513A. 2.Authorization by one secured party of record.A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record. 3.Continuation statement not timely filed.A continuation statement that is not filed within the six-month period prescribed by section 554.
Can you summarize IACO 554.9511?
This legal document pertains to the concept of a secured party of record in the context of financing statements. It outlines the criteria for determining the secured party of record in an initial financing statement and in amendments to financing statements. The secured party of record is the person or assignee named in the initial financing statement or amendment. The document also states that a person remains a secured party of record until their name is deleted through an amendment of the financing statement.
Can you summarize IACO 554.9512?
This legal document governs the amendment of information in a financing statement. It allows a person to add or delete collateral, continue or terminate the effectiveness of, or otherwise amend the information provided in a financing statement. The amendment must identify the initial financing statement by its file number and provide the date, time, and information specified in the initial financing statement. The filing of an amendment does not extend the period of effectiveness of the financing statement, except as otherwise provided.
Can you summarize IACO 554.9514?
This legal document governs the assignment of powers of a secured party of record. It outlines the procedures for assigning the power to authorize an amendment to a financing statement. An initial financing statement may reflect an assignment by providing the name and mailing address of the assignee. A secured party of record may assign its power by filing an amendment of the financing statement, which must identify the initial financing statement, provide the name of the assignor, and provide the name and mailing address of the assignee.
Can you summarize IACO 554.9515?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the duration and effectiveness of financing statements. A filed financing statement is generally effective for a period of five years from the date of filing. However, there are exceptions for initial financing statements filed in connection with public-finance transactions or manufactured-home transactions, which are effective for thirty years. The effectiveness of a financing statement lapses upon expiration, unless a continuation statement is filed within six months before the expiration.
Can you summarize IACO 554.9516?
This legal document pertains to the filing of records with a filing office under the Uniform Commercial Code. It states that communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing, unless specified conditions are not met. The conditions include the record not being communicated through an authorized method, the applicable filing fee not being tendered, or the filing office being unable to index the record due to various reasons.
Can you summarize IACO 554.9517?
The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. 2000 Acts, ch 1149, 88, 187
Can you summarize IACO 554.9518?
This legal document pertains to the Iowa Code, specifically the Uniform Commercial Code. It outlines the process for filing an information statement in the filing office when a person believes that a record indexed under their name is inaccurate or wrongfully filed. The information statement must identify the record, indicate that it is an information statement, and provide the basis for the person’s belief regarding the inaccuracy or wrongful filing. Additionally, a secured party of record can file an information statement if they believe that the person who filed the record was not entitled to do so.
Can you summarize IACO 554.9519?
This legal document governs the duties of filing offices in relation to numbering, maintaining, and indexing records, as well as communicating information provided in records. Filing offices are required to assign a unique number to each filed record, create a record with the assigned number and filing date and time, maintain the filed record for public inspection, and index the filed record according to specific guidelines. The document also specifies the requirements for file numbers assigned after January 1, 2002, and the indexing procedures for different types of financing statements.
Can you summarize IACO 554.9520?
This legal document governs the refusal to accept records for filing in a filing office. It applies to filing offices and persons presenting records for filing. The document states that a filing office shall refuse to accept a record for filing if it falls under the reasons set forth in section 554.9516, subsection 2. The filing office must communicate the refusal and the reason to the person who presented the record within two business days.
Can you summarize IACO 554.9521?
This legal document pertains to the uniform form of written financing statement and amendment. It applies to filing offices that accept written records. The document specifies that a filing office may not refuse to accept a written initial financing statement or amendment in a form and format approved by the secretary of state, except for reasons set forth in section 554.9516, subsection 2. The forms must be consistent with the final official text of the 1999 revisions to Article 9 of the Uniform Commercial Code.
Can you summarize IACO 554.9522?
This legal document pertains to the maintenance and destruction of records in the context of the Uniform Commercial Code (UCC) in Iowa. The filing office is required to maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed. The record must be retrievable using the name of the debtor and the file number assigned to the initial financing statement.
Can you summarize IACO 554.9523?
This legal document governs the sale or license of records in the filing office. It applies to the filing office itself, as well as to individuals who file written records or records other than written records. The document outlines the procedures for acknowledging the filing of written records, including providing an image of the record with the assigned number and filing date. It also specifies the requirements for acknowledging the filing of other records, providing information such as the record details, assigned number, and filing date.
Can you summarize IACO 554.9524?
Delay by the filing office beyond a time limit prescribed by this part is excused if: 1.the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and 2.the filing office exercises reasonable diligence under the circumstances. 2000 Acts, ch 1149, 95, 187
Can you summarize IACO 554.9525?
This legal document governs the fees for services rendered by the filing office under this part. The fees for filing and indexing a record under this part are set by rules adopted by the secretary of state’s office. The fees vary based on the format of the record presented for filing, with records consisting of more than two pages incurring a higher fee. The number of names required to be indexed does not affect the fee.
Can you summarize IACO 554.9526?
This legal document pertains to the adoption and implementation of filing-office rules by the office of secretary of state. The rules must be consistent with the Article and adopted and published in accordance with chapter 17A. The purpose of these rules is to harmonize the filing-office rules and practices with other jurisdictions that enact substantially the same part. The office of secretary of state is required to consult with filing offices in other jurisdictions, consider the Model Rules promulgated by the international association of corporate administrators or any successor organization, and take into consideration the rules, practices, and technology used by filing offices in other jurisdictions.
Can you summarize IACO 554.9527?
The office of secretary of state shall report annually on or before December 31 to the governor on the operation of the filing office. The report must contain a statement of the extent to which: 1.the filing-office rules are not in harmony with the rules of filing offices in other jurisdictions that enact substantially this part and the reasons for these variations; and 2.the filing-office rules are not in harmony with the most recent version of the Model Rules promulgated by the international association of corporate administrators, or any successor organization, and the reasons for these variations.
Can you summarize IACO 554.9601?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and actions of secured parties, debtors, obligors, consignors, and buyers of accounts, chattel paper, payment intangibles, or promissory notes after default. It grants secured parties the right to enforce their claims through judicial procedures and allows them to proceed either as to the documents or as to the goods they cover if the collateral is documents. Secured parties in possession or control of collateral have specific rights and duties.
Can you summarize IACO 554.9602?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the rights and duties of debtors, obligors, and secured parties in commercial transactions. It outlines the rules that cannot be waived or varied by the debtor or obligor, including provisions related to the use and operation of collateral, requests for accounting and information about collateral, collection and enforcement of collateral, application and payment of noncash proceeds, accounting for surplus proceeds, taking possession of collateral without judicial process, disposition of collateral, calculation of deficiency or surplus, explanation of surplus or deficiency calculation, acceptance of collateral in satisfaction of obligation, redemption of collateral, permissible waivers, and secured party’s liability for non-compliance.
Can you summarize IACO 554.9603?
1.Agreed standards.The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 554.9602 if the standards are not manifestly unreasonable. 2.Agreed standards inapplicable to breach of peace.Subsection 1 does not apply to the duty under section 554.9609 to refrain from breaching the peace. 2000 Acts, ch 1149, 101, 187
Can you summarize IACO 554.9604?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the procedure to be followed when a security agreement covers both personal and real property, or fixtures. If a security agreement covers both personal and real property, a secured party can proceed under this part for personal property without affecting their rights with respect to the real property. Alternatively, they can proceed with both personal and real property in accordance with the rights related to the real property, in which case the other provisions of this part do not apply.
Can you summarize IACO 554.9605?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the duties of secured parties to unknown persons. Generally, a secured party does not owe a duty to a debtor or obligor unless they have knowledge of the person’s identity and how to communicate with them. Similarly, a secured party does not owe a duty to a secured party or lienholder unless they know the person is a debtor and know their identity.
Can you summarize IACO 554.9606?
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. 2000 Acts, ch 1149, 104, 187
Can you summarize IACO 554.9607?
This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the collection and enforcement actions that a secured party can take. It outlines the various actions that a secured party can undertake, such as notifying an account debtor or other obligated person to make payment or perform obligations for the benefit of the secured party. The section also allows the secured party to enforce the obligations of the account debtor or other obligated person and exercise the rights of the debtor with respect to the obligation and any collateral securing it.
Can you summarize IACO 554.9608?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the application of proceeds, surplus, and deficiency when a security interest or agricultural lien secures payment or performance of an obligation. It outlines the order in which cash proceeds should be applied, including reasonable expenses of collection and enforcement, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by any subordinate security interest or other lien.
Can you summarize IACO 554.9609?
1.Possession rendering equipment unusable disposition on debtors premises.After default, a secured party: a.may take possession of the collateral; and b.without removal, may render equipment unusable and dispose of collateral on a debtors premises under section 554.9610. 2.Judicial and nonjudicial process.A secured party may proceed under subsection 1: a.pursuant to judicial process; or b.without judicial process, if it proceeds without breach of the peace. 3.Assembly of collateral.If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
Can you summarize IACO 554.9610?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the disposition of collateral after default. It grants secured parties the authority to sell, lease, license, or otherwise dispose of the collateral in its present condition or after reasonable preparation or processing. The disposition must be commercially reasonable, considering factors such as method, manner, time, place, and terms. The secured party can choose public or private proceedings, one or more contracts, and sell the collateral as a unit or in parcels.
Can you summarize IACO 554.9611?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the notification requirements before the disposition of collateral. It applies to secured parties, debtors, secondary obligors, and other persons with an interest in the collateral. The document defines the ’notification date’ and requires a secured party to send an authenticated notification of disposition to the debtor, any secondary obligor, and other specified parties. However, there are exemptions to the notification requirement for perishable collateral, collateral that threatens to decline speedily in value, or collateral of a type customarily sold on a recognized market.
Can you summarize IACO 554.9612?
1.Reasonable time is question of fact.Except as otherwise provided in subsection 2, whether a notification is sent within a reasonable time is a question of fact. 2.Ten-day period sufficient in nonconsumer transaction.In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Can you summarize IACO 554.9613?
This legal document governs the contents and form of notification before the disposition of collateral in non-consumer-goods transactions. The document specifies the necessary information that must be included in the notification, such as describing the debtor and the secured party, providing details about the collateral, stating the method of intended disposition, mentioning the debtor’s entitlement to an accounting of the unpaid indebtedness, and specifying the time and place of a public disposition or the time after which any other disposition is to be made.
Can you summarize IACO 554.9614?
This legal document governs the contents and form of notification required before the disposition of collateral in consumer-goods transactions. It applies to parties involved in such transactions. The document specifies the information that must be included in the notification, such as details about the collateral, liability for deficiency, contact information for redemption of collateral, and contact information for additional information about the disposition and the obligation secured. The document provides a suggested form of notification that includes the necessary information.
Can you summarize IACO 554.9615?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the application of proceeds of disposition, liability for deficiency, and the right to surplus in secured transactions. It outlines the order in which cash proceeds from disposition should be applied, including expenses, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by subordinate security interests or liens. The document also addresses the application of noncash proceeds, surplus or deficiency in dispositions, and the calculation of surplus or deficiency in dispositions to related parties.
Can you summarize IACO 554.9616?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the calculation of surplus or deficiency in consumer-goods transactions. It applies to secured parties, debtors, and consumer obligors involved in such transactions. The document defines ‘Explanation’ as a writing that states the amount of the surplus or deficiency, provides an explanation of how it was calculated, mentions the possibility of future debits, credits, charges, and provides contact information for additional transaction-related information.
Can you summarize IACO 554.9617?
1.Effects of disposition.A secured partys disposition of collateral after default: a.transfers to a transferee for value all of the debtors rights in the collateral; b.discharges the security interest under which the disposition is made; and c.discharges any subordinate security interest or other subordinate lien. 2.Rights of good-faith transferee.A transferee that acts in good faith takes free of the rights and interests described in subsection 1, even if the secured party fails to comply with this Article or the requirements of any judicial proceeding.
Can you summarize IACO 554.9618?
1.Rights and duties of secondary obligor.A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: a.receives an assignment of a secured obligation from the secured party; b.receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or c.is subrogated to the rights of a secured party with respect to collateral.
Can you summarize IACO 554.9619?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the transfer of record or legal title. It defines a ’transfer statement’ as a record authenticated by a secured party that states the debtor’s default, the secured party’s exercise of post-default remedies, the acquisition of the debtor’s rights by a transferee, and the relevant parties’ names and addresses. The transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the specified collateral.
Can you summarize IACO 554.9620?
This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the acceptance of collateral in full or partial satisfaction of an obligation. It outlines the conditions under which a secured party may accept collateral, including obtaining the debtor’s consent and not receiving any objections from other interested parties. The document also specifies that if the collateral is consumer goods, it should not be in the possession of the debtor at the time of acceptance.
Can you summarize IACO 554.9621?
This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the requirements for accepting collateral in full or partial satisfaction of an obligation secured by a secured party. The document specifies the persons to whom the proposal to accept collateral must be sent, including those who have previously claimed an interest in the collateral, other secured parties or lienholders with a security interest or lien on the collateral, and other secured parties who have complied with specific statutes, regulations, or treaties.
Can you summarize IACO 554.9622?
1.Effect of acceptance.A secured partys acceptance of collateral in full or partial satisfaction of the obligation it secures: a.discharges the obligation to the extent consented to by the debtor; b.transfers to the secured party all of a debtors rights in the collateral; c.discharges the security interest or agricultural lien that is the subject of the debtors consent and any subordinate security interest or other subordinate lien; and d.terminates any other subordinate interest.
Can you summarize IACO 554.9623?
1.Persons that may redeem.A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. 2.Requirements for redemption.To redeem collateral, a person shall tender: a.fulfillment of all obligations secured by the collateral; and b.the reasonable expenses and attorneys fees described in section 554.9615, subsection 1, paragraph a. 3.When redemption may occur.A redemption may occur at any time before a secured party: a.has collected collateral under section 554.9607; b.
Can you summarize IACO 554.9624?
1.Waiver of disposition notification.A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 554.9611 only by an agreement to that effect entered into and authenticated after default. 2.Waiver of mandatory disposition.A debtor may waive the right to require disposition of collateral under section 554.9620, subsection 5, only by an agreement to that effect entered into and authenticated after default. 3.Waiver of redemption right.Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under section 554.
Can you summarize IACO 554.9625?
This legal document, governed by the Iowa Code, specifically the Uniform Commercial Code, outlines the remedies available when a secured party fails to comply with the provisions of the Article. It states that a court may order or restrain collection, enforcement, or disposition of collateral if a secured party is not proceeding in accordance with the Article. The document also establishes liability for damages caused by noncompliance, including loss resulting from the debtor’s inability to obtain alternative financing.
Can you summarize IACO 554.9626?
This legal document, found in the Iowa Code under the Uniform Commercial Code, pertains to actions arising from transactions where the amount of deficiency or surplus is in issue. It applies to transactions other than consumer transactions. The document outlines the rules that apply in such cases. It states that a secured party does not need to prove compliance with certain provisions unless their compliance is placed in issue by the debtor or a secondary obligor.
Can you summarize IACO 554.9627?
This legal document, found in the Iowa Code under the Commerce section and the Uniform Commercial Code, discusses the determination of whether conduct was commercially reasonable. It provides guidelines for secured parties, creditors, and assignees for the benefit of creditors to establish that their collection, enforcement, disposition, or acceptance of collateral was made in a commercially reasonable manner. The document states that the fact that a greater amount could have been obtained by a different method or at a different time does not preclude the secured party from proving commercial reasonableness.
Can you summarize IACO 554.9628?
This legal document governs the nonliability and limitation on liability of a secured party, specifically regarding the liability of a secondary obligor. It outlines the circumstances under which a secured party is not liable for failure to comply with the provisions of this Article. The document also specifies that a secured party’s failure to comply does not affect the liability of the person for a deficiency. It further discusses the limitation of liability based on the secured party’s knowledge of the debtor or obligor’s identity and how to communicate with them.
Can you summarize IACO 715A.10?
This legal document, part of the Iowa Code on Criminal Law and Procedure, addresses the illegal use of scanning devices or encoding machines. It states that using a scanning device to access, read, obtain, memorize, or store information encoded on a payment card without permission is a class ‘D’ felony. Similarly, using an encoding machine to place information encoded on a payment card onto a different payment card without permission is also a class ‘D’ felony.
Can you summarize IACO 715A.2?
This legal document, part of the Iowa Code, governs forgery and related fraudulent criminal acts. It outlines the actions that constitute forgery, including altering someone else’s writing without permission, creating a writing that purports to be the act of another without authorization, uttering a forged writing, or possessing a forged writing. The severity of the offense depends on the type of writing involved. Forgery is a class ‘D’ felony if it involves money, securities, government-issued instruments, certain documents related to stay or employment in the United States, or specific licenses or certificates.
Can you summarize IACO 715A.6?
This section of the Iowa Code governs the criminal offenses related to the fraudulent use of credit cards. It states that a person commits a public offense by using a credit card to obtain property or services with knowledge that the credit card is stolen, forged, revoked, canceled, or used without authorization. However, it is an affirmative defense if the person can prove that they had the intent and ability to meet all obligations to the issuer arising from the use of the credit card.
Can you summarize IACO 715A.6B?
This section of the Iowa Code addresses credit card fraud involving a minor. It defines a minor as any person under the age of eighteen. It is considered a public offense if a person applies for a credit card in the name of a minor without the consent of the minor’s parent, guardian, or legal custodian. However, adding a minor as an authorized user of the person’s credit card is not considered an offense.
Can you summarize IACO Chapter 524?
The Iowa Banking Act governs the business of banking in the state of Iowa. It applies to state banks, national banks, federal savings associations, out-of-state banks, and other entities mentioned in the Iowa Code. The Act aims to ensure the safe and sound conduct of banking operations, protect the assets of state banks, maintain public confidence, and safeguard the interests of depositors, creditors, shareholders, and the public. It also promotes competition among state banks and with banks from other states and the United States.
Can you summarize IACO Chapter 527?
The provided legal document content covers various aspects related to the electronic transfer of funds in Iowa. It governs the establishment and operation of satellite terminals, as well as the utilization and maintenance of these terminals by financial institutions. The document also addresses the operation of central routing units and the revocation of privileges for operating satellite facilities, data processing centers, or central routing units. It applies to financial institutions, customers, satellite terminal operators, and persons involved in operating these facilities.
Can you summarize IACO Chapter 536C?
The provided legal document is a chapter of the Iowa Code known as the ‘Lender Credit Card Act’. It governs the regulation of lender credit cards in Iowa. The chapter defines various terms used in the context of lender credit cards and specifies that the superintendent of banking or the superintendent of credit unions is responsible for the administration and enforcement of this chapter. The chapter requires persons issuing credit cards in Iowa to file an annual registration statement with the administrator, providing relevant information such as the registrant’s name and address.
Can you summarize IACO Chapter 556?
This legal document, as defined in the Iowa Code, governs the disposition of unclaimed property. It provides definitions for various terms used in the chapter, including banking organizations, business associations, financial organizations, life insurance corporations, holders, minerals, mineral proceeds, money orders, owners, persons, and utilities. The document applies to banking organizations, business associations, financial organizations, life insurance corporations, holders, mineral owners, persons, and utilities. It does not mention any specific exemptions or penalties.
Can you summarize IACO Chapter 714H?
The provided legal document, part of the Iowa Code, governs consumer fraud and private actions related to it. It defines various terms such as ‘actual damages’, ‘advertisement’, ‘consumer’, ‘consumer merchandise’, ‘deception’, ‘merchandise’, ‘person’, ‘sale’, and ‘unfair practice’. The document prohibits engaging in unfair practices, deception, fraud, false pretense, false promise, misrepresentation, concealment, suppression, or omission of material facts in connection with the advertisement, sale, or lease of consumer merchandise, or the solicitation of contributions for charitable purposes.
Can you summarize IACO Chapter 715C?
The provided legal document governs the protection of personal information in the event of a security breach. It defines a ‘breach of security’ as the unauthorized acquisition of personal information that compromises its security, confidentiality, or integrity. The document provides definitions for various terms such as ‘consumer,’ ‘personal information,’ and ‘identity theft.’ It outlines the notification requirements for security breaches involving personal information, specifying that affected consumers must be notified in a timely manner.
Can you summarize 30-16-33 NMSA?
This legal document, found in the New Mexico Statutes Annotated 1978 under the Criminal Offenses section on Larceny, governs the fraudulent use of a credit card. It defines fraudulent use as obtaining anything of value with the intent to defraud by using a credit card obtained in violation of specific sections, an invalid, expired, or revoked credit card, or by fraudulently representing oneself as the cardholder or an authorized agent. It also covers the use of a credit card issued in another person’s name without their consent.
Can you summarize 53-8-29 NMSA?
Any director or officer who assents to or participates in the making of any loan to a director or officer shall be personally liable to the corporation for the amount of the loan until the repayment thereof. History: 1953 Comp., 51-14-71, enacted by Laws 1975, ch. 217, 29. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. - 18A C.J.S. Corporations 913.
Can you summarize 55-4-213 NMSA?
This legal document, part of the New Mexico Statutes Annotated 1978, specifically falls under the Uniform Commercial Code and pertains to the medium and time of settlement by a bank. It states that the medium and time of settlement may be prescribed by federal reserve regulations or circulars, clearing-house rules, or agreement. 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 to receive settlement.
Can you summarize 55-4-215 NMSA?
This legal document, part of the New Mexico Statutes Annotated 1978, specifically the Uniform Commercial Code, Bank Deposits and Collections, Collection of Items - Depositary and Collecting Banks, governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. It defines when an item is finally paid by a payor bank, including payment in cash, settlement without the right to revoke, and provisional settlements that become final.
Can you summarize 55-4-301 NMSA?
This legal document, part of the New Mexico Statutes Annotated 1978, specifically focuses on 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 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.
Can you summarize 55-4-303 NMSA?
This legal document, part of the New Mexico Statutes Annotated 1978, specifically falls under the Uniform Commercial Code and pertains to 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.
Can you summarize 55-4-401 NMSA?
This legal document, part of the New Mexico Statutes Annotated 1978, specifically addresses the relationship between a payor bank and its customer in the context of bank deposits and collections. It outlines the circumstances under which a bank may charge a customer’s account for an item, even if it creates an overdraft. The item must be properly payable, authorized by the customer, and in accordance with any agreement between the customer and the bank.
Can you summarize 55-4-403 NMSA?
This legal document, part of the New Mexico Statutes Annotated 1978, specifically the Uniform 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, but if the original order was oral and not confirmed in a record within 14 days, it lapses.
Can you summarize 55-4-404 NMSA?
According to the New Mexico Statutes Annotated 1978, a bank is not obligated to pay a check presented more than six months after its date, except for certified checks. However, the bank may charge the customer’s account for a payment made in good faith after the six-month period. This provision is based on banking and commercial practice, which considers checks outstanding for longer than six months as stale. The bank has the option to pay such checks but is not required to do so.
Can you summarize 55-4-406 NMSA?
This legal document, part of the New Mexico Statutes Annotated 1978, specifically addresses the duty of customers to discover and report unauthorized signatures or alterations. It applies to customers of banks. The document outlines the responsibilities of banks in providing statements of account and returning or making available the items paid. It also establishes the duty of customers to promptly examine the statements or items and notify the bank of any unauthorized payments.
Can you summarize 58-13D-1 NMSA?
This act [ 58-13D-1 to 58-13D-8 NMSA 1978] may be cited as the ‘Protecting Vulnerable Adults from Financial Exploitation Act’. History: Laws 2017, ch. 106, 1 . ANNOTATIONS Effective dates. - Laws 2017, ch. 106, 9 made Laws 2017, ch. 106, 1 effective July 1, 2017.
Can you summarize 58-26-5 NMSA?
At least ninety days prior to any interstate acquisition permitted by the Interstate Depository Institutions Act, the out-of-state depository institution or out-of-state holding company seeking to make an interstate acquisition shall file a notice of intent to make an interstate acquisition with the director. The director shall promulgate the form for such notice. Unless the shareholders of the domestic depository institution or domestic holding company sought to be accquired [acquired] have approved the interstate acquisition as required by applicable law, the director shall immediately notify any domestic depository institution or domestic holding company sought to be acquired in an interstate acquisition of the filing of any such notice and shall provide a copy of the notice to such domestic depository institution or domestic holding company.
Can you summarize 58-26-6 NMSA?
Until July 1, 1992, no out-of-state depository institution or out-of-state holding company may form a new depository institution in New Mexico. After July 1, 1992, an out-of-state depository institution or out-of-state holding company may form a new depository institution in New Mexico, provided that the new depository institution has a minimum capital stock structure of at least seven million five hundred thousand dollars ($7,500,000), inclusive of common capital and surplus and undivided profits.
Can you summarize 58-9-8.1 NMSA?
This legal document governs the establishment and operation of principal and branch offices for trust companies engaged in trust business. A trust company may establish its principal office in any county. It may also establish one or more branch offices, subject to certain restrictions and obtaining the approval of the director. To establish a branch office, a trust company must submit an application and investigation fee to the director. The director will consider various factors, such as the financial condition of the trust company and the needs of the community to be served, before approving the application.
Can you summarize Article 1, Chapter 58 NMSA?
The provided legal document content covers various aspects of banking regulations in New Mexico. It includes provisions on the authority of agents to operate bank accounts, payment of funds from a deceased depositor’s account, adverse claims to deposits, operation of deposit accounts for minors and multiple individuals, acceptance and transmission of money, maintenance and lease of safe deposit boxes, access to safe deposit boxes by fiduciaries, operation of state banks under the Banking Act, lending activities of state banks, investments authorized for state banks, acceptance of drafts and issuance of letters of credit by banks, organization and dissolution of state banks, reimbursement for fines and penalties by state banks, qualifications for bank officers and directors, prohibition of receiving deposits while insolvent, plan of reorganization under the Banking Act, notice requirements for stockholders or directors, possession and management of state banks by the director, voluntary liquidation and dissolution of state banks, liquidation of state banks, unlawful use of bank names, prohibition of gratuities and compensation for bank actions, concealment of bank transactions, use of safe deposit box terminology, injunctions for threatened violations of the Banking Act, penalties for unlawful acts or omissions, insurance of deposits and membership in the federal reserve system, accounting requirements for capital, surplus, and undivided profits, meetings and duties of the board of directors of state banks, declaration of dividends from undivided profits, meetings of stockholders, voting, proxies, and preemptive right, application for permission to file with the corporation commission, fidelity bonds and insurance protection for state banks, banking interests of officers and employees of the department, annual report of the commissioner, examinations and reports for state banks, confidentiality of records, admissibility of certified copies of reports and records, and rules and regulations issued by the commissioner.
Can you summarize Article 12B, Chapter 57 NMSA?
The provided legal document is a provision within the New Mexico Statutes Annotated 1978 that governs the use of social security numbers by businesses. It prohibits businesses from making social security numbers available to the general public, requiring their use over the internet without secure connections, printing them on receipts or mailed materials, associating them with bank account numbers, or refusing to transact business due to a refusal to provide a social security number.
Can you summarize Article 12C, Chapter 57 NMSA?
The legal document pertains to the Data Breach Notification Act in New Mexico. It requires persons who own or license personal identifying information of a New Mexico resident to implement and maintain reasonable security procedures and practices to protect the information from unauthorized access, destruction, use, modification, or disclosure. The document outlines the notification requirements for security breaches, including the timeframe for notification and the information that must be included in the notification.
Can you summarize Article 14, Chapter 56 NMSA?
The provided legal document content pertains to civil actions against individuals who have drawn worthless checks in New Mexico. The document governs the process by which plaintiffs can seek damages from defendants who have issued such checks. The damages awarded to the plaintiff can be either $100 or triple the amount for which the check is drawn, whichever is greater. However, the damages awarded cannot exceed the amount of the check by more than $500.
Can you summarize Article 16, Chapter 58 NMSA?
The legal document provides regulations and guidelines for the establishment and operation of remote financial service units, including POS terminals and ATMs. It covers various aspects such as ownership limitations, geographic location restrictions, branch office considerations, notice requirements, liability of cardholders, foreign transaction fees, civil actions against violators, safeguards for remote financial service units, and the use of networks for data interchange among financial institutions. The document applies to any person who knowingly and willfully violates the provisions of Section 14 of the Remote Financial Service Unit Act.
Can you summarize Article 1A, Chapter 58 NMSA?
The provided legal document content covers three main areas related to consumer credit banks. Firstly, it governs credit card accounts between a domestic bank or consumer credit bank and a borrower. The laws of New Mexico and federal law, where applicable, apply to these accounts. The document allows the bank to modify the terms or conditions of the credit card account with prior written notice. Secondly, it governs the supervision fees for consumer credit banks in New Mexico.
Can you summarize Article 2, Chapter 58 NMSA?
The provided legal document content covers various aspects related to insurance of bank deposits in New Mexico. It grants the corporation acting as a receiver or liquidator the right and power to enforce the individual liability of stockholders and directors of banking institutions. The director of the financial institutions division is authorized to accept examinations and reports conducted by the federal deposit insurance corporation in lieu of state-required examinations and reports for banking institutions in New Mexico.
Can you summarize Article 28, Chapter 58 NMSA?
The Land Title Trust Fund Act governs the establishment and operation of the land title trust fund in New Mexico. The act defines various terms, including the land title trust fund advisory committee, depository institution, financial institutions division, eligible organization, fund, low-income persons, pooled interest-bearing transaction account, title company, and trustee. The act applies to the New Mexico mortgage finance authority, land title industry representatives, banking industry representatives, real estate industry representatives, mortgage lending industry representatives, title companies, depository institutions, and eligible organizations.
Can you summarize Article 2A, Chapter 55 NMSA?
These legal documents, found in the New Mexico Statutes Annotated 1978 under the Uniform Commercial Code and specifically in the Leases section, govern lease contracts and clauses within lease contracts. They provide definitions for various terms used in lease contracts and address issues related to the choice of law and forum, waiver or renunciation of claims, unconscionability, and the territorial application of the article to goods covered by a certificate of title.
Can you summarize Article 3, Chapter 55 NMSA?
The provided legal document content consists of multiple sections from the New Mexico Statutes Annotated 1978, specifically under the Uniform Commercial Code, focusing on the negotiation, transfer, and indorsement of negotiable instruments. It defines and explains various types of indorsements, such as special indorsement, blank indorsement, and anomalous indorsement. The documents also provide rules and guidelines for the use of restrictive indorsements and the limitations on payment, transfer, and negotiation of negotiable instruments.
Can you summarize Article 3, Chapter 58 NMSA?
The provision found in the New Mexico Statutes Annotated 1978 under the section on Financial Institutions and Regulations governs the payment of interest on accounts by state banks. It allows state banks to maintain time and savings deposit accounts and pay interest on balances at rates that do not need to be uniform. The director of the financial institutions division has the authority to set maximum rates of interest through general regulations.
Can you summarize Article 4, Chapter 55 NMSA?
The provided legal document content pertains to the Bank Deposits and Collections section of the New Mexico Statutes Annotated 1978 Uniform Commercial Code. This section governs the processes and regulations related to bank deposits and the collection of funds. It applies to banks and financial institutions that engage in the collection of deposits and the processing of checks and other negotiable instruments. The document does not mention any specific exemptions. The penalties for non-compliance or violation of the provisions in the Bank Deposits and Collections documents may vary depending on the specific circumstances and applicable laws.
Can you summarize Article 4, Chapter 56 NMSA?
The provided legal document content is from the Credit Card Act within the New Mexico Statutes Annotated 1978. The Act governs the liability of a cardholder for the unauthorized use of a credit card. According to the document, a cardholder is liable for unauthorized use only if certain conditions are met, such as the card being an accepted credit card, the liability not exceeding $50, the card issuer providing a toll-free number or other convenient method for reporting loss or theft, and the unauthorized use occurring before the cardholder notifies the issuer.
Can you summarize Article 4, Chapter 58 NMSA?
The provided legal document content pertains to the merger and consolidation of banks in New Mexico. It outlines the procedure and requirements for merging state banks and converting national banks into state banks. The approval of the director of the financial institutions division is required for these actions. The document also covers the rights and liabilities of dissenting stockholders, the valuation of assets during the merger or conversion, the sale of bank assets and business, the continuation of corporate entities, and the effectiveness of mergers and conversions upon filing the executed agreement.
Can you summarize Article 4A, Chapter 55 NMSA?
The legal document, part of the New Mexico Statutes Annotated 1978 under the Uniform Commercial Code, governs funds transfers. It provides definitions for terms used in funds transfers and explains the issuance of payment orders, the time of receipt, and the role of receiving banks. The document clarifies the relationship between the Uniform Commercial Code and the Electronic Fund Transfer Act and emphasizes the need for precise rules and definitions in funds transfers.
Can you summarize Article 5, Chapter 58 NMSA?
The provided legal document content pertains to the organization and management of banks and trust companies in New Mexico. It states that banks and trust companies in New Mexico are required to comply with the reserve requirements of the Federal Reserve Act, which is considered as full compliance with the state laws. The document also discusses the process for banks to apply to the federal reserve board to subscribe to the stock of the federal reserve bank, granting them the powers of member banks.
Can you summarize Article 6, Chapter 58 NMSA?
The provided legal document content pertains to miscellaneous loans in New Mexico. It authorizes financial institutions, including banks, trust companies, building and loan associations, and insurance companies, to sell mortgage loans secured by real estate mortgages to the federal national mortgage association (FNMA) or any successor thereof. These institutions are also authorized to make payments of any capital contributions required by law in the form of subscriptions for stock of FNMA or any successor thereof.
Can you summarize Article 7, Chapter 58 NMSA?
The New Mexico Bank Installment Loan Act of 1959 governs the regulation of installment loans in New Mexico. It applies to persons and entities involved in making loans in the state. The Act does not amend or repeal the provisions of the New Mexico Small Loan Act of 1955. It also does not apply to the assignment or purchase of retail installment contracts originated under specific provisions of the New Mexico Statutes Annotated 1978.
Can you summarize Article 8, Chapter 58 NMSA?
The provided legal document governs the powers of state and national banks, trust companies, savings banks, building and loan associations, savings and loan associations, and lenders approved for loans by the National Housing Act. These entities are authorized to make loans secured by real property or leasehold, as insured or guaranteed by the federal housing administrator or veterans administrator. They are also permitted to invest in loans eligible for purchase by federal mortgage associations and mortgages guaranteed by the veterans administrator.
Can you summarize Article 8A, Chapter 7 NMSA?
The Uniform Unclaimed Property Act governs the handling of unclaimed property in New Mexico. It applies to various entities including administrators, apparent owners, business associations, financial organizations, holders, insurance companies, mineral owners, money order issuers, owners, persons, states, and utilities. The Act defines terms such as administrator, apparent owner, business association, domicile, financial organization, holder, insurance company, mineral, mineral proceeds, money order, owner, person, property, record, state, and utility. It provides a comprehensive definition of property, including tangible and intangible property, and specifies what is excluded from the definition.
Can you summarize Article 9, Chapter 55 NMSA?
This legal document provides definitions and an index of definitions for the Uniform Commercial Code’s Secured Transactions in New Mexico. It applies to individuals and organizations involved in secured transactions in New Mexico. The document does not provide specific exemptions or penalties. It serves as a reference for legal professionals and individuals involved in secured transactions in New Mexico. The document governs secured transactions and the creation of security interests in personal property or fixtures.
Can you summarize 13 PACS 4213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse rules, or agreement. 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 to receive 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.
Can you summarize 13 PACS 4215?
This legal document, part of the Pennsylvania Compiled Statutes, specifically falls under the Commercial Code and 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 a provisional settlement within the permitted time. The document also discusses when provisional debits and credits become final between presenting and payor banks, and the accountability of collecting banks to their customers upon final settlement.
Can you summarize 13 PACS 4301?
This provision, part of the Pennsylvania Compiled Statutes under the Commercial Code, specifically addresses the return of items by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover the settlement amount for a demand item. The payor bank can return the item or send written notice of dishonor or nonpayment if the item is unavailable for return. The provision also specifies the time limit and manner in which a payor bank can return a provisionally settled item, revoke any credit given, or recover the amount withdrawn by its customer.
Can you summarize 13 PACS 4303?
This legal document governs the collection of items by payor banks. It specifies that any knowledge, notice, stop-payment order, legal process, or set-off received or exercised by a payor bank does not terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account for the item. The document outlines the circumstances under which the bank’s actions are not affected, such as when the bank accepts or certifies the item, pays the item in cash, settles for the item without the right to revoke the settlement, becomes accountable for the amount of the item, or reaches the cutoff hour for checks.
Can you summarize 13 PACS 4401?
This legal document, found in the Pennsylvania Compiled Statutes under the Commercial Code, specifically addresses the relationship between a payor bank and its customer. According to this document, a bank has the authority to charge against a customer’s account for items that are properly payable from that account, 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 13 PACS 4403?
This legal document, part of the Pennsylvania Compiled Statutes, specifically addresses the relationship between a payor bank and its customer in the context of bank deposits and collections. 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, but lapses after 14 calendar days if the original order was oral and not confirmed in writing.
Can you summarize 13 PACS 4404?
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 the account of its customer for a payment made thereafter in good faith.
Can you summarize 13 PACS 4406?
This legal document, part of the Pennsylvania Compiled Statutes, specifically addresses 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 parties. The document states that when a bank sends or makes available a statement of account to a customer, it must either return the paid items or provide sufficient information in the statement to allow the customer to identify the items paid.
Can you summarize 13 PACS Division 2A?
The provided legal document content pertains to lease contracts under the Pennsylvania Commercial Code. It establishes the applicability of this division to any transaction that creates a lease, regardless of form. The document provides definitions for various terms used in lease contracts, such as ‘buyer in ordinary course of business,’ ‘commercial unit,’ ‘conforming goods,’ ‘consumer lease,’ ‘fault,’ ‘finance lease,’ ‘goods,’ ’lease,’ ’lessee,’ ’lessor,’ and others. It clarifies that a lease subject to this division is also subject to any applicable certificate of title statute or consumer protection statute.
Can you summarize 13 PACS Division 3?
The provided legal document content pertains to the enforcement, liability, dishonor, and discharge of negotiable instruments in Pennsylvania. It covers various aspects related to the rights and obligations of parties involved in the creation, transfer, or enforcement of these instruments. The document defines the process of transfer and outlines the rights acquired by the transferee. It also addresses the right of the transferee to demand endorsement and the effect of transferring less than the entire instrument.
Can you summarize 13 PACS Division 4?
This legal document, known as the Uniform Commercial Code, Article 4, Bank Deposits and Collections, governs the handling of commercial paper and investment securities within the context of the Pennsylvania Commercial Code. It states that items within this division are subject to the provisions of Division 3 (relating to negotiable instruments) and Division 8 (relating to investment securities) if they fall within those divisions as well. The liability of a bank for action or nonaction with respect to an item handled by it for purposes of presentment, payment, or collection is governed by the law of the place where the bank or its branch/separate office is located.
Can you summarize 13 PACS Division 4A?
These legal documents, part of the Pennsylvania Compiled Statutes under the Commercial Code, provide guidelines and definitions related to funds transfers. They cover the issuance and execution of payment orders, payment obligations, and the treatment of creditor process. The documents define key terms such as ‘payment order,’ ‘beneficiary,’ ‘receiving bank,’ and ‘sender.’ They clarify that a payment order is an instruction from a sender to a receiving bank to pay a fixed amount to a beneficiary.
Can you summarize 18 PACS 4101?
This legal document defines the offense of forgery and fraudulent practices in Pennsylvania. It states that a person is guilty of forgery if they alter any writing of another without authorization, make, complete, execute, authenticate, issue, or transfer any writing that purports to be the act of another who did not authorize it, or utter any writing that they know to be forged. The document provides a broad definition of ‘writing’ to include various forms of recording information, money, coins, tokens, stamps, seals, credit cards, badges, trademarks, electronic signatures, and other symbols of value, right, privilege, or identification.
Can you summarize 18 PACS 4105?
This legal document defines the offense of issuing or passing bad checks or similar sight orders for the payment of money. It states that a person commits an offense if they issue or pass a check or similar sight order, knowing that it will not be honored by the drawee. The offense can occur regardless of whether the location of the issuance or passing of the check is within or outside of Pennsylvania.
Can you summarize 18 PACS 4106.1?
This section of the Pennsylvania Compiled Statutes defines offenses related to device-making equipment. It is an offense to produce or traffic in device-making equipment, or to possess such equipment with the intent to defraud or facilitate fraud or injury. Device-making equipment refers to any equipment, mechanism, or impression designed or capable of being used for making an access device. An access device includes cards, codes, account numbers, or other means of account access that can be used to obtain money, goods, services, or initiate a transfer of funds.
Can you summarize 18 PACS 4110?
A person commits a misdemeanor of the second degree if he destroys, removes, conceals, encumbers, transfers or otherwise deals with property subject to a security interest or after levy has been made thereon with intent to hinder enforcement of such interest.
Can you summarize 18 PACS 4112?
An officer, manager or other person directing or participating in the direction of a financial institution commits a misdemeanor of the second degree if he receives or permits the receipt of a deposit, premium payment or other investment in the institution knowing that: (1) due to financial difficulties the institution is about to suspend operations or go into receivership or reorganization; and (2) the person making the deposit or other payment is unaware of the precarious situation of the institution.
Can you summarize 18 PACS 4120?
This legal document defines the offense of identity theft in Pennsylvania. It states that a person commits identity theft if they possess or use identifying information of another person without their consent for any unlawful purpose. Each instance of possessing or using identifying information constitutes a separate offense. The grading of the offense depends on the value of property or services obtained through the use of the identifying information. The offense can range from a misdemeanor of the first degree to a felony of the second degree.
Can you summarize Consolidated text: EU 2015/2366?
Directive (EU) 2015/2366 of the European Parliament and of the Council governs payment services in the internal market of the European Union. It applies to various entities involved in payment transactions. The directive sets rules for distinguishing between different categories of payment service providers and establishes transparency requirements for payment services. It provides exemptions for certain payment transactions and certain payment service providers. The document does not specify any penalties for non-compliance.
Can you summarize SDCL 22-30A-24?
The provided legal document pertains to the crime of theft by insufficient funds check in South Dakota. It states that any person, acting for themselves or as an agent or representative of another, who passes a check drawn on a financial institution with the intent to defraud, knowing that there are insufficient funds in the account, is guilty of theft by insufficient funds check. The offense is punishable as theft according to chapter 22-30A.
Can you summarize SDCL 22-30A-8.1?
Any person who, by use of a debit card or credit card issued to another person, without the consent of the person to whom issued, or by use of a debit card or credit card which has been revoked or canceled or has expired, or by use of a falsified, mutilated, altered, or counterfeit debit card or credit card obtains property or services, is guilty of theft. Source: SL 1977, ch 189, 59; SL 2005, ch 120, 57; SL 2014, ch 191, 5.
Can you summarize SDCL 22-40-19?
The terms defined in 22-40-19 to 22-40-26 of the South Dakota Codified Laws pertain to Identity Crimes. These terms include ‘Breach of system security,’ which refers to the unauthorized acquisition of unencrypted or encrypted computerized data and encryption key that compromises the security, confidentiality, or integrity of personal or protected information. The term ‘Encrypted’ refers to computerized data that is rendered unusable without decryption. An ‘Information holder’ is any person or business that conducts business in South Dakota and owns or licenses computerized personal or protected information of residents of South Dakota.
Can you summarize SDCL 22-40-20?
This legal document, sourced from the South Dakota Codified Laws, pertains to the breach of system security. It requires information holders to disclose any breach of system security to residents of South Dakota whose personal or protected information was acquired by an unauthorized person. The disclosure must be made within sixty days of discovery or notification of the breach, unless a longer period is required for law enforcement purposes. However, if the information holder determines that the breach will not likely result in harm to the affected person, they are not obligated to make a disclosure.
Can you summarize SDCL 22-40-21?
A notification required under 22-40-20 may be delayed if a law enforcement agency determines that the notification will impede a criminal investigation. If the notification is delayed, the notification shall be made not later than thirty days after the law enforcement agency determines that notification will not compromise the criminal investigation. Source: SL 2018, ch 135, 3.
Can you summarize SDCL 22-40-22?
This legal document, sourced from the South Dakota Codified Laws, specifically addresses the types of notice that can be provided in the event of a breach of system security. The notice can be provided through written notice, electronic notice (if consistent with electronic records and signatures provisions), or substitute notice. Substitute notice can be used if the cost of providing notice exceeds $250,000, the affected class of persons to be notified exceeds 500,000, or if the information holder does not have sufficient contact information.
Can you summarize SDCL 22-40-23?
Notwithstanding 22-40-22 , if an information holder maintains its own notification procedure as part of an information security policy for the treatment of personal or protected information and the policy is otherwise consistent with the timing requirements of this section, the information holder is in compliance with the notification requirements of 22-40-22 if the information holder notifies each person in accordance with the information holder’s policies in the event of a breach of system security.
Can you summarize SDCL 51A-10-8?
It is a Class 2 misdemeanor for any officer or employee of any bank to certify any check, draft, or order drawn upon such bank unless the person drawing the same has on deposit an amount of money equal to the amount specified therein. Any check, draft, or order so certified by a duly authorized officer of such bank shall be a good and valid obligation of such bank. Source: SL 1909, ch 222, art 2, 34; SL 1915, ch 102, art 2, 38; RC 1919, 8986; SDC 1939, 6.
Can you summarize SDCL 51A-12-6?
The maximum amount of loans by a bank to its executive officers, its directors, and its shareholders who individually own more than ten percent of the capital stock of the bank or its parent bank holding company, shall be set by rules promulgated by the commission pursuant to chapter 1-26 . The commission rule may not be more restrictive than restrictions imposed by that bank’s primary federal regulator. Loans to any partnership or corporation in which such officers, directors, and shareholders own an aggregate interest of twenty percent or more shall be included as a loan to the officers, directors, and shareholders.
Can you summarize SDCL 51A-4-12?
Except as to any check sent to it as a special collection item, no bank shall settle any check drawn on it otherwise than at par. Any check bearing an out - of - town endorsement shall be, at the option of the drawee bank, payable by draft drawn on the reserve deposits of the drawee bank when any such check is presented by or through any bank, banker, trust company, federal reserve bank, post office, express company, or collective agency, or agents of any of the foregoing.
Can you summarize SDCL 51A-4-30?
Banks and trust companies authorized to do business under this title that are approved or certified by the secretary of housing and urban development or approved or certified by the administrator of veterans affairs may: (1)Make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance by the federal housing administration or the administrator of veterans affairs and to obtain such insurance; (2)Make such loans, secured by real property or leasehold, as the federal housing administration or the administrator of veterans affairs insures or makes a commitment to insure and to obtain such insurance.
Can you summarize SDCL 51A-9-4?
No bank service corporation may purchase, hold or acquire the capital stock of any state or national bank or of any bank holding company. Source: SL 1970, ch 265, 41; SL 1988, ch 377, 133; SDCL, 51-21-3.1.
Can you summarize SDCL 57A-4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that 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, it provides default rules. The medium of settlement is either 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.
Can you summarize SDCL 57A-4-215?
This legal document, part of the South Dakota Codified Laws under the Uniform Commercial Code, pertains to the final payment of items by payor banks, provisional settlement, and the availability of funds for withdrawal. According to the document, 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 provisionally settled without revocation within the permitted time.
Can you summarize SDCL 57A-4-301?
This legal document governs the recovery of payment by return of items in the context of 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. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return. Additionally, if a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor within a specified time limit.
Can you summarize SDCL 57A-4-303?
This legal document, found in the South Dakota Codified Laws under the Uniform Commercial Code, specifically in the section on Bank Deposits and Collections, pertains to the collection of items by payor banks. 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 right or duty to pay an item or charge its customer’s account if certain conditions are met.
Can you summarize SDCL 57A-4-401?
This legal document, found in the South Dakota Codified Laws, specifically in the Uniform Commercial Code section, governs the relationship between a payor bank and its customer regarding bank deposits and collections. 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.
Can you summarize SDCL 57A-4-403?
This legal provision, found in the South Dakota Codified Laws under the Uniform Commercial Code, pertains to the relationship between a payor bank and its customer regarding bank deposits and collections. 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 order must describe the item or account with reasonable certainty and be received by the bank in a timely manner.
Can you summarize SDCL 57A-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. Source: SL 1994, ch 368, 4-404.
Can you summarize SDCL 57A-4-406?
This legal document, part of the South Dakota Codified Laws, specifically the Uniform Commercial Code, Bank Deposits And Collections section, 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 promptly examine the statement or items to determine if any payment was unauthorized due to alteration or unauthorized signature.
Can you summarize SDCL Chapter 43-41B?
The provided legal document content pertains to the South Dakota Codified Laws governing the Uniform Unclaimed Property Act. The Act defines various terms used in the chapter, such as ‘administrator’, ‘apparent owner’, ‘attorney general’, ‘banking organization’, ‘business association’, ‘domicile’, ‘financial organization’, and ‘holder’. The Act also defines terms like ‘insurance company’, ‘intangible property’, ’last known address’, ‘owner’, ‘person’, ‘property’, ‘state’, ‘Unclaimed Property Division’, and ‘utility’. The documents cover various aspects of unclaimed property, including the presumption of abandonment, reporting requirements, examination of records, payment or delivery of abandoned property, notice and publication of names of owners, treatment of property held by fiduciaries and agents, treatment of stock or ownership interests in business associations, filing a claim with the administrator, deposit of funds received under the Act, recovery of property by another state, cooperation with other jurisdictions, and the treatment of property with insubstantial commercial value.
Can you summarize SDCL Chapter 5-26?
The provided legal document content pertains to the Prompt Payment Act under the South Dakota Codified Laws. It governs the prompt payment of invoices, purchase orders, and vendor contracts by various entities, including state government agencies, counties, municipalities, public school districts, and certain officers, boards, or commissions authorized to enter into contracts for public improvements or services. The Act aims to ensure timely payment for goods and services provided to these entities.
Can you summarize SDCL Chapter 51A-1?
The legal document content reviewed pertains to various aspects of banks and banking in South Dakota. It covers topics such as the duty of regulated lenders to disclose customer information and provide creditworthiness opinions under certain circumstances, the disqualification of public officers from taking acknowledgments or proofs of written instruments in which a bank is interested, the misappropriation of bank funds or information as a Class 5 felony, the prohibition of banks paying fines or penalties imposed on others, the reimbursement of banks for unlawful payments made in violation of the law, the concealment of bank transactions as a Class 1 misdemeanor, the director’s authority to seek injunctions or other remedies in case of threatened or pending violations, the recovery of civil fines in actions instituted by the division, the imposition of civil fines for non-compliance with lawful orders, the filing of false statements or entries with the director or commission as a Class 1 misdemeanor, the prohibition of banks assuming liability as insurers or guarantors of securities without property interest, the authority of the director to enter into agreements or compacts with other jurisdictions for the administration of banking laws, the disqualification of bank officers, employees, or directors convicted of violating the law, the requirements for adverse claims against bank deposits or safe deposit boxes, and the making of false or misleading statements or obstruction of bank examinations as a Class 4 felony.
Can you summarize SDCL Chapter 51A-10?
This legal document, as per the South Dakota Codified Laws, governs bank deposits. It allows banks to substitute or exchange eligible securities of similar nature and character for securities pledged as collateral for funds of governmental subdivisions. The substitution or exchange can be done at any time deemed advisable by the bank, without requiring the consent of the depositor or any officers of the depositors. However, there are two conditions that must be met for such substitution or exchange to occur: (1) the substituted or exchanged securities must have a market value equal to or greater than the market value of the securities being released, and (2) the holder or custodian of the securities must provide a receipt specifically describing and identifying both the substituted or exchanged securities and the securities being returned to the depository bank.
Can you summarize SDCL Chapter 51A-12?
These legal documents cover various aspects of bank loans and credit service charges in South Dakota. Banks are allowed to compound interest or service fees on loans when disclosed in writing to the borrower. They have the right to offset loan balances owed by a customer against the bank’s obligations to the customer in the form of deposits. Banks can contract for and collect various credit service charges, including membership fees, transaction fees, interest charges, and charges related to revolving loan or charge account arrangements.
Can you summarize SDCL Chapter 51A-13?
The provided legal document content pertains to the retention and preservation of bank records and supporting documents by banks. According to the South Dakota Codified Laws, every bank is required to retain and preserve its bank records and supporting documents for a period of time specified in the rules issued by the commission. Summary examinations and reports are only required for fiduciary activities subject to court accountings. Failure to make and transmit required reports can result in a civil penalty of fifty dollars per day, and the director has the authority to institute proceedings for the recovery of such penalty.
Can you summarize SDCL Chapter 51A-14?
The provided legal document content pertains to the reorganization of banks. It outlines the procedures and requirements for various scenarios such as mergers, consolidations, purchases of assets, and assumption of liabilities by other banks. The document specifies that dissident shareholders’ bank stock valuation should be established according to specific sections of the law. In non-emergency situations, if a bank has been merged, consolidated, or its assets purchased and liabilities assumed by another bank, the directors of the bank must initiate proceedings to legally dissolve the bank’s charter within thirty days.
Can you summarize SDCL Chapter 51A-15?
The legal document, sourced from the South Dakota Codified Laws, specifically addresses the requirements for the adoption of a reorganization plan in the context of the suspension and liquidation of banks. According to the document, a plan of reorganization can only be prescribed if it meets certain criteria. These criteria include feasibility and fairness to all classes of depositors, creditors, and stockholders, ensuring that the value of the interest accorded to any class does not exceed the value of the assets upon liquidation, provision for the issuance of common stock in an adequate ratio to assets, and fair exchange of new common stock for obligations or stock of the bank.
Can you summarize SDCL Chapter 51A-3?
The provided legal document content pertains to the organization, applications, and capital structure of banking corporations in South Dakota. It covers various aspects such as the responsibilities of directors, the requirement of fidelity bonds for officers and employees, the election and removal of officers, the holding of regular meetings by the board of directors, the minimum number of directors, the adoption of bylaws, the prohibition of banks making purchase money loans or discounts on their own stock, the transfer of shares of bank stock, the extension of corporate existence, the amendment of articles of incorporation, the election and removal of officers, the payment of dividends, the approval of dividends by the director, the declaration of dividends, the computation of net profits, the allocation of net profits to surplus, the sale of capital stock, the total capital required for newly organized banks, the number of incorporators, the articles of incorporation or organization, the organization of banks as limited liability companies, the applicability of general corporate law to banks, the requirement of insurance protection against hazards, the change of control, the application process, and the indemnification of officers, directors, employees, and agents.
Can you summarize SDCL Chapter 51A-4?
The provided legal document content pertains to the general powers of banks in South Dakota. It covers various aspects of the authority and activities of banks, including their ability to enter into debt cancellation and suspension contracts, grant authority to service institutions, access motor vehicle title and lien information, make loans eligible for insurance by federal housing and veterans affairs administrations, purchase stock and debt issued by mortgage banking companies, purchase government and municipal bonds, invest in annuities and mutual funds, purchase cash value life insurance contracts, purchase and sell participations in loans, engage in community development investments, engage in the insurance business, purchase and sell securities, issue bills payable, lease and purchase real property, advertise banking services, and engage in various other banking activities.
Can you summarize SDCL Chapter 51A-5?
The legal document reviewed pertains to the trust business of banks in South Dakota. It outlines the powers and operations of banks engaging in the trust business. The document applies to banks that are authorized to engage in the trust business as defined in the South Dakota Codified Laws. Banks engaging in the trust business have various powers, including acting as fiduciaries, custodians, managing agents, and attorneys-in-fact. They are also allowed to establish and maintain common trust funds or collective investment funds.
Can you summarize SDCL Chapter 51A-7?
The provided legal document content pertains to the establishment, operation, and regulation of branch banks and drive-in facilities in South Dakota. It applies to various entities including banks, bank supervisory agencies, directors, out-of-state banks, out-of-state state banks, South Dakota state banks, and the State Banking Commission for South Dakota. The document defines terms related to branch banks and drive-in facilities and provides guidelines for their establishment, maintenance, and operation. It also outlines the authority and responsibilities of the director and commission in relation to branch banks and drive-in facilities.
Can you summarize SDCL Chapter 51A-8?
The provided legal document content pertains to the use of remote service units in the banking industry. It states that remote service units, defined as automated teller machines (ATMs) located separate and apart from a bank or branch bank, are not considered branch banks. The documents specify that only national banks, banks organized under the laws of any state, savings and loan associations or savings banks organized under the laws of the United States or any state, and credit unions organized under the laws of the United States are allowed to accept deposits through the use of remote service units.
Can you summarize SDCL Chapter 51A-9?
The provided legal document, found in the South Dakota Codified Laws, governs bank service corporations and bank services. A bank service corporation refers to a corporation that is organized to perform bank services for one or more banks, with each bank owning part of the corporation’s capital stock. Bank services encompass activities that are part of the business of banking or incidental to it, such as servicing mortgages and loans, leasing personal property, operating travel agencies, credit bureaus, collection or billing agencies, check and deposit sorting and posting, computation and posting of interest and other charges, preparation and mailing of checks, statements, notices, and similar items, as well as other clerical, bookkeeping, accounting, statistical, or similar functions performed for a bank.
Can you summarize SDCL Chapter 54-11?
The provided legal document content pertains to credit cards and revolving charge accounts. It states that a credit card issuer has the right to change the terms of a credit card agreement if such right of amendment has been reserved. The credit card issuer must provide notice of the change and the right to reject it in accordance with 12 C.F.R. 1026. No changes can be made that are specifically prohibited by 12 C.
Can you summarize SDCL Chapter 54-8?
The provided legal document content pertains to acts in fraud of creditors. It outlines the actions that are considered fraudulent and the associated penalties. The document states that any person who is a party to a conveyance or assignment of property made with the intent to defraud prior or subsequent purchasers, delay or defraud creditors, or any person who is privy to or knows of such conveyance or assignment, is guilty of a Class 6 felony.
Can you summarize SDCL Chapter 57A-2A?
The provided legal document content pertains to leases under the Uniform Commercial Code (UCC) in South Dakota. It specifically addresses unconscionability in lease contracts. If a court determines that a lease contract or any clause within it was unconscionable at the time it was made, the court has several options. It may refuse to enforce the entire lease contract, enforce the remainder of the lease contract without the unconscionable clause, or limit the application of the unconscionable clause to avoid any unconscionable result.
Can you summarize SDCL Chapter 57A-3?
This legal document, sourced from the South Dakota Codified Laws, falls under the UNIFORM COMMERCIAL CODE and specifically pertains to Negotiable Instruments. It provides definitions and provisions regarding the payment terms of such instruments. A promise or order is considered ‘payable on demand’ if it explicitly states so or does not mention any specific time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it specifies a fixed date or a readily ascertainable time of payment.
Can you summarize SDCL Chapter 57A-4?
These legal documents, sourced from the South Dakota Codified Laws under the Uniform Commercial Code, govern the general provisions and definitions related to bank deposits and collections. They establish the foundational definitions and concepts necessary for understanding and applying the regulations in South Dakota. The documents cover various aspects related to the collection of items by depositary and collecting banks, as well as the final payment of items by payor banks.
Can you summarize SDCL Chapter 57A-4A?
This legal document falls under the South Dakota Codified Laws and specifically addresses funds transfers governed by the Uniform Commercial Code. It provides definitions for key terms related to funds transfers and governs the time of receipt of payment orders or communications cancelling or amending payment orders. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. It clarifies that if a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day.
Can you summarize SDCL Chapter 57A-5?
These legal documents, part of the South Dakota Codified Laws under the Uniform Commercial Code, govern various aspects of letters of credit. They cover the subrogation rights of issuers, applicants, and nominated persons, as well as the security interest in documents presented under a letter of credit. The documents also address the liability of issuers, nominated persons, or advisers, the assignment of proceeds of a letter of credit, the transfer of drawing rights by operation of law, and the remedies available in various situations.
Can you summarize SDCL Chapter 57A-9?
The provided legal document content is from the South Dakota Codified Laws under the Uniform Commercial Code (UCC) - Secured Transactions. It governs various transactions and security interests in personal property or fixtures. The document applies to individuals and entities involved in secured transactions, including secured parties, debtors, account debtors, consignees, consignors, and other relevant parties. However, there are exemptions to its application, such as when federal law preempts it, when another statute of the state governs the creation of a security interest, when a statute of another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest, when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior, or when specific exemptions related to liens, assignments, transfers, or other interests apply.
Can you summarize SCSR Section 15-18?
(Statutory Authority: 1976 Code 34-1-60) State chartered banks are hereby prohibited from accepting brokered deposit funds where tie-in loans are required to be made as a condition for the deposit of such funds.
Can you summarize SCSR Section 15-29?
(Statutory Authority: 1976 Code 34-1-110) Loans to officers and directors of a state bank shall be approved by two-thirds vote of the whole board of directors of the bank within ninety (90) days of the date of the note or any subsequent renewals thereof.
Can you summarize SCSR Section 15-36?
(Statutory Authority: 1976 Code 34-1-110) State-chartered savings and loan associations are authorized to issue credit cards under the same terms and conditions as permitted federally chartered savings and loan associations by Section 545.4-3 of the Federal Home Loan Bank Board adopted by the Board on July 3, 1980, effective July 10, 1980, as amended by Federal Home Loan Bank Board Regulation 563.43 adopted November 26, 1980, and effective the same date.
Can you summarize SCSR Section 28-70?
This legal document, part of the South Carolina Code of State Regulations, pertains to creditors making consumer credit sales, supervised loans, or restricted loans in the state. It requires such creditors to file a rate schedule with the Department of Consumer Affairs and post a maximum rate schedule in every place of business where consumer credit sales, supervised loans, or restricted loans are offered. The posted rate schedule must be issued by the Department of Consumer Affairs and should not suggest or imply approval by any government agency.
Can you summarize Tex. Bus. & Com. Chapter 116?
The provided legal document content governs the fees for certain payment methods. It applies to persons who make payments to payees. According to the document, a person making a payment to a payee is prohibited from charging an additional fee to the payee if the payee chooses to receive the payment by paper check instead of through an automated clearinghouse transaction or other electronic funds transfer. Any provision in a contract that allows a person to charge or collect a fee from a payee in violation of this prohibition is considered void and unenforceable.
Can you summarize Tex. Bus. & Com. Chapter 2A?
The provided legal document content pertains to the formation and construction of lease contracts under the Uniform Commercial Code (UCC). It outlines the conditions that must be met for a lease contract to be enforceable, including total payments under the lease contract and the existence of a writing signed by the party against whom enforcement is sought. The document also provides exceptions to these requirements. It further discusses the ability to modify lease contracts, the extension of benefits to lessees under finance leases, and the creation and interpretation of warranties in lease contracts.
Can you summarize Tex. Bus. & Com. Chapter 4?
The provided legal document is a chapter of the Texas Statutes’ Business and Commerce Code, specifically under the Uniform Commercial Code section on Bank Deposits and Collections. It governs the liability of a bank for its actions or non-actions regarding items handled for presentment, payment, or collection. The document specifies that if there is a conflict between this chapter and Chapters 3 and 8, this chapter governs Chapter 3, but Chapter 8 governs this chapter.
Can you summarize Tex. Bus. & Com. Chapter 4A?
These legal documents, part of the Texas Statutes under the Business and Commerce Code, specifically fall under the UNIFORM COMMERCIAL CODE section related to funds transfers. They govern the issuance, acceptance, and execution of payment orders in funds transfers. The documents define terms such as ‘payment order,’ ‘beneficiary,’ ‘beneficiary’s bank,’ ‘receiving bank,’ and ‘sender.’ They clarify that a payment order is an instruction from a sender to a receiving bank to pay a fixed amount to a beneficiary, and it can be transmitted orally, electronically, or in writing.
Can you summarize Tex. Bus. & Com. Chapter 5?
This legal document governs the use and operation of letters of credit under the Uniform Commercial Code. It defines various terms related to letters of credit and provides definitions from other chapters of the code that apply to this chapter. The document clarifies the requirements for presenting a document and explains the concept of honor and the obligations of the issuer. It also defines the roles and responsibilities of nominated persons and presenters.
Can you summarize Tex. Bus. & Com. Chapter 521?
The provided legal document content is a chapter of the Texas Statutes, specifically under the Business and Commerce Code, governing the unauthorized use of personal identifying information. It defines ‘personal identifying information’ and ‘sensitive personal information’ and outlines the obligations for breach notification, unauthorized use or possession of personal identifying information, and implementation of reasonable procedures to protect sensitive personal information. The document also covers the issuance of court orders declaring individuals as victims of identity theft, the confidentiality of court orders, and civil penalties and injunctions for violations.
Can you summarize Tex. Bus. & Com. Chapter 604A?
This legal document governs the prohibition of certain surcharges in credit, debit, and stored value card transactions. It applies to cardholders, merchants, and buyers involved in the sale or lease of goods or services. The document defines key terms such as ‘cardholder’, ‘credit card’, ‘debit card’, ‘merchant’, ‘stored value card’, and ‘surcharge’. A surcharge is defined as an increase in the price charged for goods or services imposed on a buyer who pays with a credit, debit, or stored value card, but not on a buyer who pays with cash.
Can you summarize Tex. Bus. & Com. Chapter 607?
This legal document governs the use of payment card skimmers on motor fuel metering devices by merchants selling motor fuel to retail customers. It defines various terms related to the subject matter and includes provisions regarding wire or electronic devices capable of intercepting electronic communications or data for fraudulent purposes. The document requires merchants with unattended payment terminals on motor fuel dispensers to implement procedures to prevent the installation of skimmers, find and remove skimmers, and report their discovery to the department.
Can you summarize Tex. Bus. & Com. Chapter 761?
This legal document governs credit card marketing activities conducted by credit card issuers at postsecondary educational institutions in Texas. It defines ‘campus credit card marketing activity’ and provides definitions for key terms such as ‘credit card’, ‘credit card issuer’, ‘governing board’, and ‘postsecondary educational institution’. The document prohibits credit card issuers from engaging in campus credit card marketing activities outside of designated campus locations or at times other than those designated by the governing board of the institution.
Can you summarize Tex. Bus. & Com. Chapter 9?
These legal documents, part of the Texas Statutes under the Business and Commerce Code, specifically the Uniform Commercial Code (UCC), govern various aspects of secured transactions. They provide definitions for terms used in secured transactions, establish the effectiveness and attachment of security interests, outline the rights and obligations of parties to a security agreement, and provide rules and guidelines for perfection, effect, and priority of security interests. The documents apply to a wide range of entities involved in secured transactions, including creditors, debtors, secured parties, buyers, lessees, licensees, banks, securities intermediaries, commodity intermediaries, account debtors, assignors, assignees, promissory note holders, health-care-insurance receivable assignees, general intangible assignees, applicants, issuers, nominated persons, beneficiaries, and transferee beneficiaries.
Can you summarize Tex. Bus. & Com. Section 3.104?
This section of the Texas Statutes, Business and Commerce Code, falls under the Uniform Commercial Code and governs negotiable instruments. A negotiable instrument is an unconditional promise or order to pay a fixed amount of money. It must be payable to bearer or to order, payable on demand or at a definite time, and must not contain any other undertaking or instruction apart from the payment of money. However, it may include provisions for collateral, confession of judgment, or waiver of certain laws.
Can you summarize Tex. Bus. & Com. Section 4.213?
This legal document governs the medium and time of settlement by a bank. It applies to banks involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, or by agreement. 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.
Can you summarize Tex. Bus. & Com. Section 4.215?
This legal document governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. According to the document, 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 provisionally settled and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid.
Can you summarize Tex. Bus. & Com. Section 4.301?
This legal document governs 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 wants to revoke the settlement. The payor bank can revoke the settlement and recover the settlement amount if it returns the item, returns an image of the item (if agreed upon), or sends a record providing notice of dishonor or nonpayment. The document also specifies that if a demand item is received by a payor bank for credit on its books, it can return the item or send notice of dishonor within a specified time limit.
Can you summarize Tex. Bus. & Com. Section 4.303?
This provision, found in the Texas Statutes under the Business and Commerce Code, specifically in the Uniform Commercial Code section on Bank Deposits and Collections, pertains to the collection of items by payor banks. 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 right or duty to pay an item or charge its customer’s account if certain conditions are met.
Can you summarize Tex. Bus. & Com. Section 4.401?
This legal document, found in the Texas Statutes under the Business and Commerce Code, specifically in the Uniform Commercial Code section on 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 from that account, 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 Tex. Bus. & Com. Section 4.403?
This provision, found in the Texas Business and Commerce Code under the Uniform Commercial Code, governs the rights of customers and persons authorized to draw on the account regarding stopping payment of items drawn on the customer’s account or closing the account. A customer or authorized person may stop payment or close the account by providing an order to the bank that describes the item or account with reasonable certainty. The stop-payment order is effective for six months and can be renewed for additional six-month periods.
Can you summarize Tex. Bus. & Com. Section 4.404?
A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, that 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. Acts 1967, 60th Leg., p. 2343, ch. 785, Sec. 1, eff. Sept. 1, 1967. Amended by Acts 1995, 74th Leg., ch. 921, Sec. 4, eff.
Can you summarize Tex. Bus. & Com. Section 4.406?
This legal document governs the duty of customers to discover and report unauthorized signatures or alterations in their bank statements. According to the document, banks are required to either return or provide sufficient information about the items paid in the customer’s statement of account. If the items are not returned, the bank must provide a telephone number for the customer to request the items or copies. The customer is expected to promptly examine the statement or items and notify the bank if any unauthorized payment is discovered.
Can you summarize Tex. Bus. & Com. Section 521.053?
This section of the Texas Statutes, specifically the Business and Commerce Code, governs the breach of system security and notification requirements following a breach of computerized data. It defines ‘breach of system security’ as the unauthorized acquisition of computerized data compromising the security, confidentiality, or integrity of sensitive personal information. The section requires persons conducting business in Texas who own or license computerized data containing sensitive personal information to disclose any breach of system security to affected individuals.
Can you summarize Tex. Bus. & Com. Title 3?
The provided legal document content covers various aspects of insolvency, fraudulent transfers, and fraud under the Texas Statutes, specifically the Business and Commerce Code. The first document outlines the provisions for assignments for the benefit of creditors, allowing debtors to assign their real and personal estate to an assignee for the benefit of their creditors. The assignment must provide for the distribution of the debtor’s estate to each consenting creditor in proportion to their claim.
Can you summarize Tex. Est. Section 752.1145?
(a) In this section, ‘digital asset’ has the meaning assigned by Section 2001.002. (b) The language conferring authority with respect to digital assets in a statutory durable power of attorney empowers the attorney in fact or agent, without further reference to a specific digital asset, to access digital assets as provided in Chapter 2001. Added by Acts 2017, 85th Leg., R.S., Ch. 400 (S.B. 1193), Sec. 3, eff. September 1, 2017.
Can you summarize Tex. Fin. Chapter 11?
The provided legal document content pertains to the Finance Commission of Texas, its composition, operation, and powers. The Finance Commission is responsible for overseeing and coordinating the Texas Department of Banking, the Department of Savings and Mortgage Lending, and the Office of Consumer Credit Commissioner. It serves as the policy-making body for these finance agencies and ensures the functioning of state depository and lending institutions. The document outlines the composition of the Finance Commission, including the appointment process, qualifications, and restrictions on members.
Can you summarize Tex. Fin. Chapter 12?
The provided legal document content covers various aspects of the operation of the Texas Department of Banking. It outlines the appointment and duties of the banking commissioner, including the requirement of at least seven years’ experience in banking or bank supervision. The document also addresses the appointment and powers of deputy banking commissioners, as well as the oath of office required for certain department officers and employees. Additionally, it discusses the establishment of fees for the administration of relevant chapters and the payment of audit costs.
Can you summarize Tex. Fin. Chapter 14?
The provided legal document content pertains to the powers and duties of the Consumer Credit Commissioner in Texas, including the enforcement of consumer credit regulations and the coordination of educational and debt counseling programs. It also covers the obtaining and use of criminal history record information by the Commissioner’s office, the assessment of administrative penalties and restitution orders for violations related to consumer credit, and the process of judicial review in relation to the decisions made by the Commissioner.
Can you summarize Tex. Fin. Chapter 201?
This legal document, part of the Texas Statutes under the Finance Code, covers various provisions related to finance, banking, and bank holding companies in Texas. It sets forth the conditions for acquiring a Texas bank or bank holding company, permits interstate branching, and provides for state regulation of foreign banks in the financial markets of Texas. The document includes definitions for various terms used in the relevant statutes and grants the finance commission the authority to adopt additional definitions through rulemaking.
Can you summarize Tex. Fin. Chapter 202?
The provided legal document content covers two main areas: the acquisition of Texas banks by out-of-state bank holding companies and financial activities by financial holding companies. In the case of acquisitions, an out-of-state bank holding company is prohibited from acquiring a Texas bank if, upon completion of the transaction, the applicant would control 20 percent or more of the total amount of deposits held by depository institutions in Texas. The commissioner has the authority to request supplemental information to aid in the determination of an acquisition’s impact.
Can you summarize Tex. Fin. Chapter 203?
These legal documents found in the Texas Statutes under the Finance Code govern interstate bank mergers and branching. They outline the conditions and requirements for Texas state banks to establish and maintain branches in states other than Texas, as well as the requirements for out-of-state banks to establish de novo branches in Texas. The documents also cover the authority of the banking commissioner to examine interstate branches maintained by out-of-state state banks in Texas to ensure compliance with applicable state laws.
Can you summarize Tex. Fin. Chapter 274?
This legal document provides definitions for various terms related to fiduciary accounts and entities. It establishes the definitions and relationships of various entities involved in fiduciary accounts in Texas. The document governs the process of substituting fiduciaries in fiduciary accounts, allowing a subsidiary trust company to enter into an agreement with an affiliated bank to substitute the company as fiduciary for the bank in each fiduciary account listed in the agreement.
Can you summarize Tex. Fin. Chapter 278?
This legal document governs the regulation of currency transmissions in Texas. It applies to currency transmission businesses, which are defined as engaging in or offering currency transmission as a service or for profit. However, the term does not include federally insured financial institutions or title insurance companies or agents. Currency transmission is defined as receiving currency or an instrument payable in currency in order to transmit it by various means or through the use of financial intermediaries, the Federal Reserve System, or other funds transfer networks.
Can you summarize Tex. Fin. Chapter 279, Subchapter B?
The provided legal document pertains to the establishment and regulation of banking development districts in Texas. The finance commission is responsible for administering and monitoring a banking development district program to encourage the establishment of branches of financial institutions in areas where there is a demonstrated need for banking services. The finance commission, in consultation with the Texas Economic Development and Tourism Office, must adopt rules regarding the criteria for the designation of banking development districts, considering factors such as the availability of banking services, consumer needs, economic viability, local credit needs, existing commercial development, and the impact of additional banking services on potential economic development.
Can you summarize Tex. Fin. Chapter 34, Subchapter D?
The provided legal document content covers various aspects related to deposit contracts, fees, disclosures, liens, and trust accounts in the banking industry. It states that deposit contracts between a bank and an account holder can be evidenced by various documents and a cause of action for denial of deposit liability accrues when the bank denies liability and provides notice to the account holder. The document also governs the amendment of deposit contracts, allowing banks to amend the contract by mailing a written notice to the account holder.
Can you summarize Tex. Fin. Chapter 345?
This document, part of the Texas Statutes Finance Code, regulates various aspects of retail installment sales. It defines key terms such as ‘credit card issuer,’ ‘holder,’ ‘retail buyer,’ ‘retail charge agreement,’ ‘retail credit card arrangement,’ ‘retail installment contract,’ ‘retail installment transaction,’ and ‘retail seller.’ The document specifies that it applies to retail buyers, retail sellers, credit card issuers, and holders of retail installment contracts and retail charge agreements. However, certain entities such as banks, savings associations, credit unions, licensed persons under Chapter 342, and those engaged in lending money for personal, family, or household purposes are exempted.
Can you summarize Tex. Fin. Chapter 346?
This legal document found in the Texas Statutes under the Finance Code regulates revolving credit accounts. It defines a revolving credit account as an open-end account established by a creditor for a customer under a written agreement. The document outlines provisions such as the computation of the average daily balance, debiting of unpaid balances and interest, and the ability to defer payment. It also introduces revolving loan accounts and revolving triparty accounts.
Can you summarize Tex. Fin. Chapter 59, Subchapter C?
This section of the Texas Statutes governs the installation, maintenance, and operation of electronic terminals for the convenience of customers of financial institutions. It allows persons to install, maintain, and operate electronic terminals at any location. Financial institutions may agree in writing to share the use of an electronic terminal on a reasonable and nondiscriminatory basis, subject to necessary technical standards and charges. The charges imposed must be reasonable, fair, equitable, and nondiscriminatory among financial institutions.
Can you summarize Tex. Fin. Chapter 59, Subchapter D?
The provided legal document content governs the safety regulations and provisions related to unmanned teller machines. It applies to operators, owners, and customers of unmanned teller machines. The document defines various terms such as ‘access area’, ‘access device’, ‘candlefoot power’, ‘control’, ‘customer’, ‘defined parking area’, ‘financial institution’, ‘operator’, ‘owner’, and ‘unmanned teller machine’. It specifies the characteristics and requirements for access areas and defined parking areas. The document outlines the responsibilities and authorities of operators and owners of unmanned teller machines.
Can you summarize Tex. Fin. Chapter 97?
The provided legal document content pertains to the general provisions applicable to holding companies under the Texas Statutes, specifically the Finance Code. Holding companies are required to register with the commissioner within 90 days of becoming a holding company, providing information on their financial condition, ownership, operations, management, and intercompany relations. They must also file reports with the commissioner, maintain books and records, and allow for examinations by the commissioner. The document outlines the regulatory framework and requirements for holding companies in Texas, including limitations on activities and investments.
Can you summarize Tex. Fin. Section 183.109?
This section of the Texas Statutes governs transactions between state trust companies and their management and affiliates. Without prior approval from a disinterested majority of the board or the banking commissioner, a state trust company may not sell or lease assets to its officers, directors, managers, managing participants, principal shareholders or participants, or affiliates. Similarly, the state trust company may not purchase or lease assets in which these individuals or affiliates have an interest.
Can you summarize Tex. Fin. Section 32.204?
This provision, found in the Texas Statutes under the Finance Code, pertains to state banks and their ability to establish deposit or loan production offices. The purpose of these offices is to solicit deposit accounts, loan applications, and perform related ministerial duties. State banks are also allowed to conduct other activities as permitted by rules adopted under this subtitle. Before establishing a deposit or loan production office, the bank must notify the banking commissioner in writing, providing the location and activities to be conducted.
Can you summarize Tex. Fin. Section 32.304?
(a) A merger is not permitted under this subchapter if, on consummation of the transaction, the resulting state bank, including all insured depository institution affiliates of the resulting state bank, would control 20 percent or more of the total amount of deposits in this state held by all insured depository institutions in this state. (b) On request of the banking commissioner the applicant shall provide supplemental information to the banking commissioner to aid in a determination under this section, including information that is more current than or in addition to information in the most recently available summary of deposits, reports of condition, or similar reports filed with or produced by state or federal authorities.
Can you summarize Tex. Fin. Section 32.404?
The purchasing bank may pay a depositor or creditor of the selling institution the amount to be paid the person under the terms of the contract of agency by opening an account in the name of the depositor or creditor, crediting the account with the amount to be paid the depositor or creditor under the terms of the agency contract, and mailing or personally delivering a duplicate deposit ticket evidencing the credit to the depositor or creditor at the person’s address shown in the records of the selling institution.
Can you summarize Tex. Fin. Section 33.109?
(a) Without the prior approval of a disinterested majority of the board recorded in the minutes or, if a disinterested majority cannot be obtained, the prior written approval of the banking commissioner, a state bank may not directly or indirectly: (1) sell or lease an asset of the bank to an officer, director, or principal shareholder of the bank or of an affiliate of the bank; or (2) purchase or lease an asset in which an officer, director, or principal shareholder of the bank or of an affiliate of the bank has an interest.
Can you summarize Tex. Fin. Section 339.002?
(a) This section applies to an open-end account agreement that provides for credit card transactions: (1) in which the creditor relies on one of the ceilings authorized by Chapter 303 for the rate of interest; and (2) in connection with which the creditor does not impose or receive a merchant discount. (b) Interest or time price differential may not be charged for a billing cycle of an open-end account credit agreement if: (1) the total amount of the obligor’s payments during the cycle equal or exceed the balance owed under the agreement at the end of the preceding billing cycle; or (2) an amount is not owed under the agreement at the end of the preceding billing cycle.
Can you summarize Tex. Fin. Section 59.011?
This provision, added by Acts 2005, 79th Leg., Ch. 1018 (H.B. 955), Sec. 5.01, eff. September 1, 2005, governs the liability of lenders and builders in relation to construction defects in foreclosed homes. According to this provision, a federally insured financial institution regulated under the Texas Finance Code is not considered a builder for the purposes of Chapter 27, Property Code. Additionally, a lender regulated by the Texas Finance Code that acquires a home through foreclosure or other legal means when the loan is in default is not liable to a subsequent purchaser for any construction defects that the lender had no knowledge of prior to acquiring the home.
Can you summarize Tex. Fin. Title 3, Subtitle A?
The provided legal document content covers various aspects related to state banks in Texas. It includes the ownership and management of state banks, voting rights, composition and qualifications of the board of directors, appointment and responsibilities of officers, conduct of officers, directors, employees, and shareholders, restrictions on transactions involving bank assets, confidentiality of information obtained by the banking commissioner, succession of trust powers for state banks during dissolution and liquidation. The documents apply to state banks, their board of directors, officers, advisory directors, limited banking associations, financial institutions, shareholders, officers, directors, affiliates, third-party service providers, participants and managers of limited banking associations, banking commissioner, Federal Deposit Insurance Corporation or its successor.
Can you summarize Tex. Penal Chapter 32, Subchapter C?
The provided legal document content covers various offenses related to credit card or debit card abuse, making false statements to obtain property or credit, hindering secured creditors, fraudulent transfer of a motor vehicle, credit card transaction record laundering, and fraudulent use or possession of credit card or debit card information. These sections of the Texas Penal Code define key terms, outline multiple offenses, establish presumptions, and specify the penalties for violations.
Can you summarize Tex. Penal Section 31.17?
This section of the Texas Penal Code governs the unauthorized acquisition or transfer of certain financial information. It defines key terms such as ‘check,’ ‘credit card,’ ‘debit card,’ and ‘financial sight order or payment card information.’ It states that a person commits an offense if they obtain or possess financial sight order or payment card information of another without entitlement, using electronic or other devices capable of accessing, reading, recording, capturing, copying, imaging, scanning, reproducing, or storing such information.
Can you summarize Tex. Penal Section 32.24?
(a) A person commits an offense if the person steals an unsigned check or similar sight order or, with knowledge that an unsigned check or similar sight order has been stolen, receives the check or sight order with intent to use it, to sell it, or to transfer it to a person other than the person from whom the check or sight order was stolen. (b) An offense under this section is a Class A misdemeanor.
Can you summarize Tex. Penal Section 32.32?
This section of the Texas Penal Code governs the offense of making a false statement to obtain property or credit or in the provision of certain services. It defines ‘credit’ to include various forms of loans, property or service on credit, extending due dates, co-making or guaranteeing notes, lines or letters of credit, credit cards, and mortgage loans. The offense is committed when a person intentionally or knowingly makes a materially false or misleading written statement to obtain property or credit, including a mortgage loan, or provides a false appraisal of real property for compensation.
Can you summarize Tex. Penal Section 32.33?
This section of the Texas Penal Code governs the offense of hindering secured creditors. It applies to persons who have signed a security agreement creating a security interest in property or a mortgage or deed of trust creating a lien on property. The offense is committed when a person with intent to hinder enforcement of the security interest or lien destroys, removes, conceals, encumbers, or otherwise harms or reduces the value of the property.
Can you summarize Tex. Penal Section 32.41?
This section of the Texas Penal Code governs the offense of issuing or passing a bad check or similar sight order. It applies to any person who knowingly issues or passes a check or order for payment, while being aware that there are insufficient funds in their account to cover the payment. The section provides a presumption of knowledge of insufficient funds if the issuer had no account with the bank at the time of issuance or if payment was refused by the bank within 30 days and the issuer failed to pay within 10 days of receiving notice.
Can you summarize Tex. Penal Section 32.46?
This section of the Texas Penal Code addresses the offense of fraudulent securing of document execution. It states that a person commits this offense if they cause another person, without their effective consent, to sign or execute any document affecting property or service or the pecuniary interest of any person. It also includes causing a public servant, without their effective consent, to file or record any purported judgment or other document that memorializes or evidences an act, order, directive, or process of a purported court, judicial entity, or judicial officer that is not expressly created or established under the constitution or laws of Texas or the United States.
Can you summarize Tex. Penal Section 32.49?
This legal provision, found in the Texas Penal Code, addresses the offense of refusing to execute a release of a fraudulent lien or claim with the intent to defraud or harm another person. To be considered an offense, the individual must own, hold, or be the beneficiary of a fraudulent lien or claim against real or personal property. If the person receives a notice requesting the execution of a release of the fraudulent lien or claim, they must comply within 21 days.
Can you summarize Tex. Penal Section 32.51?
This section of the Texas Penal Code addresses the fraudulent use or possession of identifying information. It defines ‘identifying information’ as information that alone or in conjunction with other information identifies a person, including their name, date of birth, unique biometric data, electronic identification number, telecommunication identifying information, and social security number. It is an offense for a person to obtain, possess, transfer, or use another person’s identifying information without their consent or legal authorization, or to possess identifying information of a deceased person or a child under 18 years of age.
Can you summarize Tex. Prop. Title 6?
The provided legal document content pertains to the reporting, delivery, and claims process for unclaimed restitution payments in Texas. It specifies that holders of unclaimed restitution payments that are presumed abandoned must file a property report with the comptroller by July 1st if they hold such payments on March 1st. The report must include various information about the victim and the restitution payment. Holders are required to file a report each successive year if they continue to hold unclaimed restitution payments.
Can you summarize Tex. Tax Section 171.259?
(a) Except as provided by Subsection (b), this subchapter does not apply to a banking corporation that is organized under the laws of this state or under federal law and has its main office in this state. (b) The banking commissioner shall appoint a conservator under Subtitle A, Title 3, Finance Code, to pay the franchise tax of a banking corporation that is organized under the laws of this state and that the commissioner certifies as being delinquent in the payment of the corporation’s franchise tax.
Can you summarize Tex. Tax Section 171.316?
This subchapter does not apply to a banking corporation that is organized under the laws of this state or under federal law and has its main office in this state. Added by Acts 1984, 68th Leg., 2nd C.S., ch. 31, art. 3, part B, Sec. 6, eff. May 1, 1985. Amended by Acts 1999, 76th Leg., ch. 184, Sec. 5, eff. Jan. 1, 2000.
Can you summarize 213 NEAC Chapter 1?
The provided legal document outlines the procedures for the distribution of funds to banks in the state of Nebraska. According to the Nebraska Capital Expansion Act, the state investment officer is responsible for offering a time deposit open account to all eligible financial institutions. The deposit date is set as the last day of the month, with deposits made on the next working day if the last day is not a working day.
Can you summarize 45 NEAC Chapter 16?
This section of the Nebraska Administrative Code, under the Banking and Finance Department, provides interpretation and guidelines regarding the borrowing activities of directors, officers, and employees in relation to banks. According to the Department of Banking and Finance, directors, officers, or employees who directly or indirectly receive funds in exchange for consideration returning to the bank may act as guarantors without falling within the purview of section 8-140. However, there are two instances in which a director, officer, or employee may fall within the purview of section 8-140 even if they are only acting as a guarantor.
Can you summarize 45 NEAC Chapter 17?
The provided legal document content pertains to reporting requirements for officers who are indebted to or borrow from financial institutions. According to the document, if an officer is presently indebted to another financial institution at the time of hire, a report must be made immediately. Additionally, if the officer later borrows from or becomes indebted to another financial institution, a report must be made at the next regularly scheduled board meeting after the borrowing or indebtedness is consummated.
Can you summarize 45 NEAC Chapter 32?
This legal document governs the disposal and retention of records for banks exercising trust powers and stand-alone trust companies. It authorizes these entities to dispose of old records in accordance with a schedule for destruction of trust records. However, certain records such as ledger sheets and records showing unpaid balances in favor of any trustor, grantor, beneficiary, or other parties interested in fiduciary accounts administered by the bank or trust company must be retained.
Can you summarize Title 45 NEAC?
The provided legal document content governs the disposal and retention of records for banks exercising trust powers and stand-alone trust companies. It authorizes these entities to dispose of old records in accordance with a schedule for destruction of trust records. However, certain records such as ledger sheets and records showing unpaid balances in favor of any trustor, grantor, beneficiary, or other parties interested in fiduciary accounts administered by the bank or trust company must be retained.
Can you summarize 201 CMR 17?
The legal document 201 CMR 17.00 establishes the Standards for the protection of personal information of residents of the Commonwealth of Massachusetts. It applies to all persons that own or license personal information about a resident of the Commonwealth. The document aims to ensure the security and confidentiality of customer information, protect against threats or hazards to the security or integrity of such information, and prevent unauthorized access or use that may harm consumers.
Can you summarize 205 CMR 138.47?
This legal document governs the use and operation of Automated Teller Machines (ATMs) or electronic branches within a gaming establishment. It applies to gaming establishments and Sports Wagering Facilities. The document specifies that ATMs or electronic branches should not be located closer than 15 feet from the gaming area, simulcasting area, Sports Wagering Area, or Sports Wagering Area in a gaming establishment or Sports Wagering Facility. It also requires gaming licensees to implement reasonable measures to inhibit the initiation and processing of transactions allowing the use of credit cards or card equivalents to obtain cash from a line of credit within the gaming establishment.
Can you summarize 209 CMR 31?
The purpose of 209 CMR 31.00 is to protect consumers engaging in electronic fund transfers and remittance transfers, as well as to establish procedures for the operation of automated teller machines. It applies to financial institutions, banks, and credit unions. The document incorporates definitions and rules from 12 CFR 1005.2, with some exceptions. It defines various entities and terms, including Bank, Clear and Conspicuous, Consumer, Credit Union, Electronic Branch, Electronic Fund Transfer, Financial Institution, Merchant, Non-bank ATM Provider, Person, and Point-of-sale Terminal.
Can you summarize 209 CMR 31.16?
Compliance with 12 CFR 1005.16 constitutes compliance with 209 CMR 31.16 except that financial institutions must also provide the following consumer disclosures, in a clear and conspicuous manner, at all electronic branches: (1) the name of the financial institution; (2) the name, address and 24 hour toll free telephone number of the person to whom inquiries or complaints should be directed.
Can you summarize 209 CMR 31.42?
(1) A financial institution providing automated teller machines in the Commonwealth shall take actions to ensure that such ATMs are operated in compliance with all applicable laws and regulations for the safety and security of its employees and consumers effecting electronic funds transfers at its electronic branches. (2) A financial institution providing automated teller machines in the Commonwealth shall obtain and maintain, at all times, adequate fidelity and liability insurance. (3) A financial institution shall immediately, and within not less than 24 hours, notify the Commissioner and appropriate law enforcement agencies of any criminal assault or theft involving a consumer effecting an electronic funds transfer at an electronic branch.
Can you summarize 209 CMR 32.58?
Compliance with 12 CFR 1026.58 constitutes compliance with 209 CMR 32.58.
Can you summarize 209 CMR 33?
The provided legal document content pertains to the conversion of co-operative banks and savings banks from mutual to stock form in Massachusetts. The document outlines the procedural requirements and definitions for various terms used in the regulations governing the conversion process. It specifies that no co-operative bank or savings bank can convert to a capital stock form of organization without written approval from the commissioner, except as otherwise provided in supervisory cases.
Can you summarize 209 CMR 33.23?
This legal document governs the reorganization of mutual banking institutions into mutual holding companies or their participation as acquiree subsidiary banking institutions in mutual holding company reorganizations. The conditions for such reorganizations include the approval of a Reorganization Plan by the board of trustees or directors of the reorganizing mutual banking institution and any acquiree subsidiary banking institution, as well as the filing of the Reorganization Plan and Application with the Commissioner for written approval.
Can you summarize 209 CMR 49?
This document, 209 CMR 49.00, establishes the application and approval procedures for banks, credit unions, and lenders seeking to exercise insurance sales agency powers. It applies to banks and lenders subject to the jurisdiction of the Commissioner of Banks, as well as federal banks engaging in insurance sales activities. The document outlines the eligibility requirements, application process, and terms and conditions governing insurance sales activities. It also mentions the consumer protections mandated by Massachusetts General Laws and regulations.
Can you summarize 209 CMR 56?
The document, 209 CMR 56.00, defines the Right to Cure notification process for lenders and mortgage servicers to notify borrowers of a mortgage default and disclose repayment options to prevent foreclosure. It also establishes standards and requirements for mortgage loan modifications to avoid unnecessary foreclosures. The document applies to borrowers, creditors, mortgagees, and mortgage servicers involved in mortgage loans secured by owner-occupied residential properties. It provides definitions for various terms related to foreclosure prevention options and specifies loan features that classify a loan as a certain mortgage loan.
Can you summarize 211 CMR 142?
The document, 211 CMR 142.00, governs the insurance sales activities of banks, credit unions, and lenders in Massachusetts. It aims to ensure that these activities are conducted in compliance with the consumer protection laws of the Commonwealth. The document applies to State Banks, State-chartered Credit Unions, Lenders, Federal Banks, and Federal Credit Unions subject to M.G.L. c. 175, 209. It also includes affiliates, subsidiary corporations, and third-party vendors engaged in insurance sales activities on behalf of or under contract with these entities.
Can you summarize 521 CMR 38?
The provided legal document content pertains to the requirements for automated teller machines (ATMs) in Massachusetts. If only one ATM is provided at a location, it must comply with the regulations outlined in 521 CMR 38. However, if two or more ATMs are provided, only one of them needs to comply. Each accessible machine should be located on an accessible route. An exception is made for drive-up teller machines. The controls for user activation should adhere to the requirements specified in 521 CMR 39.
Can you summarize KYRS 271B.8-320?
This legal document, part of the Kentucky Revised Statutes, governs loans to directors of corporations. It states that a corporation is generally prohibited from lending money to or guaranteeing the obligation of a director, unless certain conditions are met. These conditions include obtaining approval from a majority of the votes represented by outstanding voting shares, except those owned or controlled by the benefited director, or having the corporation’s board of directors determine that the loan or guarantee benefits the corporation and approving it.
Can you summarize KYRS 286.3-135?
This legal document pertains to banks doing business in the Commonwealth of Kentucky. It authorizes banks, whether state or nationally chartered, to purchase shares of a bank or bank holding company under certain conditions. The stock of the bank or bank holding company must be owned exclusively by depository institutions, and the bank or bank holding company and its subsidiaries must be engaged exclusively in providing services for depository institutions and related entities.
Can you summarize KYRS 286.3-380?
When any deposit is made by a minor, in his name, the bank may pay to him the amount deposited. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 591. Formerly codified as KRS 287.380. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
Can you summarize KYRS 286.3-385?
This legal document, found in the Kentucky Revised Statutes under the Kentucky Financial Services Code, pertains to the validity of educational loans to minors. It states that the disabilities of nonage of minors are removed for the purpose of borrowing money from a state or national bank for their own higher educational purposes. Minors are authorized to make and execute promissory notes, contracts, or other instruments necessary to borrow money for their higher education.
Can you summarize KYRS 286.3-470?
This provision states that reports of examination and related correspondence of a bank or trust company are considered confidential information. It prohibits the release of information contained in the examination, except in certain circumstances. These include when required in a legal proceeding with a subpoena and protective order, when referred to a prosecuting attorney for possible criminal proceedings, when released to outside persons providing professional services to the bank, or when released to outside persons for the purpose of evaluating the bank for possible acquisition.
Can you summarize KYRS 286.3-765?
(1) As used in this section, ‘credit card guaranty’ means an agreement pursuant to which a natural person assumes liability for indebtedness to a bank incurred by use of a credit card without receiving the contractual right to obtain extensions of credit under the account for which the credit card is issued. (2) No credit card guaranty shall be valid or enforceable unless it is in writing signed by the guarantor and contains a provision specifying the amount of the maximum aggregate liability of the guarantor thereunder.
Can you summarize KYRS 286.3-800?
This legal document pertains to the recognition of adverse claims to a deposit in banks and trust companies in Kentucky. It states that a notice of an adverse claim to a deposit will not be effective unless the adverse claimant either obtains a restraining order, injunction, or other appropriate process against the bank from a court of competent jurisdiction, with the person to whose credit the deposit stands being made a party to the action and served with summons, or executes a bond indemnifying the bank from any liability, loss, damage, costs, and expenses related to the adverse claim or the dishonor of any check or other order of the person to whose credit the deposit stands.
Can you summarize KYRS 286.3-878?
Whenever the FDIC pays or makes available for payment the insured deposit liabilities of a closed bank, the FDIC, whether or not it acts as receiver, shall be subrogated to all rights of depositors against the closed bank to the same extent as subrogation is provided for in the Federal Deposit Insurance Act, 12 U.S.C. secs. 1811 et seq., in the case of a national bank. Effective: July 13, 1984 History: Created 1984 Ky.
Can you summarize KYRS 286.3-910?
For purposes of this subtitle, it shall be illegal for any individual, corporation or bank holding company to directly or indirectly acquire, control, hold, charter, convert or operate any bank, as defined in KRS 286.3-900, located in this state which is an ‘insured bank’ or eligible to become an ‘insured bank’ as that term is defined in the Federal Deposit Insurance Act, which does not both accept deposits that the depositor has the legal right to withdraw on demand and actively engage in the business of making commercial loans.
Can you summarize KYRS 355.3-312?
This section of the Kentucky Revised Statutes, specifically under the Uniform Commercial Code and Negotiable Instruments, governs the procedures and rights related to lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. It defines key terms such as ‘check’ (which includes cashier’s checks, teller’s checks, and certified checks), ‘claimant’ (the person claiming the right to receive the amount of the lost, destroyed, or stolen check), ‘declaration of loss’ (a statement made under penalty of perjury regarding the loss of the check), and ‘obligated bank’ (the issuer or acceptor of the check).
Can you summarize KYRS 355.3-409?
This legal document governs the acceptance of drafts and certified checks. Acceptance refers to the drawee’s agreement to pay a draft as presented, which must be written on the draft and may consist of the drawee’s signature alone. Acceptance can be made at any time and becomes effective when notification is given or the accepted draft is delivered. A draft may be accepted even if it is incomplete, overdue, or has been dishonored.
Can you summarize KYRS 355.3-411?
This section of the Kentucky Revised Statutes, specifically under the Uniform Commercial Code and Negotiable Instruments, governs the refusal to pay cashier’s checks, teller’s checks, and certified checks. It applies to obligated banks, which are the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. If an obligated bank wrongfully refuses to pay a cashier’s check or certified check, stops payment of a teller’s check, or refuses to pay a dishonored teller’s check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment.
Can you summarize KYRS 355.3-412?
The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument: (1) According to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder; or (2) If the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in KRS 355.3-115 and 355.
Can you summarize KYRS 355.3-414?
This section of the Kentucky Revised Statutes governs the obligation of the drawer of unaccepted drafts. It applies to drawers who issue or possess such drafts. However, it does not apply to cashier’s checks or other drafts drawn on the drawer. If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or when it first came into possession of a holder.
Can you summarize KYRS 355.3-415?
This section of the Kentucky Revised Statutes governs the obligation of indorsers of dishonored instruments. It states that if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument according to the terms of the instrument at the time it was indorsed. If the indorser indorsed an incomplete instrument, they are obliged to pay according to its terms when completed, to the extent stated in the relevant sections.
Can you summarize KYRS 355.3-416?
This legal document pertains to transfer warranties for negotiable instruments. It states that a person who transfers an instrument for consideration warrants to the transferee and subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, and the instrument is not subject to any defense or claim in recoupment. The warrantor also warrants that they have no knowledge of any insolvency proceeding commenced with respect to the maker or acceptor, and in the case of an unaccepted draft, the drawer.
Can you summarize KYRS 355.3-417?
This legal document, found in the Kentucky Revised Statutes under the Uniform Commercial Code, specifically in the section on Negotiable Instruments, governs presentment warranties. It applies to drawees, persons obtaining payment or acceptance, previous transferors of the draft, persons making payment, and persons presenting dishonored drafts or other instruments for payment. The document establishes warranties that the person obtaining payment or acceptance and the previous transferor of the draft make to the drawee.
Can you summarize KYRS 355.4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar provisions. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or as 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.
Can you summarize KYRS 355.4-215?
This legal document, part of the Kentucky Revised Statutes under the Uniform Commercial Code, pertains to the final payment of items by payor banks. It outlines the conditions under which an item is considered finally paid, including payment in cash, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. The document also discusses the finality of provisional debits or credits entered in accounts between presenting and payor banks or between presenting and successive prior collecting banks.
Can you summarize KYRS 355.4-301?
This legal document, part of the Kentucky Revised Statutes, falls under the section of Commerce and Trade, specifically the Uniform Commercial Code. It governs the rules and procedures related to bank deposits and collections. The document outlines the actions a payor bank can take in the event of settling for a demand item, such as returning the item or sending a notice of dishonor or nonpayment. It also specifies the time limits and methods for returning items or sending notices.
Can you summarize KYRS 355.4-303?
This section of the Kentucky Revised Statutes, specifically under the Uniform Commercial Code for Bank Deposits and Collections, governs the order in which items may be charged or certified by payor banks when subject to notice, stop-payment order, 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 right or duty to pay an item or charge the 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.
Can you summarize KYRS 355.4-401?
This legal document, part of the Kentucky Revised Statutes, specifically falls under the section of the Uniform Commercial Code governing Bank Deposits and Collections. It outlines the circumstances under which a bank may charge a customer’s account. According to the document, a bank is allowed to charge against 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.
Can you summarize KYRS 355.4-403?
This legal document, part of the Kentucky Revised Statutes, falls under the Commerce and Trade section and specifically pertains to the Uniform Commercial Code. It governs the rights of customers or any person authorized to draw on the account regarding stopping payment of items drawn on the customer’s account or closing the account. The document states that a customer can stop payment or close the account by providing an order to the bank with a reasonable description of the item or account.
Can you summarize KYRS 355.4-404?
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 (6) months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. Effective: July 1, 1960 History: Created 1958 Ky. Acts ch. 77, sec. 4-404, effective July 1, 1960.
Can you summarize KYRS 355.4-406?
This legal document, part of the Kentucky Revised Statutes under the Uniform Commercial Code, pertains to the duty of customers and banks regarding the discovery and reporting of unauthorized signatures or alterations. According to the document, if a bank sends a statement of account or items to a customer, the customer must promptly examine them to determine if any payment was unauthorized due to alteration or unauthorized signature. If the customer should have reasonably discovered the unauthorized payment based on the provided statement or items, they must promptly notify the bank.
Can you summarize KYRS 365.205?
This section of the Kentucky Revised Statutes governs the printing requirements for personal checks. The defined terms in this section include ‘Check’, ‘Federal or state financial institution’, and ‘Personal checking account’. It states that all checks provided by a federal or state financial institution for use in connection with a personal checking account must have the numerical month and year of the account’s opening printed on the faces of the checks.
Can you summarize KYRS 365.732?
This legal document, part of the Kentucky Revised Statutes under the section of Commerce and Trade, Trade Practices, governs the notification to affected persons of a computer security breach involving their unencrypted personally identifiable information. It defines the breach of the security of the system as the unauthorized acquisition of unencrypted and unredacted computerized data that compromises the security, confidentiality, or integrity of personally identifiable information. The information holder, which refers to any person or business entity conducting business in Kentucky, is required to disclose any breach of the security of the system to affected residents of Kentucky in the most expedient time possible and without unreasonable delay.
Can you summarize KYRS 386.140?
This legal provision, found in the Kentucky Revised Statutes, pertains to checks drawn by a fiduciary. If a check or bill of exchange is drawn by a fiduciary in their capacity as a fiduciary, or in the name of their principal by a fiduciary authorized to do so, the payee is not obligated to inquire whether the fiduciary is breaching their fiduciary obligation in drawing or delivering the instrument. The payee is also not considered to have notice of the breach unless they take the instrument with actual knowledge of the breach or with knowledge that amounts to bad faith.
Can you summarize KYRS 41.350?
(1) Canceled checks and records of all electronic transactions of the State Treasurer debiting state depositories shall be preserved by the State Treasurer for a period of ten (10) years. (2) For purposes of this subsection, preservation of records may be in an electronic format, including the records contained within the state’s unified and integrated system of accounts. Effective: June 29, 2021 History: Amended 2021 Ky. Acts ch. 155, sec. 19, effective June 29, 2021.
Can you summarize KYRS 434.150?
Judgment of conviction for forgery shall not destroy the legal validity of the writing charged to have been forged, nor shall the conviction be used as evidence in any civil controversy relative to the writing. Effective: October 1, 1942 History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 1131.
Can you summarize KYRS 434.550?
KRS 434.550 to 434.730 may be cited as the Credit and Debit Card Crime Act. Effective: June 17, 1978 History: Amended 1978 Ky. Acts ch. 67, sec. 1, effective June 17, 1978. – Created 1970 Ky. Acts ch. 83, sec. 1.
Can you summarize KYRS 434.560?
The provided legal document content defines various terms used in KRS 434.550 to 434.730, which govern offenses against property by fraud in Kentucky. It provides definitions for terms such as ‘automated banking device,’ ‘cardholder,’ ‘credit card,’ ‘debit card,’ ‘E.F.T. system,’ ‘merchant,’ ‘issuer,’ ‘payment card,’ ‘presentation or presents,’ ‘receives,’ ‘reencoder,’ ‘revoked credit card,’ ‘revoked debit card,’ and ‘scanning device.’ These definitions clarify the scope and application of the provisions in KRS 434.
Can you summarize KYRS 434.570?
In addition and supplemental to the acts proscribed under KRS 517.090, a person who makes or causes to be made, either directly or indirectly, any false statement in writing, knowing it to be false and with intent that it be relied on, respecting his identity or that of any other person, firm, or corporation, or as to a material fact about his financial condition or that of any other person, firm, or corporation, for the purpose of procuring the issuance of a credit or debit card, is guilty of a Class D felony.
Can you summarize KYRS 434.580?
This legal provision pertains to the theft and receipt of stolen credit or debit cards. It states that any person who takes a credit or debit card without the cardholder’s or issuer’s consent, or who receives a credit or debit card with knowledge that it has been taken, is guilty of a misdemeanor. The intent to use, sell, or transfer the card to someone other than the issuer or cardholder is required.
Can you summarize KYRS 434.590?
A person who receives a credit or debit card that he knows to have been lost, mislaid, or delivered under a mistake as to the identity or address of the cardholder, and who retains possession with intent to use it or to sell it or to transfer it to a person other than the issuer or the cardholder is guilty of a misdemeanor and is subject to the penalties set forth in subsection (1) of KRS 434.
Can you summarize KYRS 434.600?
A person other than the issuer who sells a credit or debit card or a person who buys a credit or debit card from a person other than the issuer is guilty of a Class D felony. Effective: July 14, 1992 History: Amended 1992 Ky. Acts ch. 463, sec. 52, effective July 14, 1992. – Amended 1978 Ky. Acts ch. 67, sec. 6, effective June 17, 1978. – Created 1970 Ky.
Can you summarize KYRS 434.610?
A person who, with intent to defraud the issuer, a participating party, a person or organization providing money, goods, services or anything else of value, or any other person, obtains control over a credit or debit card as security for debt is guilty of a misdemeanor and is subject to the penalties set forth in subsection (1) of KRS 434.730. Effective: June 17, 1978 History: Amended 1978 Ky. Acts ch. 67, sec.
Can you summarize KYRS 434.620?
A person, other than the issuer, who receives a credit or debit card which he knows was obtained, taken, or retained under circumstances which constitute a violation of KRS 434.570 to 434.610 is guilty of a Class D felony. Effective: July 14, 1992 History: Amended 1992 Ky. Acts ch. 463, sec. 53, effective July 14, 1992. – Amended 1978 Ky. Acts ch. 67, sec. 8, effective June 17, 1978. – Created 1970 Ky.
Can you summarize KYRS 434.630?
This legal document, part of the Kentucky Revised Statutes, specifically falls under the section of ‘Crimes and Punishments’ and pertains to offenses against property by fraud. It addresses the false making or embossing of credit or debit cards. According to the document, any person who falsely makes or falsely embosses a credit or debit card, or possesses such a card with knowledge that it has been falsely made or falsely embossed, is guilty of a Class D felony.
Can you summarize KYRS 434.640?
A person other than the cardholder or a person authorized by him who, with intent to defraud the issuer, or a participating party, or a person or organization providing money, goods, services or anything else of value, or any other person, signs a credit or debit card is guilty of a misdemeanor and is subject to the penalties set forth in subsection (1) of KRS 434.730. Effective: June 17, 1978 History: Amended 1978 Ky.
Can you summarize KYRS 434.650?
This legal document pertains to the fraudulent use of credit or debit cards, as well as the use of false, fictitious, forged, altered, or counterfeit checks, drafts, money orders, or other documents for obtaining money, goods, services, or anything else of value. It establishes that a person who commits such fraudulent acts with the intent to defraud is guilty of a crime. The penalties for violating these provisions vary depending on the value of the obtained items and the person’s criminal history.
Can you summarize KYRS 434.655?
This legal document governs the fraudulent use of credit or debit cards after they have been reported lost, stolen, or not received. It applies to cardholders who engage in such fraudulent activities. The penalties for this offense vary depending on the value of money, goods, services, or other things of value obtained. The penalties range from a Class B misdemeanor to a Class C felony. The document does not mention any exemptions.
Can you summarize KYRS 434.660?
This legal document pertains to fraud committed by authorized persons, business organizations, or financial institutions. It applies to individuals or entities authorized by an issuer to provide money, goods, services, or anything else of value upon presentation of a credit or debit card by a cardholder. This includes agents or employees of such authorized persons, business organizations, or financial institutions. The document states that if a person furnishes money, goods, services, or anything else of value upon presentation of a credit or debit card obtained or retained in violation of specific sections or a forged, expired, or revoked card, with the intent to defraud the issuer, a participating party, the cardholder, or any other person, they are guilty of a Class A misdemeanor if the value of the furnished items over a six-month period is less than $500.
Can you summarize KYRS 434.670?
This provision, found in the Kentucky Revised Statutes under Offenses Against Property by Fraud, pertains to a person, business organization, or financial institution authorized to furnish money, goods, services, or anything else of value upon presentation of a credit or debit card. It also includes their agents or employees. If such authorized entities fail to provide the money, goods, services, or anything else of value that they have represented in writing to the issuer over a six-month period, with the intent to defraud the issuer, a participating party, the cardholder, or any other person, they may be guilty of a Class A misdemeanor if the difference in value is less than $500.
Can you summarize KYRS 434.675?
(1) No person shall use a scanning device to access, read, obtain, memorize, or store, temporarily or permanently, information encoded on the magnetic strip or stripe of a payment card with the intent to defraud the authorized user, the issuer of the authorized user’s payment card, or a merchant. (2) No person shall use a reencoder to place information encoded on the magnetic strip or stripe of a payment card onto the magnetic strip or stripe of a different card with the intent to defraud the authorized user, the issuer of the authorized user’s payment card, or a merchant.
Can you summarize KYRS 434.680?
This legal document governs the unauthorized production or reproduction of credit or debit cards. It applies to any person other than the cardholder who possesses an incomplete credit or debit card or a purported distinctive element of a credit or debit card with the intent to complete the card or use the element to produce or reproduce any credit or debit card without the issuer’s consent. Possessing two or more incomplete credit or debit cards without the issuer’s consent and with the intent to complete them is also presumed to be a violation.
Can you summarize KYRS 434.685?
This legal document governs the misuse of electronic information in the context of offenses against property by fraud. It applies to any person who intercepts, taps, or alters electronic information between an automated banking device and the issuer, or originates electronic information to an automated banking device or to the issuer, with the intent to defraud the issuer, the cardholder, or any other person or organization. The document specifies that such actions, which aim to obtain money, goods, services, or anything else of value, are violations subject to the penalties set forth in subsection (2) of KRS 434.
Can you summarize KYRS 434.690?
This legal document pertains to the offense of receiving money, goods, services, or anything else of value obtained through fraud. Any person who knowingly or believes that such items were obtained fraudulently is guilty of a Class B misdemeanor, unless certain conditions are met. If the total value of the items received over a six-month period is between $500 and $1,000, it is a Class A misdemeanor. If the value is between $1,000 and $10,000, it is a Class D felony.
Can you summarize KYRS 434.695?
The presentation or use of a false, fictitious, unauthorized or counterfeit, credit or debit card, or other credit or debit device for the purpose of obtaining money, goods, services or anything else of value shall be prima facie evidence of knowledge that the said credit or debit device is false, fictitious, counterfeit, or its use is unauthorized. Effective: June 17, 1978 History: Created 1978 Ky. Acts ch. 67, sec. 18, effective June 17, 1978.
Can you summarize KYRS 434.697?
This section of the Kentucky Revised Statutes, under the Crimes and Punishments category, specifically addresses offenses against property by fraud. It defines phishing as the act of knowingly or intentionally soliciting, requesting, or taking any action to induce another person to provide identifying information by means of a Web page, electronic mail message, or otherwise using the Internet, by representing oneself as a third person without the authority or approval of such other person.
Can you summarize KYRS 434.700?
In any prosecution for violation of KRS 434.550 to 434.730, the Commonwealth is not required to establish and it is no defense that: (1) A person other than the defendant who violated KRS 434.550 to 434.730 has not been convicted, apprehended, or identified; or (2) Some of the acts constituting the crime did not occur in Kentucky or were not a crime or elements of a crime where they did occur.
Can you summarize KYRS 434.710?
When KRS 434.550 to 434.730 establishes a presumption with respect to any fact which is an element of a crime, it has the following consequences: (1) When there is sufficient evidence of the facts which give rise to the presumption to go to the jury, the issue of the existence of the presumed facts must be submitted to the jury, unless the court is satisfied that the evidence as a whole clearly negatives the presumed facts; and (2) When the issue of the existence of the presumed fact is submitted to the jury, the court shall charge that while the presumed fact, must, on all the evidence, be proven beyond a reasonable doubt, the law declares that the jury may regard the facts giving rise to the presumption as sufficient evidence of the presumed fact.
Can you summarize KYRS 434.715?
In the event of the existence of prima facie evidence of fraudulent intent as defined in KRS 434.695 and proper notice given as required, any person, firm or corporation causing the arrest of a person so using a credit or debit card shall not be criminally or civilly liable for false arrest or false imprisonment. Effective: June 17, 1978 History: Created 1978 Ky. Acts ch. 67, sec. 19, effective June 17, 1978.
Can you summarize KYRS 434.720?
KRS 434.550 to 434.730 shall not be construed to preclude the applicability of any other provision of the criminal law of this Commonwealth which presently applies or may in the future apply to any transaction which violates KRS 434.550 to 434.730, unless such provision is inconsistent with the terms of KRS 434.550 to 434.730. History: Created 1970 Ky. Acts ch. 83, sec. 19.
Can you summarize KYRS 434.730?
(1) A person who has violated KRS 434.590 shall be guilty of a Class A misdemeanor. (2) A person who has violated KRS 434.600 shall be guilty of a Class D felony. (3) A person who has violated the provisions of KRS 434.675(1) shall be guilty of a Class D felony for the first offense and a Class C felony for each subsequent offense. (4) A person who has violated the provisions of KRS 434.
Can you summarize KYRS 514.160?
The provided legal document pertains to the offense of theft of identity under the Kentucky Penal Code. It states that a person is guilty of theft of identity when they knowingly possess or use the identifying information of another person or their family member or ancestor with the intent to deceive or gain unauthorized benefits. The identifying information includes various personal details such as name, address, Social Security number, and biometric data.
Can you summarize KYRS 516.020?
(1) A person is guilty of forgery in the first degree when, with intent to defraud, deceive or injure another, he falsely makes, completes or alters a written instrument which is or purports to be or which is calculated to become or to represent when completed: (a) Part of an issue of money, stamps, securities or other valuable instruments issued by a government or governmental agency; or (b) Part of an issue of stock, bonds or other instruments representing interests in or claims against a corporate or other organization or its property.
Can you summarize KYRS 517.050?
(1) A person is guilty of falsifying business records when, with intent to defraud, he: (a) Makes or causes a false entry to be made in the business records of an enterprise; or (b) Alters, erases, obliterates, deletes, removes or destroys a true entry in the business records of an enterprise; or (c) Omits to make a true entry in the business records of an enterprise in violation of a duty to do so which he knows to be imposed upon him by law or by the nature of his position; or (d) Prevents the making of a true entry or causes the omission thereof in the business records of an enterprise.
Can you summarize KYRS 517.090?
(1) A person is guilty of issuing a false financial statement when, with intent to defraud, he: (a) Knowingly makes or utters a written instrument which purports to describe the financial condition or ability to pay of himself or of some other person and which is inaccurate in some material respect; or (b) Represents in writing that a written instrument purporting to describe a person’s financial condition or ability to pay as of a prior date is accurate with respect to that person’s financial condition or ability to pay, knowing the instrument to be materially inaccurate in that respect.
Can you summarize KYRS 517.100?
(1) A person is guilty of receiving deposits in a failing financial institution when, as an officer, manager or other person participating in the direction of a financial institution, he knowingly receives or permits the receipt of a deposit or other investment, knowing that the institution is insolvent. (2) A financial institution is insolvent within the meaning of this section when it is unable to pay its obligations in the ordinary or usual course of business for any reason.
Can you summarize KYRS Chapter 286.3?
The legal documents reviewed cover a wide range of topics related to banks and trust companies. They outline the prerequisites for doing business, including obtaining a charter and fulfilling certain requirements. The documents also provide guidelines for the approval of articles of incorporation, minimum capital requirements, and the duties and responsibilities of officers and directors. Additionally, they address the investment of bank funds, establishment of trust representative offices, conversion and merger of banks, change of location, agency agreements, establishment and operation of branch banks, and limitations on obligations to banks.
Can you summarize KYRS Chapter 355.2A?
The provided legal document is part of the Kentucky Revised Statutes under the Uniform Commercial Code and specifically pertains to leases. It covers various aspects of lease agreements, including definitions of terms, application of other statutes and decisions, compliance with certificate of title statutes, choice of law and judicial forum, waivers and renunciations, good faith in exercising powers, unconscionability, express warranties, implied warranties, exclusion or modification of warranties, insurance and proceeds, extension of supplier’s promises and warranties, remedies for default, risk of loss, rights of third parties, fixtures, and more.
Can you summarize KYRS Chapter 355.3?
This legal document provides definitions for various terms used in the Kentucky Revised Statutes related to negotiable instruments under the Uniform Commercial Code. It defines terms such as acceptor, consumer account, consumer transaction, drawee, drawer, maker, order, ordinary care, party, principal obligor, promise, prove, remitter, remotely created item, and secondary obligor. The document also references definitions from other articles within the Kentucky Revised Statutes, such as acceptance, accommodated party, accommodation party, account, alteration, anomalous indorsement, blank indorsement, cashier’s check, certificate of deposit, certified check, check, consideration, draft, holder in due course, incomplete instrument, indorsement, indorser, instrument, issue, issuer, negotiable instrument, negotiation, note, payable at a definite time, payable on demand, payable to bearer, payable to order, payment, person entitled to enforce, presentment, reacquisition, special indorsement, teller’s check, transfer of instrument, traveler’s check, and value.
Can you summarize KYRS Chapter 355.4?
This legal document, part of the Kentucky Revised Statutes, falls under the Commerce and Trade section and specifically pertains to the Uniform Commercial Code (UCC) provisions related to Bank Deposits and Collections. The document governs the handling of bank deposits and collections, including the responsibilities and liabilities of banks, the transfer of items, presentment of items, settlement, warranties, and the rights and obligations of customers. It provides definitions for various terms used in this context and references other articles within the same chapter.
Can you summarize KYRS Chapter 355.4A?
This legal document, part of the Kentucky Revised Statutes under the Uniform Commercial Code, governs payment orders in funds transfers. It defines a payment order as an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions other than the time of payment, and the receiving bank is reimbursed by debiting the sender’s account or receiving payment from the sender.
Can you summarize KYRS Chapter 355.9?
These legal documents, part of the Kentucky Revised Statutes, specifically address secured transactions related to the sales of accounts, contract rights, and chattel paper. They provide definitions, rules, and guidelines for various aspects of secured transactions, including perfection and priority of security interests, control of collateral, sufficiency of description, and exemptions. The documents apply to individuals and organizations involved in secured transactions in the state of Kentucky. They do not mention specific penalties for non-compliance or violation.
Can you summarize KYRS Chapter 393A?
The Revised Uniform Unclaimed Property Act, part of the Kentucky Revised Statutes, governs the roles and responsibilities of various entities involved in holding or managing unclaimed property. It provides definitions for terms used in the act and outlines the obligations and regulations for entities such as the Kentucky State Treasurer, business associations, financial organizations, insurance companies, loyalty card issuers, property holders, securities holders, states, utilities, and others. The act includes exemptions for certain types of property and does not mention any specific penalties.
Can you summarize 16 LAAC Part III Chapter 7?
The provided legal document content pertains to the reporting requirements for security breaches affecting Louisiana citizens. It is found in the Louisiana Administrative Code under the Community Affairs section, specifically the Consumer Protection subsection on Database Security Breach Notification. According to the document, when notice is required under R.S. 51:3074, the person or agency responsible must provide written notice to the Consumer Protection Section of the Attorney General’s Office, including the names of all affected Louisiana citizens.
Can you summarize LAAC Title 10, Part III, Chapter 3, Section 305?
This document governs loans secured by bank or bank holding company stock in Louisiana. It applies to Louisiana state-chartered banks, state-chartered savings banks, and holding companies that control a bank. The document outlines various provisions and requirements for such loans. It states that if holding company stock is used as collateral, the bank should review Section 23A of the Federal Reserve Act for compliance. The total dollar volume of loans secured by own bank or holding company stock should not exceed 10 percent of the bank’s Tier 1 leverage capital.
Can you summarize LAAC Title 10, Part III, Chapter 3, Section 313?
This document is a part of the Louisiana Administrative Code and specifically falls under the Financial Institutions, Consumer Credit, Investment Securities and UCC section. It pertains to the Banking category, specifically the Powers Subchapter A. Miscellaneous Lending, and focuses on the Legal Lending Limit ExceptionReal Estate Financing. The document defines various terms used in the regulations, including the Commissioner of Financial Institutions, Directors, Executive Officers, and Principal Shareholders of the Originating Bank, Lending Limit(s), Other Real Estate, and State Bank or Bank.
Can you summarize LAAC Title 10, Part III, Chapter 3, Section 325?
This regulation governs the exchange of other real estate by banks in Louisiana. It allows banks to exchange complex, difficult, or uneconomical properties for properties that are less complex, less difficult, or more economical to maintain. The exchange must be approved by the bank’s board of directors and supported by current appraisals. The bank must also maintain documentation of the exchange and its marketing efforts to dispose of the previously held property.
Can you summarize LAAC Title 10, Part III, Chapter 5, Section 515?
A. No automated teller machine or similar electronic financial terminal whether owned by a parent bank or any other entity shall be located on the premises of any office of the subsidiary mortgage corporation. This prohibition shall not apply if the subsidiary mortgage corporation is located on the premises of a duly approved branch or main office of a parent bank. AUTHORITY NOTE: Promulgated in accordance with R.S. 6:237(B). HISTORICAL NOTE: Promulgated by the Department of Commerce, Office of Financial Institutions, LR 13:740 (December 1987).
Can you summarize LAAC Title 10, Part III?
The provided legal document content pertains to the Louisiana Administrative Code governing Financial Institutions, Consumer Credit, Investment Securities, and UCC in the context of banking. These documents outline regulations and guidelines for entities involved in banking activities in Louisiana. The specific aspects covered by these documents include the organization and operation of financial institutions, consumer credit practices, investment securities regulations, and the Uniform Commercial Code (UCC) provisions. The documents aim to ensure the proper functioning and regulation of the banking sector in Louisiana, promoting fair practices and protecting the interests of consumers and investors.
Can you summarize LAAC Title 10, Part XVII, Chapter 7?
This document provides the form for credit card issuers to register their intent to solicit students on college campuses. The registration is done through a letter addressed to the appropriate official of the post-secondary education institution. The letter must include the credit card issuer’s name, principal place of business, contact person’s name, address, telephone number responsible for the administration of the credit card solicitation program, and the intended dates for representatives to be present on campus.
Can you summarize 5 MSAC Part 1?
The provided legal document content consists of two regulations related to banking and consumer finance activities in Mississippi. The first regulation pertains to the repeal of prior rules in the Mississippi Administrative Code and aims to conform to the Department’s current practice, eliminate obsolete provisions, and provide clarification. It supersedes and repeals the prior Bank Regulation 1. The provisions addressed in this regulation include guidelines for banking hours, document filing fees, fees for special services, maximum percentages of the value of all loans and discounts, and preservation of bank records.
Can you summarize 5 MSAC Part 4?
The provided legal document content pertains to the authority and responsibilities of the Department of Banking and Consumer Finance in examining banking institutions in the State of Mississippi. It establishes the organizational structure of the department and outlines the qualifications and restrictions for state banking examiners. The document also specifies the department’s responsibility for overseeing and examining various financial activities, including bank examinations, credit union examinations, trust companies, consumer loan broker activities, insurance premium finance companies, money transmitter activities, debt management activities, small loan companies, pawn shops, title pledge activity, check cashers, motor vehicle sales, credit availability activities, and mortgage companies.
Can you summarize 5 MSAC Part 5?
The State Board of Banking Review; Official Procedures document outlines the procedures and processes governing the State Board of Banking in Mississippi. It provides guidance on the review and decision-making processes of the board. The document applies specifically to the State Board of Banking in Mississippi and does not mention any exemptions or penalties. It is essential for individuals and entities involved in banking operations in Mississippi to familiarize themselves with these procedures to ensure compliance with the State Board of Banking regulations.
Can you summarize MSAC Title 13, Part 2, Chapter 7, Rule 7.1?
If the Executive Director files a complaint for disciplinary action against any holding company, affiliated licensee, or officer, director or shareholder of any holding company or affiliated licensee, or calls any such person forward for a finding of suitability, the Commission may order that securities issued by a holding company or affiliated licensee be placed in escrow on specified terms and conditions during the pendency of the disciplinary or licensing proceeding.
Can you summarize MSAC Title 38, Part 4?
The provided legal document content pertains to the Uniform Disposition of Unclaimed Property Act in Mississippi. It authorizes the Mississippi State Treasurer to adopt necessary rules and regulations to carry out the provisions of the Act. The document provides definitions for key terms and concepts related to the Act and references the relevant sections of the Mississippi Code Annotated. It outlines the presumption of abandonment for matured certificates of deposit held by banking or financial organizations, as well as intangible assets in safe deposit boxes and unpaid wages.
Can you summarize MSAC Title 5, Part 1, Chapter 2, Rule 2.1?
This regulation, known as Regulation 2: Bank Parity, amends the Mississippi Administrative Code to provide state chartered banks, state chartered savings and loan associations, and state chartered savings banks with the same privileges as federally chartered depository institutions. The regulation aims to clarify the rights, powers, privileges, immunities, duties, and obligations of state chartered banks, ensuring they can enjoy the same benefits as national banks. State chartered institutions can request parity with their federal counterparts by submitting proof and a request to the Commissioner of the Department of Banking and Consumer Finance.
Can you summarize MTCO 30-14-1702?
This legal document, part of the Montana Code on Unfair Trade Practices and Consumer Protection, provides definitions for terms used in sections 30-14-1701 through 30-14-1705, 30-14-1712, and 30-14-1713. The document governs businesses and customers in the context of identity theft prevention. It defines ‘business’ as any type of organization, including financial institutions and entities regulated by the public service commission or under Title 30, chapter 10. However, industries regulated under Title 33 are exempted.
Can you summarize MTCO 30-14-1704?
This legal document, part of the Montana Code on Unfair Trade Practices and Consumer Protection, governs the disclosure of computer security breaches involving personal information. It applies to any person or business conducting business in Montana that owns or licenses computerized data containing personal information, as well as any person or business that maintains such data that they do not own. The document requires the disclosure of breaches to Montana residents whose unencrypted personal information was or is reasonably believed to have been acquired by an unauthorized person.
Can you summarize MTCO 30-14-1721?
This legal document, part of the Montana Code on Unfair Trade Practices and Consumer Protection, addresses identity theft impediments related to credit cards. It outlines several provisions to protect against unauthorized use and address changes. Credit card issuers are required to verify address changes when receiving completed applications with different addresses. If the issuer fails to verify the change of address, the person who received the offer or solicitation is not liable for unauthorized credit card use, unless proven otherwise.
Can you summarize MTCO 30-14-1722?
This legal document, part of the Montana Code under the section of Unfair Trade Practices and Consumer Protection, focuses on identity theft impediments. It outlines specific requirements for credit card issuers and businesses providing telephone accounts when receiving change of address requests. Credit card issuers must send change of address notifications to cardholders at their previous address of record when a replacement credit card is requested within 60 days before or after the change of address request.
Can you summarize MTCO 30-14-1736?
This legal document, part of the Montana Code on Unfair Trade Practices and Consumer Protection, governs the Impediment of Identity Theft. It applies to any person who willfully or negligently fails to comply with the requirements imposed in sections 30-14-1727 through 30-14-1735 with respect to a consumer. The penalties for non-compliance vary depending on the nature of the violation. For willful non-compliance, the person may be liable for actual damages sustained by the consumer, damages ranging from $100 to $1,000, punitive damages as determined by the court, and the costs of the action together with reasonable attorney fees.
Can you summarize MTCO 30-4-211?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by federal reserve regulations, circulars, clearinghouse rules, or by agreement. 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 to receive settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit or debit to an account, or funds transfer.
Can you summarize MTCO 30-4-213?
This legal document, part of the Montana Code under the Uniform Commercial Code Bank Deposits and Collections, governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, collecting banks, and customers. The document specifies 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 provisionally settled and not revoked within the permitted time.
Can you summarize MTCO 30-4-301?
This legal document governs the collection of items by payor banks. It outlines the actions that a payor bank can take if it settles for a demand item and later wants to revoke the settlement. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return. Additionally, if a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor.
Can you summarize MTCO 30-4-303?
This legal document, part of the Montana Code under the Uniform Commercial Code Bank Deposits and Collections, pertains to the collection of items by payor banks. It specifies that any knowledge, notice, stop order, or legal process received by the payor bank, or setoff exercised by the bank, 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.
Can you summarize MTCO 30-4-401?
This legal document, found in the Montana Code under the section on Uniform 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 from that account, 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 MTCO 30-4-403?
This legal document, part of the Montana Code under the Uniform 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 order is effective for 6 months, but lapses after 14 calendar days if the original order was oral and not confirmed in writing.
Can you summarize MTCO 30-4-404?
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 6 months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. History: En. Sec. 4-404, Ch. 264, L. 1963; R.C.M. 1947, 87A-4-404.
Can you summarize MTCO 30-4-406?
This legal document, part of the Montana Code under the Uniform Commercial Code Bank Deposits and Collections, governs the relationship between a payor bank and its customer. It outlines the duties and responsibilities of both parties regarding the handling of items and statements of account. The document specifies that a bank must either return the paid items to the customer or provide sufficient information in the statement of account for the customer to identify the items paid.
Can you summarize MTCO 31-1-115?
(1) An issuer of a credit card or similar loan advance access device may not issue a credit card or similar loan advance access device to a minor, as defined in 41-1-101 , residing in this state without first obtaining consent to the issuance from the minor’s parent or legal guardian. (2)An issuer of a credit card or similar loan advance access device that does not receive a parent’s or legal guardian’s consent, as required in subsection (1), before issuing the credit card or similar loan advance access device to a minor may not collect in this state from the minor or the minor’s parent or guardian any debt incurred by the minor through the use of the credit card or similar loan advance access device.
Can you summarize MTCO 32-1-220?
The division may review the books and affairs of a bank holding company operating under the Bank Holding Company Act of 1956 during the course of a safety and soundness examination of the bank holding company’s subsidiary bank to the extent that the records pertain to the operations and financial condition of the subsidiary bank or to the holding company’s indebtedness. The authority granted in this section does not authorize the division to regulate or charge assessments to a bank holding company.
Can you summarize MTCO 32-1-414?
No bank shall issue its certificate of deposit for the purpose of borrowing money or make partial payments upon any certificate of deposit. History: En. Sec. 111, Ch. 89, L. 1927; re-en. Sec. 6014.122, R.C.M. 1935; R.C.M. 1947, 5-1038.
Can you summarize MTCO 32-1-426?
This legal document authorizes fiduciaries, banks, and trust companies to deposit or arrange for the deposit of securities in a clearing corporation. The securities can be merged and held in bulk under the name of the clearing corporation’s nominee, regardless of ownership. Certificates of small denomination can be merged into larger ones. The records of the fiduciary and the bank or trust company must always indicate the party for whose account the securities are deposited.
Can you summarize MTCO 32-1-427?
This legal provision authorizes banks and trust companies acting as fiduciaries or custodians for fiduciaries to deposit or arrange for the deposit of securities with the federal reserve bank in their district. The securities must be those for which the United States or any of its departments, agencies, or instrumentalities has agreed to pay or guaranteed payment of principal and interest. The securities are credited to accounts on the books of the federal reserve bank in the name of the bank or trust company, designated as fiduciary or safekeeping accounts.
Can you summarize MTCO 32-1-441?
This legal provision governs the certification of checks drawn on banks. According to the provision, when a check is certified by an officer or employee of a bank, the amount of the check is immediately charged against the account of the person, firm, or corporation that drew the check. It is unlawful for any officer or employee of a bank to certify a check unless the drawer of the check has sufficient funds on deposit with the bank to cover the amount specified in the check.
Can you summarize MTCO 32-1-444?
Whenever any deposit shall be made in any bank by or in the name of any minor, the same shall be held for the exclusive right and benefit of such minor and free from the control or lien of all persons whatsoever, except creditors, and shall be paid, with any interest due thereon, to the person in whose name the deposit was made, and the receipt of such minor is a sufficient release or discharge for such deposit to the bank.
Can you summarize MTCO 32-1-445?
Demand deposits, within the meaning of this chapter, shall comprise all deposits payable within 7 days, and time deposits shall comprise all deposits payable after 7 days and all savings accounts and certificates of deposit which are subject to not less than 7 days’ notice before payment. History: En. Sec. 52, Ch. 89, L. 1927; re-en. Sec. 6014.56, R.C.M. 1935; R.C.M. 1947, 5-531; amd. Sec. 1, Ch. 75, L. 1985.
Can you summarize MTCO 32-1-447?
It is unlawful for any bank to pledge, mortgage, or hypothecate to any depositor any of its real or personal property as security for any deposit, and any pledge, mortgage, or hypothecation made in violation thereof is unenforceable. This provision does not apply to any deposits of money of the United States, public funds deposited in accordance with the provisions of any depository act of this state or the United States, or bankruptcy estate funds or deposits, including deposits of receivers or trustees in bankruptcy, deposited under the direction and supervision of a court of record of the state of Montana or of the United States.
Can you summarize MTCO 32-1-455?
This legal document governs the reserve requirements for banks and trust companies in Montana. It states that a bank, except a reserve bank, must maintain a reserve of a certain percentage of its deposit liabilities as required by the appropriate federal regulator. If the federal regulator discontinues reserve requirements, the department may establish reserve requirements. A bank approved as a reserve bank by the department must maintain a reserve as required by the department.
Can you summarize MTCO 32-1-465?
This legal document governs the limit on loans that a bank can extend to its officer, director, or principal shareholder. The general rule is that a bank cannot extend credit to these individuals in an amount that exceeds the bank’s unimpaired capital and unimpaired surplus. However, a bank with deposits of less than $100 million may increase this limit by resolution of its board of directors, as long as certain conditions are met.
Can you summarize MTCO 32-1-467?
This legal document governs the extension of credit by banks to their managing officers. It allows banks to provide loans to managing officers for specific purposes, such as financing the education of their children or financing the purchase, construction, maintenance, or improvement of a residence. The extension of credit for the latter purpose must be secured by a first lien on the residence. Additionally, banks can provide loans to managing officers for any other purpose not specified, as long as the aggregate amount of loans does not exceed certain limits.
Can you summarize MTCO 32-6-105?
This provision, part of the Montana Code under the Electronic Funds Transfer Act, governs the disclosure of information related to electronic funds transfer transactions between a financial institution and its customers or prospective customers. It prohibits financial institutions from disclosing such information to any person or government entity without the consent of the customer or a court-issued subpoena. Compliance with a subpoena relieves the financial institution and its employees from liability for such disclosure.
Can you summarize MTCO 45-6-315?
This legal document, found in the Montana Code under Crimes, specifically addresses the offense of defrauding secured creditors. It prohibits any person from destroying, concealing, encumbering, transferring, removing from the state, or otherwise dealing with property subject to a security interest with the purpose to hinder enforcement of that interest. The document defines ‘security interest’ as an interest in personal property or fixtures as defined in the Uniform Commercial Code. The penalties for this offense include a fine of up to $500 and/or imprisonment in the county jail for a maximum of 6 months.
Can you summarize MTCO 45-6-316?
This legal document, found in the Montana Code under the section ‘Crimes’, specifically addresses the offense of issuing a bad check. It states that a person commits this offense when they knowingly issue or deliver a check or other order for payment of money, whether real or fictitious, to a depository, with the knowledge that it will not be paid. The document outlines different penalties based on the value of the bad check.
Can you summarize MTCO 45-6-317?
This legal document, found in the Montana Code under the section ‘Crimes’, specifically addresses the offense of deceptive practices. It outlines the various actions that constitute deceptive practices, including causing another person to execute a document through deception or threat, making false or deceptive statements to promote the sale of property or services, making false or deceptive statements regarding financial condition to obtain a loan or credit, and obtaining property, labor, or services through fraudulent means involving credit cards.
Can you summarize MTCO 45-6-325?
The provided legal document pertains to the offense of forgery. It states that a person commits forgery when they knowingly make or alter a document or object with the purpose to defraud another. This includes issuing or delivering such documents, possessing them with the intent to issue or deliver, or possessing devices specifically designed for forging written instruments. The document defines ‘purpose to defraud’ as the intention to cause another person to assume, create, transfer, alter, or terminate any right, obligation, or power related to a person or property.
Can you summarize MTCO 45-6-332?
The provided legal document pertains to the offense of theft of identity under the Montana Code. It states that a person commits the offense if they purposely or knowingly obtain personal identifying information of another person and use it for any unlawful purpose without the other person’s consent. The document outlines the penalties for theft of identity based on the economic benefit gained or attempted to be gained. For offenses with no economic benefit or an economic benefit of less than $1,500, the offender may face fines up to $500.
Can you summarize MTCO Title 30, Chapter 14, Part 17?
This legal document, part of the Montana Code on Unfair Trade Practices and Consumer Protection, governs the Impediment of Identity Theft. It applies to any person who willfully or negligently fails to comply with the requirements imposed in sections 30-14-1727 through 30-14-1735 with respect to a consumer. The penalties for non-compliance vary depending on the nature of the violation. For willful non-compliance, the person may be liable for actual damages sustained by the consumer, damages ranging from $100 to $1,000, punitive damages as determined by the court, and the costs of the action together with reasonable attorney fees.
Can you summarize MTCO Title 30, Chapter 2A?
The provided legal document governs the performance of lease contracts under the Montana Code, specifically addressing finance leases that are not consumer leases. It states that the lessee’s promises under the lease contract become irrevocable and independent upon the lessee’s acceptance of the goods. These promises are enforceable between the parties and by or against third parties, and cannot be canceled, terminated, modified, repudiated, excused, or substituted without the consent of the party to whom the promise runs.
Can you summarize MTCO Title 30, Chapter 3?
The provided legal document content consists of miscellaneous provisions related to the Uniform Commercial Code (UCC) and negotiable instruments in Montana. These provisions govern various aspects of commercial transactions and negotiable instruments within the state. They apply to individuals and entities involved in such transactions and instruments in Montana. However, no specific exemptions or penalties are mentioned in these provisions. The provided legal document content consists of sections from the Montana Code under the Uniform Commercial Code Negotiable Instruments.
Can you summarize MTCO Title 30, Chapter 4?
The provided legal document content consists of multiple legal documents related to bank deposits and collections under the Uniform Commercial Code. These documents govern various aspects of the banking industry, including the responsibility of a bank when presenting documentary drafts, the relationship between a payor bank and its customer, the collection of items by depositary and collecting banks, the collection of items by payor banks, and general provisions and definitions related to bank deposits and collections.
Can you summarize MTCO Title 30, Chapter 4A?
The provided legal document content consists of multiple provisions under the Uniform Commercial Code Funds Transfers. The first provision governs the rate of interest for payment orders issued to a receiving bank in Montana. The second provision establishes rules for the choice of law in funds transfers. The third provision governs creditor process served on a receiving bank and the setoff by a beneficiary’s bank. The fourth provision allows for the variation of rights and obligations in a funds transfer through agreement.
Can you summarize MTCO Title 30, Chapter 5?
These legal documents govern various aspects of letters of credit under the Montana Code. They cover the issuance, amendment, cancellation, and duration of letters of credit, as well as the rights and obligations of issuers, beneficiaries, nominated persons, and applicants. The documents also address the transfer of drawing rights, subrogation rights, liability of parties involved, enforcement of rights and obligations, assignment of proceeds, remedies in case of wrongful dishonor or breach, warranties of the beneficiary, and the roles and obligations of advisers, confirmers, and nominated persons.
Can you summarize MTCO Title 30, Chapter 9A?
The first legal document provides transition provisions for the Uniform Commercial Code Secured Transactions in Montana. It governs the effectiveness and transition of financing statements in secured transactions in Montana. The second document pertains to the transition of security interests before and after July 1, 2001, under the Uniform Commercial Code Secured Transactions in Montana. It provides guidance on the transition and effectiveness of security interests before and after July 1, 2001, in Montana.
Can you summarize MTCO Title 32, Chapter 1, Part 6?
The provided legal document content pertains to the governance and operations of banking institutions, the Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) in the state of Montana. The documents outline the powers and actions that can be taken by the Department of Financial Institutions and the FDIC in the event of a banking institution’s closure, insolvency, or suspension. The Department of Financial Institutions or its agent may borrow from the FDIC and provide assets of the institution as security for a loan.
Can you summarize MTCO Title 32, Chapter 1?
The legal documents provided cover various aspects of the appointment and role of foreign trust companies in Montana, the removal of directors or officers of financial institutions, the transfer of fiduciary relationships from affiliated banks to subsidiary trust companies, the governance and operations of banking institutions, the Department of Financial Institutions, and the FDIC in Montana, the dissolution, closing, and liquidation of banks and trust companies, the establishment and administration of common trust funds by banks and trust companies, the operation and regulation of student financial institutions, the acquisition, control, formation, reorganization, merger, conversion, establishment, operation, incorporation, and management of banks in Montana, and the prevention of financial exploitation by third parties against older persons or persons with developmental disabilities.
Can you summarize MTCO Title 32, Chapter 6?
The provided legal document content pertains to the operation of satellite terminals in electronic funds transfers. It requires satellite terminals to produce a humanly readable record of transactions and provide a copy of the record to the person initiating the transaction. The receipt provided to the person initiating the electronic funds transfer is admissible as evidence in legal proceedings and serves as prima facie proof of the recorded transaction. Financial institutions are obligated to provide customers using electronic funds transfer services with periodic account statements containing brief descriptions of all electronic funds transfers, enabling customers to identify and relate transactions to the provided receipts.
Can you summarize MTCO Title 70, Chapter 9, Part 8?
The provided legal document content pertains to the Uniform Unclaimed Property Act, which governs the reporting, payment, and delivery of unclaimed property. It applies to holders of unclaimed property who fail to fulfill their obligations within the prescribed time. Failure to report, pay, or deliver property incurs interest at an annual rate of 12% from the date it should have been reported. Civil penalties are imposed for non-compliance, with a daily penalty of $100, up to a maximum of $2,500.
Can you summarize MDCM Com. Law Section 14-3504?
This section of the Code of Maryland, Commercial Law, Title 14, Subtitle 35 governs the breach of the security of a system and notification requirements for businesses that own, license, or maintain computerized data containing personal information of individuals residing in the State. It defines ‘breach of the security of a system’ as the unauthorized acquisition of computerized data compromising the security, confidentiality, or integrity of personal information maintained by a business.
Can you summarize MDCM Com. Law Section 4-213?
This legal document governs the settlement of transactions by banks. It outlines the medium and time of settlement, which may be prescribed by Federal Reserve regulations, 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, and the time of settlement varies depending on the method of tender. The document specifies the time of settlement for different forms of tender, including cash, checks, credits or debits to accounts, and funds transfers.
Can you summarize MDCM Com. Law Section 4-215?
This legal document, found in the Code of Maryland under Commercial Law, Title 4, SubTitle 2, governs the final payment of items by payor banks. It outlines the various actions that constitute final payment, such as paying the item in cash, settling for the item without the right to revoke the settlement, or making a provisional settlement and failing to revoke it within the permitted time. The document also clarifies that if provisional settlement does not become final, the item is not considered finally paid.
Can you summarize MDCM Com. Law Section 4-301?
This section of the Code of Maryland, Commercial Law, Title 4, SubTitle 3 governs the settlement and revocation of demand items by payor banks. It outlines the actions that a payor bank can take if it settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt. The payor bank has the option to revoke the settlement and recover the item by returning it or sending written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize MDCM Com. Law Section 4-303?
This document, part of the Code of Maryland, specifically Title 4, SubTitle 3, addresses the actions and responsibilities of payor banks regarding the payment of items and charging their customers’ accounts. It states that if any knowledge, notice, or stop-payment order is received by the bank after certain events have occurred, such as accepting or certifying the item, paying the item in cash, settling for the item, becoming accountable for the amount of the item, or reaching a cutoff hour for checks, the bank’s right or duty to pay the item or charge the customer’s account is not affected.
Can you summarize MDCM Com. Law Section 4-401?
This legal document, found in the Code of Maryland under Commercial Law, Title 4, SubTitle 4, governs various aspects related to banking transactions. It allows banks to charge items against a customer’s account, even if it creates an overdraft, as long as the item is authorized by the customer and in accordance with any agreement between the customer and the bank. The document also states that a customer is not liable for an overdraft if they did not sign the item or benefit from its proceeds.
Can you summarize MDCM Com. Law Section 4-403?
This provision, found in the Code of Maryland, Commercial Law, Title 4, SubTitle 4, governs the ability of any person authorized to draw on a customer’s account to stop payment of any item drawn on the account or close the account. If there is more than one person authorized to draw on the account, any of these persons may stop payment or close the account. A stop-payment order is effective for 6 months, but it lapses after 14 calendar days if the original order was oral and was not confirmed in writing within that period.
Can you summarize MDCM Com. Law Section 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 customers account for a payment made thereafter in good faith.
Can you summarize MDCM Com. Law Section 4-406?
This legal document, found in the Code of Maryland under Commercial Law, Title 4, SubTitle 4, governs the obligations and rights related to bank statements and payment of items. It applies to banks and their customers. According to the document, when a bank sends or makes available a statement of account to a customer, it must either return the items paid, provide sufficient information in the statement to identify the items paid, or retain the items or legible copies of the items if they are not returned.
Can you summarize MDCM Com. Law, Title 12, Subtitle 14?
The provided legal document content pertains to merchant processing agreements between business entities and credit card processors. It defines the term ‘credit card processor’ as a person who processes credit card or electronic commerce transactions on behalf of a business entity for a fee. The definition includes merchant services providers, financial institutions, independent sales organizations, and subsidiaries or affiliates of these entities. The document states that a merchant processing agreement is a contract between a credit card processor and a business entity, where the business entity agrees to pay the credit card processor for processing credit card or electronic commerce transactions on its behalf.
Can you summarize MDCM Com. Law, Title 14, Subtitle 35?
This legal document, found in the Code of Maryland under Commercial Law, Title 14, SubTitle 35, provides definitions for various terms used in Subtitle 35 of Title 14 of the Code of Maryland. It applies to individuals and entities involved in business activities in the state of Maryland. The document defines terms such as ‘business’, ’encrypted’, ‘health information’, and ‘personal information’. It specifies that ‘business’ includes financial institutions and their parent or subsidiary entities.
Can you summarize MDCM Com. Law, Title 17, Subtitle 1?
This legal document provides definitions for various terms used in the Code of Maryland, specifically in the Commercial Law, Title 17, SubTitle 1. It defines terms such as ‘abandoned property’, ‘administrator’, ‘banking organization’, ‘business association’, ‘county’, ‘federal government’, ‘financial organization’, ‘holder’, ‘insurance corporation’, ‘owner’, ‘person’, ‘personal property’, ‘service charge’, and ‘utility’. The document also clarifies that ‘personal property’ does not include certain items such as gift certificates, credits in connection with the sale of consumer goods, outstanding checks or credits issued to vendors or commercial customers, credit balances in vendor or commercial customer accounts, and purchase price rebates issued to customers.
Can you summarize MDCM Com. Law, Title 17, Subtitle 2?
The provided legal document pertains to the agreement between the Administrator and the federal government regarding abandoned property in federal custody. The agreement outlines the responsibilities of the Administrator to attempt to discover abandoned property in federal custody that is unclaimed by an owner presumed to have an address in Maryland, and to institute proceedings for a judicial determination of Maryland’s rights to receive custody of any abandoned property in federal custody.
Can you summarize MDCM Com. Law, Title 17, Subtitle 3?
These legal documents, found in the Code of Maryland under Commercial Law, Title 17, SubTitle 3, govern the treatment of abandoned property held by various entities. They establish criteria for determining when a holder no longer has a valid address for the owner of the property and outline requirements for sending communications to apparent owners. The documents specify timeframes after which certain types of property are presumed abandoned and address the custody of unclaimed property by the State.
Can you summarize MDCM Com. Law, Title 17, Subtitle 4?
This legal document, found in the Code of Maryland under Commercial Law, Title 17, SubTitle 4, governs various aspects related to property loans and acquisitions by museums. It outlines the requirements for notices given by museums when loaning property, including the information that must be included in the notice. The document also provides provisions for the application of conservation measures by museums to protect loaned property or ensure public safety. Additionally, it covers the acquisition of unsolicited donations by museums, specifying the process for asserting title to such donations and the consequences of not claiming ownership within a specified timeframe.
Can you summarize MDCM Com. Law, Title 2A?
The legal documents found in the Code of Maryland under Commercial Law govern various aspects of lease contracts. They provide guidelines for the enforceability, modification, and warranties in lease contracts. The documents specify the requirements for a lease contract to be enforceable, such as the total payments exceeding $1,000 or a written agreement describing the goods leased and the lease term. Exceptions to the requirements include specially manufactured goods or an admission of a lease contract by the party against whom enforcement is sought.
Can you summarize MDCM Com. Law, Title 3?
The provided legal document content covers various aspects of commercial law in Maryland, specifically Title 3, SubTitle 2. It governs the transfer of negotiable instruments, including the process of transferring an instrument and the rights of the transferee. The documents apply to parties involved in the issuance, transfer, enforcement, and discharge of payment instruments. No specific exemptions or penalties for non-compliance or violation of the provisions are mentioned in these documents.
Can you summarize MDCM Com. Law, Title 4?
This legal document, part of the Code of Maryland, Commercial Law, Title 4, SubTitle 1, governs the effect of provisions in this title. It states that while the effect of the provisions can be varied by agreement, a bank’s responsibility for lack of good faith or failure to exercise ordinary care cannot be disclaimed or the measure of damages limited. However, the parties can agree on the standards by which the bank’s responsibility is to be measured if those standards are not manifestly unreasonable.
Can you summarize MDCM Com. Law, Title 4A?
This legal document, part of the Code of Maryland, Commercial Law, Title 4A, SubTitle 1, defines and explains various terms related to payment orders. It establishes rules for the time of receipt of payment orders or communications cancelling or amending payment orders. Receiving banks have the authority to set cutoff times for the receipt and processing of payment orders and communications. The document also mentions that regulations of the board of governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this title.
Can you summarize MDCM Com. Law, Title 5?
The provided legal document, titled ‘Code of Maryland » Commercial Law » Title 5 » SubTitle 1’, governs letters of credit and certain rights and obligations arising from transactions involving letters of credit. It applies to parties involved in such transactions, including issuers, beneficiaries, nominated persons, and applicants. The document allows for the variation of its effect by agreement or provision stated or incorporated by reference in an undertaking, with certain exceptions.
Can you summarize MDCM Com. Law, Title 9, Subtitle 1?
This legal document, part of the Code of Maryland, Commercial Law, Title 9, SubTitle 1, provides definitions and terms used in the Code of Maryland. It governs purchase-money security interests in goods and software, control of deposit accounts, control of electronic chattel paper, control of certificated securities, uncertificated securities, and security entitlements, control of commodity contracts, control of securities accounts or commodity accounts, and control of letter-of-credit rights. It also provides guidelines for the description of personal or real property, collateral, and security entitlements, securities accounts, or commodity accounts.
Can you summarize MDCM Crim. Law Section 7-107?
(a)A person who obtains property or a service by a bad check under the circumstances described in Title 8, Subtitle 1 of this article may not be prosecuted for theft under this part unless that person: (1)makes a false representation that there are sufficient funds in the drawee bank to cover the check; and (2)commits deception as provided under 7-104(b) or (e) of this part. (b)If a person is prosecuted for theft under this section, the presumptions of 8-104 of this article apply to the same extent as if the person were prosecuted under 7-104 of this part.
Can you summarize MDCM Crim. Law, Title 8, Subtitle 1?
This legal document, found in Subtitle 1 of Title 8 of the Code of Maryland, governs the act of obtaining property or services by issuing or passing a check in violation of 8-103. It applies to any person who obtains property or services by issuing or passing a check in violation of this section. The document establishes different penalties based on the value of the property or services obtained. For property or services valued between $1,500 and less than $25,000, the penalty is imprisonment up to 5 years, a fine up to $10,000, or both.
Can you summarize MDCM Crim. Law, Title 8, Subtitle 2?
The provided legal document content covers various offenses related to credit cards, including theft, counterfeiting, fraudulent use, furnishing on presentation, possession of incomplete cards, receiving items obtained unlawfully, publishing telephone credit card numbers, and defenses for certain violations. These documents apply to individuals involved in credit card-related offenses, such as cardholders, issuers, and unauthorized users. The penalties for these offenses vary depending on the specific offense and the value of the items involved.
Can you summarize MDCM Fin. Inst. Section 12-414?
This legal document, part of the Code of Maryland, specifically Title 12, SubTitle 4, governs the conduct of authorized delegates in the context of money transmission services. It outlines several requirements for authorized delegates, including the prohibition of fraudulent or false statements, conducting services in accordance with the licensee’s operating policies and procedures, and remitting funds owed to the licensee as per the contract terms. The document also establishes that funds received by an authorized delegate from money transmission services belong to the licensee and should be remitted accordingly.
Can you summarize MDCM Fin. Inst. Section 3-607?
This section of the Code of Maryland, specifically Title 3, SubTitle 6, governs the reserve requirements for commercial banks. It defines key terms such as ‘demand deposit’ and ’time deposit’ and provides their respective meanings. Commercial banks are required to maintain a reserve equal to at least 15 percent of their demand deposits and 3 percent of their time deposits. The reserve can be held in cash, demand deposits in a bank of good standing, or approved securities.
Can you summarize MDCM Fin. Inst. Section 5-1013?
(a)Except as provided in this section, the Commissioner may not approve a transaction resulting in the establishment of a branch or branches by a bank, other than a de novo branch, if on consummation of the transaction the applicant, including any insured depository institution affiliate of the applicant, would control 30 percent or more of the total amount of deposits of insured depository institutions in this State. (b)The Commissioner may by regulation adopt a procedure by which the 30 percent deposit limit may be waived for good cause.
Can you summarize MDCM Fin. Inst. Section 5-512?
This section of the Code of Maryland, Financial Institutions, Title 5, SubTitle 5 governs the borrowing restrictions for directors, officers, and employees of banking institutions. It prohibits these individuals from borrowing money directly or indirectly from a banking institution, unless the loan is approved or exempted as provided in this section. The section defines ‘commercial loan’ as a loan made for business or commercial purposes, and ‘consumer loan’ as a loan made for personal, family, or household purposes.
Can you summarize MDCM Fin. Inst. Section 5-513?
This section of the Code of Maryland, specifically Title 5, SubTitle 5, governs the requirements for banking institutions to return checks to customers with truncated accounts. It defines key terms such as ‘check’ and ‘check facsimile’. Upon request, a banking institution must return any check required by a customer for tax audits, litigation, or campaign finance reporting, at no cost to the customer. If check facsimiles are returned instead of original checks, the banking institution must provide check facsimiles of the front and back of the original checks, at no additional cost and of the same size.
Can you summarize MDCM Fin. Inst. Section 5-607?
(a)All money received by the receiver shall be deposited to the receivers credit in any bank or trust company that the receiver chooses. (b)(1)To safekeep and to secure payment of the money deposited with it, the depository bank or trust company shall deposit with the office of the Commissioner general obligations of or obligations guaranteed by the federal government, this State, or any of its political subdivisions. (2)These obligations shall be valued at the lower of market value or par value, and their value always shall be at least equal to the deposits of the receiver in the bank or trust company.
Can you summarize MDCM Fin. Inst. Section 5-803?
(a)An officer, director, or employee of a bank, trust company, or savings bank may not willfully and knowingly make or cause to be made a false statement or false entry in its records or, with the intent to deceive a person authorized to examine the affairs of the bank, trust company, or savings bank, sign or exhibit false records. (b)Any officer, director, or employee who violates any provision of this section is guilty of a felony and on conviction is subject to a fine not exceeding $5,000 or imprisonment not exceeding 10 years or both.
Can you summarize MDCM Fin. Inst. Section 5-804?
(a)An officer or employee of a banking institution may not accept a deposit knowing that the institution is insolvent. (b)An officer or employee who violates any provision of this section is guilty of a misdemeanor and on conviction is subject to imprisonment in the State Penitentiary for a period not exceeding 3 years.
Can you summarize MDCM Fin. Inst. Section 9-310?
This legal document governs the establishment and maintenance of electronic terminals by savings and loan associations in Maryland. It defines an electronic terminal as an automated electronic information processing device that stores and transmits customer account information. The document allows savings and loan associations to establish and maintain electronic terminals at locations other than their principal or branch offices, subject to approval by the Division Director. The application process requires filing an application with the Division Director, paying a filing fee, and providing detailed information about the proposed electronic terminals.
Can you summarize MDCM Fin. Inst. Section 9-631?
A capital stock savings and loan association may convert to a commercial bank if: (1)Its stockholders approve; (2)Its charter is amended; (3)The Commissioner approves; (4)All deposits will be insured throughout the conversion; (5)The depositors of the capital stock savings and loan association immediately prior to the conversion shall be entitled to deposits in the commercial bank of like amounts, interest rate and other terms, without interruption of interest; (6)All deposits shall be insured by the Federal Deposit Insurance Corporation up to the maximum amount provided by law; (7)It complies with Title 3 of the Corporations and Associations Article; and (8)It has met all the requirements of this part and other applicable provisions in this article.
Can you summarize MDCM Fin. Inst. Section 9-632?
To convert to a commercial bank, a capital stock savings and loan shall deliver to the Commissioner: (1)A filing fee of $1,000; (2)An application for conversion; (3)A certified copy of the resolution of the board of directors that authorizes the conversion; (4)The proposed amended charter and bylaws amendments; (5)The proposed notice of the meeting to consider conversion, and the time and manner in which notice will be given to stockholders; (6)The proposed proxy statement; (7)The proposed plan of conversion; and (8)Any additional documents required by the Commissioner.
Can you summarize MDCM Fin. Inst. Section 9-633?
This legal document, found in the Code of Maryland under the Financial Institutions section, specifically Title 9, SubTitle 6, outlines the requirements and considerations for associations seeking to convert to a commercial bank. The Commissioner is responsible for reviewing the conversion application and ensuring various factors are met. These factors include determining the fairness of the plan to stockholders and the general public, ensuring the continued insurance of savings accounts, assessing the financial condition and management of the commercial bank post-conversion, and preventing any inequitable gain or advantage for individuals involved in the conversion.
Can you summarize MDCM Fin. Inst. Section 9-634?
Within 60 days of the filing of an application, if the Commissioner finds that the stock association has met the requirements of 9-633 of this subtitle, the Commissioner shall issue to the converting association a letter of preliminary approval of the conversion.
Can you summarize MDCM Fin. Inst. Section 9-635?
(a)On receipt of the Commissioners letter of preliminary approval, the board of directors of the converting association shall call a meeting of the members for the purpose of considering the plan of conversion to a commercial bank. (b)At least 10 days, but not more than 90 days, before the meeting, the converting association shall mail notice of the meeting to all members entitled to vote.
Can you summarize MDCM Fin. Inst. Section 9-636?
A proposed plan of conversion to a commercial bank and proposed charter amendments to conform to the conversion require approval by a majority vote of the total number of votes eligible to be cast by the stockholders of a stock association.
Can you summarize MDCM Fin. Inst. Section 9-637?
(a)The board of directors of the converting association shall deliver to the Commissioner: (1)A certified copy of the minutes of the meeting at which the conversion was approved; and (2)The executed charter amendments and a conformed copy. (b)On receipt of the minutes and charter amendments under subsection (a) of this section, the Commissioner shall: (1)Endorse the executed copy of the charter amendments as approved; and (2)Send to the converting association: (i)The endorsed copy; and (ii)A final order of approval of the conversion to a commercial bank.
Can you summarize MDCM Fin. Inst. Section 9-638?
Any applicant aggrieved by the action or nonaction of the Commissioner under this subtitle may appeal to the Circuit Court for Baltimore City.
Can you summarize MDCM Fin. Inst. Section 9-639?
(a)After the final order of approval, the board of directors of the converting association shall file the endorsed charter amendments with the State Department of Assessments and Taxation. (b)When the State Department of Assessments and Taxation accepts the charter amendments for record, the stock association becomes a commercial bank.
Can you summarize MDCM Fin. Inst. Section 9-640?
This legal document governs the powers and restrictions of a capital stock savings and loan association that has been converted to a commercial bank under the Code of Maryland, Financial Institutions, Title 9, SubTitle 6. The converted commercial bank is granted all the powers of, and is subject to all the restrictions imposed on, a commercial bank under the relevant article. However, there are certain exemptions provided. The commercial bank resulting from the conversion may hold assets or conduct business activities that do not conform with applicable law for a period of 5 years after the conversion, and with Commissioner approval, for an additional period not exceeding 5 years.
Can you summarize MDCM Fin. Inst., Title 1, Subtitle 3?
This section of the Code of Maryland, Financial Institutions, Title 1, SubTitle 3, governs the disclosure of financial records by fiduciary institutions in Maryland. It applies to fiduciary institutions, including their officers, employees, agents, and directors. The document prohibits the disclosure of financial records relating to a customer unless certain conditions are met. These conditions include customer authorization, court-appointed guardianship, appointment of a guardian for disabled customers, appointment of a personal representative for deceased customers, requests from the Department of Human Services for public assistance verification, requests from adult protective services program investigating financial abuse or exploitation, requests from the Child Support Administration, and requests from the Comptroller for tax-related information.
Can you summarize MDCM Fin. Inst., Title 1, Subtitle 4?
The document provides definitions and terms related to automated teller machines (ATMs) and access areas. It applies to operators of ATMs, customers who have been issued access devices, and individuals using access areas. The document clarifies that access areas do not include publicly maintained streets or highways or adjacent sidewalks. It specifies exemptions for certain devices used solely for check guarantees or authorizations, person-to-person cash transactions, and payment of goods or services.
Can you summarize MDCM Fin. Inst., Title 12, Subtitle 6?
This legal document provides definitions for key terms related to safe-deposit boxes and safe-deposit companies. It states that a safe-deposit box is a locked box or safe used by another person for the storage or safekeeping of property, and a safe-deposit company is a person engaged in the business of renting safe-deposit boxes to others. The document also specifies the access rights to safe-deposit boxes rented by fiduciaries. It states that a safe-deposit company may not permit access to the safe-deposit box by any person other than the fiduciary, and if the safe-deposit box is rented to multiple fiduciaries, access must be granted by all fiduciaries in person.
Can you summarize MDCM Fin. Inst., Title 3?
The provided legal document content covers various aspects related to the formation, operation, and governance of State banks, trust companies, and commercial banks in Maryland. It includes definitions of key terms, requirements for articles of incorporation, powers and provisions applicable to trust companies, establishment of branches, capital stock and surplus requirements, regulations for nondepository trust companies in receivership, obtaining a certificate of authority for commercial banks, amendments to charters, liabilities and loans of commercial banks, consolidation, merger, or transfer of assets among banks, conversion of institutions, voluntary dissolution of commercial banks, and distribution of assets in the dissolution of a trust company.
Can you summarize MDCM Fin. Inst., Title 4, Subtitle 8?
This legal document, found in the Code of Maryland under the Financial Institutions section, specifically Title 4, Subtitle 8, governs the reorganization of savings banks into mutual holding companies. It allows savings banks to submit an application for approval of reorganization to the Commissioner. The reorganization must be approved by the savings bank itself. The application for approval of reorganization should include a brief statement summarizing the plan of reorganization, proposed articles of incorporation of the subsidiary savings bank, a statement of approval by the savings bank, and a statement of the manner of approval.
Can you summarize MDCM Fin. Inst., Title 5, Subtitle 3?
This legal document, part of the Code of Maryland, specifically Title 5, SubTitle 3, governs the requirements and obligations related to interest bearing accounts in banking institutions. It applies to both banking institutions and their customers. The document outlines the information that banking institutions must provide to customers regarding their interest bearing accounts, including the annual rate of interest, dates of rate changes, method of calculating interest, compounding, and availability of funds.
Can you summarize MDCM Fin. Inst., Title 5, Subtitle 9?
This legal document provides definitions for various terms used in Subtitle 9 of Title 5 of the Code of Maryland, which pertains to bank holding companies and banks. The document defines terms such as ‘acquire’, ‘affiliate’, ‘bank’, ‘bank holding company’, ‘bank supervisory agency’, ‘control’, ‘deposit’, ‘foreign bank holding company’, ‘insured depository institution’, ‘Maryland bank’, ‘Maryland bank holding company’, ‘out-of-state bank holding company’, ‘principal place of business’, ‘state’, and ‘subsidiary’. These definitions help in understanding the provisions and requirements related to bank holding company acquisitions and the regulation of banks in Maryland.
Can you summarize MDCM Fin. Inst., Title 5?
The provided legal document content covers various aspects related to financial institutions in Maryland. It includes definitions for terms used in Title 5 of the Code of Maryland related to Financial Institutions, such as ‘CAMELS’, ‘Capital stock’, ‘Examiner’, ‘Federal banking authority’, ‘Nondepository trust company’, ‘Savings bank’, and ‘Trust company’. The document also governs the examination and regulation of banking institutions, including the responsibilities of the Commissioner, submission of financial reports, and access to records.
Can you summarize NDCC Chapter 41-03?
This legal document provides definitions for various terms used in the Uniform Commercial Code (UCC) related to negotiable instruments, such as acceptor, drawee, drawer, maker, remitter, party, promise, prove, etc. These definitions help in understanding the roles and responsibilities of different parties involved in transactions related to negotiable instruments. The document also refers to other definitions provided in different sections of the UCC that are applicable to this chapter. Additionally, definitions from other chapters of the North Dakota Century Code, such as bank, banking day, clearinghouse, collecting bank, customer, etc.
Can you summarize NDCC Chapter 41-04?
This legal document, part of the North Dakota Century Code’s Uniform Commercial Code, governs bank deposits and collections. It states that the provisions of this chapter can be varied by agreement, except for disclaiming a bank’s responsibility for lack of good faith or failure to exercise ordinary care, or limiting the measure of damages for such lack or failure. The parties can determine the standards by which the bank’s responsibility is measured, as long as they are not manifestly unreasonable.
Can you summarize NDCC Chapter 41-04.1?
This legal document, part of the North Dakota Century Code’s Uniform Commercial Code on Funds Transfers, provides definitions related to payment orders and governs various aspects of funds transfers. It covers the time of receipt of payment orders, the liability of receiving banks in executing payment orders, the unenforceability of certain verified payment orders, the refund of payment and the duty of the customer to report unauthorized payment orders, the handling of erroneous payment orders, the misdescription of beneficiaries and intermediary banks in payment orders, the acceptance and rejection of payment orders, the cancellation and amendment of payment orders, the erroneous execution of payment orders, the rights and obligations of parties involved in funds transfers, the payment of the sender’s obligation to the receiving bank, the payment by the beneficiary’s bank to the beneficiary, the payment by the originator to the beneficiary and the discharge of the underlying obligation, the choice of law in funds transfers, and the process of creditor process served on a receiving bank and the setoff by the beneficiary’s bank.
Can you summarize NDCC Chapter 41-05?
These legal documents pertain to the issuance, amendment, cancellation, and duration of letters of credit under the Uniform Commercial Code. They define various terms related to letters of credit and clarify the roles and responsibilities of different parties involved. The documents establish the requirements for documents presented under a letter of credit and the timing of honor. They also govern the treatment of fraud and forgery in relation to letters of credit.
Can you summarize NDCC Chapter 41-09?
The provided legal document content pertains to the North Dakota Century Code’s Uniform Commercial Code on Secured Transactions. It covers various aspects of secured transactions, including the definitions of terms and concepts related to secured transactions, rules and regulations surrounding purchase-money security interests, the control of deposit accounts and uncertificated certificates of deposit, the control of electronic copies of records that evidence chattel paper, the control of certificated securities, uncertificated securities, and security entitlements, the control of commodity contracts, and the sufficiency of description for personal or real property in secured transactions.
Can you summarize NDCC Chapter 41-10?
The provided legal document governs the filing of fraudulent and harassing financing statement records. It applies to any person who knowingly causes the filing of a financing statement record without authorization or with the intent to harass, hinder, or defraud the debtor. The document specifies that an offense under this provision is a Class A misdemeanor, unless the person has previously been convicted under this provision on two or more occasions, in which case it becomes a Class C felony.
Can you summarize NDCC Chapter 51-14.1?
This legal document governs credit cards and related terms. It defines various terms such as ‘accepted credit card’, ‘adequate notice’, ‘card issuer’, ‘cardholder’, ‘conspicuous’, ‘credit card’, and ‘unauthorized use’. The document specifies that a provision imposing liability on a cardholder for the unauthorized use of a credit card is effective only if certain conditions are met, such as the card being an accepted credit card, the liability imposed not exceeding one hundred dollars, and the card issuer giving adequate notice to the cardholder.
Can you summarize NDCC Chapter 51-30?
This legal document governs the requirements and obligations related to the notice of security breaches for personal information. It applies to entities or individuals responsible for securing personal information. The document defines various terms such as ‘breach of the security system,’ ‘health insurance information,’ ‘medical information,’ and ‘personal information.’ Personal information is further defined to include specific data elements such as social security number, driver’s license number, financial account numbers, date of birth, and more.
Can you summarize NDCC Chapter 51-31?
This legal document governs the practices and definitions related to consumer reporting agencies, consumer reports, and consumer credit information. It defines key terms such as ‘consumer,’ ‘consumer report,’ and ‘consumer reporting agency.’ The document clarifies that a consumer reporting agency is any person who regularly engages in assembling or evaluating consumer credit information for the purpose of furnishing consumer reports to third parties. However, certain agencies, resellers engaged in reselling consumer information, and nationwide specialty consumer reporting agencies maintaining check writing history are exempt from this definition.
Can you summarize NDCC Chapter 6-02?
The provided legal document content governs the organization and qualification of banks. It prohibits any person or entity not organized under the specified chapter or authorized to take on banking powers from using words such as ‘bank’, ‘banker’, or ‘banking’ in connection with their business. However, exemptions may be granted by the commissioner if it is determined that such use will not cause confusion or mislead the public. Violations of this section may result in a penalty of one hundred dollars per day or part thereof.
Can you summarize NDCC Chapter 6-03?
This legal document governs the powers, management, and operation of banks in North Dakota. It applies to banks and banking institutions in the state. The document outlines the process for banks to establish and operate separate facilities, as well as the requirements for moving previously established facilities. Banks must apply to the commissioner or comptroller of the currency for approval and provide relevant information as requested. The commissioner considers the convenience, needs, and welfare of the community and area served, as well as the financial strength of the bank.
Can you summarize NDCC Chapter 6-05?
The provided legal document content governs the establishment, operation, and regulation of annuity, safe deposit, surety, and trust companies in North Dakota. It outlines the requirements for forming a corporation for these purposes, including the minimum number of individuals required and the residency requirement. The document also discusses the role of the Board in examining and granting permission to organize such institutions. Additionally, it covers the authorization for banking associations to exercise fiduciary powers and the continued operation of corporations engaged in fidelity insurance and corporate suretyship.
Can you summarize NDCC Chapter 6-05.2?
This legal document governs the administration of fiduciary powers by banking institutions. It outlines the responsibilities of the board of directors in exercising fiduciary powers, including the determination of policies, investment and disposition of property held in a fiduciary capacity, and the direction and review of actions taken by officers, employees, and committees involved in fiduciary activities. The document also requires prior approval for accepting fiduciary accounts and the maintenance of written records for all acceptances and closures of fiduciary accounts.
Can you summarize NDCC Chapter 6-08?
The legal document reviewed governs various aspects of banking institutions and associations in North Dakota. It requires banks to be numbered and receive an official number from the secretary of state. Officers of state banking associations or trust companies must take an oath before assuming office. Domestic banks are taxed on the same basis as national banks to ensure parity and equality in taxation. Banking associations in the state are exempt from legal process of attachment and execution.
Can you summarize NDCC Chapter 6-08.1?
This legal document governs the disclosure of customer information by financial institutions in North Dakota. It applies to financial institutions, officers, employees, agents, financial institution regulatory agencies, customer reporting agencies, industrial commission, governmental agencies, law enforcement agencies, licensees, agriculture commissioner, financial institutions or other entities under common control, and the disciplinary board of the North Dakota supreme court or another state’s authority with responsibility for enforcing rules of professional conduct for lawyers.
Can you summarize NDCC Chapter 6-08.2?
The provided legal document content pertains to the sale of banking institutions owned by charitable trusts. It states that prior to any acquisition, the acquiring entity must present a plan to the state department of financial institutions, committing to capitalize each bank according to applicable banking laws and federal deposit insurance requirements. The document also outlines the requirements for bank holding companies owned by charitable trusts when selling or transferring stock, including the obligation to communicate with and offer to purchase the stock of minority stockholders.
Can you summarize NDCC Chapter 6-09?
The legal documents reviewed pertain to The Bank of North Dakota and cover various aspects of its operations and functions. The Bank is authorized to engage in the business of banking and maintain a system of banking owned and operated by the state. It has the power to make, purchase, guarantee, or hold loans to various entities, including lending agencies, financial institutions, farmers, individuals, bank holding companies, and nonprofit organizations. The documents also establish loan funds for specific purposes, such as providing loans to beginning farmers, supporting higher education savings plans, and funding infrastructure projects.
Can you summarize NDCC Chapter 6-09.12?
The provided legal document content pertains to oil and gas development loans in the state of North Dakota. The document defines key terms such as ‘developer’ and ‘oil and gas development’. It establishes a program through the Bank of North Dakota for participating in loans made by North Dakota financial institutions for oil and gas development projects. The Bank’s total participation in any one loan is limited to one hundred thousand dollars.
Can you summarize NDCC Chapter 6-09.14?
The legal document governs the Partnership in Assisting Community Expansion in North Dakota. It applies to communities and new or expanding businesses. The document establishes a partnership in assisting community expansion fund, which is a revolving fund used to buy down the interest rate on loans made by a lead financial institution in participation with the Bank of North Dakota. The Bank of North Dakota administers the fund, and the moneys in the fund must be used for eligible uses such as the purchase of real property and equipment, expansion of facilities, working capital, and inventory.
Can you summarize NDCC Chapter 6-09.7?
The legal document governs the Fuel Production Facility Loan Guarantee Program administered by The Bank of North Dakota. The Bank is responsible for administering the state guarantee loan program and establishing the types of projects and ventures eligible for guarantees. The document also outlines the establishment and maintenance of a guarantee reserve fund, which is used to reimburse lenders for guaranteed loans in default. The Bank is authorized to charge reasonable fees for guaranteeing loans, with excess fees being deposited into the reserve fund.
Can you summarize NDCC Chapter 6-14?
The provided legal document governs the unauthorized use of the name or logo of banks, trust companies, savings associations, savings banks, or affiliates of such financial institutions. It prohibits any person from using the name or logo of these entities in connection with the sale, distribution, offer for sale, advertisement, or promotion of any product or service without obtaining written consent. Additionally, the document prohibits the use of the name or logo in a manner that may mislead individuals about the source, affiliation, sponsorship, or true identity of a product, service, or communication.
Can you summarize NDCC Section 12.1-23-11?
This legal document pertains to the unauthorized use of personal identifying information. It defines ‘personal identifying information’ and includes various types of information such as an individual’s name, address, telephone number, social security number, financial information, and more. The document states that it is an offense for an individual to obtain, transfer, record, or use personal identifying information of another individual without their authorization or consent. The severity of the offense depends on the value of credit, money, goods, services, or anything else obtained.
Can you summarize NDCC Section 41-04-25?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by federal reserve regulations, circulars, clearinghouse rules, or agreement. In the absence of such prescription, the medium of settlement is cash or credit to an account in a federal reserve bank or a specified account.
Can you summarize NDCC Section 41-04-27?
This legal document governs the final payment of an item by a payor bank, the timing of when provisional debits and credits become final, and when certain credits become available for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, and collecting banks involved in the settlement of items. The document specifies 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.
Can you summarize NDCC Section 41-04-29?
This legal document governs the procedures and requirements related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It applies specifically to payor banks. According to the document, if a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, it has the right to revoke the settlement and recover any settlement made before final payment and before its midnight deadline.
Can you summarize NDCC Section 41-04-31?
This legal document, part of the North Dakota Century Code’s Uniform Commercial Code on Bank Deposits and Collections, governs the order in which items may be charged or certified by payor banks. It states that any knowledge, notice, stop order, legal process, or setoff 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 certain conditions are met.
Can you summarize NDCC Section 41-04-32?
This legal document, part of the North Dakota Century Code’s Uniform Commercial Code, governs the charging of a customer’s account by a bank. According to the document, a bank may charge a customer’s account for an item that is properly payable from that account, 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 NDCC Section 41-04-34?
This legal document, part of the North Dakota Century Code’s Uniform Commercial Code on Bank Deposits and Collections, governs the customer’s right to stop payment on any item drawn on their account or close the account. The customer or any authorized person can issue an order to the bank to stop payment or close the account, providing a clear description of the item or account. The stop order is effective for six months, but if the original order was oral and not confirmed in a record within fourteen calendar days, it lapses.
Can you summarize NDCC Section 41-04-35?
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.
Can you summarize NDCC Section 41-04-37?
This legal document, part of the North Dakota Century Code’s Uniform Commercial Code section on Bank Deposits and Collections, outlines the customer’s duty 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 is required to exercise reasonable promptness in examining the statement or items to determine if any payment was unauthorized due to alteration or unauthorized signature.
Can you summarize NDCC Section 6-01-04.5?
The department may investigate a bank holding company that owns or controls a North Dakota state chartered financial institution upon the commissioner’s receipt of information material to the safety and soundness of the bank holding company, and may pursue and impose penalties under sections 6-01-04.1, 6-01-04.2, and 6-01-04.3 against such a bank holding company.
Can you summarize NDCC Section 6-03-60?
This legal document governs the restrictions, conditions, and penalties related to loans and purchases made by state banking associations to directors, executive officers, and principal shareholders. It specifies that the combination of loans or extensions of credit made to an officer of the association should not exceed the limitation set by section 6-03-59 of the North Dakota Century Code, federal law, or federal rule. Additionally, it prohibits directors, officers, or employees of a bank from selling any mortgage, bond, note, stock, or other property to the bank without obtaining written approval from the board of directors.
Can you summarize NDCC Section 6-03-63?
No state banking association may pay interest on deposits, directly or indirectly, at rates greater than authorized by the state banking board. The board’s authorization of interest rates is not subject to the public notice and public hearing requirements of chapter 28-32. Any officer, director, or employee of any association violating the provisions of this section, directly or indirectly, is guilty of a class B misdemeanor.
Can you summarize NDCC Section 6-03-64?
Deposits made by a person as executor, administrator, guardian, conservator, or in any other representative capacity or official position, with a bank, are payable to that person in such capacity, or if made to an account upon which a minor may order payments as an account owner, may be paid to the minor although the minor has no guardian or conservator or if the minor has a guardian or conservator, it is not necessary to obtain the consent of the guardian or conservator to such payment, but a payment order or receipt or acquittance authorized by the minor is valid and binding.
Can you summarize NDCC Section 6-03-65?
Whenever any deposit is made with any banking association by any person in trust for another and no other or further notice of the existence and terms of a legal and valid trust has been given in writing to the bank, in the event of the death of the trustee, the deposit, or any part thereof, together with the dividends or interest thereon, may be paid to the person for whom the deposit was made.
Can you summarize NDCC Section 6-03-66?
Repealed by S.L. 1973, ch. 257, 82.
Can you summarize NDCC Section 6-03-67?
Except as provided in sections 6-07.2-09 and 30.1-31-20, it is unlawful for any banking association to charge any claim which it might have, or the claim of any other person, against a deposit made with the association, or to appropriate a deposit or any part of the deposit to the payment of any debt to the association, without legal process or the consent of the depositor. Any banking association that violates this section is liable to the party aggrieved for any damages caused by the violation.
Can you summarize NDCC Section 6-03-67.1?
No state banking association shall, after July 1, 1978, engage in the business of banking without securing and continuing in force federal deposit insurance corporation insurance of deposits. Any officer or director of any state banking association who violates this section is guilty of a class A misdemeanor and shall be personally liable to any person aggrieved for any damages caused by the violation.
Can you summarize NDCC Section 6-03-68.1?
Except as to any check sent to it as a special collection item, no bank may settle any check drawn on it otherwise than at par when such check is presented by or through a federal reserve bank or the Bank of North Dakota.
Can you summarize NDCC Section 6-03-72?
It is unlawful for an officer, clerk, or agent of any state banking association to certify any check, draft, or order drawn upon the association unless the person drawing the same has on deposit with the association at the time of such certification an amount of money equal to the amount specified therein, and upon such certification, the amount of such certified check, draft, or order must be immediately charged against the account of such drawer.
Can you summarize NDCC Section 6-05-04?
This legal document governs the requirements for surety deposit investments and the types of securities in which investments may be made. It applies to corporations organized under this chapter and foreign corporations engaging in similar comparable activities within the state. The document mandates that corporations must either deposit securities or pledge a certificate of deposit with an approved custodian. The deposit or pledge must be at least fifty thousand dollars or one-sixth of the par value of the corporation’s capital stock, whichever is greater, but not exceeding five hundred thousand dollars.
Can you summarize NDCC Section 6-05-04.1?
The security deposited with the department of financial institutions as provided in section 6-05-04 must be held by the department of financial institutions for the benefit of any person making any transfer or deposit of money or property in the state of North Dakota to or with any trust company and who suffers loss or damage because of the breach of any trust committed by such trust company. Any judgment obtained by any such person from any court of competent jurisdiction may be satisfied from the security deposited with the department of financial institutions.
Can you summarize NDCC Section 6-05-05?
This legal document governs the issuance and management of certificates of deposit by corporations. When a corporation assigns and transfers the required securities to the commissioner or a designated agent, they receive a certificate of deposit. The commissioner or agent holds these securities as collateral for the depositors and creditors of the corporation, as well as for the execution of any lawfully imposed trusts. The corporation can withdraw the securities by depositing other securities of equal value.
Can you summarize NDCC Section 6-05-08.1?
Repealed by S.L. 1991, ch. 82, 7.
Can you summarize NDCC Section 6-05-15.3?
A bank or trust company qualified to and acting as fiduciary or cofiduciary in this state may deposit trust funds awaiting investment or distribution in a bank, including, without limitation, a bank that owns or controls, or that is owned or controlled by a corporation that owns or controls, the bank or trust company.
Can you summarize NDCC Section 6-08-14?
Any person who knowingly makes or publishes any book, prospectus, notice, report, statement, exhibit, or other publication containing any statement which is false and which is intended to give and does give a substantially greater or less apparent value to the shares, bonds, or property, or any part thereof, of any state banking association than said shares, bonds, property, or any part thereof possess in fact, is guilty of a class A misdemeanor.
Can you summarize NDCC Section 6-08-16.1?
Any person who issues any check, draft, or order, or authorizes an electronic funds transfer, upon any bank or depository, for the payment of money, and, at the time of the issuance does not have an account with the bank or depository upon which the check, draft, electronic funds transfer authorization, or order was written, is guilty of a class A misdemeanor.
Can you summarize NDCC Section 6-08-16.2?
This legal document governs the act of issuing a check, draft, electronic funds transfer authorization, or order for the payment of money without having an account with the bank or depository on which the instrument is drawn. Any person who willfully engages in this activity is guilty of a class C felony. There are two scenarios in which this offense is considered a class C felony: if the person has been previously convicted of issuing an instrument without an account, or if the instrument is for at least one thousand dollars or the person issues multiple instruments with an aggregate total exceeding one thousand dollars.
Can you summarize NDCC Section 6-08-16.3?
When the same person commits two or more offenses under sections 6-08-16, 6-08-16.1, and 6-08-16.2 in more than one county of this state, the offenses may be combined and prosecution may be brought in any county in which one of the dishonored checks was issued.
Can you summarize NDCC Section 6-08-16.4?
When the holder, or its agent or representative, of a check receives full payment for the amount of a check issued without sufficient funds or credit, or without account, the check must be returned to the issuer upon the payment of any civil penalty assessed if the issuer appears and requests the return of the check or the issuer furnishes a self-addressed stamped envelope.
Can you summarize NDCC Section 6-08-30?
This legal document governs the limitation on the ownership or control of deposits in North Dakota. It applies to financial institutions and financial institution holding companies operating in the state. The document prohibits any financial institution or financial institution holding company from acquiring direct or indirect ownership or control of more than twenty-five percent of North Dakota deposits through the acquisition of another financial institution. Additionally, they are not allowed to purchase the assets and liabilities of a banking house or facility if it results in exceeding the twenty-five percent limit.
Can you summarize NDCC Section 6-08-31?
The operator of any electronic funds transfer facility providing for electronic funds transfer in this state may impose a transaction fee for the use of an electronic funds transfer facility if the imposition of the fee is disclosed at the time and in a manner that allows the user to terminate or cancel the transaction without incurring the transaction fee. The fee may be in addition to any other charge imposed by the operator at an electronic funds transfer facility or by any other financial institution.
Can you summarize NDCC Section 6-08-32?
A person may not direct, cause, arrange, or permit a transfer of funds by wire or automated clearinghouse into a financial institution account that is not owned by the intended beneficiary of the funds transfer unless the person has first disclosed to the financial institution the fact that the account is not owned by the intended beneficiary of the funds transfer and has obtained the express, written consent of the financial institution for each transfer.
Can you summarize NDCC Section 6-08-33?
A person who directs, causes, arranges, or permits a transfer of funds by wire or automated clearinghouse into a financial institution account that is not owned by the beneficiary of the funds transfer is liable to the financial institution for all damages, costs, or expenditures, including reasonable attorney’s fees, which the financial institution suffers or incurs in connection with the unauthorized funds transfer transaction or any use or withdrawal of the funds by the owner of the account.
Can you summarize NDCC Section 6-08-35?
A record or signature on a record or document may not be denied legal effect or enforceability solely because it is in electronic form. A contract between a financial institution and another person may not be denied legal effect or enforceability solely because an electronic record was used in its formation. If a provision requires a record to be in writing, an electronic record satisfies the requirement. If a provision requires a signature, an electronic signature satisfies the requirement.
Can you summarize NDCC Section 6-08-36?
In this section: a. ‘Automated teller machine’ means any electronic information processing device or electronic funds transfer facility located in this state that accepts or disposes cash in connection with a credit, deposit, or other account. ‘Automated teller machine’ does not include a device that is used solely to facilitate check guarantees or check authorizations, or that is used in connection with the acceptance or dispensing of cash on a person-to-person basis.
Can you summarize NDCC Section 6-09-10?
All deposits in the Bank of North Dakota are guaranteed by the state. Such deposits are exempt from state, county, and municipal taxes of any and all kinds.
Can you summarize NDCC Section 6-09-11?
For banks that make the Bank of North Dakota a reserve depositary, it may perform the functions and render the services of a clearinghouse, including all facilities for providing domestic and foreign exchange, and may rediscount paper, on such terms as the industrial commission shall provide.
Can you summarize NDCC Section 6-09-34?
The Bank of North Dakota may establish, under such rules and regulations as adopted by the industrial commission, a system to provide fund transfer services to its customers and to the customers of state-chartered and federally chartered banks located within the state of North Dakota, and to other financial institutions otherwise authorized to utilize the services of electronic fund transfer systems, to acquire such equipment as is necessary to establish electronic fund transfer systems, and to make such reasonable charges for services rendered to other banks hereunder as may be established by the industrial commission.
Can you summarize NDCC Section 6-09-35?
This legal document governs the confidentiality of Bank records for the Bank of North Dakota. It applies to customers of the Bank, defined as any person who has transacted or is transacting business with, or has used or is using the services of, the Bank of North Dakota, or for whom the Bank of North Dakota has acted as a fiduciary with respect to trust property. The document also covers internal or interagency memorandums or letters that would not be available to parties other than in litigation with the Bank, information contained in or related to examination, operating, or condition reports prepared by state or federal agencies responsible for the regulation or supervision of any Bank activity, and information obtained from the state department of financial institutions.
Can you summarize NDCC Section 6-09-38?
This legal document pertains to the administration, management, promotion, and marketing of the North Dakota higher education savings plan by The Bank of North Dakota. The Bank is responsible for ensuring compliance with internal revenue service standards for qualified state tuition programs. As the trustee of the plan, The Bank may impose an annual administrative fee to cover expenses related to the plan’s operation, support the Bank’s educational mission, or defray education expenses as defined by section 529 of the Internal Revenue Code.
Can you summarize NDCC Section 6-09-48?
The Bank of North Dakota shall administer and manage the funds received in relation to the federal student loan program under section 2212 of the Health Care and Education Reconciliation Act of 2010 [Pub. L. 111-152]. 2. The funds must be used to support the functions of the Bank related to the educational mission of the Bank. 3. The funds received by the Bank under subsection 1 are appropriated on a continuing basis to be used as provided in this section.
Can you summarize KSST 17-5001?
This legal document authorizes savings and loan associations, building and loan associations, banks, trust companies, insurance companies, and other authorized organizations in Kansas to make, buy, and sell loans that are insured or guaranteed by the United States, the state of Kansas, or any instrumentality thereof. The loans can be secured or unsecured, and there are specific purposes for which unsecured loans can be made. However, any insured or guaranteed loans made by savings and loan associations, building and loan associations, or savings associations are subject to the limitations of loans to officers, directors, and employees as provided in subsection (j) of K.
Can you summarize KSST 21-5821?
This legal document governs the act of giving a worthless check. It applies to any person who makes, draws, issues, delivers, causes, or directs the making, drawing, issuing, or delivering of a check on any financial institution. Giving a worthless check is a nonperson felony if the check is drawn for $25,000 or more, or if multiple checks with a combined total of $25,000 or more are given within a seven-day period.
Can you summarize KSST 50-669?
This section of the Kansas consumer protection act governs the requirement of presenting a credit card when writing a check or share draft. It prohibits a person from requiring a check presenter to provide a credit card number or expiration date, unless the person requesting the information issued the credit. However, there are exceptions to this rule. A person may request a purchaser to display a credit card as an indication of creditworthiness or additional identification, with only the type of credit card and issuer recorded.
Can you summarize KSST 50-669a?
This provision, part of the Kansas consumer protection act, prohibits persons, firms, partnerships, associations, or corporations that accept credit cards for business transactions from requiring cardholders to write or provide personal identification information, such as address and telephone number, on the credit card transaction form. However, there are exemptions for personal identification information required by the card issuer to complete the credit card transaction or for a special purpose incidental but related to the individual credit card transaction.
Can you summarize KSST 50-669b?
This provision prohibits suppliers who accept credit cards or debit cards from printing more than the last five digits of the account number or the expiration date on receipts issued to the cardholder. The restriction applies only to electronically printed receipts and does not apply to transactions recorded by handwriting or imprinting. The provision applies to cash registers or other devices that electronically print receipts for credit card or debit card transactions.
Can you summarize KSST 50-675?
(a) This act shall be part of and supplemental to the Kansas consumer protection act. (b) Any attempt to collect a fee, or enforce a credit card charge or transaction or any refusal to make a refund to the consumer in violation of this act is an unconscionable act within the meaning of K.S.A. 50-627 and amendments thereto. History: L. 1991, ch. 70, 5; L. 1992, ch. 252, 3; July 1.
Can you summarize KSST 50-7a02?
This legal document, part of the Kansas Statutes on Unfair Trade and Consumer Protection, pertains to the protection of consumer information in the event of a security breach. It requires persons conducting business in Kansas and government entities that own or license computerized data with personal information to conduct a reasonable and prompt investigation when aware of a breach. If misuse of information has occurred or is likely to occur, they must provide notice to affected Kansas residents without unreasonable delay.
Can you summarize KSST 79-32,300?
This provision allows for a tax credit against the income, privilege, or premium tax liability for taxpayers qualifying as targeted employment businesses or taxpayers outsourcing work to targeted employment businesses. The credit is applicable for every hour that an eligible individual is employed in a targeted employment business and receives earned income as compensation. The credit is 50% of the wages paid to the eligible individual on an hourly basis, up to a maximum credit of $7.
Can you summarize KSST 84-4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by federal reserve regulations, circulars, clearing-house rules, or agreement. 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 to receive settlement.
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.
Can you summarize KSST 9-1141?
Banks are hereby authorized to give security for the safekeeping and prompt payment of funds deposited by any federally recognized Indian tribe. History: L. 2015, ch. 38, 13; July 1.
Can you summarize KSST 9-1204?
Any bank may receive deposits from minors or in the name of minors and pay the same upon the order of such minors whether or not such minors are emancipated. Payments so made shall discharge the bank from any further liability on the account. History: L. 1947, ch. 102, 53; L. 2015, ch. 38, 69; July 1.
Can you summarize KSST 9-1207?
An adverse claim to a bank deposit does not need to be paid out by the bank, unless and until either the: (a) Person making the claim supplies indemnity deemed adequate by the bank; or (b) bank is served with process or order issued by a court of competent jurisdiction in an action in which the adverse claimant and the person or persons nominally entitled to the deposit are parties. History: L.
Can you summarize KSST 9-1213?
When any drawee bank shall be presented with a draft drawn on the drawee bank in the usual course of business by a drawer bank that has failed or been closed by operation of law or legal action, the drawee bank shall accept and pay such draft regardless of having received notice, constructive or otherwise, of the failure or closing of the drawer bank if the: (a) Draft was issued prior to the failure or closing of the drawer bank; (b) drawee bank has, on deposit to the credit of the failed or closed drawer bank, sufficient funds to pay the draft; and (c) drawee bank has received proof that the draft represents payment of cash letters covering checks that had been charged to the individual accounts of the failed or closed drawer bank prior to the failure or closing of the drawer bank.
Can you summarize KSST 9-1214?
Any drawee bank paying a draft under the circumstances set out in K.S.A. 9-1213 , and amendments thereto, shall be released from any further liability thereon, and shall be fully protected and held harmless from any claim made by the receiver or other liquidating agent of the failed or closed drawer bank for sums representing payments made on the draft. History: L. 1955, ch. 66, 2; L. 2015, ch. 38, 73; July 1.
Can you summarize KSST 9-1907?
The federal deposit insurance corporation or any successor, hereby is authorized and empowered to be and act without bond as receiver of any bank, the deposits in which are to any extent insured by such corporation. If the federal deposit insurance corporation, or any successor, accepts the appointment, then the federal deposit insurance corporation, or any successor, shall succeed to all the rights, titles, powers and privileges of the bank and of any stockholder, member, account holder, depositor, officer or director of the bank with respect to the bank.
Can you summarize KSST 9-1915?
This section of the Kansas Statutes, under the BANKS AND BANKING; TRUST COMPANIES » BANKING CODE; DISSOLUTION; INSOLVENCY, prohibits the president, director, managing officer, cashier, or any other officer of a bank from accepting deposits that would create an excess above the federal deposit insurance corporation insured deposit amount, after having knowledge of the bank’s insolvency or failing circumstances. It is the duty of every such officer or managing officer to examine the bank’s affairs and know its condition.
Can you summarize KSST 9-1916?
In all actions brought for the recovery of any deposits received, in an amount that would create an excess above the federal deposit insurance corporation insured deposit amount, while any bank was insolvent or in failing circumstances, all officers, agents, and directors of such bank may be joined as defendants or proceeded against severally. The fact that any bank was insolvent or in failing circumstances at the time of the reception of the deposit shall be prima facie evidence of such knowledge in accepting the deposit on the part of such officer, agent or director so charged therewith.
Can you summarize KSST 9-1917?
This legal document pertains to the undelivered funds due to creditors, depositors, and shareholders on the liquidation of institutions under the jurisdiction of the state bank commissioner. It states that such undelivered funds, along with accrued interest, shall be paid to the state bank commissioner, who will remit the payments to the state treasurer. The state treasurer will then deposit the funds into the undistributed assets of defunct institutions fund, which is created by this document.
Can you summarize KSST 9-2002?
Every officer, director, agent or employee of any bank or trust company doing business in the state of Kansas who willfully and knowingly subscribes to or makes any false report or any false statement or entry in the books of such bank or trust company, or knowingly subscribes or exhibits any false writing, paper or electronic equivalent, with the intent to deceive any person as to the condition of such bank or trust company, upon conviction shall be guilty of a severity level 8, nonperson felony.
Can you summarize KSST 9-2004?
Every officer, director, agent or employee of a bank or trust company required by the state banking code to take an oath or affirmation, who shall willfully swear or affirm falsely, shall be guilty of perjury, and upon conviction shall be punished as provided by K.S.A. 2022 Supp. 21-5903 , and amendments thereto. History: L. 1947, ch. 102, 128; L. 1989, ch. 48, 57; L. 1994, ch. 291, 5; L. 2011, ch.
Can you summarize KSST 9-2006?
Any officer, director, employee or agent of any bank whose authority to transact a banking business has been revoked pursuant to the provisions of the state banking code, who shall receive or cause to be received any deposit of whatever nature after such revocation, upon conviction shall be guilty of a severity level 8, nonperson felony. History: L. 1947, ch. 102, 130; L. 2015, ch. 38, 132; July 1.
Can you summarize KSST 9-2008?
It shall be unlawful for any officer, director, employee or agent of any bank doing business pursuant to the provisions of the state banking code to certify any check, draft or order drawn upon the bank unless the person, firm or corporation drawing such check, draft or order has on deposit with the bank, at the time such check, draft or order is certified, an amount of money equal to the amount specified in such check, draft or order.
Can you summarize KSST 9-2010?
No bank shall accept or receive on deposit, with or without interest, any money, bank bills or notes or United States treasury notes, gold or silver certificates or currency or other notes, bills, checks or drafts, when such bank is insolvent. Any officer, director, employee or agent of any bank, who shall knowingly violate the provisions of this section or be accessory to or permit or connive at the receiving or accepting on deposit of any such deposit, upon conviction shall be guilty of a severity level 8, nonperson felony.
Can you summarize KSST 9-2012?
This provision, found in the Kansas Statutes under the BANKS AND BANKING; TRUST COMPANIES section, prohibits shareholders, directors, officers, employees, and agents of a bank or trust company from engaging in activities with the intent to injure, defraud, or deceive the bank or trust company, its examiners, the commissioner or the commissioner’s staff, or any other person. Specifically, it is unlawful to issue certificates of deposit, draw drafts or bills of exchange, make acceptances, assign notes, bonds, drafts or bills of exchange, or use the name of the bank or trust company in any manner.
Can you summarize KSST 9-519?
This legal document provides definitions for various terms related to bank holding companies and banking activities in Kansas. It defines terms such as bank, bank holding company, company, foreign bank, Kansas bank, Kansas bank holding company, out-of-state bank holding company, and subsidiary. The document applies to entities involved in banking and bank holding activities in Kansas. It does not mention any specific exemptions or penalties. Overall, this document serves as a reference for understanding the definitions and scope of bank holding companies and related entities in the context of Kansas banking laws.
Can you summarize KSST 9-520?
This legal document governs the ownership limitations for bank holding companies and their subsidiaries. It prohibits the direct or indirect acquisition of ownership or control of, or power to vote, any voting shares of a bank that holds Kansas deposits if, after such acquisition, the bank holding company and all subsidiaries would hold or control more than 15% of total Kansas deposits. However, there is an exemption that allows the acquisition of voting shares in case of an emergency to protect the public interest against the failure or probable failure of the bank.
Can you summarize KSST 9-532?
This provision, found in the Kansas Statutes under the section on Banks and Banking; Trust Companies; Miscellaneous Provisions, allows companies to become bank holding companies or acquire ownership or control of a Kansas state chartered bank or a bank holding company with ownership interest in a Kansas state chartered bank, subject to prior approval from the commissioner. Companies must file an application containing the required information and pay a fee to cover the commissioner’s examination and investigation expenses.
Can you summarize KSST 9-533?
This legal document governs the application process for individuals or entities seeking approval from a federal agency for the acquisition of the voting shares or assets of a Kansas state chartered bank or a bank holding company. The application must include a copy of the applicant’s application for approval by the federal agency, along with any supplemental material or amendments filed with the application. Additionally, the application must include statements of the financial condition and future prospects of both the applicant and the Kansas state chartered bank or bank holding company that is the subject of the application.
Can you summarize KSST 9-534?
This legal document pertains to the approval of applications filed under K.S.A. 9-532 for bank acquisitions in Kansas. The document outlines the factors that the commissioner must consider when determining whether to approve such applications. These factors include the safe and sound operation of the applicant’s subsidiary banks, the provision of adequate services to communities, the proposal to provide adequate services in the communities served by the Kansas state chartered bank or its subsidiaries, the financial stability of the bank or bank holding company, and the competence, experience, and integrity of the applicant’s managerial resources.
Can you summarize KSST 9-535?
This legal document governs the approval process for applications to acquire a Kansas state chartered bank or bank holding company. The commissioner will approve the application if it meets all the factors prescribed in K.S.A. 9-534 and is in the interest of the depositors, creditors, and the public. If the application is denied, the applicant has the right to a hearing before the state banking board, which will make a decision on the commissioner’s determination.
Can you summarize KSST 9-536?
An applicant filing an application pursuant to K.S.A. 9-532 , and amendments thereto, may be required to the extent applicable to supplement the application with such information as may be required pursuant to K.S.A. 9-1719 et seq., and amendments thereto. History: L. 1991, ch. 45, 8; L. 1995, ch. 79, 7; L. 2015, ch. 38, 20; July 1.
Can you summarize KSST 9-537?
The commissioner at any time may review the activities of any bank holding company with a subsidiary bank in Kansas and its subsidiary banks to determine if the proposals of the company as stated in the information provided pursuant to K.S.A. 9-533 , and amendments thereto, are being fulfilled. The commissioner may require the company and such banks to furnish such additional information as the commissioner finds necessary to make such determination.
Can you summarize KSST 9-541?
This provision, found in the Kansas Statutes under the section ‘BANKS AND BANKING; TRUST COMPANIES » MISCELLANEOUS PROVISIONS’, regulates the acquisition of Kansas banks by out-of-state bank holding companies and their subsidiaries. It states that no out-of-state bank holding company or subsidiary can acquire more than 5% ownership or control of any class of voting shares of a Kansas bank, unless the Kansas bank has been in existence and actively engaged in business for five or more years.
Can you summarize KSST 9-542?
Articles 5, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20 and 21 of chapter 9 of the Kansas Statutes Annotated, K.S.A. 74-3004 , 74-3005 , 74-3006 , 75-1304 , 75-1305 and 75-1306 , and 75-1308 , and K.S.A. 9-814 , 9-815 , 9-816 , 9-1141 , 9-1409 , 9-1725 , 9-1726 , 9-1810 , 9-1811 , 9-1919 , 9-1920 , 9-1921 and 9-2019 , and amendments thereto, shall constitute and may be cited as the state banking code.
Can you summarize KSST 9-550?
This legal document, known as the Certificate of Existence and Authority, pertains to persons opening a deposit account, loan account, or other banking relationship on behalf of an entity with a financial institution in Kansas. The document allows such persons to provide the financial institution with a certificate as evidence of the entity’s existence and the person’s authority to act on behalf of the entity. The certificate must include information such as the entity’s name, mailing address, type, formation details, and the person’s name, address, and position.
Can you summarize KSST 9-817?
This section of the Kansas Statutes governs the powers and operations of mutual banks in relation to deposits. It states that a mutual bank, subject to its articles of incorporation, bylaws, and regulations of the commissioner, can raise funds through various types of accounts and issue evidence of these accounts. The mutual bank is prohibited from allowing overdrafts on behalf of affiliates or incurring overdrafts in its own account at federal reserve banks or federal home loan banks on behalf of affiliates.
Can you summarize KSST Chapter 50, Article 7a?
This legal document, part of the Kansas Statutes on Unfair Trade and Consumer Protection, governs the protection of consumer information. It applies to persons conducting business in Kansas and government entities that own or license computerized data with personal information. It also applies to individuals or commercial entities maintaining computerized data they do not own or license. The document requires these entities to conduct a reasonable and prompt investigation when aware of a breach and provide notice to affected Kansas residents without unreasonable delay if misuse of information has occurred or is likely to occur.
Can you summarize KSST Chapter 58, Article 39?
The Disposition of Unclaimed Property Act in Kansas governs the treatment of unclaimed property in the state. It applies to various entities, including individuals, business associations, financial organizations, estates, trusts, government entities, and other legal or commercial entities. The act outlines the provisions and procedures for dealing with tangible or intangible personal property that has been left unclaimed. However, there are several exemptions to this act. It does not apply to property subject to specific provisions and amendments such as those related to motor vehicles, public utilities, cooperative associations, societies, corporations, and personal property being administered or distributed under other provisions.
Can you summarize KSST Chapter 79, Article 11?
These legal documents pertain to the taxation of banks, banking businesses, trust companies, and savings and loan associations in the state of Kansas. They cover various aspects such as the filing of consolidated returns or combined reports, the calculation of the payroll factor, the property factor, and the receipts factor for determining tax liability. The documents also address the allocation and apportionment of net income for financial institutions engaged in multi-state business activities.
Can you summarize KSST Chapter 84, Article 2a?
The provided legal document content pertains to lease contracts governed by the Kansas Statutes and the Uniform Commercial Code. It covers various aspects of lease agreements, including the rights and obligations of lessors and lessees, remedies for default, damages, risk of loss, identification of goods, disposition of goods, revocation of acceptance, specific performance, and other related matters. The documents specify the rights and responsibilities of lessors and lessees in case of default, including the right to cancel the lease contract, recover damages, withhold or stop delivery of goods, and dispose of goods.
Can you summarize KSST Chapter 84, Article 3?
The legal document governs the tender of payment for obligations related to negotiable instruments. It specifies the principles of law applicable to tender of payment under a simple contract and the discharge of obligations of endorsers or accommodation parties. It also addresses the discharge of obligations related to interest payments, presentment requirements, intentional voluntary acts or agreements to discharge obligations, cancellation or striking out of endorsements, and the discharge of parties jointly and severally liable.
Can you summarize KSST Chapter 84, Article 4?
The legal document content provided covers various aspects of bank deposits and collections. It includes provisions on the responsibilities and obligations of banks, customers, payor banks, collecting banks, and depository banks. The document addresses topics such as the presentation and payment of documentary drafts, the handling of items for collection, the authority of banks to accept, pay, or collect items, the liability of banks for wrongful dishonor, the charging of customer accounts, the stop-payment of items, the treatment of items subject to notice or legal process, the final payment of items, the encoding and retention warranties, the security interest of collecting banks, the right of charge-back or refund, and the medium and time of settlement by a bank.
Can you summarize KSST Chapter 84, Article 4a?
These legal documents, part of the Kansas Statutes under the Uniform Commercial Code for Funds Transfers, cover various aspects of funds transfers, including choice of law, rate of interest, obligations of receiving banks, liability for late or improper execution, cancellation and amendment of payment orders, acceptance of payment orders, treatment of creditor process and setoff, variation of rights and obligations, payment by originator to beneficiary, payment by beneficiary’s bank to beneficiary, obligation of beneficiary’s bank to pay and provide notice, liability for erroneous execution, duty of sender to exercise ordinary care, time of receipt, and definitions and terms related to funds transfers.
Can you summarize KSST Chapter 84, Article 5?
The legal documents reviewed pertain to letters of credit under the Uniform Commercial Code in Kansas. They govern the issuance, amendment, cancellation, and duration of letters of credit, as well as the rights and obligations of the parties involved. The documents provide guidelines for handling fraud and forgery, the assignment of proceeds, the transfer of drawing rights, and the subrogation rights of issuers, beneficiaries, and nominated persons. They also outline the remedies available in various scenarios related to letters of credit.
Can you summarize KSST Chapter 84, Article 9?
The provided legal document content pertains to secured transactions under the Uniform Commercial Code (UCC) in Kansas. It covers various aspects of secured transactions, including the filing and effectiveness of financing statements, perfection and priority of security interests, amending and terminating financing statements, rights and duties of debtors and secured parties, and remedies and damages for noncompliance. The documents apply to persons involved in secured transactions in Kansas, including debtors, secured parties, and filing offices.
Can you summarize KSST Chapter 9, Article 12?
The provided legal document content is governed by the Kansas Statutes under the Banking Code and pertains to individual owners of accounts and beneficiaries. The document allows owners to enter into a written contract with a bank located in Kansas, specifying that upon the owner’s death, the balance of their legal share of the account will be paid to one or more beneficiaries. If a beneficiary has predeceased the owner, their share will be divided equally among the remaining beneficiaries, unless the contract specifies otherwise.
Can you summarize KSST Chapter 9, Article 13?
The provided legal document content is a provision found in the Kansas Statutes under the BANKS AND BANKING; TRUST COMPANIES section, specifically the BANKING CODE; DEPOSIT INSURANCE AND BONDS subsection. It governs the borrowing and selling of assets by closed banks that are unable to meet the demands of their depositors. According to the provision, with the approval of the commissioner, the receiver or liquidator or the board of directors of a closed bank may borrow from the federal deposit insurance corporation or its successor and pledge any part or all of the bank’s assets as security.
Can you summarize KSST Chapter 9, Article 14?
These legal documents pertain to various aspects of the deposit of public moneys and the security requirements for such deposits in Kansas. They apply to Kansas state banks, municipal corporations, quasi-municipal corporations, savings and loan associations, and savings banks. The documents allow Kansas state banks to pledge their assets as collateral to secure deposits of public money for governmental units located in another state where the bank has a branch location, as long as it complies with the laws of that state.
Can you summarize KSST Chapter 9, Article 15?
The provided legal document content governs the rental and management of safe deposit boxes. It applies to both the lessors (banks, trust companies, safe deposit companies) and the lessees (renters) of safe deposit boxes. The document outlines the procedures to be followed upon the death of a lessee, including the disclosure of whether a designated person was the lessee at the time of death. It also specifies the process for opening the safe deposit box, disposing of its contents, and delivering them to the parties legally entitled to them.
Can you summarize KSST Chapter 9, Article 16?
The provided legal document governs the establishment of collective investment funds by banks and trust companies acting as fiduciaries. It applies to banks and trust companies that are authorized to act as fiduciaries. These funds can be established for the purpose of providing investments to the bank or trust company as a fiduciary, to the bank or trust company and others as co-fiduciaries, to a subsidiary of the same bank holding company, or to an affiliated bank or trust company under common control.
Can you summarize KSST Chapter 9, Article 18?
The provided legal document content covers the following aspects: 1. Ability of the commissioner to enter into informal agreements with banks and trust companies in Kansas to address safety or soundness concerns, violations of law, or weaknesses displayed by the bank or trust company. These agreements are confidential examination material and not subject to certain provisions of the law. 2. Action against current or former officers or directors of any bank or trust company in Kansas who have been found to be dishonest, reckless, or incompetent in performing their duties, or who willfully or continuously fail to observe legally made orders of the commissioner or the state banking board.
Can you summarize KSST Chapter 9, Article 19?
These legal documents govern the liquidation, dissolution, and insolvency of banks and trust companies under the jurisdiction of the state bank commissioner in Kansas. The documents outline the procedures and requirements for voluntary liquidation, including the approval of a liquidation plan by the commissioner and the surrender of the bank’s certificate of authority. The commissioner has the authority to examine the bank during the liquidation period and take action if the bank deviates from the approved plan.
Can you summarize KSST Chapter 9, Article 20?
This legal document governs various aspects of banking and trust companies in Kansas. It prohibits directors, officers, employees, and agents of banks and trust companies from altering, destroying, or falsifying records with intent to impede examinations, investigations, or proceedings by the commissioner. It also requires individuals and entities to obtain a certificate from the commissioner before transacting banking or trust business. The document declares that if any provision of the state banking code is held invalid, it will not affect other provisions that can still be given effect.
Can you summarize KSST Chapter 9, Article 7?
The provided legal document content pertains to the state banking code of Kansas. It defines various terms used in the code, including ‘bank or state bank’, ‘business of banking’, ’trust company’, ‘commissioner’, ’executive officer’, ‘demand deposit’, ’time deposit’, ‘savings deposit’, ‘public moneys’, ‘municipal corporation’, ‘quasi-municipal corporation’, ‘certificate of authority’, ’trust business’, ‘community and economic development entity’, ‘depository institution’, ‘student bank’, ‘stock bank’, ‘mutual bank’, and ‘savings and loan association’ or ‘savings bank’.
Can you summarize KSST Chapter 9, Article 8?
The first document governs the powers and operations of mutual banks in relation to deposits, including raising funds through various types of accounts, prohibiting overdrafts on behalf of affiliates, and specifying voting rights and ownership interests of depositors. The second document governs the process for changing the place of business for banks and trust companies, requiring prior approval from the state bank commissioner and compliance with certain criteria. The third document applies to applicants making application under article 8 of chapter 9 of the Kansas Statutes Annotated, requiring the payment of a fee to cover the expenses of the state banking board, commissioner, or other designees.
Can you summarize KSST Chapter 9, Article 9?
The provided legal document content pertains to the capital stock and structure of stock banks and trust companies in Kansas. It outlines various provisions related to dividends, issuance and retirement of preferred stock, impairment of capital stock, reduction of capital stock, sale of stock belonging to delinquent stockholders, and transfer of stock. The directors of stock banks or trust companies can declare cash dividends only from undivided profits, and before paying dividends, they must ensure that the surplus fund equals or exceeds the capital stock account.
Can you summarize NHRS 359-C:19?
This legal document, part of the New Hampshire Revised Statutes governing TRADE AND COMMERCE, specifically focuses on the RIGHT TO PRIVACY. It defines key terms such as ‘computerized data’ and ’encrypted’. ‘Computerized data’ refers to personal information stored in an electronic format, while ’encrypted’ refers to data transformed through an algorithmic process to render it unreadable or unusable without a confidential process or key. The document also provides a definition for ‘person’, which includes various entities such as individuals, corporations, trusts, partnerships, associations, limited liability companies, state governmental entities, and political subdivisions of the state.
Can you summarize NHRS 359-C:20?
This legal document, part of the New Hampshire Revised Statutes under the chapter ‘Right to Privacy’, governs the notification requirements for security breaches involving personal information. It applies to any person doing business in New Hampshire who owns or licenses computerized data containing personal information. The document also applies to any person or business that maintains computerized data containing personal information that they do not own. The document requires prompt determination of the likelihood of misuse of the information in case of a security breach.
Can you summarize NHRS 359-C:21?
This legal document, part of the New Hampshire Revised Statutes under the TRADE AND COMMERCE section, specifically addresses the right to privacy. It states that any person who is injured by a violation under this subdivision has the right to bring an action for damages and equitable relief, including an injunction. If the court finds in favor of the plaintiff, they may recover actual damages. In cases where the violation was willful or knowing, the court may award up to 3 times the amount of damages, but not less than 2 times.
Can you summarize NHRS 382-A:12-101?
This article may be cited as Uniform Commercial Code-Controllable Electronic Records.
Source. 2022, 281:81, eff. Jan. 1, 2023.
Can you summarize NHRS 382-A:12-102?
This legal document, specifically Article 12, provides definitions for terms used in relation to controllable electronic records and transferable records. It defines ‘controllable electronic record’ as a record stored in an electronic medium that can be subjected to control under Section 12-105, excluding certain types of records. It also defines ‘qualifying purchaser’ as a purchaser who obtains control of a controllable electronic record for value, in good faith, and without notice of a property right claim.
Can you summarize NHRS 382-A:12-103?
(a) Article 9 governs in case of conflict. If there is conflict between this article and Article 9, Article 9 governs.
(b) Applicable consumer law and other laws. A transaction subject to this article is subject to any applicable rule of law that establishes a different rule for consumers and [insert reference to (i) any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit and (ii) any consumer-protection statute or regulation].
Can you summarize NHRS 382-A:12-104?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the acquisition and purchase of rights in controllable accounts, controllable electronic records, and controllable payment intangibles. It applies to purchasers and qualifying purchasers of these assets. The section establishes that control of the controllable electronic record that evidences the account or payment intangible determines whether a purchaser is a qualifying purchaser. Other laws determine the acquisition of rights in a controllable electronic record, except as provided in this section.
Can you summarize NHRS 382-A:12-105?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the concept of control of controllable electronic records. It defines control as having the power to avail oneself of the benefits of the electronic record and exclusive power to prevent others from availing themselves of the benefits or transferring control to another person. The document also explains that a power can still be considered exclusive even if it is shared with another person under certain circumstances.
Can you summarize NHRS 382-A:12-106?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the discharge of obligations by account debtors on controllable accounts or controllable payment intangibles. An account debtor may discharge its obligation by paying the person having control of the controllable electronic record that evidences the account or intangible. However, if the account debtor receives a notification signed by a person that formerly had control or the person to which control was transferred, the account debtor may not discharge its obligation by paying a person that formerly had control.
Can you summarize NHRS 382-A:12-107?
This legal document establishes the governing law for matters covered by this article, specifically related to controllable electronic records, controllable accounts, and controllable payment intangibles. The general rule is that the local law of a controllable electronic record’s jurisdiction governs the matters covered by this article. However, for controllable electronic records that evidence a controllable account or controllable payment intangible, the local law of the controllable electronic record’s jurisdiction governs, unless an effective agreement determines otherwise.
Can you summarize NHRS 382-A:2A-101?
This Article shall be known and may be cited as the Uniform Commercial Code-Leases.
Source. 1993, 345:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:2A-102?
This legal document, part of the New Hampshire Revised Statutes, falls under the Uniform Commercial Code (Chapter 382-A) and specifically pertains to lease transactions. It applies to any transaction, regardless of form, that creates a lease. In the case of a hybrid lease, the provisions of this Article apply to the extent provided in subsection (2). In a hybrid lease where the lease-of-goods aspects do not predominate, only the provisions of this Article that relate primarily to the lease-of-goods aspects apply, while the provisions that relate primarily to the transaction as a whole do not apply.
Can you summarize NHRS 382-A:2A-103?
This legal document is part of the New Hampshire Revised Statutes and specifically pertains to the Uniform Commercial Code (UCC). It governs various aspects of commercial transactions involving the sale and lease of goods. The document provides definitions for key terms used in the UCC, such as ‘buyer in ordinary course of business,’ ‘commercial unit,’ ‘conforming goods,’ ‘consumer lease,’ ‘fault,’ ‘finance lease,’ ‘goods,’ ‘hybrid lease,’ ‘installment lease contract,’ ’lease,’ ’lease agreement,’ ’lease contract,’ ’leasehold interest,’ ’lessee,’ ’lessee in ordinary course of business,’ ’lessor,’ ’lessor’s residual interest,’ ’lien,’ ’lot,’ ‘merchant lessee,’ ‘present value,’ ‘purchase,’ ‘sublease,’ ‘supplier,’ ‘supply contract,’ and ’termination.
Can you summarize NHRS 382-A:2A-104?
(1) A lease, although subject to this Article, is also subject to any applicable:
(a) certificate of title statute of this state, including RSA 260 and RSA 261;
(b) certificate of title statute of another jurisdiction (Section 2A-105); or
(c) RSA 358-A or any other consumer protection statute of this state, or final consumer protection decision of a court of this state existing on the effective date of this Article.
(2) In case of conflict between this Article, other than Sections 2A-105, 2A-304(3), and 2A-305(3), and a statute or decision referred to in subsection (1), the statute or decision controls.
Can you summarize NHRS 382-A:2A-105?
Subject to the provisions of Sections 2A-304(3) and 2A-305(3), with respect to goods covered by a certificate of title issued under a statute of this State or of another jurisdiction, compliance and the effect of compliance or noncompliance with a certificate of title statute are governed by the law (including the conflict of laws rules) of the jurisdiction issuing the certificate until the earlier of (a) surrender of the certificate, or (b) 4 months after the goods are removed from that jurisdiction and thereafter until a new certificate of title is issued by another jurisdiction.
Can you summarize NHRS 382-A:2A-106?
(1) If the law chosen by the parties to a consumer lease is that of a jurisdiction other than a jurisdiction in which the lessee resides at the time the lease agreement becomes enforceable or within 30 days thereafter or in which the goods are to be used, the choice is not enforceable.
(2) If the judicial forum chosen by the parties to a consumer lease is a forum that would not otherwise have jurisdiction over the lessee, the choice is not enforceable.
Can you summarize NHRS 382-A:2A-107?
Any claim or right arising out of an alleged default or breach of warranty may be discharged in whole or in part without consideration by a waiver or renunciation in a signed record delivered by the aggrieved party.
Source. 1993, 345:1, eff. Jan. 1, 1994. 2023, 236:12, eff. Oct. 7, 2023.
Can you summarize NHRS 382-A:2A-108?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the issue of unconscionability in lease contracts. If a court determines that a lease contract or any clause within it was unconscionable at the time it was made, the court has several options. It may refuse to enforce the entire lease contract, enforce the remainder of the lease contract without the unconscionable clause, or limit the application of the unconscionable clause to avoid any unconscionable result.
Can you summarize NHRS 382-A:2A-109?
(1) A term providing that one party or his successor in interest may accelerate payment or performance or require collateral or additional collateral ‘at will’ or ‘when he deems himself insecure’ or in words of similar import must be construed to mean that he has power to do so only if he in good faith believes that the prospect of payment or performance is impaired.
(2) With respect to a consumer lease, the burden of establishing good faith under subsection (1) is on the party who exercised the power; otherwise the burden of establishing lack of good faith is on the party against whom the power has been exercised.
Can you summarize NHRS 382-A:2A-201?
The Statute of Frauds, as outlined in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the enforceability of lease contracts. According to the statute, a lease contract is not enforceable unless the total payments under the contract are less than $1,000 or there is a signed record indicating the existence of a lease contract and describing the goods leased and the lease term. The statute also states that a lease contract can still be enforceable under certain circumstances, such as when the goods are specially manufactured for the lessee, when the party against whom enforcement is sought admits the existence of a lease contract, or when the goods have been received and accepted by the lessee.
Can you summarize NHRS 382-A:2A-202?
Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a record intended by the parties as a final expression of their agreement with respect to such terms as are included therein may not be contradicted by evidence of any prior agreement or of a contemporaneous oral agreement but may be explained or supplemented:
(a) by course of dealing or usage of trade or by course of performance; and
(b) by evidence of consistent additional terms unless the court finds the record to have been intended also as a complete and exclusive statement of the terms of the agreement.
Can you summarize NHRS 382-A:2A-203?
The affixing of a seal to a record evidencing a lease contract or an offer to enter into a lease contract does not render the record a sealed instrument and the law with respect to sealed instruments does not apply to the lease contract or offer.
Source. 1993, 345:1, eff. Jan. 1, 1994. 2022, 281:20, eff. Jan. 1, 2023.
Can you summarize NHRS 382-A:2A-204?
(1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a lease contract.
(2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined.
(3) Although one or more terms are left open, a lease contract does not fail for indefiniteness if the parties have intended to make a lease contract and there is a reasonably certain basis for giving an appropriate remedy.
Can you summarize NHRS 382-A:2A-205?
An offer by a merchant to lease goods to or from another person in a signed record that by its terms gives assurance it will be held open is not revocable, for lack of consideration, during the time stated or, if no time is stated, for a reasonable time, but in no event may the period of irrevocability exceed 3 months. Any such term of assurance on a form supplied by the offeree must be separately signed by the offeror.
Can you summarize NHRS 382-A:2A-206?
(1) Unless otherwise unambiguously indicated by the language or circumstances, an offer to make a lease contract must be construed as inviting acceptance in any manner and by any medium reasonable in the circumstances.
(2) If the beginning of a requested performance is a reasonable mode of acceptance, an offeror who is not notified of acceptance within a reasonable time may treat the offer as having lapsed before acceptance.
Source. 1993, 345:1, eff.
Can you summarize NHRS 382-A:2A-208?
(1) An agreement modifying a lease contract needs no consideration to be binding.
(2) A signed lease agreement that excludes modification or rescission except by a signed record may not be otherwise modified or rescinded, but, except as between merchants, such a requirement on a form supplied by a merchant must be separately signed by the other party.
(3) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2), it may operate as a waiver.
Can you summarize NHRS 382-A:2A-209?
This provision states that the benefit of a supplier’s promises and warranties under a supply contract extends to the lessee to the extent of their leasehold interest under a finance lease related to the supply contract. However, this extension of benefit does not modify the rights and obligations of the parties to the supply contract or impose any duty or liability on the lessee. Any modification or rescission of the supply contract by the supplier and the lessor is effective between the supplier and the lessee, unless the supplier has received notice of the lessee entering into a finance lease related to the supply contract.
Can you summarize NHRS 382-A:2A-210?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs express warranties in commercial transactions between lessors and lessees. It outlines the conditions under which express warranties are created by the lessor. An express warranty is created when the lessor makes an affirmation of fact or promise to the lessee regarding the goods, or when a description of the goods or a sample/model is made part of the basis of the bargain.
Can you summarize NHRS 382-A:2A-211?
(1) There is in a lease contract a warranty that for the lease term no person holds a claim to or interest in the goods that arose from an act or omission of the lessor, other than a claim by way of infringement or the like, which will interfere with the lessee’s enjoyment of its leasehold interest.
(2) Except in a finance lease there is in a lease contract by a lessor who is a merchant regularly dealing in goods of the kind a warranty that the goods are delivered free of the rightful claim of any person by way of infringement or the like.
Can you summarize NHRS 382-A:2A-212?
(1) Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease contract if the lessor is a merchant with respect to goods of that kind.
(2) Goods to be merchantable must be at least such as
(a) pass without objection in the trade under the description in the lease agreement;
(b) in the case of fungible goods, are of fair average quality within the description;
(c) are fit for the ordinary purposes for which goods of that type are used;
(d) run, within the variation permitted by the lease agreement, of even kind, quality, and quantity within each unit and among all units involved;
(e) are adequately contained, packaged, and labeled as the lease agreement may require; and
(f) conform to any promises or affirmations of fact made on the container or label.
Can you summarize NHRS 382-A:2A-213?
Except in a finance lease, if the lessor at the time the lease contract is made has reason to know of any particular purpose for which the goods are required and that the lessee is relying on the lessor’s skill or judgment to select or furnish suitable goods, there is in the lease contract an implied warranty that the goods will be fit for that purpose.
Source. 1993, 345:1, eff. Jan.
Can you summarize NHRS 382-A:2A-214?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the exclusion or modification of warranties in commercial transactions. It provides guidelines for interpreting words or conduct related to the creation of express warranties and the negation or limitation of warranties. The document specifies the requirements for excluding or modifying the implied warranty of merchantability and the implied warranty of fitness. It also outlines circumstances where all implied warranties can be excluded, such as through expressions like ‘as is’ or ‘with all faults.
Can you summarize NHRS 382-A:2A-215?
Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply:
(a) Exact or technical specifications displace an inconsistent sample or model or general language of description.
(b) A sample from an existing bulk displaces inconsistent general language of description.
(c) Express warranties displace inconsistent implied warranties other than an implied warranty of fitness for a particular purpose.
Can you summarize NHRS 382-A:2A-216?
A warranty to or for the benefit of a lessee under this Article, whether express or implied, extends to any natural person who is in the family or household of the lessee or who is a guest in the lessee’s home if it is reasonable to expect that such person may use, consume, or be affected by the goods and who is injured in person by breach of the warranty. This section does not displace principles of law and equity that extend a warranty to or for the benefit of a lessee to other persons.
Can you summarize NHRS 382-A:2A-217?
Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs:
(a) when the lease contract is made if the lease contract is for a lease of goods that are existing and identified;
(b) when the goods are shipped, marked, or otherwise designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or
(c) when the young are conceived, if the lease contract is for a lease of unborn young of animals.
Can you summarize NHRS 382-A:2A-218?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the insurance and proceeds related to lease contracts. It establishes that a lessee obtains an insurable interest when goods are identified to the lease contract, even if they are nonconforming and the lessee has the option to reject them. The lessor has the right to substitute other goods until default, insolvency, or notification to the lessee that identification is final.
Can you summarize NHRS 382-A:2A-219?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the risk of loss in commercial lease agreements. It states that in most cases, the risk of loss is retained by the lessor and does not pass to the lessee. However, in the case of a finance lease, the risk of loss passes to the lessee. The document also provides rules for determining when the risk of loss passes to the lessee if it is not explicitly stated in the lease contract.
Can you summarize NHRS 382-A:2A-220?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the effect of default on the risk of loss in lease contracts. If a tender or delivery of goods fails to conform to the lease contract and gives the lessee a right of rejection, the risk of loss remains with the lessor or supplier until cure or acceptance. If the lessee rightfully revokes acceptance, they may treat the risk of loss as having remained with the lessor from the beginning, to the extent of any deficiency in their effective insurance coverage.
Can you summarize NHRS 382-A:2A-221?
If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or Section 2A-219, then:
(a) if the loss is total, the lease contract is avoided; and
(b) if the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at his option either treat the lease contract as avoided or, except in a finance lease that is not a consumer lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.
Can you summarize NHRS 382-A:2A-301?
Except as otherwise provided in this Article, a lease contract is effective and enforceable according to its terms between the parties, against purchasers of the goods and against creditors of the parties.
Source. 1993, 345:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:2A-302?
Except as otherwise provided in this Article, each provision of this Article applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee, or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent.
Source. 1993, 345:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:2A-303?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the alienability of a party’s interest under a lease contract or the lessor’s residual interest in goods, as well as the delegation of performance and transfer of rights. It outlines the provisions that may prohibit or make transfers of interests or rights an event of default in a lease agreement. However, it states that such transfers are otherwise effective, even if prohibited or considered an event of default.
Can you summarize NHRS 382-A:2A-304?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the subsequent lease of goods by a lessor. It states that a subsequent lessee from a lessor obtains the leasehold interest in the goods to the extent of the leasehold interest transferred by the lessor. However, the subsequent lessee takes subject to the existing lease contract, unless certain conditions are met. If the lessor has voidable title, they can transfer a good leasehold interest to a good faith subsequent lessee for value.
Can you summarize NHRS 382-A:2A-306?
If a person in the ordinary course of his business furnishes services or materials with respect to goods subject to a lease contract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services takes priority over any interest of the lessor or lessee under the lease contract or this Article unless the lien is created by statute and the statute provides otherwise or unless the lien is created by rule of law and the rule of law provides otherwise.
Can you summarize NHRS 382-A:2A-307?
(1) Except as otherwise provided in Section 2A-306, a creditor of a lessee takes subject to the lease contract.
(2) Except as otherwise provided in subsection (3) and in Sections 2A-306 and 2A-308, a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable.
(3) Except as otherwise provided in Sections 9-317, 9-321, and 9-323, a lessee takes a leasehold interest subject to a security interest held by a creditor of the lessor.
Can you summarize NHRS 382-A:2A-308?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the special rights of creditors in relation to lease contracts and sales contracts. According to the document, a creditor of a lessor may treat a lease contract as void if the lessor’s retention of possession of the goods is fraudulent. However, if the lessor retains possession in good faith and for a commercially reasonable time, it is not considered fraudulent.
Can you summarize NHRS 382-A:2A-309?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become fixtures. It defines fixtures as goods that are so related to particular real estate that an interest in them arises under real estate law. The document explains the concept of fixture filing, which is the filing of a financing statement covering goods that are or are to become fixtures.
Can you summarize NHRS 382-A:2A-310?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become accessions. Goods are considered accessions when they are installed or affixed to other goods. The interest of a lessor or lessee under a lease contract entered into before the goods became accessions is superior to all interests in the whole, except as stated in subsection (4).
Can you summarize NHRS 382-A:2A-311?
Nothing in this Article prevents subordination by agreement by any person entitled to priority.
Source. 1993, 345:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:2A-401?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs lease contracts. It imposes an obligation on each party to ensure that the other party’s expectation of receiving due performance is not impaired. If reasonable grounds for insecurity arise regarding the performance of either party, the insecure party may demand adequate assurance of due performance in writing. Until such assurance is received, the insecure party may suspend any performance for which they have not yet received the agreed return, if commercially reasonable.
Can you summarize NHRS 382-A:2A-402?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, specifically Chapter 382-A, governs lease contracts and the concept of anticipatory repudiation. Anticipatory repudiation refers to a situation where one party to a lease contract repudiates or rejects their obligation to perform a future action under the contract, which would substantially impair the value of the contract for the other party. In such cases, the aggrieved party has several options: (a) they can wait for a reasonable time for the repudiating party to retract their repudiation and perform as agreed, (b) they can demand assurance of future performance from the repudiating party, or (c) they can resort to any right or remedy available under the lease contract or the relevant provisions of the Uniform Commercial Code.
Can you summarize NHRS 382-A:2A-403?
(1) Until the repudiating party’s next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has cancelled the lease contract or materially changed the aggrieved party’s position or otherwise indicated that the aggrieved party considers the repudiation final.
(2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under Section 2A-401.
Can you summarize NHRS 382-A:2A-404?
(1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and accepted.
(2) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation:
(a) the lessor may withhold or stop delivery or cause the supplier to withhold or stop delivery unless the lessee provides a means or manner of payment that is commercially a substantial equivalent; and
(b) if delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the lessee’s obligation unless the regulation is discriminatory, oppressive, or predatory.
Can you summarize NHRS 382-A:2A-405?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, specifically Chapter 382-A, governs the concept of excused performance in lease contracts. According to the document, if a lessor or supplier is unable to deliver or delays delivery due to a contingency that was not anticipated when the lease contract was made, or due to compliance with valid governmental regulations or orders, it will not be considered a default under the lease contract.
Can you summarize NHRS 382-A:2A-406?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the procedure for excused performance in lease contracts. It applies to lessees and lessors involved in lease contracts. If the lessee receives notification of a material or indefinite delay or an allocation justified under Section 2A-405, they have the option to terminate the lease contract or modify it by accepting the available quota in substitution.
Can you summarize NHRS 382-A:2A-407?
(1) In the case of a finance lease that is not a consumer lease the lessee’s promises under the lease contract become irrevocable and independent upon the lessee’s acceptance of the goods.
(2) A promise that has become irrevocable and independent under subsection (1):
(a) is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and
(b) is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.
Can you summarize NHRS 382-A:2A-501?
This legal document, part of the New Hampshire Revised Statutes, falls under the Uniform Commercial Code (Chapter 382-A). It governs lease contracts and determines default conditions for lessors and lessees. The document states that default is determined by the lease agreement and this Article. If either party is in default, the party seeking enforcement has rights and remedies as provided in this Article and the lease agreement. The party seeking enforcement may pursue various procedures, including self-help, judicial or nonjudicial procedures, arbitration, or administrative proceedings.
Can you summarize NHRS 382-A:2A-502?
Except as otherwise provided in this Article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement.
Source. 1993, 345:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:2A-503?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), pertains to the modification or impairment of rights and remedies in lease agreements. The lease agreement may include additional or alternative rights and remedies for default, and may limit or alter the measure of damages recoverable under the Uniform Commercial Code. Resorting to a remedy provided in the lease agreement or under the Uniform Commercial Code is optional, unless the remedy is expressly agreed to be exclusive.
Can you summarize NHRS 382-A:2A-504?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the liquidation of damages in lease agreements. It states that damages payable by either party for default or any other act or omission may be liquidated in the lease agreement, but only at an amount or by a formula that is reasonable in light of the anticipated harm caused by the default or act. If the lease agreement provides for liquidation of damages that do not comply with the reasonableness requirement or fail of their essential purpose, alternative remedies may be sought.
Can you summarize NHRS 382-A:2A-505?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the cancellation and termination of lease contracts and the effect of such actions on rights and remedies. According to the document, upon cancellation of the lease contract, any remaining obligations on both sides are discharged, but rights based on prior default or performance still survive. The cancelling party also retains any remedy for default or unperformed balance.
Can you summarize NHRS 382-A:2A-506?
The provided legal document pertains to the statute of limitations for actions related to default under a lease contract, breach of warranty, or indemnity. According to the document, an action for default under a lease contract must be commenced within 4 years after the cause of action accrued, unless the parties have agreed to reduce the period of limitation to not less than one year. The cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later.
Can you summarize NHRS 382-A:2A-507?
This legal document, sourced from the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), pertains to the determination of damages based on market rent for lease agreements involving goods. The document states that damages based on market rent are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at specified times.
Can you summarize NHRS 382-A:2A-508?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the remedies available to lessees in certain situations. If a lessor fails to deliver goods in conformity to the lease contract, repudiates the lease contract, or if a lessee rightfully rejects or revokes acceptance of the goods, the lessee may cancel the lease contract, recover rent and security payments, cover and recover damages for all affected goods, or pursue other remedies provided in the lease contract.
Can you summarize NHRS 382-A:2A-509?
(1) Subject to the provisions of Section 2A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods.
(2) Rejection of goods is ineffective unless it is within a reasonable time after tender or delivery of the goods and the lessee seasonably notifies the lessor.
Can you summarize NHRS 382-A:2A-510?
(1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if the nonconformity does not fall within subsection (2) and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery.
(2) Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respect to the whole.
Can you summarize NHRS 382-A:2A-511?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the duties of a merchant lessee regarding rightfully rejected goods. If a lessor or supplier has no agent or place of business at the market of rejection, a merchant lessee must follow reasonable instructions from the lessor or supplier regarding the goods. In the absence of instructions, the merchant lessee must make reasonable efforts to sell, lease, or dispose of the goods for the lessor’s account if they are at risk of declining in value quickly.
Can you summarize NHRS 382-A:2A-512?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the duties of a lessee regarding rightfully rejected goods. The lessee is required to hold the rejected goods with reasonable care at the lessor’s or supplier’s disposition for a reasonable time after notifying the rejection. If the lessor or supplier does not provide instructions within a reasonable time, the lessee may store, ship, or dispose of the rejected goods for the lessor’s or supplier’s account.
Can you summarize NHRS 382-A:2A-513?
(1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor’s or the supplier’s intention to cure and may then make a conforming delivery within the time provided in the lease contract.
(2) If the lessee rejects a nonconforming tender that the lessor or the supplier had reasonable grounds to believe would be acceptable with or without money allowance, the lessor or the supplier may have a further reasonable time to substitute a conforming tender if he seasonably notifies the lessee.
Can you summarize NHRS 382-A:2A-514?
(1) In rejecting goods, a lessee’s failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default:
(a) if, stated seasonably, the lessor or the supplier could have cured it (Section 2A-513); or
(b) between merchants if the lessor or the supplier after rejection has made a request in writing for a full and final written statement of all defects on which the lessee proposes to rely.
Can you summarize NHRS 382-A:2A-515?
(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and
(a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or
(b) the lessee fails to make an effective rejection of the goods (Section 2A-509(2)).
Can you summarize NHRS 382-A:2A-516?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the effect of acceptance of goods, notice of default, burden of establishing default after acceptance, and notice of claim or litigation to person answerable over. It applies to lessees and lessors involved in lease contracts for goods. According to the document, a lessee must pay rent for any goods accepted in accordance with the lease contract, and acceptance of goods precludes rejection of the goods accepted.
Can you summarize NHRS 382-A:2A-517?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the revocation of acceptance of goods by lessees. It outlines the circumstances under which a lessee can revoke acceptance of a lot or commercial unit if its nonconformity substantially impairs its value. The lessee can revoke acceptance if the nonconformity is not cured within a reasonable time or if the lessor defaults under the lease contract.
Can you summarize NHRS 382-A:2A-518?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, specifically Chapter 382-A, governs the concept of substitute goods in lease contracts. It outlines the rights and options available to lessees in the event of a default by the lessor. The document states that after a default, the lessee has the option to cover by making a purchase or lease of goods to substitute for those originally due from the lessor.
Can you summarize NHRS 382-A:2A-519?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the calculation of damages for lessees in cases of nondelivery, repudiation, default, and breach of warranty related to accepted goods. The measure of damages depends on whether the lessee elects to cover or not, and if cover is by lease agreement or purchase. The damages include the present value of the difference between the market rent and the original rent, computed for the remaining lease term, along with incidental and consequential damages, less expenses saved due to the lessor’s default.
Can you summarize NHRS 382-A:2A-520?
(1) Incidental damages resulting from a lessor’s default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commercially reasonable charges, expenses or commissions in connection with effecting cover, and any other reasonable expense incident to the default.
(2) Consequential damages resulting from a lessor’s default include:
(a) any loss resulting from general or particular requirements and needs of which the lessor at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and
(b) injury to person or property proximately resulting from any breach of warranty.
Can you summarize NHRS 382-A:2A-521?
(1) Specific performance may be decreed if the goods are unique or in other proper circumstances.
(2) A decree for specific performance may include any terms and conditions as to payment of the rent, damages, or other relief that the court deems just.
(3) A lessee has a right of replevin, detinue, sequestration, claim and delivery, or the like for goods identified to the lease contract if after reasonable effort the lessee is unable to effect cover for those goods or the circumstances reasonably indicate that the effort will be unavailing.
Can you summarize NHRS 382-A:2A-522?
(1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (Section 2A-217) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within 10 days after receipt of the first installment of rent and security.
Can you summarize NHRS 382-A:2A-523?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the remedies available to the lessor in a lease contract. If the lessee wrongfully rejects or revokes acceptance of goods, fails to make a payment when due, or repudiates the contract, the lessor has several options. These include canceling the lease contract, proceeding with goods not identified to the lease contract, withholding delivery of goods, stopping delivery by any bailee, disposing of the goods and recovering damages, retaining the goods and recovering damages, or recovering rent.
Can you summarize NHRS 382-A:2A-524?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, pertains to the lessor’s right to identify goods to a lease contract in the event of default by the lessee. If the lessee defaults under the lease contract, the lessor has the right to identify conforming goods that were in their possession or control at the time of default. Additionally, the lessor can dispose of goods that were intended for the lease contract, even if they are unfinished.
Can you summarize NHRS 382-A:2A-525?
(1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.
(2) After a default by the lessee under the lease contract of the type described in Section 2A-523(1) or 2A-523(3)(a) or, if agreed, after other default by the lessee, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties.
Can you summarize NHRS 382-A:2A-526?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the ability of a lessor to stop the delivery of goods in transit or otherwise. It applies to lessors and lessees involved in the lease of goods. The lessor may stop delivery if they discover the lessee to be insolvent or if the lessee repudiates or fails to make a payment due before delivery. The lessor can exercise this right until the goods are received by the lessee or until acknowledgment is received from a bailee or carrier that they hold the goods for the lessee.
Can you summarize NHRS 382-A:2A-527?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights of a lessor to dispose of goods in various scenarios. It applies to both the lessor and lessee involved in a lease contract. The document outlines the circumstances under which the lessor can dispose of the goods, including after a default by the lessee or refusal to deliver the goods. The lessor has the option to dispose of the goods through lease, sale, or other means.
Can you summarize NHRS 382-A:2A-528?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the damages that a lessor can recover in case of non-acceptance, failure to pay, repudiation, or other default by the lessee. The lessor has the option to retain or dispose of the goods and can recover damages for the default, including accrued and unpaid rent, the present value of the remaining lease term minus the market rent, and any incidental damages allowed under Section 2A-530.
Can you summarize NHRS 382-A:2A-529?
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the lessor’s action for the rent in lease contracts. It outlines the circumstances under which the lessor can recover damages from the lessee for goods accepted or identified in the lease contract. The damages include accrued and unpaid rent, the present value of rent for the remaining lease term, and any incidental damages allowed under Section 2A-530.
Can you summarize NHRS 382-A:2A-530?
Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee’s default, in connection with return or disposition of the goods, or otherwise resulting from the default.
Source. 1993, 345:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:2A-531?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the standing to sue third parties for injury to goods. It states that if a third party causes actionable injury to a party to the lease contract, the lessor and the lessee both have a right of action against the third party under certain conditions. The lessor has a right of action regardless, while the lessee has a right of action if they have a security interest in the goods, an insurable interest in the goods, or bear the risk of loss under the lease contract.
Can you summarize NHRS 382-A:2A-532?
In addition to any other recovery permitted by this Article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor’s residual interest in the goods caused by the default of the lessee.
Source. 1993, 345:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:3-101?
This Article may be cited as Uniform Commercial Code-Negotiable Instruments.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:3-102?
(a) This Article applies to negotiable instruments. It does not apply to money, to payment orders governed by Article 4A, or to securities governed by Article 8.
(b) If there is conflict between this Article and Article 4 or 9, Articles 4 and 9 govern.
(c) Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency.
Can you summarize NHRS 382-A:3-103?
This legal document provides definitions for various terms used in the Uniform Commercial Code (UCC) in the state of New Hampshire. It defines terms such as acceptor, drawee, drawer, maker, order, ordinary care, party, promise, prove, remitter, and more. The document also references other definitions from different sections of the UCC, such as acceptance, accommodation party, alteration, indorsement, negotiable instrument, payment, person entitled to enforce, and more. It is important to consult this document to understand the precise meanings of these terms when dealing with commercial transactions governed by the UCC in New Hampshire.
Can you summarize NHRS 382-A:3-104?
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), defines and governs negotiable instruments. A negotiable instrument is an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges. It must be payable to bearer or order, payable on demand or at a definite time, and must not contain any other undertakings or instructions beyond the payment of money.
Can you summarize NHRS 382-A:3-105?
(a) ‘Issue’ means:
(1) the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person; or
(2) if agreed by the payee, first transmission by the drawer to the payee of an image of an item and information derived from the item in a manner that enables the depository bank to collect the item by transferring or presenting under federal law an electronic check.
Can you summarize NHRS 382-A:3-106?
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), discusses the conditions for an unconditional promise or order in commercial transactions. It states that a promise or order is considered unconditional unless it includes an express condition to payment, is subject to or governed by another writing, or if rights or obligations are stated in another writing. The document clarifies that a reference to another writing does not automatically make the promise or order conditional.
Can you summarize NHRS 382-A:3-107?
Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:3-108?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides definitions and criteria for determining whether a promise or order is payable on demand or at a definite time. A promise or order is considered ‘payable on demand’ if it explicitly states so or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it becomes due after a specific period of time, at a fixed date or dates, or at a time or times that can be easily determined when the promise or order is issued.
Can you summarize NHRS 382-A:3-109?
(a) A promise or order is payable to bearer if it:
(1) states that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment;
(2) does not state a payee; or
(3) states that it is payable to or to the order of cash or otherwise indicates that it is not payable to an identified person.
Can you summarize NHRS 382-A:3-110?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides guidelines for determining the person to whom an instrument is initially payable. The document states that the person intended by the signer, even if identified differently in the instrument, is the payee. If multiple signers do not intend the same person as payee, the instrument is payable to any person intended by one or more of the signers.
Can you summarize NHRS 382-A:3-111?
Except as otherwise provided for items in Article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker. If a drawee or maker has more than one place of business, the place of payment is any place of business of the drawee or maker chosen by the person entitled to enforce the instrument.
Can you summarize NHRS 382-A:3-112?
(a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument.
(b) Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variable rate or rates. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument.
Can you summarize NHRS 382-A:3-113?
(a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in Section 4-401(c), an instrument payable on demand is not payable before the date of the instrument.
(b) If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder.
Can you summarize NHRS 382-A:3-114?
If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:3-115?
This legal document, part of the New Hampshire Revised Statutes, specifically falls under the Uniform Commercial Code (Chapter 382-A). It defines an ‘incomplete instrument’ as a signed writing that is incomplete at the time of signing but intended to be completed later. The document states that if an incomplete instrument falls under Section 3-104 of the Uniform Commercial Code, it can be enforced according to its terms, whether completed or not.
Can you summarize NHRS 382-A:3-116?
(a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, indorsers who indorse as joint payees, or anomalous indorsers are jointly and severally liable in the capacity in which they sign.
(b) Except as provided in Section 3-419(e) or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law.
Can you summarize NHRS 382-A:3-117?
Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement.
Can you summarize NHRS 382-A:3-118?
The provided legal document content pertains to the statute of limitations for various financial instruments. It specifies the time limits within which actions to enforce payment obligations must be commenced. The document covers notes payable at a definite time, notes payable on demand, unaccepted drafts, certified checks, teller’s checks, cashier’s checks, traveler’s checks, and certificates of deposit. The statute of limitations varies depending on the type of instrument and the circumstances.
Can you summarize NHRS 382-A:3-119?
In an action for breach of an obligation for which a third person is answerable over pursuant to this Article or Article 4, the defendant may give the third person written notice of the litigation, and the person notified may then give similar notice to any other person who is answerable over. If the notice states (i) that the person notified may come in and defend and (ii) that failure to do so will bind the person notified in an action later brought by the person giving the notice as to any determination of fact common to the 2 litigations, the person notified is so bound unless after seasonable receipt of the notice the person notified does come in and defend.
Can you summarize NHRS 382-A:3-201?
(a) ‘Negotiation’ means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder.
(b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its indorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.
Can you summarize NHRS 382-A:3-202?
(a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction.
(b) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy.
Can you summarize NHRS 382-A:3-203?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the transfer of instruments and the rights acquired through such transfers. It specifies that an instrument is considered transferred when it is delivered by someone other than the issuer with the intention of granting the recipient the right to enforce the instrument. The transfer of an instrument, whether through negotiation or not, grants the transferee the same rights as the transferor, including the rights of a holder in due course.
Can you summarize NHRS 382-A:3-204?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines and explains the concept of indorsement. Indorsement refers to a signature made on an instrument for the purpose of negotiating the instrument, restricting payment, or incurring indorser’s liability. The document clarifies that a signature and its accompanying words are considered an indorsement unless there are clear indications that the signature was made for a different purpose.
Can you summarize NHRS 382-A:3-205?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides definitions and rules regarding different types of indorsements on negotiable instruments. It explains that a special indorsement is made by the holder of an instrument and identifies a specific person to whom the instrument is payable. A special indorsement restricts negotiation to only that identified person. On the other hand, a blank indorsement is made by the holder without specifying a particular payee, making the instrument payable to bearer and allowing negotiation through transfer of possession.
Can you summarize NHRS 382-A:3-206?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the use of restrictive indorsements on negotiable instruments. It states that an indorsement that limits payment to a particular person or prohibits further transfer or negotiation of the instrument is not effective to prevent such transfer or negotiation. Additionally, an indorsement that states a condition to the right of the indorsee to receive payment does not affect the indorsee’s right to enforce the instrument.
Can you summarize NHRS 382-A:3-207?
Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel indorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An indorser whose indorsement is canceled is discharged, and the discharge is effective against any subsequent holder.
Can you summarize NHRS 382-A:3-301?
‘Person entitled to enforce’ an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to Section 3-309 or 3-418(d). A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.
Can you summarize NHRS 382-A:3-302?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines the concept of a ‘holder in due course’. A holder in due course refers to a person who holds a negotiable instrument, such as a promissory note or a check, and meets certain criteria. To be considered a holder in due course, the instrument must not show any signs of forgery, alteration, or irregularity that questions its authenticity.
Can you summarize NHRS 382-A:3-303?
This legal document, part of the New Hampshire Revised Statutes, specifically Chapter 382-A, pertains to the Uniform Commercial Code (UCC). It outlines the conditions under which an instrument is considered to be issued or transferred for value. These conditions include the instrument being issued or transferred for a promise of performance, the transferee acquiring a security interest or lien in the instrument, the instrument being issued or transferred as payment of an antecedent claim, the instrument being exchanged for a negotiable instrument, or the instrument being exchanged for the incurring of an irrevocable obligation to a third party.
Can you summarize NHRS 382-A:3-304?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the concept of overdue instruments. An instrument payable on demand becomes overdue at the earliest of three times: the day after demand for payment is made, 90 days after the date for checks, or when the instrument has been outstanding for an unreasonably long period of time considering the nature of the instrument and trade usage.
Can you summarize NHRS 382-A:3-305?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the defenses and claims in recoupment in relation to the enforcement of obligations related to instruments. It outlines the rights and defenses available to obligors, including defenses based on infancy, duress, lack of legal capacity, illegality of the transaction, fraud, and discharge in insolvency proceedings. The document also allows for claims in recoupment by the obligor against the original payee of the instrument, with limitations on asserting the claim against a transferee.
Can you summarize NHRS 382-A:3-306?
A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.
Source. 1993, 346:1, eff.
Can you summarize NHRS 382-A:3-307?
This legal document pertains to the breach of fiduciary duty. It defines the terms ‘fiduciary’ as an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty, and ‘represented person’ as the principal, beneficiary, partnership, corporation, or other person to whom the fiduciary duty is owed. The document outlines the rules that apply when an instrument is taken from a fiduciary for payment or collection, and the taker has knowledge of the fiduciary status.
Can you summarize NHRS 382-A:3-308?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the proof of signatures and the status as a holder in due course in relation to instruments. In an action with respect to an instrument, the authenticity and authority of each signature on the instrument are admitted unless specifically denied in the pleadings. The burden of establishing the validity of a signature lies with the person claiming validity.
Can you summarize NHRS 382-A:3-309?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the enforcement of lost, destroyed, or stolen instruments. It applies to persons who are not in possession of an instrument but wish to enforce it. To be entitled to enforce the instrument, the person seeking enforcement must meet certain conditions, including being entitled to enforce the instrument when the loss of possession occurred or acquiring ownership from someone who was entitled to enforce it.
Can you summarize NHRS 382-A:3-310?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the effect of different types of instruments on obligations. If a certified check, cashier’s check, or teller’s check is taken for an obligation, the obligation is discharged to the same extent as if an equivalent amount of money was taken in payment. However, the obligor may still have liability as an indorser of the instrument.
Can you summarize NHRS 382-A:3-311?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the concept of Accord and Satisfaction by Use of Instrument. It applies to persons against whom a claim is asserted and claimants. The provision outlines the conditions under which a claim can be discharged if the person against whom the claim is asserted proves that they in good faith tendered an instrument to the claimant as full satisfaction of the claim, the amount of the claim was unliquidated or subject to a bona fide dispute, and the claimant obtained payment of the instrument.
Can you summarize NHRS 382-A:3-312?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the procedures and rights related to lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. It defines key terms such as ‘check’ (which includes cashier’s checks, teller’s checks, and certified checks), ‘claimant’ (a person claiming the right to receive the amount of a lost, destroyed, or stolen check), and ‘declaration of loss’ (a written statement under penalty of perjury regarding the loss of a check).
Can you summarize NHRS 382-A:3-401?
A person is not liable on an instrument unless (i) the person signed the instrument, or (ii) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under Section 3-402.
Source. 1993, 346:1, eff. Jan. 1, 1994. 2023, 236:15, eff. Oct. 7, 2023.
Can you summarize NHRS 382-A:3-402?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the signing of instruments by representatives. If a person acting as a representative signs an instrument using either the name of the represented person or their own name, the represented person is bound by the signature to the same extent as if it were a simple contract. The representative’s signature is considered the authorized signature of the represented person, making them liable on the instrument.
Can you summarize NHRS 382-A:3-403?
(a) Unless otherwise provided in this Article or Article 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this Article.
(b) If the signature of more than one person is required to constitute the authorized signature of an organization, the signature of the organization is unauthorized if one of the required signatures is lacking.
Can you summarize NHRS 382-A:3-404?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the issue of impostors and fictitious payees in relation to instruments. It states that if an impostor induces the issuer of an instrument to issue it to the impostor or a person acting with the impostor by impersonating the payee or an authorized person, an endorsement of the instrument by any person in the name of the payee is effective as the endorsement of the payee in favor of a person who pays the instrument or takes it in good faith.
Can you summarize NHRS 382-A:3-405?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), addresses the responsibility of employers for fraudulent indorsement by their employees. The section defines key terms such as ’employee’ and ‘fraudulent indorsement’. It states that if an employer entrusts an employee with responsibility for an instrument and the employee or someone acting with them makes a fraudulent indorsement, the indorsement is effective as if made by the person to whom the instrument is payable.
Can you summarize NHRS 382-A:3-406?
(a) A person whose failure to exercise ordinary care substantially contributes to an alteration of an instrument or to the making of a forged signature on an instrument is precluded from asserting the alteration or the forgery against a person who, in good faith, pays the instrument or takes it for value or for collection.
(b) Under subsection (a), if the person asserting the preclusion fails to exercise ordinary care in paying or taking the instrument and that failure substantially contributes to loss, the loss is allocated between the person precluded and the person asserting the preclusion according to the extent to which the failure of each to exercise ordinary care contributed to the loss.
Can you summarize NHRS 382-A:3-407?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines and regulates the concept of alteration in commercial transactions. An alteration refers to an unauthorized change in an instrument that modifies the obligation of a party or an unauthorized addition/change to an incomplete instrument related to a party’s obligation. Fraudulent alterations discharge the party whose obligation is affected, unless they assent or are precluded from asserting the alteration.
Can you summarize NHRS 382-A:3-408?
A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:3-409?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides definitions and rules regarding the acceptance of drafts and certified checks. It states that acceptance of a draft is the drawee’s signed agreement to pay the draft as presented, which can be made at any time and becomes effective upon notification or delivery. The document also clarifies that a draft may be accepted even if it is incomplete, overdue, or dishonored.
Can you summarize NHRS 382-A:3-410?
(a) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance.
(b) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.
Can you summarize NHRS 382-A:3-411?
This section of the New Hampshire Revised Statutes, specifically under the Uniform Commercial Code, governs the refusal to pay cashier’s checks, teller’s checks, and certified checks. It applies to obligated banks, which are defined as the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. If an obligated bank wrongfully refuses to pay a cashier’s check or certified check, stops payment of a teller’s check, or refuses to pay a dishonored teller’s check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment.
Can you summarize NHRS 382-A:3-412?
The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (ii) if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in Sections 3-115 and 3-407.
Can you summarize NHRS 382-A:3-413?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the obligation of the acceptor of a draft. The acceptor is obliged to pay the draft according to its terms at the time of acceptance. If the acceptance varies the terms of the draft, the acceptor is obliged to pay according to the varied terms. If the acceptance is of an incomplete instrument, the acceptor is obliged to pay according to its terms when completed, as stated in Sections 3-115 and 3-407.
Can you summarize NHRS 382-A:3-414?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, governs the obligation of the drawer. It applies to drawers of drafts, except for cashier’s checks or other drafts drawn on the drawer. If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or when it first came into possession of a holder. If the drawer signed an incomplete instrument, the obligation is based on its terms when completed.
Can you summarize NHRS 382-A:3-415?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the obligation of an indorser in the case of a dishonored instrument. According to this provision, if an instrument is dishonored, the indorser is obligated to pay the amount due on the instrument. The indorser is required to pay according to the terms of the instrument at the time it was indorsed, or if the indorser indorsed an incomplete instrument, according to its terms when completed.
Can you summarize NHRS 382-A:3-416?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs transfer warranties for instruments. It applies to persons who transfer an instrument for consideration and subsequent transferees. The transferor warrants to the transferee and any subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, the instrument is not subject to a defense or claim in recoupment, the warrantor has no knowledge of any insolvency proceeding, and if the instrument is a demand draft, its creation was authorized by the drawer.
Can you summarize NHRS 382-A:3-417?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, establishes presentment warranties in commercial transactions. It applies to drawees, persons obtaining payment or acceptance, previous transferors of the draft, drawers, indorsers, and parties obliged to pay the instrument. The document outlines the warranties that the person obtaining payment or acceptance and the previous transferor of the draft make to the drawee. These warranties include being entitled to enforce the draft, no alteration of the draft, no knowledge of unauthorized signature of the drawer, and authorization of creation for demand drafts.
Can you summarize NHRS 382-A:3-418?
This legal provision, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the payment or acceptance of drafts or instruments made by mistake. If a drawee pays or accepts a draft under the mistaken belief that payment had not been stopped or that the drawer’s signature was authorized, the drawee may recover the amount from the person who received the payment or, in the case of acceptance, may revoke the acceptance.
Can you summarize NHRS 382-A:3-419?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the signing of instruments for accommodation. It applies to situations where an instrument is issued for the benefit of a party (the accommodated party) and another party (the accommodation party) signs the instrument to incur liability without being a direct beneficiary. The accommodation party may sign the instrument as a maker, drawer, acceptor, or indorser and is obligated to pay the instrument in the capacity in which they sign.
Can you summarize NHRS 382-A:3-420?
This legal document pertains to the conversion of instruments. It states that the law applicable to the conversion of personal property also applies to instruments. An instrument is considered converted if it is taken by transfer from a person not entitled to enforce the instrument or if a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. However, the issuer or acceptor of the instrument, as well as a payee or indorsee who did not receive delivery of the instrument, cannot bring an action for conversion.
Can you summarize NHRS 382-A:3-501?
The concept of presentment is defined in this legal document. Presentment refers to a demand made by or on behalf of a person entitled to enforce an instrument to pay the instrument or accept a draft. Presentment can be made at the place of payment or by any commercially reasonable means. The demand is effective when received by the person to whom presentment is made. The person making presentment must exhibit the instrument, provide reasonable identification and evidence of authority if presenting on behalf of another person, and sign a receipt or surrender the instrument upon full payment.
Can you summarize NHRS 382-A:3-502?
This legal document governs the dishonor of notes and unaccepted drafts. It provides rules for determining when a note or draft is considered dishonored. The rules vary depending on whether the instrument is payable on demand or at a later date, and whether it is a note or a draft. The document also outlines the requirements for presentment of the instrument and the consequences of non-payment or non-acceptance. It applies to makers, payor banks, drawees, and acceptors of notes and drafts.
Can you summarize NHRS 382-A:3-503?
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the obligation of an indorser and drawer in commercial transactions. It states that the obligations of an indorser or drawer cannot be enforced unless they are given notice of dishonor of the instrument in compliance with this section, or if notice of dishonor is excused under Section 3-504(b). Notice of dishonor can be given by any person through various means, such as oral, written, or electronic communication, as long as it reasonably identifies the instrument and indicates that it has been dishonored or not paid or accepted.
Can you summarize NHRS 382-A:3-504?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the excused presentment for payment or acceptance of an instrument, as well as the excused notice of dishonor. It outlines various circumstances where presentment or notice of dishonor is excused, such as when the person entitled to present the instrument cannot do so with reasonable diligence, or when the party whose obligation is being enforced waived notice of dishonor.
Can you summarize NHRS 382-A:3-505?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), pertains to the admissibility of evidence and the creation of a presumption of dishonor and notice of dishonor. It outlines the types of documents and records that can be used as evidence of dishonor, including protests, stamps or writings of refusal, and books or records kept by the drawee, payor bank, or collecting bank.
Can you summarize NHRS 382-A:3-601?
(a) The obligation of a party to pay the instrument is discharged as stated in this Article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract.
(b) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.
Source. 1993, 346:1, eff.
Can you summarize NHRS 382-A:3-602?
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, specifically Chapter 382-A, governs the concept of payment in relation to instruments. It states that an instrument is considered paid when payment is made by or on behalf of a party obliged to pay the instrument to a person entitled to enforce it. This payment discharges the obligation of the party obliged to pay, even if there is a claim to the instrument by another person.
Can you summarize NHRS 382-A:3-603?
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the concept of tender of payment. It states that if payment of an obligation to pay an instrument is tendered to a person entitled to enforce the instrument, the principles of law applicable to tender of payment under a simple contract apply. Additionally, if payment is tendered and refused, the obligation of an indorser or accommodation party with a right of recourse is discharged to the extent of the tendered amount.
Can you summarize NHRS 382-A:3-604?
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the discharge of obligations related to payment instruments. It states that a person entitled to enforce an instrument can discharge the obligation of a party to pay the instrument through intentional voluntary acts, such as surrendering, destroying, mutilating, or canceling the instrument, or by renouncing rights against the party through a signed record.
Can you summarize NHRS 382-A:3-605?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the discharge of indorsers and accommodation parties in relation to the payment of instruments. It clarifies that the discharge of a party’s obligation to pay an instrument does not discharge the obligation of an indorser or accommodation party with a right of recourse against the discharged party. The section also outlines the circumstances under which an extension of the due date or a material modification of the obligation can discharge the indorser or accommodation party’s obligation, provided that it causes a loss to them.
Can you summarize NHRS 382-A:4-101?
This Article may be cited as Uniform Commercial Code-Bank Deposits and Collections.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4-102?
(a) To the extent that items within this Article are also within Articles 3 and 8, they are subject to those Articles. If there is conflict, this Article governs Article 3, but Article 8 governs this Article.
(b) The liability of a bank for action or non-action with respect to an item handled by it for purposes of presentment, payment, or collection is governed by the law of the place where the bank is located.
Can you summarize NHRS 382-A:4-103?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the variation by agreement, measure of damages, and action constituting ordinary care in commercial transactions involving banks. The document states that while the provisions of this Article can be varied by agreement, a bank’s responsibility for lack of good faith or failure to exercise ordinary care cannot be disclaimed or the measure of damages limited.
Can you summarize NHRS 382-A:4-104?
This legal document is part of the New Hampshire Revised Statutes and specifically pertains to the Uniform Commercial Code (UCC). The UCC governs various aspects of commercial transactions, including the definition of terms used in the code. The document provides definitions for terms such as ‘account,’ ‘afternoon,’ ‘banking day,’ ‘clearing house,’ ‘customer,’ ‘documentary draft,’ ‘draft,’ ‘drawee,’ ‘item,’ ‘midnight deadline,’ ‘settle,’ and ‘suspends payments.’ It also references other definitions applicable to this Article and sections within the UCC.
Can you summarize NHRS 382-A:4-105?
In this Article:
(1) ‘Bank’ means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company;
(2) ‘Depositary bank’ means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter;
(3) ‘Payor bank’ means a bank that is the drawee of a draft;
(4) ‘Intermediary bank’ means a bank to which an item is transferred in course of collection except the depositary or payor bank;
(5) ‘Collecting bank’ means a bank handling an item for collection except the payor bank;
(6) ‘Presenting bank’ means a bank presenting an item except a payor bank.
Can you summarize NHRS 382-A:4-106?
(a) If an item states that it is ‘payable through’ a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
(b) If an item states that it is ‘payable at’ a bank identified in the item, the item is equivalent to a draft drawn on the bank.
Can you summarize NHRS 382-A:4-107?
A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notices or orders must be given under this Article and under Article 3.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4-108?
(a) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2 P.M. or later as a cutoff hour for the handling of money and items and the making of entries on its books.
(b) An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day.
Can you summarize NHRS 382-A:4-109?
(a) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or permitted by this chapter for a period not exceeding two additional banking days without discharge of drawers or indorsers or liability to its transferor or a prior party.
Can you summarize NHRS 382-A:4-110?
(a) ‘Agreement for electronic presentment’ means an agreement, clearing-house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (‘presentment notice’) rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the agreement.
(b) Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.
Can you summarize NHRS 382-A:4-111?
An action to enforce an obligation, duty, or right arising under this Article must be commenced within 3 years after the cause of action accrues.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4-201?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the status of collecting banks as agents and the provisional status of credits. It applies to collecting banks, owners of items, and banks involved in presentment, payment, collection, or return of items. The document establishes that unless a contrary intent is clearly stated, a collecting bank is considered an agent or sub-agent of the owner of an item, and any settlement given for the item is provisional.
Can you summarize NHRS 382-A:4-202?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the responsibility of collecting banks in various actions. The collecting bank must exercise ordinary care in presenting an item or sending it for presentment, sending notice of dishonor or nonpayment, returning an item other than a documentary draft, settling for an item, and notifying its transferor of any loss or delay in transit. The bank must take proper action before its midnight deadline following receipt of an item, notice, or settlement to exercise ordinary care.
Can you summarize NHRS 382-A:4-203?
Subject to Article 3 concerning conversion of instruments (Section 3-420) and restrictive indorsements (Section 3-206), only a collecting bank’s transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4-204?
(a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items.
(b) A collecting bank may send:
(1) an item directly to the payor bank;
(2) an item to a nonbank payor if authorized by its transferor; and
(3) an item other than documentary drafts to a nonbank payor, if authorized by Federal Reserve regulation or operating circular, clearing-house rule, or the like.
Can you summarize NHRS 382-A:4-205?
If a customer delivers an item to a depositary bank for collection:
(1) the depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item, and, if the bank satisfies the other requirements of Section 3-302, it is a holder in due course; and
(2) the depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account.
Can you summarize NHRS 382-A:4-206?
Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4-207?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the transfer warranties related to the transfer of items and the obligations of customers and collecting banks. It states that a customer or collecting bank transferring an item and receiving settlement or other consideration warrants to the transferee and subsequent collecting banks that they are entitled to enforce the item, all signatures on the item are authentic and authorized, the item has not been altered, the item is not subject to a defense or claim in recoupment, the warrantor has no knowledge of any insolvency proceeding, and if the item is a demand draft, its creation was authorized by the drawer.
Can you summarize NHRS 382-A:4-208?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, establishes presentment warranties for drafts and other items. It outlines the obligations and warranties of drawees, persons obtaining payment or acceptance, previous transferors of the draft, and persons making payment for dishonored drafts or other items. The document specifies that the warrantors warrant to the drawee or person making payment that they are entitled to enforce the draft or item, that the draft has not been altered, that they have no knowledge of unauthorized signatures, and that the creation of a demand draft was authorized by the drawer.
Can you summarize NHRS 382-A:4-209?
(a) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warranty.
(b) A person who undertakes to retain an item pursuant to an agreement for electronic presentment warrants to any subsequent collecting bank and to the payor bank or other payor that retention and presentment of the item comply with the agreement.
Can you summarize NHRS 382-A:4-210?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the security interest of a collecting bank in an item, its accompanying documents, or the proceeds. A collecting bank has a security interest in an item and its accompanying documents or proceeds in various scenarios, such as when credit given for the item has been withdrawn or applied, when credit has been given for an item available for withdrawal, or when an advance has been made on the item.
Can you summarize NHRS 382-A:4-211?
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of Section 3-302 on what constitutes a holder in due course.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4-212?
(a) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received on or before the day when presentment is due and the bank must meet any requirement of the party to accept or pay under Section 3-501 by the close of the bank’s next banking day after it knows of the requirement.
Can you summarize NHRS 382-A:4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, or agreement. 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 to receive settlement.
Can you summarize NHRS 382-A:4-214?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the right of charge-back or refund, the liability of collecting banks, and the return of items. It applies to collecting banks and their customers. According to the document, if a collecting bank has made provisional settlement with its customer for an item but fails to receive final settlement due to dishonor, suspension of payments by a bank, or other reasons, the bank has the right to revoke the settlement, charge back the credited amount, or obtain a refund from its customer.
Can you summarize NHRS 382-A:4-215?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the final payment of items by payor banks, provisional settlement, and the availability of funds for withdrawal. It specifies 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 provisionally settled and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid.
Can you summarize NHRS 382-A:4-216?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the handling of items in the possession of payor banks, collecting banks, receivers, trustees, and agents in charge of closed banks in cases of insolvency and preference. It outlines the obligations of these entities in returning items, making settlements, and suspending payments. The document also establishes preferred claims for owners of items in certain situations.
Can you summarize NHRS 382-A:4-301?
This section of the New Hampshire Revised Statutes, specifically Chapter 382-A, which pertains to the Uniform Commercial Code, outlines the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It states that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if it returns the item or sends written notice of dishonor or nonpayment.
Can you summarize NHRS 382-A:4-302?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the responsibility of a payor bank for the late return of an item. If a payor bank receives an item and retains it beyond midnight of the banking day of receipt without settling for it, or fails to pay, return, or send notice of dishonor until after its midnight deadline, the bank is accountable for the amount of the item.
Can you summarize NHRS 382-A:4-303?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the actions and responsibilities of payor banks and their customers regarding items subject to notice, stop-payment order, legal process, or setoff. It specifies 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 right or duty to pay an item or charge the customer’s account if certain conditions are met.
Can you summarize NHRS 382-A:4-401?
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, governs the charging of a customer’s account by a bank. It states that a bank may charge against the customer’s account for items that are properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank.
Can you summarize NHRS 382-A:4-402?
This legal document governs the liability of a payor bank to its customer for wrongful dishonor of an item. It states that a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, unless the bank has agreed to pay the overdraft. The document defines wrongful dishonor to include a refusal by a payor bank to honor an item that is otherwise properly payable, if the payee presents the item in person, properly endorses it, and provides reliable identification.
Can you summarize NHRS 382-A:4-403?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the customer’s right to stop payment and the burden of proof of loss. According to this document, a customer or any person authorized to draw on the account can 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 6 months and can be renewed for additional 6-month periods.
Can you summarize NHRS 382-A: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 6 months after its date, but it may charge its customer’s account for a payment made thereafter in good faith.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4-405?
(a) A payor or collecting bank’s authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect, or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.
Can you summarize NHRS 382-A:4-406?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the duty of customers to discover and report unauthorized signatures or alterations. It applies to both customers and banks. According to the document, if a bank sends a statement of account or items to a customer, the customer must promptly examine them to determine if any payment was unauthorized due to an alteration or unauthorized signature.
Can you summarize NHRS 382-A:4-407?
If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights
(1) of any holder in due course on the item against the drawer or maker;
(2) of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and
(3) of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.
Can you summarize NHRS 382-A:4-501?
A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right.
Source. 1993, 346:1, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4-502?
If a draft or the relevant instructions require presentment ‘on arrival’, ‘when goods arrive’ or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.
Can you summarize NHRS 382-A:4-503?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the responsibility of a bank presenting a documentary draft. The document specifies that unless otherwise instructed and except as provided in Article 5, a bank presenting a documentary draft must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment.
Can you summarize NHRS 382-A:4-504?
(a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.
(b) For its reasonable expenses incurred by action under subsection (a), the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller’s lien.
Can you summarize NHRS 382-A:4A-101?
This Article may be cited as Uniform Commercial Code-Funds Transfers.
Source. 1993, 346:7, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4A-102?
Except as otherwise provided in Section 4A-108, this Article applies to funds transfers defined in Section 4A-104.
Source. 1993, 346:7, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4A-103?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines and governs payment orders. A payment order is an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions for payment other than the time of payment. The receiving bank is reimbursed by debiting an account of the sender or receiving payment from the sender.
Can you summarize NHRS 382-A:4A-104?
In this Article:
(a) ‘Funds transfer’ means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order. A funds transfer is completed by acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s payment order.
Can you summarize NHRS 382-A:4A-105?
This legal document is part of the New Hampshire Revised Statutes and falls under the Uniform Commercial Code (Chapter 382-A). It governs the rules and regulations related to authorized accounts, banks, customers, and funds transfers. The document defines various terms such as authorized account, bank, customer, funds-transfer business day, funds-transfer system, prove, and more. It also provides cross-references to other definitions and sections within the Article. The document does not mention any specific exemptions or penalties.
Can you summarize NHRS 382-A:4A-106?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the time of receipt of a payment order or communication cancelling or amending a payment order. It applies to receiving banks. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. Different cut-off times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day.
Can you summarize NHRS 382-A:4A-107?
Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency.
Source. 1993, 346:7, eff. Jan. 1, 1994.
Can you summarize NHRS 382-A:4A-108?
This legal document, known as the Uniform Commercial Code (Chapter 382-A), specifically addresses funds transfers. It states that this Article does not apply to funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers that are not electronic fund transfers. In the event of any inconsistency between this Article and the Electronic Fund Transfer Act, the provisions of the Electronic Fund Transfer Act govern. The document does not mention any specific penalties for non-compliance or violation.
Can you summarize NHRS 382-A:4A-201?
‘Security procedure’ means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or communication. A security procedure may impose an obligation on the receiving bank or the customer and may require the use of algorithms or other codes, identifying words, numbers, symbols, sounds or biometrics, encryption, callback procedures, or similar security devices.
Can you summarize NHRS 382-A:4A-202?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the authorization and verification of payment orders. It establishes that a payment order received by a receiving bank is considered authorized if the person identified as the sender has authorized it or is bound by it under agency law. Additionally, if a bank and its customer have agreed to verify the authenticity of payment orders through a security procedure, a payment order received by the bank is effective as the customer’s order, regardless of authorization, if the security procedure is commercially reasonable and the bank accepted the order in good faith and compliance with the security procedure and any customer agreements or instructions.
Can you summarize NHRS 382-A:4A-203?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the unenforceability of certain verified payment orders. It applies to receiving banks and customers involved in payment orders. The provision states that if an accepted payment order is not authorized by the customer but is still effective as an order of the customer, the receiving bank may limit its entitlement to enforce or retain payment of the order through an express agreement.
Can you summarize NHRS 382-A:4A-204?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the refund of payment and the duty of customers to report unauthorized payment orders. It applies to receiving banks and their customers. If a receiving bank accepts a payment order that is not authorized or enforceable against the customer, the bank is required to refund any payment received from the customer to the extent it is not entitled to enforce payment.
Can you summarize NHRS 382-A:4A-205?
This section of the New Hampshire Revised Statutes, specifically Chapter 382-A of the Uniform Commercial Code, governs the handling of erroneous payment orders in funds transfers. It applies to senders and receiving banks involved in such transfers. The section outlines rules for cases where a payment order is transmitted with errors, such as instructing payment to the wrong beneficiary, instructing payment for an incorrect amount, or being a duplicate of a previous order.
Can you summarize NHRS 382-A:4A-206?
(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system.
Can you summarize NHRS 382-A:4A-207?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the treatment of beneficiaries in payment orders received by the beneficiary’s bank. It establishes rules for the identification and payment of beneficiaries based on their name, bank account number, or other identification. If the beneficiary’s bank receives a payment order with a nonexistent or unidentifiable beneficiary, no person has rights as a beneficiary, and acceptance of the order cannot occur.
Can you summarize NHRS 382-A:4A-208?
This subsection of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs payment orders and the identification of intermediary banks or beneficiary’s banks. It outlines the rules and obligations for receiving banks, sending banks, and non-bank senders in cases where the intermediary bank or beneficiary’s bank is identified only by an identifying number or both by name and an identifying number. The receiving bank may rely on the number as the proper identification of the bank and is not required to determine whether the number identifies a bank.
Can you summarize NHRS 382-A:4A-209?
This legal document governs the acceptance of payment orders in the context of commercial transactions. It applies to receiving banks, beneficiary’s banks, and originator’s banks involved in payment orders. The document outlines the conditions under which a receiving bank and a beneficiary’s bank accept a payment order. It specifies that a receiving bank accepts a payment order when it executes the order, while a beneficiary’s bank accepts a payment order at the earliest of several specified times.
Can you summarize NHRS 382-A:4A-210?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the rejection of payment orders in banking transactions. It outlines the process by which a receiving bank can reject a payment order and the requirements for providing notice of rejection to the sender. The document also establishes the obligations of a bank that fails to execute a payment order despite having sufficient funds in the sender’s account.
Can you summarize NHRS 382-A:4A-211?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the cancellation and amendment of payment orders. It applies to senders and receiving banks involved in payment orders. The document outlines the requirements for effective cancellation or amendment of payment orders, including the need for verification through a security procedure or agreement from the bank. It also specifies that cancellation or amendment is not effective after acceptance unless agreed upon by the receiving bank or allowed by a funds-transfer system rule.
Can you summarize NHRS 382-A:4A-212?
If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this Article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this Article or by express agreement.
Can you summarize NHRS 382-A:4A-301?
(a) A payment order is ’executed’ by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed.
(b) ‘Execution date’ of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the sender’s order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received.
Can you summarize NHRS 382-A:4A-302?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the obligations of a receiving bank when executing a payment order. The receiving bank is required to issue a payment order that complies with the sender’s instructions and follows any instructions regarding intermediary banks or funds-transfer systems. If the sender’s instruction indicates an expedited funds transfer, the receiving bank must transmit the payment order accordingly.
Can you summarize NHRS 382-A:4A-303?
This legal document governs the erroneous execution of payment orders. It applies to receiving banks, senders of payment orders, and beneficiaries of payment orders. The document outlines the entitlements and obligations of receiving banks in cases where payment orders are executed erroneously. If a receiving bank issues a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order amount and can recover the excess payment from the beneficiary.
Can you summarize NHRS 382-A:4A-304?
If the sender of a payment order that is erroneously executed as stated in Section 4A-303 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the notification from the bank was received by the sender.
Can you summarize NHRS 382-A:4A-305?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the liability of receiving banks in cases of late or improper execution or failure to execute a payment order. If a funds transfer is completed but the receiving bank breaches Section 4A-302, resulting in a delay in payment to the beneficiary, the bank is obliged to pay interest for the period of delay caused by the improper execution.
Can you summarize NHRS 382-A:4A-401?
‘Payment date’ of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, is the day the order is received by the beneficiary’s bank.
Source. 1993, 346:7, eff. Jan.
Can you summarize NHRS 382-A:4A-402?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the obligation of the sender to pay the receiving bank in the context of payment orders. It outlines the obligations of the sender depending on whether the payment order is issued to the beneficiary’s bank or a receiving bank other than the beneficiary’s bank. The sender is obliged to pay the bank the amount of the order, with payment due on the payment date or execution date of the order, respectively.
Can you summarize NHRS 382-A:4A-403?
This legal document governs the payment of the sender’s obligation to the receiving bank under Section 4A-402 of the Uniform Commercial Code. It outlines the various scenarios in which payment occurs, depending on whether the sender is a bank, the method of payment, and the rules of the funds-transfer system. The document also discusses the concept of final settlement and the ability to set off obligations among participants in a funds-transfer system.
Can you summarize NHRS 382-A:4A-404?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the obligations of a beneficiary’s bank regarding payment and notice to the beneficiary. If a beneficiary’s bank accepts a payment order, it is required to pay the amount of the order to the beneficiary on the payment date. However, if acceptance occurs after the close of the bank’s funds-transfer business day, payment is due on the next funds-transfer business day.
Can you summarize NHRS 382-A:4A-405?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the payment made by a beneficiary’s bank to the beneficiary. It outlines the conditions under which the bank’s obligation to pay is fulfilled, including when the beneficiary is notified of the right to withdraw the credit, when the bank applies the credit to a debt of the beneficiary, or when funds are otherwise made available to the beneficiary.
Can you summarize NHRS 382-A:4A-406?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the payment by the originator to the beneficiary in a funds transfer and the discharge of the underlying obligation. It applies to originators and beneficiaries involved in funds transfers. The originator is required to pay the beneficiary at the time the payment order is accepted by the beneficiary’s bank, in an amount equal to or less than the originator’s order.
Can you summarize NHRS 382-A:4A-501?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights and obligations of parties involved in a funds transfer. It allows for the variation of these rights and obligations through agreement. The document also defines ‘funds-transfer system rule’ as a rule of an association of banks that governs the transmission of payment orders or the rights and obligations between banks involved in a funds transfer.
Can you summarize NHRS 382-A:4A-502?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the process of creditor process served on a receiving bank and the setoff by a beneficiary’s bank. The section defines ‘creditor process’ as various legal processes issued by or on behalf of a creditor or claimant with respect to an account. If creditor process is served on the receiving bank regarding an authorized account, the balance in the account is deemed to be reduced by the amount of the payment order, unless the bank had a reasonable opportunity to act on the process before accepting the payment order.
Can you summarize NHRS 382-A:4A-503?
For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator’s bank from executing the payment order of the originator, or (iii) the beneficiary’s bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.
Can you summarize NHRS 382-A:4A-504?
(a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence.
(b) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.
Can you summarize NHRS 382-A:4A-505?
If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer’s objection to the payment within one year after the notification was received by the customer.
Can you summarize NHRS 382-A:4A-506?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rate of interest applicable to payment orders issued to receiving banks. The amount of interest payable can be determined by agreement between the sender and receiving bank or by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system. If the amount of interest is not determined by agreement or rule, it is calculated by multiplying the applicable Federal Funds rate by the amount on which interest is payable, and then multiplying the product by the number of days for which interest is payable.
Can you summarize NHRS 382-A:4A-507?
This legal document governs the choice of law in relation to payment orders and funds transfers. It establishes rules for determining the rights and obligations between the sender of a payment order and the receiving bank, as well as between the beneficiary’s bank and the beneficiary. The law of the jurisdiction where the receiving bank or beneficiary’s bank is located generally governs these rights and obligations, unless the parties have agreed otherwise or a funds-transfer system rule applies.
Can you summarize NHRS 382-A:5-101?
This article may be cited as Uniform Commercial Code-Letters of Credit.
Source. 1998, 200:1, eff. Jan. 1, 1999.
Can you summarize NHRS 382-A:5-102?
This legal document is part of the New Hampshire Revised Statutes and falls under the Uniform Commercial Code (Chapter 382-A). It governs commercial transactions and provides definitions for various terms used in the context of letters of credit. The document defines terms such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. It also references definitions from other articles within the Uniform Commercial Code.
Can you summarize NHRS 382-A:5-103?
This article of the New Hampshire Revised Statutes, known as the Uniform Commercial Code, governs letters of credit and the rights and obligations associated with transactions involving letters of credit. It applies to parties involved in such transactions, including issuers, beneficiaries, nominated persons, and applicants. The article allows for variations by agreement or provision, except for certain subsections and prohibited circumstances. The rights and obligations of an issuer to a beneficiary or nominated person under a letter of credit are independent of any contract or arrangement underlying the letter of credit.
Can you summarize NHRS 382-A:5-104?
A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record.
Source. 1998, 200:1, eff. Jan. 1, 1999. 2023, 236:17, eff. Oct. 7, 2023.
Can you summarize NHRS 382-A:5-105?
Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
Source. 1998, 200:1, eff. Jan. 1, 1999.
Can you summarize NHRS 382-A:5-106?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the issuance, amendment, cancellation, and duration of letters of credit. According to the document, a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. The document states that a letter of credit is revocable only if it explicitly provides for revocation.
Can you summarize NHRS 382-A:5-107?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights and obligations of a confirmer, nominated person, and adviser in relation to letters of credit. A confirmer is directly obligated on a letter of credit and has the same rights and obligations as an issuer. A nominated person who is not a confirmer is not obligated to honor a presentation. A person requested to advise may decline to act as an adviser.
Can you summarize NHRS 382-A:5-108?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, governs the rights and obligations of an issuer in relation to a letter of credit. An issuer is required to honor a presentation that strictly complies with the terms and conditions of the letter of credit, unless otherwise provided in Section 5-109. The issuer has a reasonable time to honor the presentation, accept a draft, or give notice of discrepancies.
Can you summarize NHRS 382-A:5-109?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs presentations made under a letter of credit. It states that if a presentation appears to comply with the terms of the letter of credit but contains a forged or materially fraudulent document, the issuer shall honor the presentation if demanded by certain parties who have given value in good faith and without notice of forgery or fraud.
Can you summarize NHRS 382-A:5-110?
(a) If its presentation is honored, the beneficiary warrants:
(1) to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in Section 5-109(a); and
(2) to the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.
Can you summarize NHRS 382-A:5-111?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the remedies available in letter of credit transactions. It outlines the rights of beneficiaries, successors, and nominated persons in case of wrongful dishonor or repudiation by the issuer. The document states that the beneficiary, successor, or nominated person may recover the amount subject to dishonor or repudiation from the issuer. If the issuer’s obligation is not for the payment of money, the claimant may seek specific performance or recover an amount equal to the value of performance.
Can you summarize NHRS 382-A:5-112?
(a) Except as otherwise provided in Section 5-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.
(b) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:
(1) the transfer would violate applicable law; or
(2) the transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in Section 5-108(e) or is otherwise reasonable under the circumstances.
Can you summarize NHRS 382-A:5-113?
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the transfer of drawing rights by operation of law. It outlines the rights and obligations of successors of beneficiaries, issuers, and purported successors. A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.
Can you summarize NHRS 382-A:5-114?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the assignment of proceeds of a letter of credit. It defines the term ‘proceeds of a letter of credit’ as the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The section allows a beneficiary to assign its right to part or all of the proceeds of a letter of credit, either before presentation as a present assignment or contingent upon compliance with the terms and conditions of the letter of credit.
Can you summarize NHRS 382-A:5-115?
An action to enforce a right or obligation arising under this article must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party’s lack of knowledge of the breach.
Source. 1998, 200:1, eff. Jan. 1, 1999.
Can you summarize NHRS 382-A:5-116?
This legal document governs the liability, choice of law, and forum for settling disputes related to issuers, nominated persons, advisers, and branches of banks involved in letters of credit, confirmations, or other undertakings. The liability of these entities is determined by the law of the jurisdiction chosen through an agreement or provision in the undertaking. If no jurisdiction is chosen, the liability is governed by the law of the jurisdiction where the person or branch is located.
Can you summarize NHRS 382-A:5-117?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the subrogation rights of issuers, applicants, and nominated persons in letter of credit transactions. According to this provision, when an issuer honors a beneficiary’s presentation, the issuer is subrogated to the rights of the beneficiary and the applicant as if the issuer were a secondary obligor of the underlying obligation. Similarly, when an applicant reimburses an issuer, the applicant is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person.
Can you summarize NHRS 382-A:5-118?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the security interest that an issuer or nominated person has in a document presented under a letter of credit. It states that the issuer or nominated person has a security interest to the extent that they honor or give value for the presentation. The security interest continues until the issuer or nominated person has been reimbursed or has otherwise recovered the value given.
Can you summarize NHRS 382-A:9-101?
This article may be cited as Uniform Commercial Code-Secured Transactions.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-102?
This legal document provides definitions and an index of definitions for Article 9 of the Uniform Commercial Code (UCC), which governs secured transactions. It includes definitions for various terms used in Article 9, such as ‘accession’, ‘account’, ‘account debtor’, ‘agricultural lien’, ‘chattel paper’, ‘collateral’, ‘consumer goods’, ’equipment’, ‘farm products’, ‘fixture filing’, ‘goods’, ‘inventory’, ‘investment property’, ’lien creditor’, ‘proceeds’, ‘security agreement’, and many more. The document also clarifies the application of certain terms in other articles of the UCC.
Can you summarize NHRS 382-A:9-103?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides definitions and regulations regarding purchase-money security interests, application of payments, and burden of establishing such interests. It defines ‘purchase-money collateral’ as goods or software securing a purchase-money obligation, and ‘purchase-money obligation’ as an obligation incurred as part of the price of the collateral or for enabling the debtor to acquire rights in or use of the collateral.
Can you summarize NHRS 382-A:9-104?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the control of deposit accounts. It outlines the requirements for a secured party to have control over a deposit account. Control can be established if the secured party is the bank where the account is maintained, if there is a signed agreement between the debtor, secured party, and bank allowing the secured party to direct the disposition of funds without further consent from the debtor, if the secured party becomes the bank’s customer regarding the deposit account, or if another person has control of the account and acknowledges it on behalf of the secured party.
Can you summarize NHRS 382-A:9-105?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the control of electronic copies of records that evidence chattel paper. It applies to purchasers and assignees of chattel paper. The document establishes rules for determining control of authoritative electronic copies, including the requirement for a system that reliably establishes the purchaser as the assignee. It specifies that a single authoritative copy of the record must exist, which is unique, identifiable, and unalterable, and that the purchaser must be identified as the assignee.
Can you summarize NHRS 382-A:9-106?
(a) Control under Section 8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in Section 8-106.
(b) Control of commodity contract. A secured party has control of a commodity contract if:
(1) the secured party is the commodity intermediary with which the commodity contract is carried; or
(2) the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
Can you summarize NHRS 382-A:9-107?
A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under Section 5-114(c) or otherwise applicable law or practice.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-107A?
(a) Control under Section 12-105. A secured party has control of a controllable electronic record as provided in Section 12-105.
(b) Control of controllable account and controllable payment intangible. A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible.
Source. 2022, 281:54, eff. Jan. 1, 2023.
Can you summarize NHRS 382-A:9-107B?
(a) No requirement to acknowledge. A person that has control under Section 9-104 or 9-105 is not required to acknowledge that it has control on behalf of another person.
(b) No duties or confirmation. If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this article otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgment to another person.
Can you summarize NHRS 382-A:9-108?
This legal document, part of the New Hampshire Revised Statutes, specifically Chapter 382-A, which pertains to the Uniform Commercial Code, addresses the sufficiency of description for personal or real property in commercial transactions. According to this document, a description of property is considered sufficient if it reasonably identifies what is described, unless otherwise specified in subsections (c), (d), and (e). The document provides examples of reasonable identification, such as specific listing, category, type of collateral defined in this chapter, quantity, computational or allocational formula or procedure, or any other method that objectively determines the identity of the collateral.
Can you summarize NHRS 382-A:9-109?
This legal document provides the general scope and applicability of the Uniform Commercial Code (UCC) in the state of New Hampshire. It applies to various transactions and security interests involving personal property or fixtures, agricultural liens, sales of accounts, chattel paper, payment intangibles, promissory notes, consignments, and specific security interests under certain sections of the UCC. However, there are exemptions and inapplicabilities mentioned in the document, such as exemptions related to landlord’s liens, certain assignments of claims, sales or assignments for collection purposes only, and various other exemptions related to insurance, judgments, real property, tort claims, and consumer transactions.
Can you summarize NHRS 382-A:9-110?
A security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5) is subject to this article. However, until the debtor obtains possession of the goods:
(1) the security interest is enforceable, even if Section 9-203(b)(3) has not been satisfied;
(2) filing is not required to perfect the security interest;
(3) the rights of the secured party after default by the debtor are governed by Article 2 or 2A; and
(4) the security interest has priority over a conflicting security interest created by the debtor.
Can you summarize NHRS 382-A:9-201?
This legal document pertains to the general effectiveness of security agreements. It states that a security agreement is effective according to its terms between the parties involved, against purchasers of the collateral, and against creditors. The document also mentions that transactions subject to this article are subject to any applicable consumer laws, statutes, regulations, and consumer-protection statutes or regulations of the state. In case of conflict between this article and any rule of law, statute, or regulation, the latter controls.
Can you summarize NHRS 382-A:9-202?
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-203?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the attachment and enforceability of security interests, proceeds, supporting obligations, and formal requisites. It outlines the conditions under which a security interest becomes enforceable against the debtor and third parties, including the requirement of value given, debtor’s rights in the collateral, and specific conditions based on the type of collateral. The document also mentions the attachment of security interests in proceeds, supporting obligations, and various types of accounts.
Can you summarize NHRS 382-A:9-204?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the creation of security interests in after-acquired collateral and future advances in security agreements. It allows a security agreement to include after-acquired collateral, except for consumer goods not acquired within 10 days after the secured party gives value and commercial tort claims. However, there are exceptions to these limitations, such as when the collateral is consumer goods or commercial tort claim proceeds.
Can you summarize NHRS 382-A:9-205?
(a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because:
(1) the debtor has the right or ability to:
(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;
(B) collect, compromise, enforce, or otherwise deal with collateral;
(C) accept the return of collateral or make repossessions; or
(D) use, commingle, or dispose of proceeds; or
(2) the secured party fails to require the debtor to account for proceeds or replace collateral.
Can you summarize NHRS 382-A:9-206?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the security interest that arises when a person buys a financial asset through a securities intermediary or delivers a certificated security or other financial asset. In the case of buying through a securities intermediary, the security interest attaches if the person is obligated to pay the purchase price to the securities intermediary at the time of purchase, and the securities intermediary credits the financial asset to the buyer’s securities account before payment.
Can you summarize NHRS 382-A:9-207?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the rights and duties of a secured party who has possession or control of collateral. The secured party is required to exercise reasonable care in the custody and preservation of the collateral, including taking necessary steps to preserve rights against prior parties. The document specifies that reasonable expenses incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and secured by the collateral.
Can you summarize NHRS 382-A:9-208?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, outlines the additional duties of a secured party who has control of collateral. It applies to cases where there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. The section specifies various actions that the secured party must take upon receiving a signed demand from the debtor.
Can you summarize NHRS 382-A:9-209?
(a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if:
(1) there is no outstanding secured obligation; and
(2) the secured party is not committed to make advances, incur obligations, or otherwise give value.
(b) Duties of secured party after receiving demand from debtor. Within 10 days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under Section 9-406(a) or 12-106(b) of an assignment to the secured party as assignee a signed record that releases the account debtor from any further obligation to the secured party.
Can you summarize NHRS 382-A:9-210?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs requests for accounting, requests regarding a list of collateral, and requests regarding a statement of account. It defines the terms ‘request,’ ‘request for an accounting,’ ‘request regarding a list of collateral,’ and ‘request regarding a statement of account.’ The document outlines the duty of a secured party, other than specific buyers or consignors, to respond to these requests within 14 days by providing an accounting, approving or correcting a list of collateral, or approving or correcting a statement of account.
Can you summarize NHRS 382-A:9-301?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the perfection, effect of perfection or nonperfection, and priority of security interests in collateral. It applies to creditors and debtors involved in security interests in collateral. The general rules state that the local law of the jurisdiction where the debtor is located determines perfection, effect of perfection or nonperfection, and priority of a security interest.
Can you summarize NHRS 382-A:9-302?
While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-303?
This section of the New Hampshire Revised Statutes, specifically Chapter 382-A of the Uniform Commercial Code, governs the perfection and priority of security interests in goods covered by a certificate of title. It applies to goods that are covered by a certificate of title, regardless of any other relationship between the jurisdiction issuing the certificate and the goods or debtor. Goods become covered by a certificate of title when a valid application and applicable fee are submitted to the appropriate authority.
Can you summarize NHRS 382-A:9-304?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the perfection and priority of security interests in deposit accounts. It establishes that the local law of a bank’s jurisdiction determines the perfection, effect, and priority of a security interest in a deposit account maintained with that bank, regardless of whether the transaction is related to the bank’s jurisdiction. The document outlines rules to determine a bank’s jurisdiction, such as agreements between the bank and the debtor or customer, as well as the location of the bank’s office or chief executive office.
Can you summarize NHRS 382-A:9-305?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the perfection and priority of security interests in investment property. It provides rules for determining the governing law for perfection, the effect of perfection or nonperfection, and the priority of security interests in different types of securities, including certificated securities, uncertificated securities, security entitlements, securities accounts, commodity contracts, and commodity accounts. The document specifies that the local law of the jurisdiction where a security certificate is located, the issuer’s jurisdiction for uncertificated securities, the securities intermediary’s jurisdiction for security entitlements or securities accounts, and the commodity intermediary’s jurisdiction for commodity contracts or commodity accounts govern the perfection, effect, and priority of security interests.
Can you summarize NHRS 382-A:9-306?
(a) Governing law: issuer’s or nominated person’s jurisdiction. Subject to subsection (c), the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a State.
(b) Issuer’s or nominated person’s jurisdiction. For purposes of this part, an issuer’s jurisdiction or nominated person’s jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in Section 5-116.
Can you summarize NHRS 382-A:9-306A?
This legal document governs the perfection and priority of security interests in chattel paper. It specifies the rules for determining the jurisdiction of electronic chattel paper and the applicable law for perfection, nonperfection, and priority of security interests. If chattel paper is evidenced by an authoritative electronic copy, the local law of the electronic chattel paper’s jurisdiction governs. If an authoritative tangible copy of a record evidences chattel paper, the local law of the jurisdiction where the tangible copy is located governs.
Can you summarize NHRS 382-A:9-306B?
(a) Governing law: general rules. Except as provided in subsection (b), the local law of the controllable electronic record’s jurisdiction as specified in Section 12-107(c) and (d) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a controllable account, controllable electronic record, or controllable payment intangible evidenced by the controllable electronic record.
(b) When perfection governed by law of jurisdiction where debtor is located.
Can you summarize NHRS 382-A:9-307?
This legal document provides rules for determining the location of a debtor. The location of a debtor is important in determining the applicable laws and regulations for nonpossessory security interests and the priority of rights. The document defines the term ‘place of business’ as a place where a debtor conducts its affairs. It establishes rules for determining the location of a debtor based on whether the debtor is an individual or an organization with one or multiple places of business.
Can you summarize NHRS 382-A:9-308?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the perfection of security interests and agricultural liens. It specifies that a security interest is perfected if it has attached and all applicable requirements for perfection have been satisfied. Similarly, an agricultural lien is perfected if it has become effective and all applicable requirements have been satisfied. The document also states that a security interest or agricultural lien can be continuously perfected by different methods without any period of being unperfected.
Can you summarize NHRS 382-A:9-309?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the types of security interests that are considered perfected when they attach. These include purchase-money security interests in consumer goods, assignments of accounts or payment intangibles that do not transfer a significant part of the assignor’s outstanding accounts, sales of payment intangibles or promissory notes, security interests created by the assignment of health-care-insurance receivables, security interests arising under specific sections related to commercial transactions, security interests of collecting banks, issuers, or nominated persons, security interests arising in the delivery of financial assets, security interests in investment property created by brokers or securities intermediaries, security interests in commodity contracts or commodity accounts created by commodity intermediaries, assignments for the benefit of all creditors, and security interests created by the assignment of a beneficial interest in a decedent’s estate.
Can you summarize NHRS 382-A:9-310?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the perfection of security interests and agricultural liens. In general, a financing statement must be filed to perfect all security interests and agricultural liens, unless specified exceptions apply. The exceptions include situations where the security interest is perfected through other means, such as possession, control, or specific statutory provisions. Additionally, if a secured party assigns a perfected security interest or agricultural lien, a filing is not required to maintain the perfected status against creditors and transferees.
Can you summarize NHRS 382-A:9-311?
This legal document pertains to the perfection of security interests in property that is subject to certain statutes, regulations, and treaties. It states that filing a financing statement is not necessary or effective to perfect a security interest in property that falls under specific categories, such as those governed by a statute, regulation, or treaty of the United States that preempts Section 9-310(a) of the Uniform Commercial Code. Compliance with the requirements of the applicable law is equivalent to filing a financing statement.
Can you summarize NHRS 382-A:9-312?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the perfection of security interests in various types of assets, including chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights, and money. It outlines the methods of perfection, such as filing, control, possession, and temporary perfection without filing or transfer of possession.
Can you summarize NHRS 382-A:9-313?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the process of perfecting security interests in various types of collateral. It states that a secured party can perfect a security interest in goods, instruments, negotiable tangible documents, or money by taking possession of the collateral. For certificated securities, perfection is achieved by taking delivery of the securities. The document also specifies the circumstances in which possession of goods covered by a certificate of title is required for perfection.
Can you summarize NHRS 382-A:9-314?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the concept of perfection by control in relation to security interests. It states that a security interest in various types of collateral can be perfected by control under specific sections of the code. The document also explains that the perfection by control of certain collateral, such as controllable accounts, electronic records, payment intangibles, deposit accounts, electronic documents, or letter-of-credit rights, occurs when the secured party obtains control and remains perfected only as long as the secured party retains control.
Can you summarize NHRS 382-A:9-314A?
(a) Perfection by possession and control. A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the electronic record evidencing the chattel paper.
(b) Time of perfection; continuation of perfection. A security interest is perfected under subsection (a) not earlier than the time the secured party takes possession and obtains control and remains perfected under subsection (a) only while the secured party retains possession and control.
Can you summarize NHRS 382-A:9-315?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the rights of secured parties and agricultural lienholders regarding the disposition of collateral and the proceeds derived from it. It states that a security interest or agricultural lien continues in collateral even after its sale, lease, license, exchange, or other disposition, unless the secured party authorized the disposition without the security interest or agricultural lien.
Can you summarize NHRS 382-A:9-316?
This legal document governs the effect of a change in governing law on the perfection of security interests. It applies to creditors and debtors involved in security interests. The document outlines the rules for the continuation of perfection of security interests in various scenarios, such as a change in the debtor’s location, transfer of collateral to another jurisdiction, possessory security interests in collateral moved to a new jurisdiction, goods covered by a certificate of title, and change in jurisdiction of specific types of collateral.
Can you summarize NHRS 382-A:9-317?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the priority of interests over security interests or agricultural liens. It states that a security interest or agricultural lien is subordinate to the rights of a person entitled to priority under Section 9-322 and a person that becomes a lien creditor before the security interest or agricultural lien is perfected or certain conditions are met.
Can you summarize NHRS 382-A:9-318?
(a) Seller retains no interest. A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.
(b) Deemed rights of debtor if buyer’s security interest unperfected. For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer’s security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
Can you summarize NHRS 382-A:9-319?
(a) Consignee has consignor’s rights. Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
(b) Applicability of other law. For purposes of determining the rights of a creditor of a consignee, law other than this article determines the rights and title of a consignee while goods are in the consignee’s possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor.
Can you summarize NHRS 382-A:9-320?
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, governs the rights and obligations of buyers of goods. It outlines the circumstances under which a buyer in ordinary course of business or a buyer of consumer goods can take ownership of the goods free of any security interest created by the seller, even if the security interest is perfected and the buyer is aware of its existence.
Can you summarize NHRS 382-A:9-321?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the rights and obligations of licensees of general intangibles and lessees of goods in the ordinary course of business. A ’licensee in ordinary course of business’ refers to a person who becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind.
Can you summarize NHRS 382-A:9-322?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, establishes the rules for determining priority among conflicting security interests and agricultural liens in the same collateral. The general priority rules state that conflicting perfected security interests and agricultural liens rank according to the time of filing or perfection. A perfected security interest or agricultural lien takes priority over a conflicting unperfected security interest or agricultural lien.
Can you summarize NHRS 382-A:9-323?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the priority of perfected security interests and the rights of various parties. It applies to secured parties, lien creditors, buyers of receivables, buyers of goods, and lessees of goods. The document establishes rules for determining the priority of a perfected security interest based on the time of advance. It also addresses the subordination of a security interest to the rights of a lien creditor, the rights of buyers of goods and lessees of goods, and the priority of advances made pursuant to commitments.
Can you summarize NHRS 382-A:9-324?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the priority of purchase-money security interests. It establishes that a perfected purchase-money security interest in goods, other than inventory or livestock, has priority over conflicting security interests in the same goods. The same priority applies to identifiable proceeds of the collateral. For inventory, a perfected purchase-money security interest has priority over conflicting security interests in the same inventory, chattel paper, instruments constituting proceeds of the inventory, and identifiable cash proceeds received before the delivery of the inventory to a buyer.
Can you summarize NHRS 382-A:9-325?
(a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if:
(1) the debtor acquired the collateral subject to the security interest created by the other person;
(2) the security interest created by the other person was perfected when the debtor acquired the collateral; and
(3) there is no period thereafter when the security interest is unperfected.
Can you summarize NHRS 382-A:9-326?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), addresses the priority of security interests created by new debtors. It states that a security interest created by a new debtor in collateral, which is perfected solely by a filed financing statement that would be ineffective to perfect the security interest except for the application of Section 9-316(i)(1) or 9-508, is subordinate to a security interest in the same collateral that is perfected through means other than a filed financing statement.
Can you summarize NHRS 382-A:9-326A?
A security interest in a controllable account, controllable electronic record, or controllable payment intangible held by a secured party having control of the account, electronic record, or payment intangible has priority over a conflicting security interest held by a secured party that does not have control.
Source. 2022, 281:70, eff. Jan. 1, 2023.
Can you summarize NHRS 382-A:9-327?
The following rules govern priority among conflicting security interests in the same deposit account:
(1) A security interest held by a secured party having control of the deposit account under Section 9-104 has priority over a conflicting security interest held by a secured party that does not have control.
(2) Except as otherwise provided in paragraphs (3) and (4), security interests perfected by control under Section 9-314 rank according to priority in time of obtaining control.
Can you summarize NHRS 382-A:9-328?
This legal document governs the priority of security interests in investment property. It applies to secured parties, securities intermediaries, and commodity intermediaries. The document establishes rules for determining the priority of conflicting security interests. It states that a security interest held by a secured party with control over the investment property has priority over a security interest held by a secured party without control. Conflicting security interests held by secured parties with control rank according to the time of obtaining control or satisfying control requirements.
Can you summarize NHRS 382-A:9-329?
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
(1) A security interest held by a secured party having control of the letter-of-credit right under Section 9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under Section 9-314 rank according to priority in time of obtaining control.
Can you summarize NHRS 382-A:9-330?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the priority of purchasers of chattel paper or instruments. It outlines the conditions under which a purchaser of chattel paper has priority over a security interest claimed as proceeds of inventory subject to a security interest. The purchaser must provide new value, take possession of authoritative tangible and electronic copies of the record evidencing the chattel paper, and obtain control of the electronic copies.
Can you summarize NHRS 382-A:9-331?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the priority of rights of purchasers of various assets and the priority of interests in financial assets and security entitlements. It states that the rights of holders in due course of a negotiable instrument, holders to which a negotiable document of title has been duly negotiated, protected purchasers of a security, and qualifying purchasers of a controllable account, controllable electronic record, or controllable payment intangible take priority over earlier security interests, even if perfected, as provided in Articles 3, 7, 8, and 12.
Can you summarize NHRS 382-A:9-332?
(a) Transferee of money. A transferee of money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in violating the rights of the secured party.
(b) Transferee of funds from deposit account. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account if the transferee receives the funds without acting in collusion with the debtor in violating the rights of the secured party.
Can you summarize NHRS 382-A:9-333?
(a) ‘Possessory lien.’ In this section, ‘possessory lien’ means an interest, other than a security interest or an agricultural lien:
(1) which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business;
(2) which is created by statute or rule of law in favor of the person; and
(3) whose effectiveness depends on the person’s possession of the goods.
Can you summarize NHRS 382-A:9-334?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the priority of security interests in fixtures and crops. It outlines the rules regarding security interests in goods that are fixtures or become fixtures, as well as the subordination of security interests to conflicting interests of encumbrancers or owners of related real property. The document also covers the priority of security interests in fixtures over interests in real property, based on factors such as fixture filing, possession, and consent.
Can you summarize NHRS 382-A:9-335?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the creation, perfection, and priority of security interests in accessions. It states that a security interest can be created in an accession and continues in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected. The priority of a security interest in an accession is determined by the provisions of this part, except when a security interest in the whole is perfected by compliance with a certificate-of-title statute.
Can you summarize NHRS 382-A:9-336?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, addresses the concept of commingled goods. Commingled goods refer to goods that are physically combined with other goods in a way that their individual identity is lost. The section states that a security interest does not exist in commingled goods themselves, but it may attach to the resulting product or mass when goods become commingled. If collateral becomes commingled goods, a security interest attaches to the product or mass.
Can you summarize NHRS 382-A:9-337?
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this State issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:
(1) a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
(2) the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under Section 9-311(b), after issuance of the certificate and without the conflicting secured party’s knowledge of the security interest.
Can you summarize NHRS 382-A:9-338?
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in Section 9-516(b)(5) which is incorrect at the time the financing statement is filed:
(1) the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
(2) a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
Can you summarize NHRS 382-A:9-339?
This article does not preclude subordination by agreement by a person entitled to priority.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-340?
(a) Exercise of recoupment or set-off. Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account.
(b) Recoupment or set-off not affected by security interest. Except as otherwise provided in subsection (c), the application of this article to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party.
Can you summarize NHRS 382-A:9-341?
Except as otherwise provided in Section 9-340(c), and unless the bank otherwise agrees in a signed record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by:
(1) the creation, attachment, or perfection of a security interest in the deposit account;
(2) the bank’s knowledge of the security interest; or
(3) the bank’s receipt of instructions from the secured party.
Can you summarize NHRS 382-A:9-342?
This article does not require a bank to enter into an agreement of the kind described in Section 9-104(a)(2), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-401?
(a) Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) and Sections 9-406, 9-407, 9-408, and 9-409, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article.
(b) Agreement does not prevent transfer. An agreement between the debtor and secured party which prohibits a transfer of the debtor’s rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
Can you summarize NHRS 382-A:9-402?
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-403?
This legal document, governed by the Uniform Commercial Code (Chapter 382-A) in the New Hampshire Revised Statutes, pertains to agreements between account debtors and assignors. It states that an agreement not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee under certain conditions. The assignee must take the assignment for value, in good faith, without notice of a claim of a property or possessory right to the assigned property, and without notice of a defense or claim in recoupment.
Can you summarize NHRS 382-A:9-404?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the rights acquired by an assignee and the claims and defenses that can be made against the assignee. The rights of an assignee are subject to the terms, claims, and defenses of the agreement between the account debtor and assignor, as well as any other defense or claim of the account debtor against the assignor that arises before the account debtor receives a notification of the assignment.
Can you summarize NHRS 382-A:9-405?
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the effect of modifying or substituting an assigned contract. It states that a modification or substitution is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. However, the document specifies that this subsection is subject to certain conditions. It applies when the right to payment under an assigned contract has not been fully earned or when the right to payment has been fully earned but the account debtor has not been notified of the assignment.
Can you summarize NHRS 382-A:9-406?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the discharge of account debtors, notification of assignment, identification and proof of assignment, and restrictions on the assignment of accounts, chattel paper, payment intangibles, and promissory notes. It establishes that an account debtor can discharge its obligation by paying the assignor until it receives a notification signed by the assignor or assignee stating that the amount due has been assigned and payment should be made to the assignee.
Can you summarize NHRS 382-A:9-407?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the restrictions on the creation or enforcement of security interests in leasehold interests or in the lessor’s residual interest. It states that a term in a lease agreement is generally ineffective if it prohibits, restricts, or requires consent for the assignment, transfer, creation, attachment, perfection, or enforcement of a security interest in a party’s interest under the lease contract or in the lessor’s residual interest in the goods.
Can you summarize NHRS 382-A:9-408?
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the restrictions on the assignment of promissory notes, health-care-insurance receivables, and certain general intangibles. It states that any term in a promissory note or agreement that prohibits, restricts, or requires consent for the assignment or transfer of these assets is ineffective to the extent that it impairs the creation, attachment, or perfection of a security interest or provides that the assignment or transfer may give rise to default, breach, or other remedies.
Can you summarize NHRS 382-A:9-409?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the restrictions on the assignment of letter-of-credit rights. It states that any term in a letter of credit or any rule of law, statute, regulation, custom, or practice that prohibits, restricts, or requires consent for the assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that it impairs the creation, attachment, or perfection of a security interest or provides grounds for default, breach, claim, or termination under the letter-of-credit right.
Can you summarize NHRS 382-A:9-501?
This legal document pertains to the filing of financing statements to perfect security interests or agricultural liens. It specifies the filing offices based on the local law of the state. If the collateral is as-extracted collateral or timber to be cut, or if the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures, the filing should be made at the office designated for filing or recording a record of a mortgage on the related real property.
Can you summarize NHRS 382-A:9-502?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the sufficiency and requirements of financing statements and record of mortgages as financing statements. A financing statement is considered sufficient if it includes the name of the debtor, the name of the secured party or their representative, and indicates the collateral covered. However, for financing statements related to real property, additional requirements must be met, such as indicating the type of collateral, filing in the real property records, providing a description of the real property, and including the name of a record owner if the debtor has no interest of record.
Can you summarize NHRS 382-A:9-503?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the sufficiency of a debtor’s name in a financing statement. It provides guidelines for determining whether a financing statement sufficiently provides the name of the debtor based on different scenarios. The document specifies the requirements for registered organizations, trusts, individuals, and other cases. It also clarifies that the absence of a trade name or additional debtor-related information does not render a financing statement ineffective.
Can you summarize NHRS 382-A:9-504?
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) a description of the collateral pursuant to Section 9-108; or
(2) an indication that the financing statement covers all assets or all personal property.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-505?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, pertains to the filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. It allows consignors, lessors, bailors, licensors, buyers, and other parties to file a financing statement or comply with relevant statutes or treaties using specific terms such as ‘consignor’, ‘consignee’, ’lessor’, ’lessee’, ‘bailor’, ‘bailee’, ’licensor’, ’licensee’, ‘owner’, ‘registered owner’, ‘buyer’, ‘seller’, or similar terms instead of ‘secured party’ and ‘debtor’.
Can you summarize NHRS 382-A:9-506?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the effect of errors or omissions in financing statements. A financing statement that substantially satisfies the requirements of this part is considered effective, even if it contains minor errors or omissions, unless these errors or omissions make the financing statement seriously misleading. However, if a financing statement fails to provide the name of the debtor in accordance with Section 9-503(a), it is considered seriously misleading.
Can you summarize NHRS 382-A:9-507?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the effect of certain events on the effectiveness of a financing statement. It states that a filed financing statement remains effective even if the collateral is sold, exchanged, leased, licensed, or otherwise disposed of, as long as a security interest or agricultural lien continues. Additionally, it mentions that a financing statement is not rendered ineffective if the information provided in the financing statement becomes seriously misleading, except as provided in subsection (c) and Section 9-508.
Can you summarize NHRS 382-A:9-508?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the effectiveness of a financing statement when a new debtor becomes bound by a security agreement. It states that a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights, as long as the financing statement would have been effective had the original debtor acquired rights in the collateral.
Can you summarize NHRS 382-A:9-509?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the filing of initial financing statements, amendments that add collateral or debtors, and termination statements. It specifies that a person may file such records if the debtor authorizes the filing, or if the person holds an agricultural lien that has become effective. The document also outlines that by signing a security agreement, a debtor authorizes the filing of an initial financing statement and amendment covering the collateral described in the agreement.
Can you summarize NHRS 382-A:9-510?
(a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under Section 9-509.
(b) Authorization by one secured party of record. A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.
(c) Continuation statement not timely filed. A continuation statement that is not filed within the six-month period prescribed by Section 9-515(d) is ineffective.
Can you summarize NHRS 382-A:9-511?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, pertains to the concept of a secured party of record in relation to financing statements. A secured party of record is a person whose name is provided as the secured party or a representative of the secured party in an initial financing statement that has been filed. If an amendment is filed to provide the name of a person as a secured party or representative, that person becomes a secured party of record.
Can you summarize NHRS 382-A:9-512?
This legal document governs the process of amending a financing statement. It applies to persons who have previously filed a financing statement and need to make changes to the information provided in the statement. The amendment can involve adding or deleting collateral, continuing or terminating the effectiveness of the statement, or making other amendments. The amendment must identify the initial financing statement to which it relates or provide specific information if the initial financing statement was filed in a certain type of filing office.
Can you summarize NHRS 382-A:9-513?
This legal document pertains to the termination of financing statements under the Uniform Commercial Code (UCC). It outlines the requirements for secured parties to file a termination statement for a financing statement under certain circumstances. If the financing statement covers consumer goods, the secured party must file a termination statement if there is no obligation secured by the collateral covered by the financing statement, or if the debtor did not authorize the initial filing.
Can you summarize NHRS 382-A:9-514?
This legal document governs the assignment of powers of a secured party of record. It outlines the procedures for assigning the power to authorize an amendment to a financing statement. An initial financing statement may reflect an assignment by providing the name and mailing address of the assignee. A secured party of record may assign all or part of its power by filing an amendment of the financing statement, which includes specific information and the names of the assignor and assignee.
Can you summarize NHRS 382-A:9-515?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the duration and effectiveness of financing statements. A filed financing statement is generally effective for a period of 5 years after the date of filing. However, there are exceptions for initial financing statements filed in connection with public-finance transactions or manufactured-home transactions, which are effective for 30 years. The effectiveness of a financing statement lapses upon expiration, but it can be continued by filing a continuation statement within a specific timeframe.
Can you summarize NHRS 382-A:9-516?
This legal document pertains to the filing and effectiveness of filing under the Uniform Commercial Code (UCC). It specifies that communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing, unless otherwise provided. The document outlines various reasons for refusal to accept a record, such as improper communication method, insufficient filing fee, inability to index the record, missing debtor information, or insufficient description of real property.
Can you summarize NHRS 382-A:9-517?
The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-518?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), allows a person to file an information statement in the filing office if they believe that a record indexed under their name is inaccurate or was wrongfully filed. The information statement must identify the record it relates to, indicate that it is an information statement, and provide the basis for the person’s belief that the record is inaccurate or wrongfully filed.
Can you summarize NHRS 382-A:9-519?
This legal document governs the duties of filing offices in relation to numbering, maintaining, and indexing records, as well as communicating information provided in records. It applies to filing offices and outlines their responsibilities, including assigning unique numbers to filed records, creating records with filing information, maintaining records for public inspection, and indexing records according to specific criteria. The document also provides guidelines for indexing real-property-related financing statements and assignments. It emphasizes the importance of retrieval and association capability, as well as the timeliness of filing office performance.
Can you summarize NHRS 382-A:9-520?
This legal document pertains to the acceptance and refusal of records for filing by filing offices. It states that a filing office shall refuse to accept a record for filing only for reasons set forth in Section 9-516(b) of the Uniform Commercial Code. If a record is refused, the filing office must communicate the refusal, including the reason and the date and time the record would have been filed if accepted.
Can you summarize NHRS 382-A:9-521?
A filing office that accepts written records shall not refuse to accept a written initial financing statement, addendum, or amendment in the form and format set forth in the official text of the 2010 amendments to Article 9 of the Uniform Commercial Code promulgated by the American Law Institute and the Uniform Law Commission, or in such form and format as may be subsequently adopted by the American Law Institute, the Uniform Law Commission, or the International Association of Commercial Administrators, except for a reason set forth in Section 9-516(b).
Can you summarize NHRS 382-A:9-522?
This legal document pertains to the maintenance and destruction of records under the Uniform Commercial Code (Chapter 382-A). It requires filing offices to maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed. The record must be retrievable using the name of the debtor and other specified information. The document also allows the filing office to immediately destroy any written record evidencing a financing statement, as long as another record complying with the requirements is maintained.
Can you summarize NHRS 382-A:9-523?
This legal document governs the acknowledgment of filing written records and other records, communication of requested information, medium for communicating information, timeliness of filing office performance, public availability of records, and remote electronic searches of secretary of state records. It applies to persons that file written records, persons that file records other than written records, any person that requests information from the filing office, municipal clerks authorized by the secretary of state, and members of the public allowed by the secretary of state.
Can you summarize NHRS 382-A:9-524?
Delay by the filing office beyond a time limit prescribed by this part is excused if:
(1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, temporary insufficiency of assigned personnel, or other circumstances beyond control of the filing office; and
(2) the filing office exercises reasonable diligence under the circumstances.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-525?
This document governs the fees associated with filing and indexing records under the Uniform Commercial Code (UCC) in New Hampshire. The fees vary depending on the type of record, the number of pages, and the medium of communication. The document specifies different fees for initial financing statements and other records. Additionally, there is a fee for responding to information requests from the filing office. Real-property-related financing statements are subject to different fee regulations.
Can you summarize NHRS 382-A:9-526?
This legal document pertains to the adoption and publication of filing-office rules by the office of the secretary of state. The filing-office rules must be consistent with the Uniform Commercial Code (Chapter 382-A) but are not subject to the provisions of RSA 541-A. The purpose of these rules is to keep the filing-office rules and practices in harmony with other jurisdictions that enact substantially the same part of the Uniform Commercial Code.
Can you summarize NHRS 382-A:9-527?
This legal document governs the disposition of funds in the state of New Hampshire. It outlines the responsibilities of the state treasurer and the secretary of state in paying for the expenses related to administering, staffing, maintaining, and improving services provided by the secretary of state. The state treasurer is authorized to draw warrants for the authorized sums from the treasury. Additionally, the document instructs the state treasurer to disburse funds to individual city and town clerks in New Hampshire.
Can you summarize NHRS 382-A:9-528?
Where a record submitted for filing under this part contains the social security number of a debtor who is an individual, such number shall be expunged prior to filing. Where a filed record contains the social security number of such a debtor, the number shall not be included in any record made available or released to the public, including under Section 9-523(c), (f), (g), or (h). This section shall not apply to taxpayer identification numbers of debtors that are not individuals, to records filed pursuant to laws other than this chapter that reference this chapter, this article, or this part, or to records filed in a filing office described in Section 9-501(a)(1).
Can you summarize NHRS 382-A:9-529?
This legal document pertains to fraudulent filing under the Uniform Commercial Code in New Hampshire. It prohibits any person from intentionally or knowingly presenting or causing to be presented a financing statement for filing under certain circumstances. These circumstances include when the filing has not been authorized and the person does not have a good-faith expectation of proper authorization, when the financing statement contains a material false statement, or when the financing statement is groundless.
Can you summarize NHRS 382-A:9-601?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights and enforcement procedures after default in commercial transactions. It applies to secured parties, debtors, obligors, consignors, and buyers of accounts, chattel paper, payment intangibles, or promissory notes. After default, a secured party has the right to reduce a claim to judgment, foreclose, or enforce the claim through judicial procedures. If the collateral is documents, the secured party may proceed either as to the documents or as to the goods they cover.
Can you summarize NHRS 382-A:9-602?
This legal document pertains to the waiver and variance of rights and duties in secured transactions governed by the Uniform Commercial Code (UCC). It specifies that debtors or obligors cannot waive or vary the rules stated in certain listed sections, unless otherwise provided in Section 9-624. These sections include provisions related to the use and operation of collateral by the secured party, requests for accounting and information about collateral, collection and enforcement of collateral, application or payment of noncash proceeds, accounting for surplus proceeds, duty to take possession of collateral without breach of peace, disposition of collateral, calculation of deficiency or surplus, explanation of surplus or deficiency calculation, acceptance of collateral in satisfaction of obligation, redemption of collateral, and secured party’s liability for failure to comply with the UCC.
Can you summarize NHRS 382-A:9-603?
(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Section 9-602 if the standards are not manifestly unreasonable.
(b) Agreed standards inapplicable to breach of peace. Subsection (a) does not apply to the duty under Section 9-609 to refrain from breaching the peace.
Source. 2001, 102:25, eff.
Can you summarize NHRS 382-A:9-604?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides guidance on the procedure to be followed when a security agreement covers both personal and real property, or when it covers goods that are or become fixtures. If a security agreement covers both personal and real property, a secured party can enforce their rights separately for the personal property without affecting their rights over the real property.
Can you summarize NHRS 382-A:9-605?
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the duties and obligations of secured parties in relation to debtors, obligors, and other secured parties or lienholders. It establishes that a secured party does not owe a duty to a debtor or obligor unless the secured party has knowledge of their identity and how to communicate with them. Similarly, a secured party does not owe a duty to a secured party or lienholder unless they have knowledge of the debtor’s identity.
Can you summarize NHRS 382-A:9-606?
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-607?
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the collection and enforcement actions that a secured party can take. It applies to secured parties, account debtors, other persons obligated on collateral, and banks. The section outlines the various actions a secured party can take, such as notifying an account debtor or other obligated person to make payment or render performance, enforcing obligations, exercising debtor’s rights, and applying the balance of a deposit account.
Can you summarize NHRS 382-A:9-608?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the application of proceeds of collection or enforcement, as well as the liability for deficiency and right to surplus. It applies to secured parties, holders of subordinate security interests or other liens, debtors, and obligors. The document outlines the order in which cash proceeds of collection or enforcement should be applied, including reasonable expenses, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by any subordinate security interest or other lien.
Can you summarize NHRS 382-A:9-609?
(a) Possession; rendering equipment unusable; disposition on debtor’s premises. After default, a secured party:
(1) may take possession of the collateral; and
(2) without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under Section 9-610.
(b) Judicial and nonjudicial process. A secured party may proceed under subsection (a):
(1) pursuant to judicial process; or
(2) without judicial process, if it proceeds without breach of the peace.
Can you summarize NHRS 382-A:9-610?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the disposition of collateral after default. It allows a secured party to sell, lease, license, or otherwise dispose of the collateral in its present condition or after reasonable preparation or processing. The disposition must be commercially reasonable, considering aspects such as method, manner, time, place, and terms. The secured party can dispose of collateral through public or private proceedings, contracts, as a unit or in parcels, and at any time and place.
Can you summarize NHRS 382-A:9-611?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the requirement for secured parties to provide notification before disposing of collateral. The document specifies that a secured party must send a reasonable signed notification of disposition to the debtor, any secondary obligor, and other specified parties. These specified parties include other persons with an interest in the collateral, other secured parties or lienholders who have filed a financing statement, and secured parties who have a security interest in the collateral perfected by compliance with a statute, regulation, or treaty.
Can you summarize NHRS 382-A:9-612?
(a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b) 10-day period sufficient in non-consumer transaction. In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Can you summarize NHRS 382-A:9-613?
This legal document governs the contents and form of notification that must be provided before the disposition of collateral in non-consumer-goods transactions. The notification must include information such as the debtor and secured party’s description, the collateral subject to disposition, the method of intended disposition, the debtor’s entitlement to an accounting of unpaid indebtedness, and the time and place of public disposition or the time after which any other disposition will be made.
Can you summarize NHRS 382-A:9-614?
This legal document governs the contents and form of notification before the disposition of collateral in consumer-goods transactions. It specifies the information that must be included in a notification of disposition, such as the details specified in Section 9-613(a)(1), a description of any liability for a deficiency, a telephone number for redeeming the collateral, and a telephone number or mailing address for additional information. The document states that a particular phrasing of the notification is not required.
Can you summarize NHRS 382-A:9-615?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the application of proceeds from the disposition of collateral by a secured party. It outlines the order in which the cash proceeds should be applied, including expenses, satisfaction of obligations secured by the security interest, and satisfaction of obligations secured by subordinate security interests or liens. The document also addresses the application of noncash proceeds and the rights of debtors and obligors in cases of surplus or deficiency.
Can you summarize NHRS 382-A:9-616?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the calculation of surplus or deficiency in consumer-goods transactions. It applies to secured parties, debtors, and consumer obligors involved in such transactions. The document outlines the requirements for providing an explanation of the surplus or deficiency to the debtor or consumer obligor after the disposition of collateral. The explanation must include specific information such as the amount of obligations secured by the security interest, the amount of proceeds from the disposition, expenses related to the disposition, and any credits or rebates to which the obligor is entitled.
Can you summarize NHRS 382-A:9-617?
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights of a transferee of collateral in the event of default. When a secured party disposes of collateral after default, the transferee for value acquires all of the debtor’s rights in the collateral. Additionally, the disposition discharges the security interest under which it is made and any subordinate security interest or lien. A transferee that acts in good faith takes free of the rights and interests of the secured party, even if the secured party fails to comply with the requirements of this article or any judicial proceeding.
Can you summarize NHRS 382-A:9-618?
(a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1) receives an assignment of a secured obligation from the secured party;
(2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3) is subrogated to the rights of a secured party with respect to collateral.
Can you summarize NHRS 382-A:9-619?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the transfer of record or legal title. It defines a ’transfer statement’ as a record signed by a secured party that indicates the debtor’s default, the secured party’s exercise of post-default remedies, the acquisition of the debtor’s rights by a transferee, and the relevant parties’ names and addresses. The transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the specified collateral in any official filing, recording, registration, or certificate-of-title system.
Can you summarize NHRS 382-A:9-620?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the acceptance of collateral in full or partial satisfaction of an obligation. It outlines the conditions under which a secured party may accept collateral, including obtaining the debtor’s consent, not receiving objections from certain parties, and compliance with specific requirements for consumer goods. The document also specifies the effectiveness of acceptance, the debtor’s consent process, and the mandatory disposition of consumer goods by the secured party.
Can you summarize NHRS 382-A:9-621?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the process of accepting collateral in full or partial satisfaction of a secured obligation. It specifies that a secured party wishing to accept collateral must send a proposal to various parties, including those who have previously claimed an interest in the collateral, other secured parties or lienholders who held a security interest in the collateral before the debtor’s consent, and secured parties who have a perfected security interest in the collateral through compliance with relevant statutes, regulations, or treaties.
Can you summarize NHRS 382-A:9-622?
(a) Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) discharges the obligation to the extent consented to by the debtor;
(2) transfers to the secured party all of a debtor’s rights in the collateral;
(3) discharges the security interest or agricultural lien that is the subject of the debtor’s consent and any subordinate security interest or other subordinate lien; and
(4) terminates any other subordinate interest.
Can you summarize NHRS 382-A:9-623?
(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) Requirements for redemption. To redeem collateral, a person shall tender:
(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorney’s fees described in Section 9-615(a)(1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) has collected collateral under Section 9-607;
(2) has disposed of collateral or entered into a contract for its disposition under Section 9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9-622.
Can you summarize NHRS 382-A:9-624?
(a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 9-611 only by an agreement to that effect entered into and signed after default.
(b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under Section 9-620(e) only by an agreement to that effect entered into and signed after default.
(c) Waiver of redemption right.
Can you summarize NHRS 382-A:9-625?
This legal document governs the remedies available when a secured party fails to comply with the provisions outlined in the Uniform Commercial Code. It applies to secured parties, debtors, obligors, and persons with security interests or liens on collateral. The document allows a court to order or restrain collection, enforcement, or disposition of collateral if a secured party is not proceeding in accordance with the article. It also establishes liability for damages caused by noncompliance, including loss resulting from the debtor’s inability to obtain alternative financing.
Can you summarize NHRS 382-A:9-626?
This legal document pertains to actions arising from transactions, excluding consumer transactions, where the amount of a deficiency or surplus is in dispute. The document outlines the rules that apply in such cases. It states that a secured party does not need to prove compliance with certain provisions unless their compliance is challenged by the debtor or a secondary obligor. If compliance is challenged, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with the relevant provisions.
Can you summarize NHRS 382-A:9-627?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the determination of whether conduct related to the collection, enforcement, disposition, or acceptance of collateral was commercially reasonable. It states that the fact that a greater amount could have been obtained by a different method or at a different time does not automatically preclude the secured party from establishing that the conduct was commercially reasonable. The provision also outlines the criteria for a disposition of collateral to be considered commercially reasonable, such as being made in the usual manner on a recognized market or at the current market price.
Can you summarize NHRS 382-A:9-628?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the nonliability and limitation on liability of secured parties and the liability of secondary obligors. It outlines the circumstances under which a secured party may not be held liable for noncompliance with the article, such as when they lack knowledge of the debtor or obligor’s identity and means of communication. The document also limits the liability of a secured party based on their status as a secured party, provided they do not have the required knowledge about the debtor or obligor.
Can you summarize NHRS 382-A:9-701?
This Act takes effect on July 1, 2001. References in this part to ’this Act’ refer to the legislative enactment by which this part is added to RSA 382-A:9. References in this part to ‘former Article 9’ refer to RSA 382-A:9 as in effect immediately before this Act takes effect.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-702?
This legal document, known as the Savings Clause, is a part of the New Hampshire Revised Statutes under the Uniform Commercial Code. It applies to transactions or liens, even if they were entered into or created before this Act takes effect. The document states that transactions and liens that were not governed by former Article 9, but were validly entered into or created before this Act takes effect, remain valid after this Act takes effect.
Can you summarize NHRS 382-A:9-703?
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the priority of security interests over lien creditors. It states that a security interest that is enforceable immediately before the Act takes effect and would have priority over a person becoming a lien creditor at that time is considered a perfected security interest under the Act if the applicable requirements for enforceability and perfection are satisfied without further action.
Can you summarize NHRS 382-A:9-704?
A security interest that is enforceable immediately before this Act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one year after this Act takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under Section 9-203 when this Act takes effect or within one year thereafter; and
(3) becomes perfected:
(A) without further action, when this Act takes effect if the applicable requirements for perfection under this Act are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Can you summarize NHRS 382-A:9-705?
This legal document pertains to the effectiveness of actions taken before the effective date of the Act. It states that if an action, other than filing a financing statement, is taken before the Act takes effect and would have resulted in priority of a security interest over the rights of a person becoming a lien creditor, the action is effective to perfect a security interest within one year after the Act takes effect.
Can you summarize NHRS 382-A:9-706?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the continuation of the effectiveness of financing statements. It states that the filing of an initial financing statement in the specified office will continue the effectiveness of a financing statement filed before the Act takes effect. The initial financing statement must satisfy certain requirements, including identifying the pre-effective-date financing statement and indicating that it remains effective.
Can you summarize NHRS 382-A:9-707?
This legal document pertains to the amendment of pre-effective-date financing statements. A pre-effective-date financing statement refers to a financing statement filed before this Act takes effect. After this Act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3.
Can you summarize NHRS 382-A:9-708?
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(A) to continue the effectiveness of a financing statement filed before this Act takes effect; or
(B) to perfect or continue the perfection of a security interest.
Source. 2001, 102:25, eff. July 1, 2001.
Can you summarize NHRS 382-A:9-709?
(a) Law governing priority. This Act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this Act takes effect, former Article 9 determines priority.
(b) Priority if security interest becomes enforceable under Section 9-203. For purposes of Section 9-322(a), the priority of a security interest that becomes enforceable under Section 9-203 of this Act dates from the time this Act takes effect if the security interest is perfected under this Act by the filing of a financing statement before this Act takes effect which would not have been effective to perfect the security interest under former Article 9.
Can you summarize NHRS 382-A:9-710?
This legal document outlines the duties and responsibilities of former filing offices, specifically city or town clerk’s offices, regarding the maintenance, destruction, acceptance, and communication of records related to financing statements filed under former Article 9 of the Uniform Commercial Code. The former filing offices are required to maintain records of every financing statement until a termination statement is filed or until June 30, 2007, whichever is earlier. After July 1, 2007, the remaining records may be destroyed.
Can you summarize NHRS 382-A:9-801?
This act takes effect on July 1, 2013. As used in this part, ‘act’ means the legislation enacting the 2010 amendments to Article 9.
Source. 2012, 236:21, eff. July 1, 2013.
Can you summarize NHRS 382-A:9-802?
(a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect.
(b) Pre-effective-date proceedings. This act does not affect an action, case, or proceeding commenced before this act takes effect.
Source. 2012, 236:21, eff. July 1, 2013.
Can you summarize NHRS 382-A:9-803?
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, specifically Chapter 382-A, addresses the perfection of security interests. It states that a security interest that is already perfected before the effective date of this act will remain perfected under the amended Article 9 of the Uniform Commercial Code, as long as the applicable requirements for attachment and perfection under the amended Article 9 are satisfied without further action.
Can you summarize NHRS 382-A:9-804?
A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest:
(1) without further action, when this act takes effect if the applicable requirements for perfection under Article 9 as amended by this act are satisfied before or at that time; or
(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Source. 2012, 236:21, eff.
Can you summarize NHRS 382-A:9-805?
This legal document pertains to the effectiveness of action taken before the effective date. It applies to creditors and debtors involved in financing statements. The document states that filing a financing statement before the act takes effect is effective to perfect a security interest to the extent it satisfies the applicable requirements for perfection under Article 9 as amended by this act. It also specifies that an effective financing statement filed before the act takes effect does not become ineffective due to this act, except under certain circumstances.
Can you summarize NHRS 382-A:9-806?
This provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the continuation of effectiveness of financing statements. It states that the filing of an initial financing statement in the specified office will continue the effectiveness of a financing statement filed before the act takes effect. This applies if the initial financing statement would be effective to perfect a security interest under Article 9 as amended by this act, the pre-effective-date financing statement was filed in another state, and the initial financing statement satisfies the requirements outlined in subsection (c).
Can you summarize NHRS 382-A:9-807?
This legal document pertains to the amendment of pre-effective-date financing statements. A pre-effective-date financing statement refers to a financing statement filed before this act takes effect. After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Article 9 as amended by this act.
Can you summarize NHRS 382-A:9-808?
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(A) to continue the effectiveness of a financing statement filed before this act takes effect; or
(B) to perfect or continue the perfection of a security interest.
Source. 2012, 236:21, eff. July 1, 2013.
Can you summarize NHRS 382-A:9-809?
This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, Article 9 as it existed before amendment determines priority.
Source. 2012, 236:21, eff. July 1, 2013.
Can you summarize NHRS 383-B:4-401?
This article sets forth the rights and duties of persons with respect to certain deposit accounts.
Source. 2015, 272:16. 2016, 230:11, eff. Aug. 8, 2016.
Can you summarize NHRS 383-B:6-606?
This legal document, part of the New Hampshire Revised Statutes under the DEPOSITORY BANK ACT, governs the rights of depositors at mutual banks or mutual holding companies. Depositors at a mutual bank have an undivided inchoate interest in the net worth of the bank, proportionate to the amount of their funds in the account divided by the aggregate amount of all funds on deposit. This interest terminates upon withdrawal of funds or upon declaration of dividends or commencement of liquidation proceedings.
Can you summarize NHRS 383-B:6-607?
This legal document, part of the New Hampshire Revised Statutes under the DEPOSITORY BANK ACT, governs the declaration and distribution of dividends to depositors of mutual banks and mutual holding companies. The board of directors of a mutual bank or mutual holding company, through its subsidiary bank or banks, has the authority to declare a dividend and distribute the capital, surplus, and retained earnings to depositors in proportion to their average funds on deposit during a 30-day period.
Can you summarize NHRS 383-B:6-613?
A mutual bank that has obtained approval from the commissioner to complete the reorganization shall give its depositors written notice of the reorganization at least 30 days prior to the effective date of the reorganization. The notice shall include a brief description of the plan of reorganization. Any depositor of the mutual bank who fails to withdraw the amount deposited to his or her credit at the bank prior to the effective date of the reorganization shall be deemed to have assented to the reorganization.
Can you summarize NHRS 383-B:6-615?
This provision, found in the New Hampshire Revised Statutes under the DEPOSITORY BANK ACT, allows the commissioner to permit newly created, wholly-owned subsidiary banks of mutual holding companies to represent themselves as a continuation of the operations of the mutual bank that organized them. This representation must comply with the relevant statutes and be consistent with the new subsidiary bank’s operations under the reorganization plan. Depositors of the mutual bank prior to the reorganization are entitled to have their deposits transferred to the subsidiary bank with the same amounts, interest rates, and terms, without interruption of interest.
Can you summarize NHRS 383-B:7-704?
A depository bank and foreign bank that is authorized to make loans may engage in the business of loan production. A loan production office is any place of business located within this state at which the bank engages solely in activities relating to loan production. A loan production office is not a branch office. A depository bank or foreign bank shall provide the commissioner with written notice of its intent to establish or relocate a loan production office under RSA 383-A:6-602 and may proceed to establish a loan production office after filing the notice without further action by the commissioner.
Can you summarize NHRS 383-B:7-705?
This section of the New Hampshire Revised Statutes, under the DEPOSITORY BANK ACT, governs the ownership and operation of automated teller machines (ATMs) by depository banks. It clarifies that ATMs are not considered branches and that depository banks are not required to file a notice or application with the commissioner to establish, own, or operate an ATM. However, if a depository bank charges a fee for the use of an ATM, the amount of the fee must be clearly and conspicuously disclosed.
Can you summarize NHRS 383:9-d?
This legal document governs the examination of banks, credit unions, trust companies, family trust companies, and consumer credit licensees. The commissioner is required to examine the condition and management of depository banks and credit unions every 18 months, trust companies in accordance with RSA 383-C:14-1401, family trust companies in accordance with RSA 383-D:11-1101, and consumer credit licensees every 24 months. However, entities that meet certain criteria may have examinations waived or alternate between examinations.
Can you summarize NHRS 383:9-g?
This legal document, part of the New Hampshire Revised Statutes, falls under the jurisdiction of the Bank Commissioner. It grants the Bank Commissioner general supervision over bank holding companies, which include corporations, partnerships, limited partnerships, limited liability companies, limited liability corporations, business trusts, or any other form of business entity organized under the laws of any jurisdiction. A bank holding company is defined as an entity that beneficially owns, controls, or holds the power to vote 25 percent or more of the voting stock of any federally chartered or state-chartered bank or possesses the power to control or controls the election of a majority of the directors of any such banking organization.
Can you summarize NHRS 391:1-a?
This legal document pertains to the establishment and use of common trust funds by bank or trust companies that are affiliates of a bank holding company or a savings and loan holding company. The document allows such entities to establish common trust funds for the purpose of providing investments to themselves as fiduciaries, to other affiliates of the same holding company qualified to act as fiduciaries, or to themselves and others as co-fiduciaries.
Can you summarize NHRS 395:29?
If any institution whose deposit accounts have been reduced under the provisions of this chapter shall afterward receive new deposits it shall keep its accounts, and in all respects conduct its business relating to such new deposits, as if it were a separate institution, distinct from the one in which the old deposits were made; and if proceedings shall be commenced against such institution to wind up its affairs the court may make the same applicable to either or both parts of such business.
Can you summarize NHRS 397:3?
The commissioner may by order authorize any bank or banks to receive new deposits under such special rules and regulations as in the opinion of the commissioner the interest of the public or of such bank or banks or the depositors thereof may require.
Source. 1933, 25:3. RL 318:3.
Can you summarize NHRS 397:4?
The commissioner may by order authorize any bank or banks to receive new deposits, which new deposits shall be special deposits and designated as such, shall be segregated from all other deposits and may be invested only in assets approved by the commissioner as being sufficiently liquid to be available when needed to meet any demands on account of such special deposits, which assets shall not be merged with other assets but shall be held in trust for the security and payment of such special deposits, except that income from such assets may to the extent authorized by the commissioner be used by the bank for other proper purposes of the institution, and the withdrawal of such special deposits shall not be subject in any respect to restriction or limitation under this chapter.
Can you summarize NHRS 638:5?
This legal document, part of the New Hampshire Revised Statutes under the Criminal Code, governs the fraudulent use of a credit card. It states that a person is guilty of fraudulent use if they use a credit card to obtain property or services with knowledge that the card is stolen, revoked or cancelled, or if their use of the card is unauthorized. The document defines a credit card as a writing or evidence of an undertaking to pay for property or services.
Can you summarize NHRS Chapter 358-M?
The provided legal document content pertains to the Merchant’s check acceptance policies in the New Hampshire Revised Statutes. According to this provision, it is prohibited to require a credit card number or expiration date as a condition for accepting a check or share draft. However, a purchaser may be requested to display a credit card for creditworthiness or additional identification purposes, but only the type of credit card and issuer information can be recorded.
Can you summarize NHRS Chapter 358-N?
The provided legal document content pertains to the New Hampshire Revised Statutes governing prohibited credit card practices in travel services. It defines a ‘credit card’ as any instrument that evidences an undertaking to pay for services rendered or furnished to a designated person or bearer. The document also defines a ‘provider of travel services’ as a person, firm, or corporation engaged in the business of furnishing travel, transportation, or vacation services, excluding travel agents who meet specific criteria.
Can you summarize NHRS Chapter 359-C?
The legal document, part of the New Hampshire Revised Statutes under the TRADE AND COMMERCE section, focuses on the right to privacy in relation to financial and credit records. It applies to financial institutions, creditors, customers, and state or local agencies or departments in New Hampshire. The document prohibits the unauthorized access, disclosure, or use of financial or credit records by officers, employees, or agents of state or local agencies or departments, unless certain conditions are met.
Can you summarize NHRS Chapter 359-I?
This legal document, found in the New Hampshire Revised Statutes under the section on Identity Theft, governs prohibited conduct related to personal information and financial devices. It applies to all persons unless otherwise permitted by state law, rules, federal statute, or regulation. The document outlines various actions that are prohibited with fraudulent intent, including obtaining, recording, or accessing personal information or financial devices without authorization, obtaining goods or services using another person’s personal information or financial device, and possessing or using personal information or financial devices without permission or lawful authority.
Can you summarize NHRS Chapter 359-P?
This legal document pertains to the FRM Victims’ Contribution Recovery Fund established under the New Hampshire Revised Statutes. It defines various terms used in the chapter, including ‘Claimant’, ‘Director’, ‘Financial Resources Mortgage’, ‘Financial Resources Mortgage fraud’, ‘Fund’, ‘Person’, ‘Qualifying claimant’, ‘Recovery assistance’, and ‘Victim’. The document establishes the FRM victims’ contribution recovery fund, which is nonlapsing and continually appropriated to the director. The fund is capped at $10,000,000 and consists of gifts and contributions.
Can you summarize NHRS Chapter 383-A?
This legal document provides definitions for various terms used in the New Hampshire Revised Statutes related to banks, loan associations, and credit unions. It applies to entities and individuals involved in the banking and credit union industry in New Hampshire. The document defines terms such as ‘affiliate,’ ‘association member,’ ‘bank,’ ‘bank holding company,’ ‘banking business,’ ‘board of directors,’ ‘bond,’ ‘capital debenture,’ ‘combination,’ ‘commissioner,’ ‘corporate security,’ ‘corporation act,’ ‘corporator,’ ‘credit union,’ ‘debt security,’ ‘department,’ ‘deposit,’ ‘deposit account,’ ‘depositor,’ ‘depository bank,’ ‘director,’ ’entity,’ ’exchange,’ ’executive officer,’ ‘family trust company,’ ‘federal savings bank,’ ‘financial institution,’ ‘foreign state bank,’ ‘include’ or ‘including,’ ‘investment grade debt security,’ ‘investor-owned bank,’ ‘LLC Act,’ ‘mutual bank,’ ‘mutual holding company,’ ‘mutual savings bank,’ ’national bank,’ ‘New Hampshire bank holding company,’ ‘New Hampshire Benefit Corporation Act,’ ’note,’ ‘NRSRO,’ ‘obligation,’ ‘organizations act,’ ‘organizational instrument,’ ‘organizational documents,’ ‘organizer,’ ‘person,’ ‘public obligation,’ ‘regulatory authority,’ ‘savings association,’ ‘service entity,’ ‘state bank,’ ‘state entity,’ ’trust business,’ ’trust company,’ ‘unit investment trust,’ and ‘years.
Can you summarize NHRS Chapter 383-B?
The provided legal document content pertains to the Depository Bank Act under the New Hampshire Revised Statutes. It defines various terms and concepts related to depository banks. The document states that the terms defined in RSA 383-A have the same meaning for the purposes of this chapter. It also provides additional definitions for terms such as ‘acquisition’, ‘branch office’, ‘capital and surplus’, ‘closely related activity’, ‘control’, ‘foreign bank’, ‘foreign bank holding company’, ‘foreign mutual holding company’, ‘proprietary interest’, and ‘subsidiary bank’.
Can you summarize NHRS Chapter 384-G?
This legal document, found in the New Hampshire Revised Statutes, governs the regulation of revolving credit plans. It defines various terms such as ‘bank’, ‘bank commissioner’, ‘borrower’, ‘credit device’, ‘individual borrower’, ’loans’, ‘outstanding unpaid indebtedness’, and ‘purchases’. The document explains that a revolving credit plan allows a borrower to make purchases and obtain loans using a credit device, with the amounts charged to the borrower’s account. The borrower is required to pay the bank the outstanding amounts, with the privilege of paying in full or according to the agreement.
Can you summarize NHRS Chapter 391?
The provided legal document pertains to the establishment and use of common trust funds by bank or trust companies in the state of New Hampshire. These entities, qualified to act as fiduciaries, are allowed to establish common trust funds for the purpose of providing investments to themselves as fiduciaries, to other qualified affiliates of the same holding company, or to themselves and others as co-fiduciaries. The document also permits the investment of funds held in a fiduciary capacity in common trust funds or collective investment funds established by other affiliates of the same holding company, subject to certain limitations.
Can you summarize NHRS Chapter 395?
This legal document pertains to the liquidation of institutions under the supervision of the Bank Commissioner in New Hampshire. When an institution reflects negative equity capital based on the most recent examination report conducted by the banking department or a federal deposit insuring agency, the commissioner may file a petition to a justice of the superior court. The justice may then direct the commissioner to take possession of the property and business of the institution until it resumes business or is finally liquidated.
Can you summarize NHRS Chapter 396?
These legal documents govern the regulation, conservation, and reorganization of banks, loan associations, and credit unions under the supervision of the bank commissioner in New Hampshire. The bank commissioner has the authority to regulate various aspects of these institutions, including deposits, investments, borrowing, valuation of assets, collection and payment of accounts, employment, retirement of shares, and other business activities. The commissioner can issue written orders to enforce these regulations, which can be changed, canceled, or terminated as necessary for the protection of depositors and other creditors.
Can you summarize NHRS Chapter 397?
The provided legal document pertains to the powers of the Bank Commissioner during a banking emergency. In such emergencies, the governor has the authority to proclaim a banking emergency and subject any bank or banks to special regulation until the governor declares the end of the emergency. The Bank Commissioner, in addition to other powers conferred upon him by law, has the authority to order banks to restrict their business, limit or postpone deposit payments, regulate payments, and make further orders and regulations as necessary for the interest of the public, banks, or depositors.
Can you summarize NHRS Chapter 399-B?
This legal document, part of the New Hampshire Revised Statutes, governs the disclosure of finance charges in credit-related transactions. It applies to any individual, partnership, association, corporation, or unincorporated organization. The document defines key terms related to credit and provides a broad definition of finance charges, including interest, fees, service charges, discounts, and other associated charges. Its main purpose is to ensure transparency and disclosure of finance charges in various credit-related transactions.
Can you summarize NHRS Chapter 399-F?
This legal document governs the establishment and operation of cash dispensing machines in the state of New Hampshire. It applies to operators, processors, servicing agents, networks, banks, and credit unions. The document sets out the requirements for establishing a cash dispensing machine, including not accepting deposits, loan payments, or account transfers, compliance with the Electronic Funds Transfer Act, and adherence to the provisions of RSA 399-F:3. However, the document does not specify any penalties for non-compliance or violation of its provisions.
Can you summarize NHRS Chapter 471-C?
This chapter of the New Hampshire Revised Statutes governs the custody and escheat of unclaimed and abandoned property. It applies to persons or entities who are in possession of property belonging to another, trustees, and persons who are indebted to another on an obligation. The chapter defines various terms such as ‘administrator’, ‘apparent owner’, and ‘holder’. It also provides definitions for terms like ‘banking organization’, ‘business association’, ‘domicile’, ‘financial organization’, ‘insurance company’, ‘intangible property’, ’last known address’, ‘owner’, ‘person’, ‘state’, and ‘utility’.
Can you summarize 13A ALCA Chapter 11, Article 2?
The provided legal document content pertains to offenses against privacy under the Criminal Code of Alabama. It covers various offenses related to eavesdropping, surveillance, and the possession or installation of eavesdropping devices. The document states that any eavesdropping or surveillance device used in violation of the law may be forfeited to the state and turned over to the Alabama State Law Enforcement Agency. The crime of divulging illegally-obtained information is committed when someone knowingly or recklessly uses or divulges information obtained through criminal eavesdropping or surveillance, and it is classified as a Class B misdemeanor.
Can you summarize 13A ALCA Chapter 9, Article 1?
The provided legal document content pertains to the Code of Alabama’s Criminal Code section on Forgery and Fraudulent Practices. It covers various offenses related to forgery and fraudulent practices, including submitting false or fraudulent applications for certificates or licenses, giving false names or addresses to law enforcement officers, making, emitting, signing, or countersigning unauthorized papers, criminal impersonation, illegal possession or fraudulent use of credit cards or debit cards, reporting false loss or theft of credit cards, unlawfully using slugs in coin machines, negotiation of worthless negotiable instruments, offering false instruments for recording, criminal simulation, obtaining a signature by deception, criminal possession of a forgery device, and possession or utterance of forged instruments.
Can you summarize 13A ALCA Chapter 9, Article 2?
The provided legal document content covers various aspects of criminal code provisions related to business frauds. It includes the misapplication of property, sale and delivery of coal, receiving deposits in a failing financial institution, issuing a false financial statement, fraud in insolvency, defrauding judgment creditors, defrauding secured creditors, bait advertising, false advertising, deceptive business practices, and falsifying business records. These provisions apply to individuals involved in these fraudulent activities, such as fiduciaries, officers or managers of financial institutions, individuals engaged in deceptive business practices, and individuals involved in falsifying business records.
Can you summarize 13A ALCA Chapter 9, Article 6?
The Alabama Residential Mortgage Fraud Act aims to protect the general public and maintain the integrity of the mortgage lending process. It defines residential mortgage fraud as the intentional act of making or facilitating deliberate misstatements or misrepresentations during the mortgage lending process with the intent to defraud. This includes knowingly using or facilitating the use of such misstatements or misrepresentations, as well as filing documents with deliberate misstatements or misrepresentations with the intent to cause residential mortgage fraud.
Can you summarize 35 ALCA Chapter 12, Article 2, Article 2A?
The Uniform Disposition of Unclaimed Property Act of 2004 in Alabama governs the reporting, payment, and delivery of unclaimed property by holders. It applies to various entities, including business associations, financial organizations, estates, trusts, governments, and other legal or commercial entities. The Act exempts certain entities and types of property from reporting. It imposes civil penalties for non-compliance, ranging from $100 to $1,000 per business day, with a maximum penalty of $25,000 for intentional fraudulent reports.
Can you summarize 5 ALCA Chapter 10A?
The legal document governs banking emergencies and compliance with federal laws in Alabama. It grants powers to the superintendent and the Banking Board to authorize or direct banks to comply with orders, requirements, acts, and regulations of the superintendent, the Banking Board, and duly constituted officials of the United States. It allows the issuance of notes or certificates of indebtedness to employees during a banking emergency, which are not subject to penalties, liabilities, interest charges, taxation, or additions.
Can you summarize 5 ALCA Chapter 11A?
This legal document, found in the Code of Alabama under the section ‘Regulation of Trust Business of Banks and Trust Companies,’ governs the deposit of security for the operation of trust businesses by corporations organized and operating as trust companies or banks authorized to do a trust business. These entities are required to deposit certain types of bonds, notes, debentures, Alabama bonds, bonds of any city or county in Alabama, or mortgages that are first liens on real estate in the state.
Can you summarize 5 ALCA Chapter 13B, Article 1?
These legal documents govern the acquisitions of banks by bank holding companies in the state of Alabama. They require prior approval from the superintendent for any acquisition of an Alabama bank holding company or an Alabama state bank. Exemptions to this requirement include acquisitions arranged to prevent insolvency or closing of the acquired bank, or acquisitions where a bank forms its own bank holding company and ownership rights are substantially similar to the new bank holding company’s shareholders.
Can you summarize 5 ALCA Chapter 1A?
The provided legal document content pertains to the Code of Alabama governing banks and financial institutions. It clarifies that Chapters 1A through 12A of the title do not limit or restrict the activities of savings and loan associations or credit unions lawfully authorized. It also states that the provisions of Chapters 1A through 13B and Chapter 20 of the title shall prevail over inconsistent provisions of any other law. The document further specifies that the supervisory provisions of Chapters 1A through 12A do not apply to national banks.
Can you summarize 5 ALCA Chapter 20?
The Alabama Credit Card Act, part of the Code of Alabama, governs the establishment or acquisition of a credit card bank in Alabama. It applies to bank holding companies, bank holding company subsidiaries, domestic lenders, and foreign lenders. The document outlines the conditions that must be satisfied for the establishment or acquisition of a credit card bank, including the payment of a filing fee, minimum capital requirements, and limitations on the bank’s activities.
Can you summarize 5 ALCA Chapter 23?
This legal document, found in the Code of Alabama under the section for Banks and Financial Institutions, governs the negotiation and implementation of the Alabama state-sponsored credit card program. The State Treasurer is authorized to adopt rules and regulations necessary for the program, including provisions for contacting financial institutions, negotiating the state’s fee, and collecting the fee. The net proceeds of the state fees are distributed to the Foundation for Local Schools and the Penny Trust Fund.
Can you summarize 5 ALCA Chapter 2A?
The legal document reviewed pertains to the State Banking Department in Alabama and covers various aspects of the organization and operation of state banks, small loan companies, finance companies, and individuals or persons holding licenses from the State Banking Department. It outlines the responsibilities and powers of the superintendent, district attorneys, and auditors, as well as the requirements for audits, examinations, and reports. The document also addresses assessments, fees, and penalties, the appointment and removal of officials, the promulgation of regulations, and the submission of reports.
Can you summarize 5 ALCA Chapter 3A?
The provided legal document governs the examinations of banks and the reporting requirements for banks in Alabama. Banks are required to submit a semiannual report to the superintendent, providing detailed information about their resources and liabilities. The report must be transmitted to the superintendent within 30 days of receiving a request and published in a newspaper in the bank’s city or town. The superintendent will compare the published report with the sworn report filed by the bank.
Can you summarize 5 ALCA Chapter 4A?
The provided legal document content pertains to the retention of bank records. It states that every bank is required to retain its business records for a period prescribed by regulation. The superintendent has the authority to determine the period for record retention. Once the prescribed period has passed, banks are allowed to dispose of the records. Additionally, banks have the option to reproduce their books and records using various reproduction processes, such as photostatic, photographic, or microphotographic processes.
Can you summarize 5 ALCA Chapter 5A?
The provided legal document content covers various aspects of the organization and operation of banks in Alabama. It includes provisions related to the liability of directors and officers for violations of banking regulations, disclosure of financial records, adverse claims to deposits, acquisition of voting shares, payment of deposits made in the names of multiple persons, false statements affecting a bank’s financial condition, retention of checks for the purpose of starting a ‘run’ on a bank, payment of deposits made in trust for another person, notice requirements for certificates of deposit, disposition of small deposits of a deceased person, payment of deposits after the death of the deceased, deposits made by minors, closure of banks on business days and holidays, payment of checks at par, liability of banks for transactions on legal holidays, security for deposits, transactions involving the importation or exportation of goods, acceptance of drafts or bills of exchange, acceptance of bills for any one person, establishment of branch banks, transfer of earnings to surplus and restrictions on dividends, maintenance of reserve funds, powers of banks, issuance of capital notes or debentures, acceptance of federal charters or regulations, amendment of certificate of incorporation, and fees for various banking actions.
Can you summarize 5 ALCA Chapter 6A?
This legal document, part of the Code of Alabama, governs the meetings of board of directors and the requirement of bonds for officers and employees of banks. It specifies that every director of a bank must take and subscribe an oath within 30 days after their election, pledging to diligently and honestly perform their duties, comply with the banking law, and be the owner of the required shares of stock. The oath must be filed with the Superintendent of Banks.
Can you summarize 5 ALCA Chapter 7A?
This legal document governs the proceedings required to effect consolidation, merger, or transfer of state banks, including those with branches and branch offices. Before such actions can become effective, the board of directors of each affected bank must pass a resolution stating the desirability of the consolidation, merger, or transfer and order the officers of the bank to call a meeting of the stockholders. A notice of the meeting must be mailed to each stockholder at least 30 days before the meeting, specifying the date, place, and purpose of the meeting.
Can you summarize 5 ALCA Chapter 8A?
The provided legal document content pertains to the voluntary dissolution of a solvent bank under the provisions of Alabama law. It states that any solvent bank can dissolve following the procedures outlined in the Alabama law for voluntary dissolution of a business corporation, but only with the written approval of the superintendent. The superintendent has the authority to require the directors of the bank to provide a bond, approved by him, payable to the State of Alabama.
Can you summarize 5 ALCA Chapter 9A?
The provided legal document content pertains to the reorganization of banks in Alabama. It states that the plan for reorganization of a bank as outlined in the chapter is not exclusive and does not prohibit other reorganization methods permitted under existing laws. If any stockholder, depositor, or creditor is dissatisfied with the judgment regarding the reorganization plan, they have the option to file an appeal to the Supreme Court of Alabama within 42 days.
Can you summarize 7 ALCA Article 2A?
These legal documents, part of the Commercial Code of Alabama, govern leases and provide definitions for various terms related to leases. They apply to any transaction that creates a lease, regardless of form. The documents provide a comprehensive framework for understanding and interpreting lease contracts under the Commercial Code of Alabama. They cover various aspects of lease contracts in the state of Alabama, including the effect of casualty on lease contracts, allocation of risk of loss, insurance and proceeds, warranties, modification and rescission, creation of express warranties, extension of benefits to lessees in finance leases, and the Statute of Frauds.
Can you summarize 7 ALCA Article 3?
These legal documents, part of the Code of Alabama’s Commercial Code on Negotiable Instruments, govern the negotiation, transfer, and indorsement of negotiable instruments. They define different types of indorsements and clarify the rights and liabilities of parties involved in the purchase, collection, or payment of the instrument based on the indorsement. The documents also address the reacquisition of an instrument by a former holder, the cancellation of indorsements made after reacquisition, and the transfer of negotiable instruments.
Can you summarize 7 ALCA Article 4?
These legal documents, part of the Code of Alabama’s Commercial Code, govern various aspects of bank deposits and collections. They establish a statute of limitations for actions related to time deposits and provide definitions for terms such as ’time deposit.’ The documents also cover transfer warranties, rights of a person who suffered a loss due to breach of warranty, security interests of collecting banks, encoding of information on items, retention and presentment of items, responsibilities of collecting banks, settlement and recovery of demand items, wrongful dishonor by payor banks, stopping payment of items, liabilities associated with overdrafts, duties and responsibilities of banks and customers, and subrogation rights of payor banks.
Can you summarize 7 ALCA Article 4A?
The provided legal document, Article 4A of Title 7 of the Code of Alabama, governs funds transfers. It applies to various entities involved in funds transfers, such as originators, beneficiaries, receiving banks, and intermediary banks. The document exempts funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers that are not electronic fund transfers. In case of any inconsistency between this article and the Electronic Fund Transfer Act, the provisions of the Electronic Fund Transfer Act prevail.
Can you summarize 7 ALCA Article 5?
These legal documents, found in the Code of Alabama under the Commercial Code’s section on Letters of Credit, cover various aspects related to letters of credit. They establish that an issuer or nominated person has a security interest in a document presented under a letter of credit when they honor or give value for the presentation. The security interest continues until the issuer or nominated person has been reimbursed or has otherwise recovered the value given.
Can you summarize 7 ALCA Article 9A?
This legal document outlines the scope and applicability of the Article on Secured Transactions under the Commercial Code of Alabama. It governs transactions and security interests involving personal property, fixtures, agricultural liens, sale of accounts, chattel paper, payment intangibles, promissory notes, consignments, and specific security interests under the Code. The document applies to entities involved in such transactions and security interests under the Commercial Code of Alabama. However, there are exemptions where this article does not apply, such as when preempted by federal law, when another state or foreign statute governs security interests, or when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior.
Can you summarize 8 ALCA Chapter 1A?
The provided legal document content is part of the Code of Alabama’s Uniform Electronic Transactions Act. It grants the Alabama Supreme Court, other courts or judicial officials or entities with rulemaking authority, and governmental agencies of Alabama with rulemaking authority the power to determine by rule whether they will send and accept electronic records and electronic signatures, and to what extent. Similarly, the governing bodies of municipalities in Alabama may determine by ordinance the use and acceptance of electronic records and electronic signatures by their agencies, departments, boards, commissions, authorities, institutions, or instrumentalities.
Can you summarize 8 ALCA Chapter 38?
The Data Breach Notification Act of 2018 applies to covered entities that are not third-party agents. It requires covered entities to give notice of a security breach to individuals if sensitive personally identifying information has been acquired by an unauthorized person and is reasonably likely to cause substantial harm. The notice should be provided as expeditiously as possible, within 45 days of the covered entity’s receipt of notice from a third-party agent or upon the covered entity’s determination of a breach.
Can you summarize 8 ALCA Chapter 9?
The provided legal document content covers various aspects related to frauds. It states that any conveyance of realty wherein a material part of the consideration is the agreement of the grantee to support the grantor during life is void at the option of the grantor, except for bona fide purchasers for value, lienees, and mortgagees without notice. It also mentions that agreements, contracts, or stipulations to confess judgment in any of the courts of Alabama, to be sued in any county other than that fixed by the venue statutes of Alabama, or to authorize another to confess judgment in any of the courts of Alabama made before the commencement of the action in which such judgments are so confessed shall be void, and all judgments by such unlawful confession, or otherwise taken or had in violation of this section, shall be set aside and annulled on motion if made within six months after the entry of such judgment.
Can you summarize ALCA 13A-9-13.1?
This section of the Code of Alabama, specifically under the Forgery and Fraudulent Practices section, addresses the crime of negotiating a worthless negotiable instrument. It applies to any person who negotiates or delivers a negotiable instrument for a thing of value with the intent, knowledge, or expectation that it will not be honored by the drawee. The section provides instances where it is considered prima facie evidence that the maker or drawer intended, knew, or expected that the instrument would not be honored.
Can you summarize ALCA 13A-9-14?
This legal document governs the illegal possession or fraudulent use of credit cards or debit cards. It applies to any person who takes, exercises control over, or otherwise uses a credit card or debit card without the consent of the owner. The document specifies that fraudulent use occurs when a credit card or debit card is used to obtain property, services, or anything else of value with knowledge that the card is stolen, revoked or cancelled, or unauthorized by the issuer or the person to whom the card is issued.
Can you summarize ALCA 5-2A-12?
This legal document pertains to the authority of the superintendent to order banks, bank holding companies, board of directors, directors, and officers to correct any unsafe and unsound matters in the conduct of the bank’s affairs. The Banking Board may direct the superintendent to issue an order imposing civil money penalties and removing affected persons if they fail to comply with the superintendent’s order and their actions have caused or are likely to cause substantial financial loss to the bank.
Can you summarize ALCA 5-2A-8?
The superintendent may, with the concurrence of a majority of the members of the State Banking Board or as otherwise provided in this title, promulgate such reasonable regulations, consistent with the laws of this state, as may be necessary to carry out the provisions of this title over which the State Banking Department has jurisdiction. The superintendent shall, in addition, issue written interpretations of banking laws and regulations. Any bank or bank holding company and any officer or director thereof relying on any regulation or interpretation shall be fully protected even though the same shall be thereafter ruled invalid for any reason by a court of competent jurisdiction.
Can you summarize ALCA 5-3A-1?
This section of the Code of Alabama governs the examinations of banks. It defines a bank holding company as a holding company that directly owns a majority of the voting securities of an Alabama state bank. Every bank other than national banks is subject to the supervision and inspection of the superintendent. The superintendent is required to visit and examine every bank organized under the laws of Alabama at least once in each eighteen-month period.
Can you summarize ALCA 5-3A-11?
All reports of examination, records reflecting action of a bank or bank holding company, or affiliate of either, taken pursuant thereto, and records and minutes of meetings of the Banking Board relating to a bank or several banks or a bank holding company, or affiliate of either, shall be confidential and shall not be subject to subpoena or inspection except by subpoena from a grand jury served on the superintendent. (Acts 1980, No.
Can you summarize ALCA 5-3A-32?
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. For the purposes of this article, the following terms shall have the following meanings: (1) SERVICE PROVIDER. Any person, company, corporation, or other legal entity that provides a covered service listed in Section 5-3A-33 to a serviced bank. (2) SERVICED BANK. Every bank, bank holding company, bank service company, or any subsidiary or affiliate of a bank that is subject to the supervision of the superintendent pursuant to Section 5-3A-1, and for which covered services are performed by a service provider.
Can you summarize ALCA 5-3A-6?
This section of the Code of Alabama governs the examination of witnesses and production of documents in relation to banks and bank holding companies. The superintendent and examiners acting under the superintendent have the authority to administer oaths and examine individuals under oath. They can compel the appearance and attendance of individuals and the production of records and documents for examination purposes. False entries, omissions, or statements made with intent to mislead or defraud a bank, bank holding company, affiliate, or agency of a foreign bank can result in removal from position and the imposition of civil money penalties.
Can you summarize ALCA 5-5A-30?
This legal document, found in the Code of Alabama under the section on Banks and Financial Institutions, governs the transactions of business on legal holidays by banks. It states that banks are allowed to receive deposits, paychecks, sight drafts, and conduct other business on legal holidays, except for Sundays, in the same manner as on regular banking days. The document also authorizes banks to use automated teller machines (ATMs) or other instrumentalities 24 hours a day, including Sundays, with prior approval from the appropriate bank regulatory authority.
Can you summarize ALCA 5-5A-33?
Any bank shall pay all checks drawn on it and transmitted in a cash letter at par and shall make no charge for the payment of such checks the first time presented to it for payment. (Acts 1980, No. 80-658, 5-5-33.)
Can you summarize ALCA 5-6A-26?
An officer or employee of any bank who shall in any way obtain as a borrower any of the funds of such bank without having first complied with the requirements of this section must on conviction be punished as if he had embezzled the amount borrowed. Any loan obtained by an officer or employee of a bank must be made in accordance with a written loan policy which has been adopted by the board of directors.
Can you summarize ALCA 7-4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, and 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, check, credit or debit to an account, or funds transfer.
Can you summarize ALCA 7-4-215?
This legal document, part of the Code of Alabama’s Commercial Code on Bank Deposits and Collections, governs the final payment of items by payor banks, the timing of when provisional debits and credits become final, and when certain credits become available for withdrawal. It establishes 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.
Can you summarize ALCA 7-4-301?
This provision, found in the Code of Alabama under the Commercial Code section on Bank Deposits and Collections, pertains to payor banks and their actions regarding the settlement and recovery of demand items. If a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, it has the option to revoke the settlement and recover the settlement amount.
Can you summarize ALCA 7-4-303?
This legal document, part of the Code of Alabama’s Commercial Code, specifically addresses the collection of items by payor banks. It states 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.
Can you summarize ALCA 7-4-401?
This legal document, found in the Code of Alabama under the Commercial Code, specifically addresses the relationship between a payor bank and its customer. It outlines the circumstances under which a bank may charge a customer’s account, 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. The document also states that a customer is not liable for an overdraft if they did not sign the item or benefit from its proceeds, but the bank can still charge the overdraft amount, interest, and applicable fees against deposits or credits to the account.
Can you summarize ALCA 7-4-403?
This legal document, part of the Code of Alabama’s Commercial Code, governs the relationship between a payor bank and its customer in the context of bank deposits and collections. 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, but lapses after 14 calendar days if the original order was oral and not confirmed in writing.
Can you summarize ALCA 7-4-404?
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. (Acts 1965, No. 549, p. 811; repealed by Acts 1995, No. 95-668, p. 1381, 2; added by Acts 1995, No. 95-668, p. 1381, 2.
Can you summarize ALCA 7-4-406?
This legal document, part of the Code of Alabama’s Commercial Code on Bank Deposits and Collections, governs the relationship between a payor bank and its customer. It outlines the duties and responsibilities of the bank and the customer regarding the handling of items and statements of account. The bank is required to either return the items paid or provide sufficient information in the statement of account for the customer to identify the items.
Can you summarize NYCL ABP Article 13?
The provided legal document content covers various aspects of unclaimed property, including uncashed travelers checks and money orders, unclaimed moneys collected by utility corporations, voluntary disposition of miscellaneous property, unclaimed wages held by the Department of Labor, proceeds from the sale of wrecked property, unclaimed personal property of discharged, deceased, or escaped persons in specific state institutions, unclaimed property resulting from the administration of the vehicle and traffic law, unclaimed amounts or securities held by foreign corporations, miscellaneous unclaimed property, unclaimed insurance proceeds other than life insurance, unclaimed moneys resulting from the sale of pledged or mortgaged personal property, unclaimed property held by sales finance companies and insurance premium finance agencies, and unclaimed virtual currency held by banking organizations and other entities engaged in virtual currency business activity.
Can you summarize NYCL ABP?
The provided legal document content pertains to the repeal of certain laws and the constitutionality of this chapter. It covers various aspects related to unclaimed funds and abandoned property, including requirements for mailing notice to owners of record, authority of the state comptroller, agreements for abandoned property location services, retention of books and records, penalty and interest provisions, publication of abandoned property, payment process, filing claims, assumption of liability, and expiration of time periods.
Can you summarize NYCL BNK 105-A?
A bank or trust company may conduct a banking business, at automated teller machines, point-of-sale terminals, and similar facilities subject to regulations which may be promulgated by the superintendent of financial services. Such facilities shall not be deemed to be branches and shall not be subject to any of the provisions of this chapter applicable to branches; provided however that notwithstanding the foregoing, for purposes of clause (ii) of subdivision one of section one hundred five of this chapter, such facilities shall be deemed to be branches, and such facilities shall be subject to the terms and conditions of section one hundred five, and for purposes of section twenty-eight-b of this chapter, such facilities shall be deemed to be branches.
Can you summarize NYCL BNK 106?
No bank or trust company shall deposit any of its funds with any other foreign or domestic banking corporation or private banker in an amount exceeding one hundred per centum of the capital stock, surplus fund and undivided profits of such bank or trust company unless such other banking corporation or private banker has been approved by the superintendent as a depositary for the purpose of this section, in which case the amount so deposited may equal but shall not exceed such per centum of the capital stock, surplus fund and undivided profits of such bank or trust company as the superintendent shall approve.
Can you summarize NYCL BNK 107-A?
This section of the Consolidated Laws of New York, specifically under the Banking section, governs the security for public deposits. It defines key terms such as ‘public depositary’, ‘public funds’, and ‘political subdivision’. A public depositary refers to a bank, trust company, or other depositary authorized to accept and hold deposits of public funds in the state of New York. Public funds are the funds of a political subdivision, which includes various entities such as municipal corporations, school districts, and public libraries.
Can you summarize NYCL BNK 107?
This legal document governs the requirement for banks and trust companies to maintain reserves against their demand and time deposits. The superintendent of financial services imposes ratios for these reserves. Additionally, if a bank or trust company is located in a special requirement area, designated as Albany, Buffalo, Brooklyn, Manhattan, or The Bronx, they must maintain additional reserves as prescribed by the superintendent. The reserves may be deposited with a federal reserve bank or reserve depositaries, and the remaining reserves must consist of authorized currency.
Can you summarize NYCL BNK 130?
This legal document imposes restrictions on officers, directors, clerks, and other employees of banks and trust companies in New York. It prohibits them from discounting or making loans upon notes or evidence of debt that have been refused by their own bank or trust company. Violators of this provision will forfeit twice the amount of the loan made. Additionally, officers, directors, clerks, and other employees are prohibited from purchasing or being interested in the purchase of promissory notes or other evidence of debt issued by their own bank or trust company on more favorable terms than those available to the general public.
Can you summarize NYCL BNK 134?
This legal document governs the repayment of deposits in various scenarios. It specifies that when a deposit is made in the name of a minor, it is held exclusively for the minor’s benefit and is not subject to the control or lien of other persons, except creditors. The document also outlines the procedures for repayment when an adverse claim is asserted, including the requirement for a restraining order or a bond indemnifying the bank or trust company.
Can you summarize NYCL BNK 5?
This legal document governs loans made or invested in by banking organizations, the savings and loan bank of the state of New York, banks, and trust companies under the Servicemen’s Readjustment Act of 1944. The document allows banking organizations and the savings and loan bank of the state of New York to make or invest in loans guaranteed under the act, subject to regulations and restrictions set by the superintendent of financial services.
Can you summarize NYCL BNK 6-A?
This legal document governs the investment in obligations of individuals aged sixty-five or older to pay off real property tax debts. It applies to banks, trust companies, savings banks, savings and loan associations, and life insurance companies authorized to do business in New York. The document allows these institutions to make loans to eligible individuals, with the loan amount not exceeding the total real property taxes, special ad valorem levies, and special assessments paid or owed by the borrower for their principal residence.
Can you summarize NYCL BNK 6-H?
This legal document authorizes authorized lenders, as defined by section two hundred eighty or two hundred eighty-a of the real property law, to offer reverse mortgage loans. The reverse mortgage loans must conform to the provisions of section two hundred eighty or two hundred eighty-a of the real property law and the rules and regulations promulgated by the superintendent of financial services. Alternatively, the loans can also conform to the requirements of the federal housing administration’s home equity conversion mortgage insurance demonstration program.
Can you summarize NYCL BNK 6-P?
Every mortgage lending institution and mortgage banker which originates loans secured by real property used for residential purposes located in this state which are to be guaranteed under the Servicemen’s Readjustment Act of 1944 shall provide a separate disclosure form with each application stating that a veteran seeking a housing loan under chapter 37 of title 38 of the United States Code has been offered loan counseling services. Such loan counseling services shall be provided by the department of veterans’ services under section twenty-nine-a of the veterans’ services law upon request of an applicant.
Can you summarize NYCL BNK 8?
This provision pertains to deposits made for the benefit of an individual by the custodian designated by the administrator of veterans’ affairs or by a person certified by the social security administration. The deposit, along with any interest or dividends, can be paid to the designated custodian or person and their successors. The receipt or acquittance of the custodian or person, or their successors, serves as a valid and sufficient release and discharge to the depositary for any payment made.
Can you summarize NYCL BNK 9-M?
Any banking institution as that term is defined in section nine-f of this chapter, except a credit union, and any other financial institution which offers consumer accounts, meaning accounts established by natural persons primarily for personal, family or household purposes, which can be accessed by check, negotiable order of withdrawal, or other similar written instrument, shall offer a consumer account on which the cancelled checks, negotiable orders of withdrawal, or other similar instruments drawn on that account are returned to the customer with a periodic statement of the account.
Can you summarize NYCL BNK 9-P?
No banking institution as that term is defined in section nine-f of this chapter shall, as a policy or general practice, refuse to accept as a deposit made with a teller by an account holder a check for the sole reason that it contains two endorsements. Nothing contained herein shall prevent a banking institution from requiring the approval of an officer or manager as a condition of accepting a check with two endorsements for deposit or from refusing to accept a deposit of a check with two endorsements that is not made with a teller.
Can you summarize NYCL BNK 9-T?
This section of the Consolidated Laws of New York governs the issuance and handling of mail-loan checks by lending institutions. A mail-loan check is defined as a check sent by a lending institution to a person, which, when cashed or deposited, obligates the person to repay the amount according to the terms provided. Lending institutions issuing mail-loan checks must include a written statement on the face of each check, require no reference to the check on the envelope, make the checks non-transferable, and include transaction fee, interest rate, and expiration date.
Can you summarize NYCL BNK 9-U?
Subject to the requirements of section three hundred ninety-nine-y of the general business law, as added by chapter four hundred ninety-five of the laws of nineteen hundred ninety-nine, an agreement to operate or share an automated teller machine shall not have the effect of prohibiting, limiting or restricting the right of the operator or owner of the automated teller machine to charge a customer who is conducting a transaction using an account from a financial institution that is located outside the United States an access fee or surcharge not otherwise prohibited under state or federal law.
Can you summarize NYCL BNK 9-Y?
Notwithstanding any law, rule or regulation to the contrary, every banking institution that provides consumer checking accounts shall either pay checks in the order wherein they are received or pay checks from smallest to largest dollar amount for each business day’s transactions. 2. If a check is dishonored for insufficient funds and thereafter smaller checks which could be paid are received, the smaller checks shall be honored within amounts on deposit in the subject account.
Can you summarize NYCL BNK 9-Z?
No bank, trust company, savings bank, savings and loan association or credit union shall, refuse to cash a cashier’s check, a payroll check, or a certified check in the amount of five hundred dollars or less, drawn on accounts in such institution or a branch as long as there are sufficient funds within the account on which the check is drawn. Such institution may require, as a condition for cashing such check, that the payee present a valid government-issued photo identification and matching proof of address such as a bank statement, utility bill or printed pay stub.
Can you summarize NYCL BNK 9?
This legal document pertains to the drawing and endorsement of checks by officers or agents of corporations. It states that when a check is drawn by an officer or agent of a corporation against the account of, or in the name of the corporation, and is cashed or deposited to the personal account of the officer or agent, it does not constitute notice to a private banker, banking organization, or branch of a foreign banking corporation of any defense against or claim to the check by any person.
Can you summarize NYCL BNK Article 10-C?
The first document governs the approval process for the reorganization of a mutual savings and loan association into a mutual holding company. It outlines the steps and approvals required for the reorganization, including approval by the board of directors, evaluation by the superintendent of financial services, and shareholder approval. The second document governs the formation of a mutual holding company by mutual savings and loan associations. It specifies the methods of formation, regulations regarding issuance of common stock and securities, and requirements for retaining or acquiring assets.
Can you summarize NYCL BNK Article 12-D?
The provided legal document content covers various aspects of mortgage lending and regulation in the state of New York. It governs the business practices of mortgage lenders, including mortgage bankers and other financial service organizations, with the aim of protecting consumers and ensuring fair and efficient operations in the mortgage lending industry. The document also outlines the licensing requirements and regulations for mortgage brokers, mortgage bankers, and mortgage loan servicers in the state.
Can you summarize NYCL BNK Article 13-D?
This legal document governs the misconduct of officers, directors, trustees, or employees of banking corporations and private bankers. It applies to directors, trustees, officers, and employees of banking corporations and private bankers. The document prohibits certain actions such as making loans or discounts to directors exceeding the allowed amount, making deposits with the understanding that loans will be made to directors, receiving deposits with the understanding that loans will be made to directors, intentionally concealing discounts or loans, and making agreements to allow early payment of certificates of deposit.
Can you summarize NYCL BNK Article 13-E?
This legal document governs the ownership and payment of joint deposits and shares in banking organizations, foreign banking corporations, savings and loan associations, and credit unions operating in the state of New York. When a deposit or shares are made in the name of a depositor or shareholder and another person, they become joint tenants and are held for the exclusive use of the named persons. The deposit or shares, along with any additions and accruals, can be paid or delivered to either person during their lifetime or to the survivor after the death of one of them.
Can you summarize NYCL BNK Article 13?
This legal document authorizes various types of mergers in the state of New York. It applies to corporations organized under the laws of New York, mutual savings banks, mutual savings and loan associations, safe deposit companies, banks, trust companies, stock-form savings banks, stock-form savings and loan associations, and subsidiaries or affiliates of a bank, trust company, savings bank or savings and loan association. The document does not specify any exemptions or penalties.
Can you summarize NYCL BNK Article 15?
The provided legal document content covers various aspects related to stockholders and their rights in corporations, banking stock corporations, limited liability investment companies, and limited liability trust companies. It includes provisions governing stockholders’ derivative actions, preemptive rights, security for expenses in derivative actions, personal liability of stockholders, treatment of infant securityholders, maintenance of books and records, enforcement of the right to receive payment for shares, voting rights, class voting, quorum and vote requirements, action by written consent, voting by proxy, determination of stockholders entitled to various actions, notice requirements for meetings, duties of inspectors at meetings, election of directors at special meetings, meetings of stockholders, and by-laws.
Can you summarize NYCL BNK Article 16?
This legal document governs the general provisions applicable to banking non-stock corporations in the state of New York. It defines the terms used in the document, including ‘Corporation’ which encompasses mutual savings banks, mutual savings and loan associations, mutual holding companies, and credit unions. The term ‘Director’ is also defined, referring to any member of the governing board of a corporation. The document further explains the meaning of ‘Organization certificate’, which includes the original certificate filed to form a corporation or foreign corporation, as well as any amendments, mergers, consolidations, or other certificates or instruments filed under any statute.
Can you summarize NYCL BNK Article 2-AA?
The provided legal document, known as the ATM Safety Act, governs the compliance requirements for banking institutions with automated teller machine (ATM) facilities. It outlines the security measures that banking institutions must maintain for each ATM facility, including the installation of surveillance cameras, adequate lighting, and locking devices for entry doors. The document also requires banking institutions to file a list of their ATM facilities with the department and provide safety information to customers.
Can you summarize NYCL BNK Article 2-B?
This legal document grants powers to the superintendent to investigate and take action against individuals or entities suspected of engaging in fraud, misdemeanors, or felonies related to activities regulated by the superintendent or involving regulated products. The superintendent is authorized to undertake necessary investigations and determine if any violations have occurred. The document specifically mentions the applicable articles of the penal law related to the crimes and frauds. However, it clarifies that the authority granted does not limit the department’s ability to assist other entities in investigations involving violations of the law.
Can you summarize NYCL BNK Article 2-C?
The legal document governs the eligibility criteria for banks, trust companies, savings banks, and savings and loan associations to receive deposits or renew existing deposits under the Community Bank Deposit Program. To be eligible, these institutions must be chartered under the provisions of the Consolidated Laws of New York, Banking, and must have a current Community Reinvestment Act (CRA) rating of satisfactory or better. Federal banks, trust companies, savings banks, or savings and loan associations may also be eligible if their principal office is located in New York, they have a current CRA rating of satisfactory or better, and they meet any additional criteria established by the comptroller and the commissioner of taxation and finance.
Can you summarize NYCL BNK Article 2?
This legal document pertains to the Department of Financial Services and the Superintendent of Financial Services in New York. It covers various entities, including banking organizations, bank holding companies, licensed lenders, licensed cashers of checks, licensed sales finance companies, licensed insurance premium finance agencies, licensed transmitters of money, licensed mortgage bankers, licensed student loan servicers, registered mortgage brokers, licensed mortgage loan originators, registered mortgage loan servicers, licensed budget planners, safe deposit companies, out-of-state state banks maintaining branches or representative offices in New York, and foreign banking corporations licensed to maintain branches, agencies, or representative offices in New York.
Can you summarize NYCL BNK Article 3-A?
This legal document, part of the Consolidated Laws of New York, governs the regulation and control of banking institutions and bank holding companies. It applies to various entities, including banks, trust companies, stock-form savings banks, stock-form savings and loan associations, corporations, partnerships, trusts, unincorporated associations, and individuals residing or doing business in the state of New York. The document defines key terms and provides exceptions for certain entities. It establishes limitations on borrowing money or property from subsidiaries of bank holding companies for the purpose of acquiring shares of stock.
Can you summarize NYCL BNK Article 3?
The legal document content provides comprehensive information on the powers, operations, and regulations governing banks and trust companies in the state of New York. It outlines the process for banks to become trust companies and vice versa, as well as the powers granted to them, such as discounting financial instruments, lending money, buying and selling securities, receiving deposits, and engaging in various other banking activities. The documents also cover the establishment of branch offices, the acquisition and holding of real property, fiduciary powers of trust companies, the appointment of trust companies in fiduciary capacities, investments made by trust companies, reporting requirements, and the repayment of deposits.
Can you summarize NYCL BNK Article 4-A?
The provided legal document governs the limitation on the types of business that can be transacted at public accommodation offices of banks, trust companies, savings banks, savings and loan associations, and foreign banking corporations. It applies to banks, trust companies, savings banks, savings and loan associations, and foreign banking corporations licensed to maintain a branch in the state. The document specifies that only specific functions are allowed to be performed at these offices, including the receipt of deposits, payment of withdrawals, cashing of checks, receipt of moneys due to the banking institution, issuance of cashier’s checks, treasurer’s checks, money orders, and disbursement of funds pursuant to existing loan agreements or extensions of credit.
Can you summarize NYCL BNK Article 4?
The legal document provides regulations and requirements for individuals and partnerships engaging in business as private bankers in the state of New York. It outlines the process of submitting a verified certificate with information such as the full name, residence, citizenship, and amount of permanent capital. Private bankers are allowed to engage in various banking activities, including receiving deposits, transmitting money, discounting promissory notes, and buying or selling exchange, coin, or bullion.
Can you summarize NYCL BNK Article 5?
These legal documents cover various aspects related to foreign banking corporations and national banks operating in the state of New York. They govern the conditions for transacting business, requirements for obtaining licenses, rights and privileges of licensed corporations, exercise of fiduciary powers, acquisition of control or merger, safe-keeping and safe deposit business, acting as trustees under retirement plans, making loans and offering extensions of credit, receiving deposits, maintenance of assets and reserves, licensing requirements, conversion of agency to branch or vice versa, repayment of deposits and interpleader process, application for changes, reporting requirements, payment of claims, termination of existence, service of process on unlicensed corporations, nondiscriminatory treatment of insured state banks and national banks, and restrictions on executive officers.
Can you summarize NYCL BNK Article 6-C?
The provided legal document content covers various aspects related to mutual holding companies and their formation, reorganization, and conversion. The first document governs the reorganization of a mutual savings bank into a mutual holding company. It outlines the approval process, requiring majority approval from the board of trustees and subsequent approval from the superintendent of financial services. The plan of reorganization must also be approved by at least seventy-five percent of the aggregate dollar amount of deposits represented at a meeting of the depositors.
Can you summarize NYCL FIS Article 4?
The legal document establishes a financial frauds and consumer protection unit within the department of financial services in order to uncover, investigate, and eliminate financial frauds in New York state. The unit is designated as a qualified agency to enforce the provisions of the Financial Services Law, Insurance Law, and Banking Law. The superintendent of financial services has the power to designate employees of the unit as peace officers. Specialized units can be established within the financial frauds and consumer protection unit to investigate and prevent fraud and other criminal activity in specific areas of the banking, finance, and insurance industries.
Can you summarize NYCL GBS 359-L?
If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account against which he is empowered to sign as a fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon, the bank receiving such deposit may assume, if acting in good faith and without actual knowledge to the contrary, that the funds so deposited by the fiduciary are funds to which the fiduciary is personally entitled.
Can you summarize NYCL GBS 394-A?
This legal document pertains to the proof of lost negotiable paper in an action. It allows the party claiming the amount due on a lost negotiable instrument within article three of the uniform commercial code to prove its contents using parol or other secondary evidence. They may then recover or set off the amount due as if the instrument was produced. To do so, the party must provide a written undertaking to the adverse party, with at least two sureties, indemnifying them against any claim by any other person on account of the note or bill, as well as against all costs and expenses related to such a claim.
Can you summarize NYCL GBS 396-AA?
This section of the Consolidated Laws of New York, under the General Business section, pertains to simulated checks. A simulated check refers to any document that resembles currency or a negotiable instrument but is not one. It is designed to mislead or deceive individuals into believing it represents currency or a negotiable instrument. However, non-negotiable checks, drafts, notes, or other instruments used for soliciting orders for the purchase of such instruments, which are clearly marked as non-negotiable, are not considered simulated checks.
Can you summarize NYCL GBS 399-Y-1?
This section of the Consolidated Laws of New York, under the General Business category, governs the use of automated teller machines (ATMs). It defines key terms such as ‘automated teller machine operator’ and ‘automated teller machine’. The section prohibits automated teller machine operators and banking institutions from imposing fees on consumers for any transaction that is denied or terminated, preventing the consumer from completing the transaction. Failure to comply with this requirement may result in a civil penalty of up to two hundred fifty dollars per transaction.
Can you summarize NYCL GBS 399-Y*2?
This legal document governs the disclosure of fees for automated teller machines (ATMs). It applies to automated teller machine operators who operate ATMs where consumers can make financial transactions. The document states that an operator cannot impose a fee on a consumer using the machine unless the operator provides notice and the consumer elects to continue the transaction after receiving the notice. The notice must be provided on the screen or on a paper issued from the machine before the consumer is committed to completing the transaction.
Can you summarize NYCL GBS 899-AA?
This legal document governs the notification of unauthorized acquisition of private information and data security protections. It applies to any person or business that owns or licenses computerized data containing private information. Private information includes personal information and specific data elements such as social security numbers, driver’s license numbers, account numbers, credit or debit card numbers, and biometric information. The document requires the disclosure of any breach of the security of the system to affected residents of New York state in a timely manner.
Can you summarize NYCL GBS Article 10-B?
The provided legal document content governs the transmission of money to foreign countries. It prohibits any person, firm, corporation, or unincorporated association from representing themselves as an agent of a steamship company, express company, banking establishment or institution, or other company for the purpose of receiving money for transmission or transmitting the same to foreign countries, unless duly authorized. Authorized agents must transmit any money received for transmission through the principal from whom they received authority.
Can you summarize NYCL GBS Article 21-A?
The provided legal document content consists of two main sections. The first section governs fraudulent transactions in securities, specifically focusing on the manipulation of prices of stocks, bonds, or other evidences of debt of a corporation, company, or association. It prohibits actions such as pretended purchases and sales, fictitious transactions, or other devices that do not result in a simultaneous change of ownership or interest in the securities. Non-compliance with this provision is considered a misdemeanor offense.
Can you summarize NYCL GBS Article 23-A?
This legal document governs fraudulent practices in respect to stocks, bonds, and other securities. It applies to any person, partnership, corporation, company, trust or association, or any agent or employee thereof. The document prohibits various acts and practices such as fraud, deception, false representations, and fictitious purchases or sales, with the intent to induce or promote the issuance, distribution, exchange, sale, negotiation, or purchase of securities or commodities. Engaging in prohibited acts is a misdemeanor, except for cases where a systematic ongoing course of conduct with intent to defraud ten or more persons or obtaining property from ten or more persons by false or fraudulent means occurs, which is a class E felony.
Can you summarize NYCL GBS Article 23-B?
The provided legal document content pertains to transactions with or by fiduciaries. It defines various terms such as ‘Bank’ which includes any person or association carrying on the business of banking, and ‘Fiduciary’ which includes various individuals or entities acting in a fiduciary capacity. The document states that if a fiduciary makes a deposit in a bank to their personal credit using checks drawn by them upon an account they are empowered to sign as a fiduciary, or using checks drawn by them upon an account in the name of their principal if they are empowered to do so, the bank receiving such deposit may assume, if acting in good faith and without actual knowledge to the contrary, that the funds deposited by the fiduciary are funds to which the fiduciary is personally entitled.
Can you summarize NYCL GBS Article 29-AAA?
The provided legal document governs Credit Card Registration Services in the state of New York. It outlines the enforcement of the Credit Card Registration Services law and the actions that can be taken in case of violations. The attorney general has the authority to apply for an injunction to restrain the continuance of violations, with a notice of not less than five days given to the defendant. Proof of injury or damage is not required for the issuance of an injunction if the court determines a violation of the law.
Can you summarize NYCL GBS Article 29-B?
This legal document governs the prohibited credit card practices involving providers of travel services. It applies to every person, firm, or corporation engaged in the business of furnishing travel, transportation, or vacation services. The document defines ’travel services’ as public transportation, public accommodations in hotels, motels or motor courts, rental of motor vehicles, or any other service related to travel. It also defines ‘provider of travel services’ as every person, firm, or corporation engaged in the business of furnishing travel, transportation, or vacation services.
Can you summarize NYCL GBS Article 39-F?
This legal document governs the notification of unauthorized acquisition of private information and data security protections. It applies to any person or business that owns or licenses computerized data containing private information. Private information includes personal information and specific data elements such as social security numbers, driver’s license numbers, account numbers, credit or debit card numbers, and biometric information. The document requires the disclosure of any breach of the security of the system to affected residents of New York state in a timely manner.
Can you summarize NYCL PBA Article 8, Title 18?
The State of New York Municipal Bond Bank Agency Act governs the creation and establishment of debt service reserve funds, investment of excess moneys, transfer of excess funds, annual reporting requirements, taxation and assessment exemptions, bond issuance limits, exemption from taxation of bonds and notes, remedies for bondholders and noteholders, state aid guarantee, purchase and payment of local public safety communications bonds, certification of school aid revenues, state aid guarantee for special school purpose municipalities and special school deficit program districts, special school purpose agreements, purchase and sale of tax liens, tax lien collateralized securities, state aid guarantee for recovery act bonds, agency powers and authorities, and definitions of various terms.
Can you summarize NYCL PEN 155.43?
A person is guilty of aggravated grand larceny of an automated teller machine when he or she commits the crime of grand larceny in the third degree, as defined in subdivision two of section 155.35 of this article and has been previously convicted of grand larceny in the third degree within the previous five years. Aggravated grand larceny of an automated teller machine is a class C felony.
Can you summarize NYCL PEN 165.17?
A person is guilty of unlawful use of credit card, debit card or public benefit card when in the course of obtaining or attempting to obtain property or a service, he uses or displays a credit card, debit card or public benefit card which he knows to be revoked or cancelled. Unlawful use of a credit card, debit card or public benefit card is a class A misdemeanor.
Can you summarize NYCL STT 209?
This legal document, part of the Consolidated Laws of New York, specifically falls under the State Technology section and pertains to the Internet Security and Privacy Act. It outlines the obligations of the office in the event of a breach of the security of the system or a breach of network security. The office is required to notify the chief information officer, chief information security officer, and cyber security coordinator of any state entity with which it shares data, provides networked services, or shares a network connection that is reasonably suspected to be affected by such a breach.
Can you summarize NYCL STT Article 2?
The Internet Security and Privacy Act is a legal document that governs the notification of data breaches and the protection of private information in the state of New York. It applies to state entities that own or license computerized data containing private information and requires them to disclose any breach of the security system to affected residents of New York state. The document defines ‘private information’ as personal information combined with specific data elements such as social security numbers, driver’s license numbers, account numbers, credit or debit card numbers, and biometric information.
Can you summarize NYCL UCC 4-211?
This legal document governs the media of remittance and the provisional and final settlement in remittance cases. It applies to collecting banks, remitting banks, and other banks involved in remittance transactions. The document outlines the various forms of settlement that a collecting bank may accept, including checks, cashier’s checks, and authorizations to charge accounts. It also establishes the liability of the collecting bank in case of dishonor of remittance checks or unauthorized instruments.
Can you summarize NYCL UCC 4-213?
This legal document governs the final payment of items by payor banks, the point at which provisional debits and credits become final, and the availability of credits for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, and collecting banks. An item is considered finally paid by a payor bank when it has paid the item in cash, settled for the item without reserving a right to revoke the settlement, completed the process of posting the item to the indicated account, or made a provisional settlement for the item and failed to revoke the settlement within the permitted time.
Can you summarize NYCL UCC 4-301?
This legal document governs the procedures and actions related to deferred posting, recovery of payment by return of items, and the time of dishonor in the context of payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover any payment for authorized settlement of demand items. The document specifies that the payor bank can return the item or send written notice of dishonor or nonpayment if the item is held for protest or is otherwise unavailable for return.
Can you summarize NYCL UCC 4-303?
This legal document, part of the Consolidated Laws of New York, specifically the Uniform Commercial Code, pertains to the collection of items by payor banks. It states that any knowledge, notice, stop-order, or legal process received by the payor bank, or setoff exercised by the bank, does not terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account if certain actions have already been taken by the bank.
Can you summarize NYCL UCC 4-401?
(1) As against its customer, a bank may charge against his account any item which is otherwise properly payable from that account even though the charge creates an overdraft. (2) A bank which in good faith makes payment to a holder may charge the indicated account of its customer according to (a) the original tenor of his altered item; or (b) the tenor of his completed item, even though the bank knows the item has been completed unless the bank has notice that the completion was improper.
Can you summarize NYCL UCC 4-403?
This legal document governs the customer’s right to stop payment and the burden of proof of loss in the context of bank deposits and collections. It allows customers to order their bank to stop payment on any item payable for their account, provided the order is received in a timely manner. Remitters or payees of cashier’s checks, certified checks, or teller’s checks can also order the obligated bank to stop payment after a certain period.
Can you summarize NYCL UCC 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.
Can you summarize NYCL UCC 4-406?
This legal document governs the duty of customers to discover and report unauthorized signatures or alterations on bank statements and items. It applies to customers of banks in the context of their account statements and accompanying items. The document imposes a duty on customers to exercise reasonable care and promptness in examining the statement and items to identify any unauthorized signature or alteration. Customers must notify the bank promptly after discovering such unauthorized signature or alteration.
Can you summarize NYCL UCC Article 3?
The legal documents reviewed cover various aspects of commercial paper transactions under the Uniform Commercial Code. The legal provision allows the owner of a lost instrument to maintain an action and recover from any party liable on the instrument, with certain requirements and exceptions. The document on discharge of liability governs the extent of discharge for parties involved in commercial paper transactions, including payment or satisfaction, tender of payment, cancellation or renunciation, and more.
Can you summarize NYCL UCC Article 4-A?
This legal document, found in the Consolidated Laws of New York under the Uniform Commercial Code, governs the payment obligations in funds transfers. It outlines the obligations of the sender to pay the receiving bank and the obligations of the receiving bank to pay the beneficiary. The document covers various aspects such as the discharge of the underlying obligation, the rights and obligations of the originator, beneficiary, and beneficiary’s bank, conditions for payment by the beneficiary’s bank to the beneficiary, time of payment, the provisional nature of payments made through a funds-transfer system, and the rights and obligations of the parties in case of non-settlement.
Can you summarize NYCL UCC Article 4?
The provided legal document content covers various aspects related to the relationship between payor banks and their customers. It outlines the duty of customers to discover and report unauthorized signatures or alterations on bank statements and items. The document also addresses the authority of payor or collecting banks to accept, pay, or collect items, even in the presence of incompetence or death of a customer, unless the bank has knowledge of such circumstances.
Can you summarize NYCL UCC Article 5?
The legal document content reviewed pertains to the Uniform Commercial Code (UCC) under the Consolidated Laws of New York, specifically governing letters of credit. It covers various aspects such as subrogation rights, liability, security interest, assignment of proceeds, transfer of rights and obligations, warranties, time limits for actions, treatment of fraudulent documents, transferability, remedies, issuer’s rights and obligations, roles and obligations of parties, form and authentication, consideration requirement, enforceability, revocability, amendment, cancellation, and duration of letters of credit.
Can you summarize NYCL UCC Article 9?
The provided legal document content covers various aspects related to secured transactions, perfection and priority of security interests, assignment of rights in commercial transactions, control of collateral, requests for accounting and statements of account, and the responsibilities and functioning of filing offices. These documents apply to a wide range of entities, including creditors, local-filing offices, persons with security interests, lien creditors, secured parties, debtors, obligors, interested parties involved in secured transactions, banks, customers, brokers, securities intermediaries, commodity intermediaries, buyers, and consignors.
Can you summarize AKST 06.05 Article 7?
These legal documents govern the acquisition and ownership of state banks, domestic bank holding companies, or national banks by out-of-state bank holding companies. Out-of-state bank holding companies must obtain a permit from the department before acquiring a state bank or bank holding company. The department considers public benefits, competitive banking industry preservation, and safe and sound bank industry maintenance when issuing the permit. The department may also require a bond from the out-of-state bank holding company.
Can you summarize AKST 06.05.090?
(a) The check of a depositor may not be certified unless the amount of the check actually stands to the credit of the drawer. (b) Any check certified is a valid obligation against the bank when held by an innocent holder. (c) [Repealed, 102 ch 26 SLA 1993.] History History. ( 3.101 ch 129 SLA 1951; am 102 ch 26 SLA 1993)
Can you summarize AKST 06.05.209?
This provision, part of the Alaska Banking Code, governs the issuance and use of credit cards or similar credit granting devices by banks. It states that a bank is allowed to issue unsolicited credit cards or devices, but the customer cannot be held liable for charges made before accepting the card. The customer must provide a written statement of acceptance to the bank. Additionally, a state bank can issue credit cards or devices to customers for obtaining money, goods, services, or anything else of value.
Can you summarize AKST 06.05.210?
This legal document governs loans to directors, officers, and employees of a state bank. It allows directors or executive officers to borrow up to $500,000 from the state bank, subject to the discretion of the chief executive or managing officer. Loans exceeding this limit or loans to the chief executive or managing officer require prior approval from the board of directors and must be reported to the department within 30 days.
Can you summarize AKST 06.05.235?
This section of the Alaska Banking Code governs the ownership, control, and holding of voting securities or other capital stock of state banks or domestic bank holding companies. It prohibits any person from owning, controlling, or holding with power to vote 25 percent or more of a class of voting securities or other capital stock of such banks or holding companies, except in certain circumstances. These circumstances include accepting shares of stock in payment of indebtedness owing to a creditor, but any shares exceeding 25 percent must be promptly disposed of under the supervision of the department.
Can you summarize AKST 06.05.237?
This legal document pertains to financial holding companies and is governed by the Alaska Statutes, specifically the Banks and Financial Institutions section, Alaska Banking Code, Reserves, Loans, Investments, Bank Service Corporations, Practices, and Services. It states that a holding company formed under this title may apply to the Federal Reserve System for status as a financial holding company. If granted, the financial holding company will have powers authorized by the Federal Reserve System.
Can you summarize AKST 06.05.355?
(a) The department shall require a state bank, at the time the bank applies for a certificate of authority under AS 06.05.350 , to become a member of the Federal Deposit Insurance Corporation. (b) A bank that is a member of the Federal Deposit Insurance Corporation may not voluntarily relinquish membership without the consent of the department. Request for the consent must be made at least 180 days before the proposed date of relinquishment.
Can you summarize AKST 06.05.426?
This legal document governs the establishment, maintenance, and operation of automated teller machines (ATMs) by state banks. According to the document, a state bank is allowed to have ATMs on the premises of its main office or branch office. Additionally, a state bank can also establish ATMs at locations other than bank premises by providing a 30-day notice to the department. These off-premises ATMs must be made available on a nondiscriminatory basis for use by depositors of other depository institutions authorized to do business in the state.
Can you summarize AKST 06.05.548?
(a) Unless expressly otherwise allowed under this title, an acquisition, a merger, or an ownership transaction is not permitted between a depository institution in this state and a depository institution in another state, if upon consummation of the acquisition, merger, or transaction the resulting depository institution, whether organized under state or federal law, controls 50 or more percent of the total amount of the deposits held by all depository institutions in this state.
Can you summarize AKST 06.90.010?
Unless a fee is otherwise prohibited by or conflicts with federal law, a person that owns an automated teller machine may charge a fee for the use of the automated teller machine to conduct a transaction accessing an account from an international financial institution. In this section, (1) automated teller machine means an electronic device that dispenses cash in connection with a credit, deposit, or checking account at an international financial institution; (2) international financial institution means a person that is organized and licensed under the laws of a foreign country to engage in a banking business; in this paragraph, banking business means a business that offers deposit accounts, makes loans, and conducts other financial transactions.
Can you summarize AKST 11.46.280?
This legal document, found in the Alaska Statutes under Criminal Law, Offenses Against Property, and Theft and Related Offenses, governs the crime of issuing a bad check. According to the document, a person commits the crime if they issue a check knowing that it will not be honored by the drawee. The document provides prima facie evidence of the drawer’s knowledge if payment of the check was refused for lack of funds and the drawer failed to make full satisfaction of the amount due within a specified time period, or if the drawer had no account with the drawee at the time the check was issued.
Can you summarize AKST 11.46.285?
This legal document, found in the Alaska Statutes under Criminal Law, Offenses Against Property, and Theft and Related Offenses, governs the crime of fraudulent use of an access device or identification document. It states that a person commits this crime if they use an access device or identification document with the intent to defraud and with knowledge that it is stolen, forged, expired, revoked, cancelled, or unauthorized. The severity of the offense depends on the value of the property or services obtained.
Can you summarize AKST 11.46.290?
(a) A person commits the crime of obtaining an access device or identification document by fraudulent means if (1) the person buys an access device or identification document from a person other than the issuer or, as other than the issuer, the person sells an access device or identification document; (2) with intent to defraud, the person obtains an access device or identification document; or (3) with intent to defraud, the person makes a false statement in an application for an access device or identification document.
Can you summarize AKST 34.45 Article 6?
This legal document governs interstate agreements and cooperation related to unclaimed personal property. It applies to persons who fail to pay or deliver property within the time prescribed by this chapter. Failure to comply with the requirements may result in the imposition of interest at the annual rate calculated under AS 43.05.225 on the property or its value, as well as civil penalties calculated under AS 43.05.220. Additionally, intentionally refusing to pay or deliver property to the department after written demand is considered a class A misdemeanor.
Can you summarize AKST 34.45?
The first legal document governs the handling of proceeds from the sale of property, requiring peace officers to file a return and pay any excess proceeds to the district judge or magistrate, who holds the money in trust for the owner. The second document covers the custody of unclaimed intangible property, stating that it becomes subject to the custody of the state if certain conditions are met. The third document outlines the presumption of abandonment of various types of personal property and the requirements for establishing abandonment.
Can you summarize AKST 34.45.760?
This legal document, part of the Alaska Statutes, specifically addresses the general provisions related to unclaimed property. It applies to a wide range of entities including individuals, business associations, banking organizations, financial organizations, insurance companies, utilities, and other legal or commercial entities. The document provides definitions for various terms used in the context of unclaimed property, such as ‘apparent owner,’ ‘holder,’ ‘intangible property,’ and ‘mineral proceeds.’ It also clarifies the scope of ‘property’ and ‘state’ as defined in the document.
Can you summarize AKST 45.03?
The legal document content reviewed pertains to the Alaska Statutes under the Trade and Commerce section, specifically focusing on Negotiable Instruments. It covers various aspects of negotiable instruments, including their definition, characteristics, payable status, conditions for payment, identification of payee, issuance, and modification of obligations. The document also addresses the statute of limitations for actions related to negotiable instruments and the liability of parties involved. It provides guidelines on the payable status of a promise or order, distinguishing between payable to bearer and payable to order.
Can you summarize AKST 45.04?
This legal document, found in the Alaska Statutes under Trade and Commerce, specifically in the section on Bank Deposits and Collections, pertains to the collection of items by depositary and collecting banks. It establishes the definitions for various terms used in this chapter, including ‘bank’, ‘collecting bank’, ‘depositary bank’, ‘intermediary bank’, ‘payor bank’, and ‘presenting bank’. The document outlines the conditions under which an item is considered finally paid by a payor bank, as well as the accountability of collecting banks for settled items and the availability of funds for withdrawal by customers.
Can you summarize AKST 45.04.213?
This legal document governs the medium and time of settlement by a bank. It applies to banks involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, circulars, clearinghouse rules, or by agreement. In the absence of a prescription, the medium of settlement is cash or credit to an account in a Federal Reserve Bank or specified by the person to receive settlement.
Can you summarize AKST 45.04.215?
This legal document, found in the Alaska Statutes under Trade and Commerce, specifically in the section on 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. The document also explains that if provisional settlement does not become final, the item is not considered finally paid.
Can you summarize AKST 45.04.301?
This legal document governs the collection of items by payor banks. It outlines the procedures and actions that payor banks can take in relation to demand items. If a payor bank settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt, it has the option to revoke the settlement and recover the settlement amount. This can be done by returning the item or sending written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize AKST 45.04.303?
This legal document, found in the Alaska Statutes under Trade and Commerce, Bank Deposits and Collections, and Collection of Items: Payor Banks, governs the actions and responsibilities of payor banks regarding items subject to notice, stop-payment order, legal process, or setoff. It specifies that any knowledge, notice, stop-payment order, or legal process received by the payor bank is ineffective if received after certain events occur, such as the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cutoff hour for checks.
Can you summarize AKST 45.04.401?
This legal document, found in the Alaska Statutes under Trade and Commerce, 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 from that account, 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 AKST 45.04.404?
A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, that is presented more than six months after its date, but it may charge its customer’s account for a payment made later in good faith. History History. ( 4.404 ch 114 SLA 1962)
Can you summarize AKST 45.05?
The provided legal document content covers various aspects of letters of credit, including the security interest of issuers or nominated persons, subrogation rights, liability of issuers, nominated persons, or advisers, assignment of proceeds, transfer of rights and obligations, transferability of a beneficiary’s right, remedies for wrongful dishonor or repudiation, warranties of the beneficiary, handling of fraud and forgery, rights and obligations of an issuer, roles and obligations of various parties, issuance, amendment, cancellation, and duration of letters of credit, variation of effect through agreements or provisions, definitions and principles of construction and interpretation, and the overall governance of letters of credit in trade and commerce.
Can you summarize AKST 45.14?
The provided legal document content pertains to the Alaska Statutes related to funds transfers. It governs the issue and acceptance of payment orders, liability of receiving banks, payment to the beneficiary, choice of law, and treatment of creditor process in funds transfers. The document provides definitions and terms used in the Alaska Statutes, including terms such as ‘authorized account’, ‘bank’, ‘customer’, ‘funds-transfer business day’, ‘funds-transfer system’, ‘prove’, and ‘burden of establishing’.
Can you summarize AKST 45.29.524?
Delay by the filing office beyond a time limit prescribed by AS 45.29.501 45.29.525 is excused if (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and (2) the filing office exercises reasonable diligence under the circumstances. History History. ( 1 ch 113 SLA 2000)
Can you summarize AKST 45.56 Article 3?
The provided legal document is part of the Alaska Securities Act and governs certain conduct in providing investment advice. It applies to persons who provide advice for compensation regarding the value of securities or the advisability of investing in, purchasing, or selling securities. The document prohibits employing fraudulent schemes or engaging in acts that operate as fraud or deceit. It also allows regulations to define fraudulent, deceptive, or manipulative acts and prescribe means to prevent such acts by investment advisers and representatives.
Can you summarize 12A OKST 4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar provisions. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or as 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.
Can you summarize 12A OKST 4-215?
This legal document governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. According to the document, an item is considered finally paid by a payor bank when it has paid the item in cash, settled for the item without the right to revoke the settlement, or made a provisional settlement for the item and failed to revoke it within the permitted time.
Can you summarize 12A OKST 4-301?
This legal document governs the procedures and requirements for payor banks regarding the settlement, revocation, and recovery of payment for demand items. It specifies that if a payor bank settles for a demand item before midnight of the banking day of receipt, it may revoke the settlement and recover the payment under certain conditions. The payor bank can 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.
Can you summarize 12A OKST 4-303?
This legal document, part of the Oklahoma Statutes Uniform Commercial Code, specifically addresses the actions and responsibilities 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 right or duty to pay an item or charge its customer’s account if certain conditions are met.
Can you summarize 12A OKST 4-401?
This legal document governs the relationship between a payor bank and its customer regarding the charging of the customer’s account. According to the document, a bank may 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 in accordance with any agreement between the customer and the bank. The customer is not liable for the amount of an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize 12A OKST 4-403?
This legal document, part of the Oklahoma Statutes Uniform Commercial Code, specifically addresses 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, describing the item or account with reasonable certainty. The order must be received by the bank in a timely manner to allow the bank to act on it before taking any action on the item.
Can you summarize 12A OKST 4-404?
According to the Oklahoma Statutes, a bank is not obligated to pay a check presented more than six months after its date, except for certified checks. However, the bank may charge the customer’s account for a payment made in good faith after the six-month period. It is important to note that payment of a stale check over a stop payment order does not violate the bank’s duty of good faith. Dishonoring a stale check is also not considered wrongful dishonor.
Can you summarize 12A OKST 4-406?
This legal document governs the duty of bank customers to discover and report unauthorized signatures or alterations. It applies to customers of banks. The document states that when a bank sends or makes available a statement of account showing payment of items, the customer must either return or make available the paid items or provide sufficient information in the statement to allow the customer to identify the items paid. If the items are not returned, the person retaining them must either retain them or maintain the capacity to furnish legible copies for seven years.
Can you summarize 14A OKST 3-508C?
This legal document governs the ability of lenders to contract for and receive convenience fees from borrowers who make their payments through electronic means such as debit card, electronic funds transfer, electronic check, or other electronic methods. The purpose of these convenience fees is to offset the costs incurred by the lender for accepting and processing electronic payments. The convenience fee imposed by the lender should not exceed the actual cost or four percent (4%) of the electronic payment transaction, whichever is less.
Can you summarize 21 OKST 1268.8?
Any person who knowingly or intentionally uses a money services business, as defined by the Oklahoma Financial Transaction Reporting Act, or an electronic funds transfer network for any purpose in violation of the Oklahoma Antiterrorism Act, or with intent to facilitate any violation of the Oklahoma Antiterrorism Act shall, upon conviction, be guilty of a felony punishable by imprisonment in the custody of the Department of Corrections for a term of not less than two (2) years nor more than ten (10) years, or by a fine of not more than Fifty Thousand Dollars ($50,000.
Can you summarize 21 OKST 1550.22?
This legal document pertains to the crime of card theft in Oklahoma. It states that any person who takes a credit card or debit card without the cardholder’s consent, or receives a credit card or debit card with knowledge that it has been taken without consent, is guilty of card theft. The document specifies that taking a credit card or debit card without consent includes obtaining it through various crimes such as larceny, embezzlement, or obtaining property by false pretense.
Can you summarize 21 OKST 1562?
This legal document, found in the Oklahoma Statutes under Crimes and Punishments, specifically addresses the forgery of stock certificates or securities. It applies to every person who, with the intent to defraud, forges, counterfeits, or falsely alters various types of certificates, securities, or endorsements. The first category includes certificates or other public securities issued by the state, promising the payment of money or acknowledging the receipt of money or property. The second category encompasses certificates of shares, rights, or interests in public stock issued by public officers, as well as evidence of debt or liability issued by public officers.
Can you summarize 21 OKST 1577?
This legal document governs the sale, delivery, or receipt of forged or counterfeited promissory notes, checks, bills, drafts, or other evidence of debt. It applies to every person who engages in transactions involving such instruments. The penalties for violation vary based on the value of the instrument involved. If the value is less than $1,000, it is considered a misdemeanor forgery punishable by imprisonment, a fine, or both. If the value is $1,000 or more but less than $2,500, it is considered a felony forgery punishable by imprisonment, a fine, or both.
Can you summarize 21 OKST 1578?
This legal document pertains to the possession of forged, altered, or counterfeit negotiable notes, bills, drafts, or other evidence of debt issued by authorized corporations or companies. It applies to every person who possesses such forged instruments with the intent to defraud. The penalties for this offense vary based on the value of the instrument. If the value is less than $1,000, it is considered a misdemeanor forgery punishable by imprisonment up to 1 year, a fine up to $1,000, or both.
Can you summarize 21 OKST 1580?
This provision, found in the Oklahoma Statutes under Crimes and Punishments, specifically addresses the offense of issuing, selling, or pledging false certificates of stock. It applies to any officer or agent of a corporation or joint stock association formed or existing under the laws of Oklahoma or any other state, government, or country. The provision states that if such an officer or agent willfully signs or procures to be signed, with the intent to issue, sell, or pledge, any false or fraudulent certificate or other evidence of ownership or transfer of stock, they are guilty of forgery in the second degree.
Can you summarize 21 OKST 1581?
Any officer or agent of any corporation or joint stock association formed or existing under or by virtue of the laws of this state, or of any other state, government or country, who, within this state, willfully reissues, sells or pledges, or causes to be reissued, sold or pledged, any surrendered or canceled certificate, or other evidence of the ownership or transfer of any share or shares of the capital stock of such corporation or association, or of an interest in its property or profits, with intent to defraud, is guilty of forgery in the second degree.
Can you summarize 21 OKST 1582?
Any officer or agent of any corporation, municipal or otherwise, of any joint stock association formed or existing under or by virtue of the laws of this state, or of any other state, government or country, who, within this state, willfully signs or procures to be signed with intent to issue, sell or pledge, or cause to be issued, sold or pledged, or who willfully issues, sells or pledges, or causes to be issued, sold or pledged, any false or fraudulent bond or other evidence of debt against such corporation or association of any instrument purporting to be a bond or other evidence of debt against such corporation or association, the signing, issuing, selling or pledging of which has not been duly authorized by the board of directors or common council or other managing body of officers of such corporation having authority to issue the same, is guilty of forgery in the second degree.
Can you summarize 24 OKST 163?
This legal document, part of the Oklahoma Statutes’ Debtor and Creditor section, pertains to the disclosure of security breaches involving personal information. It requires individuals or entities that own or license computerized data containing personal information to disclose any breach of the system’s security to affected residents of Oklahoma. The disclosure must be made without unreasonable delay and if the breach involves encrypted information accessed in an unencrypted form or a person with access to the encryption key.
Can you summarize 6 OKST 1011?
It shall be unlawful for any bank or trust company to lend any officer, director or employee any funds held in trust under the powers conferred by this article. Historical Data Laws 1965, SB 1, c. 161, 1011.
Can you summarize 6 OKST 1023?
This legal provision authorizes banks, trust companies, and national banking associations to deposit or arrange for the deposit of securities in a clearing corporation or the Federal Reserve Bank. It applies to entities holding securities in fiduciary capacity, as custodians, managing agents, or custodians for a fiduciary. When securities are deposited, certificates of the same class and issuer can be merged and held in bulk under the name of the clearing corporation’s nominee, regardless of ownership.
Can you summarize 6 OKST 1205?
This legal document authorizes and empowers the Federal Deposit Insurance Corporation (FDIC) to act as the liquidating agent of any banking institution closed by the State Banking Commissioner, where the deposits are insured by the FDIC. The Commissioner may tender the appointment of liquidator to the FDIC upon the closing of a banking institution. Once appointed, the FDIC assumes possession of all assets, business, and property of the bank, relieving the Commissioner from any responsibility and liability.
Can you summarize 6 OKST 1406?
It shall be unlawful for a bank to receive any deposit after the bank has been notified by its primary regulator that it is insolvent or for an officer, director or employee who knows or, in the proper performance of his duty, should know of the notification of such insolvency to receive or authorize the receipt of such deposit, if such deposit, when aggregated together with other funds held by the depositor in the same right and capacity, would exceed the limit of federal deposit insurance coverage.
Can you summarize 6 OKST 404?
Every bank may do and perform any act and thing necessary or required under the terms of the Federal Deposit Insurance Corporation Act, and any amendments thereto or any act substituted therefor, to secure the benefits of the deposit insurance and other advantages provided by such act, and any amendments thereto or any act substituted therefor applicable to state banks and trust companies. Historical Data Laws 1965, SB 1, c. 161, 404.
Can you summarize 6 OKST 422?
This legal document governs the installation, operation, and utilization of consumer banking electronic facilities in the State of Oklahoma. It applies to banks, savings and loan associations, credit unions, and persons not holding a certificate of authority to operate as a bank, credit union, or savings association. The document requires written notice to be given to the Commissioner prior to the commencement of operations of each facility. It allows consumer banking electronic facilities to be operated exclusively by customers or with the assistance of non-employee persons.
Can you summarize 6 OKST 424?
This legal document, part of the Oklahoma Banking Code, governs the ability of banks and out-of-state banks to originate loans or deposit accounts at locations other than their main office or branch office. It allows banks to utilize employees or agents to originate loans or deposit accounts, provided that the loan decision is made and funded at the main office or a branch office. However, no deposits can be accepted or received at the deposit origination office.
Can you summarize 6 OKST 801?
This legal document governs the maintenance of reserves against deposits for state banks that are members of the Federal Reserve System and banks that are not members of the Federal Reserve System. Member banks of the Federal Reserve System are required to maintain reserves as specified by the Federal Reserve Act or the Board of Governors of the Federal Reserve System. Banks that are not members of the Federal Reserve System are required to maintain reserves as specified by the Depository Institutions Deregulation and Monetary Control Act of 1980 and the Board of Governors of the Federal Reserve System.
Can you summarize OKST Title 12A, Article 2A?
These legal documents cover various aspects of lease contracts, including their formation, risk of loss, use of parol or extrinsic evidence, identification of goods, insurance and proceeds, insecurity and adequate assurance of performance, subordination by agreement, recovery of lessor’s residual interest, standing to sue third parties, incidental damages, damages recoverable by lessor, lessor’s action for rent, stoppage of delivery, lessor’s right to possession and disposal of goods, lessee’s remedies, revocation of acceptance, lessee’s duties regarding rejected goods, merchant lessee’s duties, default by lessor and lessee, liquidation of damages, modification or impairment of rights and remedies, notice of default or enforcement, priority of liens, sale or sublease of goods, and priority of liens arising by operation of law.
Can you summarize OKST Title 12A, Article 3?
The legal document content reviewed pertains to various aspects of negotiable instruments under the Uniform Commercial Code (UCC) and the Oklahoma Statutes. It covers topics such as the notice of right to defend action, incomplete instruments, modification of obligations through separate agreements, conflicting terms in instruments, joint and several liability and contribution, statute of limitations for enforcing obligations, dating of instruments, payment of interest, place of payment, identification of payees, characteristics of negotiable instruments, payment options, unconditional promises or orders, issuance of instruments, and payment in foreign money.
Can you summarize OKST Title 12A, Article 4A?
The provided legal document content covers various aspects related to funds transfers governed by the Oklahoma Statutes and the Uniform Commercial Code. It discusses the relationship between Article 4A of the Oklahoma Statutes and the Electronic Fund Transfer Act, highlighting that Article 4A does not apply to funds transfers governed by the Electronic Fund Transfer Act, unless they are remittance transfers that are not electronic fund transfers. The document emphasizes that the coverage of Article 4A depends on the scope of the Electronic Fund Transfer Act and its implementing regulations.
Can you summarize OKST Title 12A, Article 5?
These legal documents pertain to various aspects of letters of credit under the Uniform Commercial Code in Oklahoma. They cover topics such as the rights and obligations of issuers, beneficiaries, and nominated persons, the transfer and assignment of proceeds, the subrogation rights of parties involved, the statute of limitations for actions related to letters of credit, the liability of issuers and advisers, the choice of law and forum selection, fraud and forgery, warranties, and the issuance, amendment, and cancellation of letters of credit.
Can you summarize OKST Title 12A, Article 9?
These legal documents cover various aspects of secured transactions under the Oklahoma Statutes Uniform Commercial Code. They provide guidance on the sufficiency of description in legal documents related to secured transactions, specifying that a description of personal or real property is sufficient if it reasonably identifies what is described. Similarly, a description of collateral is considered sufficient if it identifies the collateral through specific listing, category, type defined in the title, quantity, formula, or any other objectively determinable method.
Can you summarize OKST Title 21, Chapter 64?
The provided legal document content pertains to the Frauds and Offenses in Corporate Affairs under the Oklahoma Statutes’ Crimes and Punishments section. It applies to directors, officers, agents, and members of corporations or joint stock associations. The document outlines various provisions and offenses related to corporate affairs. It states that any director who concurs in or participates in any act, proceeding, or omission of the directors that violates the article is deemed to have concurred therein.
Can you summarize OKST Title 6, Chapter 1, Article IX?
The provided legal document content covers various aspects related to deposits and collections, notary publics, and protests. It includes provisions for treating a deposit made by a husband and wife primarily for a business purpose as a sole proprietorship account. It also outlines the procedures for transferring funds or contents of a safe deposit box to the known heirs of a deceased individual, with requirements for affidavits establishing jurisdiction, relationship, and absence of a will.
Can you summarize OKST Title 6, Chapter 1, Article V?
The provided legal document content covers various aspects of branch banking, bank holding companies, and related regulations in Oklahoma. It includes provisions for the establishment and operation of branches by out-of-state industrial loan companies and industrial banks, requiring compliance with the laws of the state where the company or bank is located. The State Banking Commissioner issues certificates for branch establishment, and the State Banking Board has the authority to adopt rules for approval and issuance of certificates.
Can you summarize OKST Title 6, Chapter 1, Article XIII?
The legal documents provided cover various aspects related to safe deposit and safekeeping facilities. They govern proceedings in aid of execution for garnishment, including the sealing of safe deposit boxes and denial of access, as well as the removal, holding, delivery, or sale of box contents. The documents also establish the lien of the lessor on the contents of a lessee’s box for past due rentals and expenses, and outline the procedures for giving notice, removing contents, and conducting sales.
Can you summarize OKST Title 6, Chapter 21?
This legal document pertains to Statutory Support Trusts in Oklahoma. It governs the establishment and operation of a model trust used by banks or trust companies to receive money donated by individuals for the purpose of assisting the beneficiary with medical, financial, educational, humanitarian, or similar needs. The document covers various aspects of the trust, including the appointment and resignation of trustees, their powers and responsibilities, and the management of the trust.
Can you summarize OKST Title 60, Chapter 13?
The Uniform Unclaimed Property Act in Oklahoma imposes obligations on holders of unclaimed property. It applies to a wide range of entities, including persons, business associations, banking organizations, financial organizations, insurance companies, utilities, museums, and other legal or commercial entities. The act specifies that it does not relieve a holder of a duty that arose before the effective date of the act to report, pay, or deliver property. Holders who did not comply with the previous law are subject to the enforcement and penalty provisions that were in effect before the act.
Can you summarize OKST Title 71, Chapter 1, Article 5?
The Oklahoma Uniform Securities Act of 2004 governs the regulation of securities in Oklahoma. It prohibits fraudulent activities in connection with the offer, sale, or purchase of securities. The act establishes liability for making untrue statements or omitting material facts, and provides remedies for purchasers and sellers. It also addresses the liability of broker-dealers, agents, investment advisers, and investment adviser representatives. The act requires the filing of sales and advertising literature related to securities, and imposes burdens of proof for claiming exemptions or exclusions.
Can you summarize Banking Commission > APPLICATIONS BY REGIONAL BANK HOLDING COMPANIES?
The provided legal document content consists of two sections: Regional Bank Holding Company Acquisitions and Bank Holding Company Registration. These sections govern the processes and requirements related to the acquisition of regional bank holding companies and the registration of bank holding companies. The documents apply specifically to regional bank holding companies operating in the relevant jurisdiction. No exemptions or penalties are mentioned in the provided content.
Can you summarize Banking Commission > APPLICATIONS BY REGIONAL BANK HOLDING?
The provided legal document content pertains to applications by regional bank holding companies. It is governed by the North Carolina Administrative Code, specifically the Commerce section under the Banking Commission. The document history notes indicate that it was initially authorized by G.S. 53214(b) and was in effect from September 1, 1985, until it was repealed on May 1, 1992. However, it was later amended and reinstated on May 1, 1992, with additional amendments on September 1, 2006, and April 1, 1999.
Can you summarize Banking Commission > BANKS?
The legal documents reviewed cover various aspects of banking operations and regulations in North Carolina. They include requirements for the establishment and maintenance of reserve accounts, retention and disposition of bank records, loan documentation practices, leasing of personal property, fees and publication costs, establishment and operation of Non-Branch Bank Business Offices (NBBO), and the provision of courier services by banks. The documents provide guidelines and regulations for banks operating in North Carolina, their affiliates, and the bank’s parent holding company.
Can you summarize Banking Commission > BANKS?
The provided legal document content covers various aspects related to the establishment and operation of banks in North Carolina. It includes regulations for the establishment of courier services by banks, requirements for written agreements between banks and customers, and the handling of deposits and negotiable instruments by courier services. The document also governs the establishment and operation of Non-Branch Bank Business Offices (NBBOs), outlining the services and activities they are allowed to engage in.
Can you summarize Banking Commission > MORTGAGE BANKER/BROKER?
The provided legal document content consists of sections from the North Carolina Administrative Code related to mortgage banker/broker operations and financial requirements. These regulations govern the activities of mortgage bankers and brokers in North Carolina. The document specifies the financial requirements that mortgage bankers and brokers must meet to operate in the state. It also includes sections on the operations of mortgage bankers and brokers, reporting and notification requirements, prohibited acts and practices, investigations, and disclosure requirements.
Can you summarize Banking Commission > MORTGAGE BANKER/BROKER?
The provided legal document content consists of sections from the North Carolina Administrative Code related to mortgage bankers and brokers. It covers various aspects such as conflicts of interest, application disclosures, disclosure arrangements between mortgage bankers and brokers, commitment disclosures, mortgage lock-in agreements, prohibited conduct and practices, solicitation and advertising, examinations and investigations, enforcement actions, hearings, amendments to information on file with the commissioner, withdrawal/termination/registration of mortgage bankers and brokers, impairment of financial requirements, annual registration fee, annual report, segregation of fees, refunds, record and bookkeeping requirements, display of certificate of registration, application for registration as a mortgage banker or broker, exempt persons or organizations, experience requirements for mortgage bankers and brokers, issuance of certificate of registration, nontransferability of certificate of registration, irrevocable letter of credit, pledge of securities, minimum net worth requirement for mortgage brokers, liquidity of mortgage bankers and brokers.
Can you summarize Banking Commission > ORGANIZATION?
The provided legal document content pertains to the structure and organization of the Banking Commission and the Office of the Commissioner of Banks in North Carolina. It specifies the location and mailing address of the Office of the Commissioner of Banks, as well as its public opening hours. The document also includes historical notes regarding the authority and amendments related to the structure of the Banking Commission and the Office of the Commissioner of Banks.
Can you summarize Banking Commission > RULEMAKING AND CONTESTED?
The legal document content consists of multiple sections. The first section outlines the process for submitting a petition to the Banking Commission for the adoption, amendment, or repeal of a rule. It also provides information on how to request to be placed on the mailing list for rule-making notices. The second section pertains to the conduct of hearings before the Banking Commission, including the requirements for filing a notice to present oral data, views, or arguments on a proposed rule.
Can you summarize Savings Institutions > TRUST POWERS?
These legal documents govern the exercise of fiduciary powers by savings institutions in North Carolina. They establish the framework for savings institutions to act in fiduciary capacities and exercise trust powers. Savings institutions desiring to exercise fiduciary powers must submit a letter to the Commissioner of Banks indicating the trust services they wish to offer. The Commissioner considers factors such as the financial condition of the savings institution and the character and ability of its management before granting approval.
Can you summarize NCGS 14-113.24?
This section of the North Carolina General Statutes, under the category of Identity Theft, governs the printing of credit, charge, or debit card numbers on receipts. It applies to persons that accept these cards for business transactions. The section prohibits printing more than five digits of the card account number or the expiration date on any receipt intended for the cardholder at the point of sale. However, this restriction does not apply to persons who record card numbers solely by handwriting or by an imprint or copy of the card.
Can you summarize NCGS 24-11?
This legal document governs the charges and fees associated with revolving credit. It applies to lenders and borrowers involved in open-end credit or similar plans, revolving credit loans, and credit card accounts. Under this document, lenders may charge and collect interest, finance charges, or other fees at a rate not exceeding one and one-half percent (1.5%) per month on the unpaid balance. If the lender chooses not to impose an annual charge, they may impose a service charge on unpaid balances.
Can you summarize NCGS 24-11.1?
This section of the North Carolina General Statutes governs the disclosure requirements for credit cards. It applies to any application, solicitation, offer of credit, or communication extending credit for an open-end credit plan accessed through a credit card or a revolving credit loan accessed through a credit card. The disclosures that must be made include the annual percentage rate, the circumstances under which the rate may vary, any limitations on the increase, the effects of the increase on other terms of the agreement, the date or occasion when the finance charge begins to accrue, the duration of any grace period, whether an annual fee is charged and its amount, and any delinquency charge, late charge, or collection charge that may be assessed.
Can you summarize NCGS 24-11.2?
This section of the North Carolina General Statutes governs the disclosure requirements for charge cards. It applies to any application, solicitation, offer of credit, or communication extending credit through a charge card that is printed and delivered to a person within North Carolina. The section defines a charge card as a card, plate, or device that allows the cardholder to access credit without a finance charge and without the ability to repay in installments.
Can you summarize NCGS 25-4-211?
This legal document governs the medium and time of settlement by a bank. It specifies that 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 to receive 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.
Can you summarize NCGS 25-4-213?
This legal document, part of the North Carolina General Statutes Uniform Commercial Code, specifically addresses the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. It outlines that 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 NCGS 25-4-301?
This legal document, part of the North Carolina General Statutes Uniform Commercial Code, specifically 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. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize NCGS 25-4-303?
This legal document, part of the North Carolina General Statutes Uniform Commercial Code, specifically addresses the collection of items by payor banks. It states 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.
Can you summarize NCGS 25-4-401?
This legal document, found in the North Carolina General Statutes under the Uniform Commercial Code, specifically addresses the relationship between a payor bank and its customer regarding bank deposits and collections. 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 results in an overdraft. An item is considered properly payable if it is authorized by the customer and complies with any agreements between the customer and the bank.
Can you summarize NCGS 25-4-403?
This legal document, found in the North Carolina General Statutes under the Uniform Commercial Code, specifically addresses 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, but if the original order was oral and not confirmed in writing within 14 calendar days, it lapses.
Can you summarize NCGS 25-4-404?
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. (C. S., s.
3168; 1929, c. 341, s. 3; 1965, c. 700, s. 1.)
Can you summarize NCGS 25-4-406?
This legal document, part of the North Carolina General Statutes Uniform Commercial Code, specifically addresses the relationship between a payor bank and its customer in the context of bank deposits and collections. The document outlines the duties and responsibilities of the bank and the customer regarding the handling of items and statements of account. It requires the bank to either return the paid items or provide sufficient information in the statement of account for the customer to identify the items.
Can you summarize NCGS 54B-154?
The Commissioner of Banks may promulgate rules and
regulations no less stringent than the requirements of the appropriate federal
regulatory authority, and as he deems necessary, to govern the making of loans
to officers and directors, and their associates, and companies or other
business entities controlled by them. (1981, c. 282,
s. 3; 1983, c. 144, s. 20; 1989 (Reg. Sess., 1990), c. 806, s. 10; 2001-193, s.
16.)
Can you summarize NCGS 55-8-32?
This provision, found in the North Carolina Business Corporation Act, governs loans to directors of corporations. Generally, a corporation is prohibited from directly or indirectly lending money to or guaranteeing the obligation of a director, unless certain conditions are met. These conditions include obtaining approval from a majority of the votes represented by outstanding voting shares, or the approval of the corporation’s board of directors based on a determination that the loan or guarantee benefits the corporation.
Can you summarize NCGS 75-61?
The Identity Theft Protection Act governs the protection of personal information and consumer reports. It applies to businesses, consumers, and consumer reporting agencies. The Act defines various terms such as ‘business’, ‘consumer’, ‘consumer report’, ‘consumer reporting agency’, ‘credit card’, ‘debit card’, ‘disposal’, ’encryption’, ‘person’, ‘personal information’, ‘proper identification’, ‘protected consumer’, ‘protected consumer security freeze’, ‘protected consumer’s file’, ‘records’, ‘redaction’, and ‘representative’. The Act also defines ‘security breach’, ‘security freeze’, ‘sufficient proof of authority’, and ‘sufficient proof of identification’.
Can you summarize NCGS 75-65?
This legal document, known as the Identity Theft Protection Act, establishes security breach notification requirements for businesses that own or license personal information of residents of North Carolina. It applies to businesses that own or license personal information in any form and requires them to provide notice to affected individuals in the event of a security breach. The notice must be provided without unreasonable delay, consistent with the needs of law enforcement and measures necessary to determine the scope of the breach and restore the security of the data system.
Can you summarize NCGS Chapter 105, Subchapter I, Article 8C?
The Schedule I-C of the North Carolina General Statutes, under the section of Taxation, specifically deals with the levy of excise tax on banks. It applies to all banks operating in North Carolina. The document does not mention any exemptions or specific penalties for non-compliance or violation of the excise tax provisions. The Schedule I-C provides the legal framework and guidelines for the imposition and collection of excise tax on banks in North Carolina.
Can you summarize NCGS Chapter 116B, Article 4?
The North Carolina Unclaimed Property Act governs the treatment of unclaimed property in the state. It establishes the rights and obligations of holders of unclaimed property and provides procedures for reporting, payment, delivery, custody, and disposal of abandoned property. The Act applies to various entities, including individuals, businesses, financial organizations, insurance companies, and government entities. It also outlines exemptions for property with no substantial commercial value, property with recognized historic significance, and property regulated by other agencies or authorities.
Can you summarize NCGS Chapter 14, Subchapter V, Article 19B?
The Financial Transaction Card Crime Act, outlined in the North Carolina General Statutes, governs the use and misuse of financial transaction cards. It defines key terms related to financial transaction cards and applies to various entities involved in financial transaction card transactions. The Act prohibits actions such as taking, obtaining, or withholding a card without consent, receiving a lost card, selling or buying a card from someone other than the issuer, and using scanning or skimming devices.
Can you summarize NCGS Chapter 14, Subchapter V, Article 19C?
This provision under the North Carolina General Statutes governs the offense of identity theft. It applies to any person who knowingly obtains, possesses, or uses identifying information of another person with the intent to fraudulently represent that person for financial or credit transactions, obtaining anything of value, or avoiding legal consequences. The term ‘identifying information’ includes various types of personal and financial data. There are exemptions for lawful credit information acquisition, exercising security interests, and complying with legal orders.
Can you summarize NCGS Chapter 25, Article 2A?
The provided legal document content pertains to the Statute of Frauds under the North Carolina General Statutes, specifically within the Uniform Commercial Code and Leases section. The statute states that a lease contract is not enforceable unless the total payments under the contract are less than $1,000 or there is a written agreement signed by the party against whom enforcement is sought, indicating the lease contract and describing the goods and lease term.
Can you summarize NCGS Chapter 25, Article 3?
This legal document, part of the North Carolina General Statutes’ Uniform Commercial Code, specifically governs negotiable instruments. It defines negotiable instruments as unconditional promises or orders to pay a fixed amount of money. The document outlines the criteria for an instrument to be considered negotiable, such as being payable to bearer or order, payable on demand or at a definite time, and not containing any other undertakings or instructions beyond the payment of money.
Can you summarize NCGS Chapter 25, Article 4?
This legal document, part of the North Carolina General Statutes under the Uniform Commercial Code, governs the general provisions and definitions related to bank deposits and collections. It provides definitions for various terms used in this context, such as ‘account’, ‘banking day’, ‘customer’, ‘draft’, ‘item’, and ‘settle’. The document also references other definitions from different sections of the Article, including ‘acceptance’, ‘cashier’s check’, ‘holder in due course’, ’notice of dishonor’, and more.
Can you summarize NCGS Chapter 25, Article 4A?
These legal documents, part of the North Carolina General Statutes under the Uniform Commercial Code and Funds Transfers, govern payment orders and funds transfers. They define various terms related to funds transfers, such as ‘beneficiary,’ ‘beneficiary’s bank,’ ‘receiving bank,’ and ‘sender.’ The documents establish that a payment order received by the receiving bank is considered authorized if the sender authorized it or is bound by it under the law of agency.
Can you summarize NCGS Chapter 25, Article 9?
The provided legal document content covers various aspects related to secured transactions under the Uniform Commercial Code (UCC) in North Carolina. It includes definitions and an index of definitions for Article 9 of the UCC, which pertains to secured transactions. The document provides guidelines for the attachment and enforceability of security interests, the perfection, effect, and priority of security interests in different types of collateral, the rights of third parties in secured transactions, the filing of financing statements, the duties and operations of a filing office, and the default and enforcement of security interests.
Can you summarize NCGS Chapter 53, Article 11?
The provided legal document content pertains to the regulation of industrial banks in North Carolina. Industrial banks are financial institutions that engage in banking activities such as accepting deposits and making loans. The document outlines the rules and regulations that govern the operation of industrial banks in the state. It applies to entities operating as industrial banks in North Carolina. The document does not mention any specific exemptions. However, it is important to note that penalties for non-compliance or violation of the regulations are not specified in the provided document.
Can you summarize NCGS Chapter 53C, Article 10?
The provided legal document content pertains to the regulation of Bank Holding Companies under the North Carolina General Statutes. Bank Holding Companies are the main entities governed by these regulations. The document outlines the rules and requirements that Bank Holding Companies must adhere to in North Carolina. It is important for Bank Holding Companies to comply with these regulations to ensure proper functioning and oversight of their operations. The document does not mention any specific exemptions.
Can you summarize NCGS Chapter 53C, Article 10?
The first legal document governs control transactions involving holding companies formed under the laws of North Carolina and having a bank as a subsidiary. It requires prior approval from the Commissioner for control transactions, with certain exempted transactions. The document outlines the process for filing notices or applications for approval, the appointment of an agent for service of process, and the Commissioner’s authority to object to control transactions. The second legal document pertains to the approval process for combinations involving holding companies of banks in North Carolina.
Can you summarize NCGS Chapter 53C?
The provided legal document content pertains to the regulation of Bank Holding Companies under the North Carolina General Statutes. Bank Holding Companies are the main entities governed by these regulations. The document outlines the rules and requirements that Bank Holding Companies must adhere to in North Carolina. It is important for Bank Holding Companies to comply with these regulations to ensure proper functioning and oversight of their operations. The document does not mention any specific exemptions.
Can you summarize NCGS Chapter 75, Article 2A?
The Identity Theft Protection Act governs the protection of personal information and consumer reports, applying to businesses, consumers, and consumer reporting agencies. It defines various terms and prohibits unauthorized access to and acquisition of unencrypted and unredacted records or data containing personal information. It also allows consumers to place a security freeze on their credit report. The Act specifies the requirements for sufficient proof of authority and identification for protected consumers.
Can you summarize MICL 440.4208?
This legal document, part of the Michigan Compiled Laws, specifically falls under the Uniform Commercial Code (UCC) and pertains to the presentment of unaccepted or dishonored drafts. It outlines the warranties that the person obtaining payment or acceptance of the draft and the previous transferor of the draft provide to the drawee. These warranties include being entitled to enforce the draft, no alteration of the draft, no knowledge of unauthorized signature, and authorization for remotely created consumer items.
Can you summarize MICL 440.4213?
This legal provision, found in the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 4 - Bank Deposits and Collections, Part 2 - Collection of Items: Depositary and Collecting Banks, governs the medium and time of settlement by a bank. The settlement medium and time may be prescribed by Federal Reserve regulations, circulars, clearing-house rules, agreements, or in the absence of such prescription, the following rules apply. The medium of settlement is either cash or credit to an account in a Federal Reserve bank or as specified by the person receiving settlement.
Can you summarize MICL 440.4215?
This section of the Michigan Compiled Laws, specifically under the Uniform Commercial Code, Article 4 Bank Deposits and Collections, Part 2 Collection of Items: Depositary and Collecting Banks, governs the final payment of items by a payor bank, final credit, and the availability of credit for withdrawal. 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 provisional settlement that is not revoked within the permitted time.
Can you summarize MICL 440.4301?
This legal document, part of the Michigan Compiled Laws, specifically falls under the Uniform Commercial Code (UCC) and pertains to the collection of items by payor banks. It outlines the conditions under which a payor bank can settle for a demand item and the actions it can take to revoke the settlement and recover the settlement amount. The document also specifies the time limits and methods for returning the item, sending notice of dishonor or nonpayment, and revoking any credit given.
Can you summarize MICL 440.4303?
This legal document, found in the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 4 Bank Deposits and Collections, Part 3 Collection of Items: Payor Banks, outlines the rules regarding the handling of knowledge, notice, stop-payment orders, legal processes, and setoffs by payor banks. According to the document, any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised 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 the item 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.
Can you summarize MICL 440.4401?
This legal document, part of the Uniform Commercial Code, governs the relationship between a payor bank and its customer. It outlines the bank’s authority to charge against the customer’s account for items that are properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank. The document also states that a customer is not liable for an overdraft if they did not sign the item or benefit from its proceeds.
Can you summarize MICL 440.4403?
This section of the Michigan Compiled Laws, specifically under the Uniform Commercial Code, governs the rights of customers 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 before taking any action on the item.
Can you summarize MICL 440.4404?
Sec. 4404. 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 6 months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. History: 1962, Act 174, Eff. Jan. 1, 1964
Can you summarize MICL 440.4406?
This legal document, part of the Uniform Commercial Code in Michigan, governs the relationship between a bank and its customer regarding the statement of account and payment of items. According to the document, a bank that provides a statement of account to a customer showing payment of items must either return the items paid, provide information in the statement to identify the items paid, or retain the items or copies of them.
Can you summarize MICL 445.63?
The Identity Theft Protection Act in the state of Michigan governs the protection of personal information and the prevention of identity theft. The act applies to all agencies, institutions of higher education, and persons in the state of Michigan, with the exception of circuit, probate, district, or municipal courts. The act defines various terms such as ‘agency,’ ‘breach of the security of a database,’ ‘child or spousal support,’ ‘credit card,’ ‘data,’ ‘depository institution,’ ’encrypted,’ ‘false pretenses,’ ‘financial institution,’ ‘financial transaction device,’ ‘identity theft,’ ‘interactive computer service,’ ’law enforcement agency,’ ’local registrar,’ ‘medical records or information,’ ‘person,’ ‘personal identifying information,’ ‘personal information,’ ‘public utility,’ ‘redact,’ ‘state registrar,’ ’trade or commerce,’ ‘vital record,’ and ‘webpage.
Can you summarize MICL 445.72?
This section of the Michigan Compiled Laws, known as the Identity Theft Protection Act, outlines the requirements for providing notice of a security breach. It applies to persons or agencies that own or license data included in a database, as well as persons or agencies that maintain a database including data they do not own or license. Unless the security breach is determined to not cause substantial loss or injury or result in identity theft, notice of the breach must be provided to affected residents of Michigan.
Can you summarize MICL 487.11201?
This section provides definitions for various terms used in the Michigan Banking Code of 1999. It covers terms such as ‘administrative expense’, ‘affiliate’, ‘applicant’, ‘bank’, ‘bank holding company’, ‘branch’, ‘capital’, ‘cease and desist order’, ‘commissioner’, ‘consolidate’, ‘consolidated bank’, ‘consolidated organization’, ‘depository institution’, ‘derivative transaction’, ‘dissolution’, ‘dividend reinvestment plan’, ‘federal agency’, ‘federal branch’, ‘federal deposit insurance act’, ‘federal home loan bank act’, and ‘federal reserve act’. These definitions are essential for understanding the provisions and regulations outlined in the Michigan Banking Code of 1999.
Can you summarize MICL 487.13506?
Sec. 3506. An officer or employee of any bank, in his or her individual capacity, shall not act as agent in the sale of stock or other securities to any person or receive directly or indirectly any consideration or commission resulting from the sale of stock or other securities by others to the bank by which he or she is employed. History: 1999, Act 276, Eff. Mar. 1, 2000
Can you summarize MICL 487.14110?
This section of the Michigan Compiled Laws applies to banks that own, operate, or manage an automated teller machine (ATM) located on the premises of a casino, casino enterprise, liquor store, or adult entertainment establishment. The banks are required to work with the department of human services to ensure that the ATM does not allow individuals to access cash benefits from a Michigan bridge card. The section provides definitions for terms such as ‘adult entertainment establishment,’ ‘alcoholic liquor,’ ‘casino,’ ‘casino enterprise,’ ‘gaming,’ ’liquor store,’ ‘Michigan bridge card,’ and ‘retail food store.
Can you summarize MICL 487.3436?
This section of the Michigan Compiled Laws applies to savings banks that own, operate, or manage an automated teller machine located on the premises of a casino, casino enterprise, liquor store, or adult entertainment establishment. The section requires these savings banks to work with the department of human services to ensure that the automated teller machine does not allow individuals to access cash benefits from a Michigan bridge card. The section provides definitions for terms such as ‘adult entertainment establishment,’ ‘alcoholic liquor,’ ‘casino,’ ‘casino enterprise,’ ‘gaming,’ ’liquor store,’ ‘Michigan bridge card,’ ‘retail food store,’ and specifies that grocery stores selling groceries in a casino or casino enterprise, and other business establishments offering gaming incidental to their principal purpose are exempt from the requirements.
Can you summarize MICL 750.99?
Sec. 99. Certifying checks without amount thereof actually standing to credit of drawerIt shall not be lawful for any officer, clerk, agent or employe of a bank to certify a check unless the amount thereof actually stands to the credit of the drawer upon the books of the bank, or to resort to any device, or receive any fictitious obligations, direct or collateral, in order to evade the provisions of this prohibition; and any officer, clerk, agent or employe who shall attempt any such evasion shall be guilty of a felony.
Can you summarize MICL 777.16e?
This legal document, specifically Section 16e of Chapter XVII of the Michigan Compiled Laws, applies to certain felonies listed in Chapter 750 of the Michigan Compiled Laws. It governs the sentencing guidelines and provisions for these felonies. The document provides a list of the applicable felonies, along with their respective categories, classes, descriptions, and maximum statutory penalties. The felonies covered include offenses related to property, public order, public trust, and financial institutions.
Can you summarize MICL, 174-1962-2A?
This legal document, governed by the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 2A Leases, addresses various aspects related to default in lease contracts. It outlines the damages that the lessor may recover from the lessee, including accrued and unpaid rent, present value of rent for the remaining lease term, and incidental damages. The document also discusses the lessor’s responsibility to hold identified goods for the lessee for the remaining lease term, unless the goods are disposed of before the collection of damages.
Can you summarize MICL, 174-1962-3?
The provided legal document content pertains to the discharge and payment of obligations related to negotiable instruments under the Michigan Uniform Commercial Code, specifically Article 3 - Negotiable Instruments. It outlines the principles and procedures for the discharge of payment obligations, including the effects of tendering payment, discharge against holders in due course, and the discharge of interest after the due date. The document also addresses the discharge and payment of obligations in relation to negotiable instruments, including the release of principal obligors, extensions of time for payment, modifications of obligations, and the rights and duties of secondary obligors.
Can you summarize MICL, 174-1962-4?
These legal documents, governed by the Michigan Compiled Laws and the Uniform Commercial Code (UCC), specifically Article 4 - Bank Deposits and Collections, cover various aspects related to the collection, transfer, and payment of items by banks. The first document focuses on the responsibility of a bank presenting a documentary draft, including the delivery of documents, seeking instructions in case of dishonor, and reimbursement for expenses incurred. The second document addresses the variation by agreement, measure of damages, and action constituting ordinary care in bank deposits and collections, emphasizing that a bank cannot disclaim responsibility for lack of good faith or failure to exercise ordinary care.
Can you summarize MICL, 174-1962-4A?
These legal documents, governed by the Uniform Commercial Code (UCC) Article 4A Funds Transfers, address various aspects of funds transfers, including the rights and obligations of parties involved, payment obligations of senders and receiving banks, payment obligations and rights of beneficiary banks, conditions for payment to the beneficiary, payment of bank obligations, obligations of the sender to pay the bank, execution of sender’s payment order by receiving bank, payment orders in funds transfers, definitions of key terms related to payment orders, and general definitions and principles of construction and interpretation applicable throughout the article.
Can you summarize MICL, 174-1962-5?
This legal provision, found in the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 5 - Letters of Credit, addresses various aspects of letters of credit transactions. It covers the security interest of an issuer or nominated person in a document presented under a letter of credit, the rights of subrogation for different parties involved, the treatment of forged or fraudulent documents, the rights of successor beneficiaries, the transferability of a letter of credit, the liability for wrongful dishonor or breach, the honoring and dishonoring of presentations, the issuance, enforcement, revocation, and expiration of letters of credit, the definitions of key terms, and the liability of parties involved.
Can you summarize MICL, 174-1962-9?
The provided legal document content covers various aspects of secured transactions under the Uniform Commercial Code (UCC) Article 9 in Michigan. It includes transition provisions for the 2010 amendments to the UCC, determining the priority of conflicting claims to collateral. The documents also pertain to the repeal of certain acts and parts of acts in Michigan, without specifying the purpose or penalties. Additionally, the documents address the nonliability and limitation on liability of a secured party, as well as the liability of a secondary obligor.
Can you summarize MICL, 328-1931-XIII?
The provided legal document content pertains to Chapter XIII of the Michigan Compiled Laws, which governs bank, deposit, and trust companies. It specifically focuses on the Michigan financial institutions act and its provisions. The document states that any officer, clerk, agent, or employee of a financial institution mentioned in the act who knowingly aids or assists in a violation of the act or its amendments will be guilty of a felony.
Can you summarize MICL, 328-1931-XIX?
This section of the Michigan Penal Code governs the making, drawing, uttering, or delivering of checks, drafts, or orders for payment of money without sufficient funds with the intent to defraud. It applies to any person who engages in such actions. However, there are exemptions if the lack of funds is due to garnishment, attachment, levy, or other lawful cause, and the person was unaware of this at the time of making, drawing, uttering, or delivering the check, draft, or order.
Can you summarize MICL, 328-1931-XXIVA?
This provision, found in the Michigan Penal Code, governs the fraudulent use of a financial transaction device to withdraw or transfer funds in violation of contractual limitations. It applies to any person who knowingly and with intent to defraud uses a financial transaction device to withdraw or transfer funds from a deposit account. The penalties for violating this provision vary based on the amount of funds withdrawn or transferred, ranging from a misdemeanor to a felony.
Can you summarize MICL, Act 146 of 1941?
The provided legal document content authorizes banks, industrial banks, and trust companies to qualify as issuing agents for the sale of United States defense savings bonds and similar obligations. These institutions may deposit and/or pledge assets as required to qualify as such agents. The document does not affect the limitations and restrictions of Act No. 341 of the Public Acts of 1937, except as provided in this act. The document applies to banks, industrial banks, and trust companies, without any specific exemptions or penalties mentioned.
Can you summarize MICL, Act 162 of 1995?
The Credit Reform Act, part of the Michigan Compiled Laws, governs the charge, collection, and receipt of interest rates or finance charges in Michigan. Regulated lenders are allowed to charge, collect, and receive any rate of interest or finance charge for an extension of credit, not exceeding 25% per annum. However, depository institutions are allowed to charge, collect, and receive any rate of interest or finance charge for a credit card arrangement.
Can you summarize MICL, Act 2 of 1935?
This legal document pertains to loans and advances of credit made under the National Housing Act in the state of Michigan. It states that no state law prescribing the nature, amount, or form of security or deposit, or requiring security for loans or advances of credit, or limiting interest rates or the period for which loans or advances of credit may be made, shall apply to loans or advances of credit made pursuant to section 1 of this act.
Can you summarize MICL, Act 232 of 1978?
The provided legal document content pertains to the suspension of business of banks and savings and loan associations in Michigan. It applies to state chartered banks, savings banks, credit unions, and savings and loan associations that fall under the regulatory authority of the commissioner of the office of financial and insurance services in the department of labor and economic growth. The document defines the term ’emergency’ as a condition or occurrence that interferes with normal business operations or poses a threat to safety and security.
Can you summarize MICL, Act 248 of 1909?
This legal document, as per the Michigan Compiled Laws, governs the rules regarding deposits made in joint names in banking institutions. When a deposit is made in the name of a depositor or another person, and is payable to either or the survivor of them, the deposit and any additions made by either person become the joint property of the named persons. The deposit can be paid to either person during their lifetime or to the survivor after the death of one of them.
Can you summarize MICL, Act 276 of 1999?
This section of the Michigan Banking Code of 1999 governs the establishment and operation of state agency or state foreign bank branch by a foreign bank. It outlines the requirements for a foreign bank to establish and operate a state agency or state foreign bank branch in Michigan, including being authorized by its charter or articles of incorporation to engage in banking, complying with the laws of its home country, and not operating a federal agency in Michigan.
Can you summarize MICL, Act 29 of 1995?
The Uniform Unclaimed Property Act in Michigan governs the handling of unclaimed property. It applies to various entities, including business associations, utilities, insurance companies, banking organizations, financial organizations, and individuals. The act establishes requirements for reporting and delivering unclaimed property to the administrator. It also outlines provisions for the sale of abandoned property, the treatment of outstanding travelers checks and money orders, the presumption of abandonment for various types of property, and the publication of notices for unclaimed property.
Can you summarize MICL, Act 349 of 1925?
The provided legal document content pertains to the process for recognizing adverse claims to bank deposits in Michigan. The law requires claimants to provide notice to the bank and either obtain a restraining order or injunction from a court of competent jurisdiction against the bank, with the person to whose credit the deposit stands as a party, or execute a bond indemnifying the bank from any liability, loss, damage, costs, and expenses related to the adverse claim or the dishonor of the person’s check or order.
Can you summarize MICL, Act 379 of 1984?
This legal document, found in the Michigan Compiled Laws, pertains to credit card arrangements. It states that state or national banks, state or federal savings and loan associations, state or federal credit unions, retail sellers, and other creditors under Act No. 224 of the Public Acts of 1966 are not subject to the provisions of this act, except if they use the rate authority provided in this act. However, a person holding a credit card or charge card issued prior to the effective date of this act may continue to use the credit card or charge card according to the terms of the contract until modified as permitted under this act and shall continue to be liable for loans or credit extended pursuant to any such contract.
Can you summarize MICL, Act 452 of 2004?
The Identity Theft Protection Act under the Michigan Compiled Laws covers various aspects related to identity theft and fraudulent activities. It governs the handling of forfeited property, verification of information from vital records, notice of security breaches, distribution of deceptive advertisements or solicitations, prohibited acts related to identity theft and fraudulent communication, penalties for violations of the act, destruction of data containing personal information, and various prohibited acts related to identity theft and fraudulent activities.
Can you summarize MICL, Act 454 of 2004?
The Social Security Number Privacy Act governs the protection of social security numbers and related personal information. It applies to a wide range of entities, including individuals, businesses, schools, and government agencies. The act defines various terms such as ‘child or spousal support,’ ‘computer,’ ‘internet,’ ‘mailed,’ ‘person,’ ‘publicly display,’ ‘Title IV-D agency,’ ‘vital record,’ and ‘website.’ The document provides definitions for these terms to ensure clarity and consistency in their usage.
Can you summarize MORS 362.023?
This provision pertains to trust companies and their acceptance of demand deposits. It states that the articles of agreement of a trust company may prevent the acceptance of demand deposits. In such cases, the procedure for granting or denying a charter for the trust company will be determined by the provisions outlined in sections 362.025 to 362.040 of the Revised Statutes of Missouri. However, the determination of need and convenience will be limited to the need for fiduciary services as authorized under subsection 3 of section 362.
Can you summarize MORS 362.110?
This provision, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, grants the Federal Deposit Insurance Corporation (FDIC) the same rights as national banks in relation to the insurance of deposits. Specifically, when a bank or trust company in Missouri is closed, the FDIC is subrogated to the rights of the depositors and is entitled to receive dividends from the assets of the closed bank or trust company.
Can you summarize MORS 362.111?
This legal document governs the imposition of fees and service charges on deposit accounts by banks and trust companies. The fees or service charges are subject to conditions or requirements set by regulations issued by the director of the division of finance and the state banking and savings and loan board. These conditions or requirements cannot be more restrictive than those permitted for federally chartered depository institutions. Additionally, contractual fees charged for overdrawing the balance of a deposit account are not considered interest.
Can you summarize MORS 362.1115?
This legal document pertains to the exemption of certain information from disclosure under the sunshine law. The information exempt from disclosure includes personal identifying information in records relating to the registration, annual certification, and examination of family trust companies, as well as reports of examinations, operations, or conditions of family trust companies. Additionally, a portion of the list of names of shareholders or members of a family trust company is also exempt.
Can you summarize MORS 362.171?
Any officer, director, agent, clerk or employee of any bank or trust company who willfully and knowingly makes or concurs in making any loan, either directly or indirectly, to any individual, partnership or corporation or by means of letters of credit, by acceptance of drafts or by discount or purchase of notes, bills of exchange or other obligation of any person, partnership or corporation, in excess of the amounts set out in section 362.
Can you summarize MORS 362.172?
Any bank organized under the laws of this state may invest not to exceed five percent of its capital, surplus and undivided profits in shares of stock in any new bank or banks, existing bank or banks, or bank holding companies if the ownership of a majority of such stock in such bank or bank holding companies is restricted to banks authorized to do business in the state of Missouri. ——– (L.
Can you summarize MORS 362.220?
Any director, officer or employee of a bank or trust company who makes any agreement, express or implied, before or at the time of issuing a certificate of deposit by which its holder may demand or receive payment thereof in advance of its maturity, or who before or at the time of receiving a savings deposit makes an agreement, express or implied, by which the holder of the savings passbook may demand or receive payment of the savings deposit in advance of the time provided for payment under the rules and regulations under which the savings deposit was received, shall forfeit and pay the sum of one hundred dollars for each violation of this provision, to be collected as provided for in this chapter.
Can you summarize MORS 362.222?
1.No bank or trust company organized under the laws of this state shall settle any check drawn on it otherwise than at par.The provision of this section shall not apply with respect to settlement of a check sent to a bank or trust company as a special collection item. 2.Any officer or employee of any bank or trust company who violates the provisions of subsection 1 shall be guilty of a misdemeanor.
Can you summarize MORS 362.225?
Missouri banks and depository trust companies shall maintain reserves against aggregate deposits as provided by the Federal Reserve Act and any amendments thereto or of regulations duly adopted and promulgated under the Federal Reserve Act for banks and trust companies of similar size and classification according to the requirements for the Federal Reserve District in which the bank or deposit trust company is located.Federal Reserve Banks located in this state are approved depositories for all banks and trust companies.
Can you summarize MORS 362.336?
This provision, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, governs the issuance of fraudulent checks and drafts by banks or their agents. It prohibits banks and trust companies from issuing certificates of deposit, certifying checks or drafts, or issuing cashier’s or treasurer’s checks, except in exchange for lawful money of the United States or for checks, drafts, or bills of exchange that are the actual equivalent of such money.
Can you summarize MORS 362.345?
This provision, found in the Revised Statutes of Missouri under the section governing Banks and Trust Companies, prohibits certain individuals from receiving deposits or creating debts for a bank or trust company after they have knowledge of its insolvency or failing circumstances. The provision applies to presidents, directors, managers, cashiers, secretaries, officers, and agents of banks and trust companies organized and doing business under the provisions of this chapter. Violators of this provision will be individually responsible for the deposits received and debts contracted.
Can you summarize MORS 362.375?
This legal document pertains to banks and trust companies doing business in Missouri. It states that an adverse claim to a deposit standing on the books of a bank or trust company will not be recognized unless the adverse claimant either obtains a restraining order or injunction against the bank or trust company from a court of competent jurisdiction, or provides a bond indemnifying the bank or trust company from any liability, loss, damage, cost, and expenses related to the adverse claim or the dishonor of the check or other order.
Can you summarize MORS 362.422?
This legal document prohibits the disclosure of nonpublic personal information by financial institutions to nonaffiliated third parties, in accordance with Title V of the Gramm-Leach-Bliley Financial Modernization Act of 1999 (15 U.S.C. 6801 to 6809). State agencies with regulatory authority over financial institutions subject to this Act may adopt rules and regulations to enforce this prohibition. Financial institutions are required to provide an initial notice regarding their privacy policy to new customers at the time the customer relationship is established, and to existing customers before June 30, 2002.
Can you summarize MORS 362.465?
When any deposit is made by or in the name of any minor, it shall be held for the exclusive right and benefit of the minor, and free from the control or lien of all other persons, except creditors, and shall be paid, together with any interest thereon, to or upon the order of the person in whose name the deposit is made, and the check, receipt or acquittance of the minor shall be a valid and sufficient release and discharge for the deposit or any part thereof to the bank or trust company.
Can you summarize MORS 362.466?
Any bank or trust company holding deposit accounts pursuant to this chapter shall have the same rights, powers and protections provided a bank or trust company under subsection 6 of section 362.471 as it relates to any account; nor shall any law impose a duty to the contrary on such bank or trust company. ——– (L. 1997 H.B. 257)
Can you summarize MORS 362.470?
This legal document governs the rules and regulations regarding joint deposits in banks and trust companies in Missouri. It states that when a deposit is made by any person in the name of the depositor and one or more other persons, the deposit becomes the property of these persons as joint tenants. The document outlines the rights and responsibilities of joint tenants, including the ability to make withdrawals, payments, and pledges.
Can you summarize MORS 362.475?
According to the Revised Statutes of Missouri, when a deposit is made by a person who identifies themselves as a trustee for another person, and no other written notice of the existence and terms of the trust is provided to the bank or trust company, in the event of the trustee’s death, the deposit or any part of it, along with the dividends or interest, can be paid to the person for whom the deposit was made.
Can you summarize MORS 362.480?
Whenever any deposit shall be made in any bank, banking institution or trust company by any person as trustee, or by any person in trust for another, and no other or further notice of the existence and terms of such trust shall have been given in writing to the bank, banking institution or trust company, the same may be paid upon the check or order of said trustee, bearing his signature and containing the same words in which said deposit was made.
Can you summarize MORS 362.483?
1.The director of finance may grant a certificate of incorporation for a safe deposit corporation, all of the stock of which will be held by a bank or trust company, in the manner provided for the incorporation of banks and trust companies in sections 362.020 to 362.035. 2.Any such safe deposit corporation shall be incorporated only for the purpose of taking and receiving as bailee for safekeeping and storage only, jewelry, plate, money, specie, bullion, stocks, bonds, securities and valuable papers of any kind, and other valuables, upon such terms and for such compensation as may be agreed upon; and letting out vaults, safes and other receptacles for the uses, purposes and benefits of such corporation.
Can you summarize MORS 362.485?
This legal document provides special remedies for banks and trust companies engaged in a safe deposit business, as well as safe deposit companies owned by banks or trust companies. The document states that when a company receives personal property as a bailee and issues a receipt, it is considered a warehouseman, subject to existing statutes and laws affecting warehousemen. The company has a lien on the deposit or its proceeds, enforceable in the same manner as warehousemen.
Can you summarize MORS 362.487?
This legal document governs the lease of safe deposit boxes by banks, trust companies, and safe deposit companies. It allows these entities to enter into leases for safe deposit boxes rented in the names of two or more persons as joint renters. If the lease provides that one or more of the joint renters, or the survivor thereof, has access and entry to the box and the right to remove the contents, the entity renting the box shall not be liable for the removal of any contents by the survivors.
Can you summarize MORS 362.488?
This provision, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, outlines the additional duties of a lessor in the event of the death of a lessee in a safe deposit box rental. The lessor, as per the contract, may open the safe deposit box in the presence of interested parties, remove testamentary instruments and deposit them with the probate division of the circuit court, deliver life insurance policies to beneficiaries, and deliver burial instructions and cemetery deeds to appropriate parties.
Can you summarize MORS 362.490?
Notwithstanding any provision of law of this state or of any political subdivision thereof requiring security for deposits in the form of collateral, surety bond or in any other form, security for such deposits shall not be required to the extent said deposits are insured under the provisions of an act of congress creating and establishing the Federal Deposit Insurance Corporation or similar agency created and established by the Congress of the United States.
Can you summarize MORS 362.515?
During the period of sixty days next following the taking charge of any such bank or trust company as authorized by law, deposits may be received from the customers of said bank, or trust company and others as special deposits, or trust funds, and paid out on the check of such depositors drawn against their respective balances; but no part of the funds deposited during said period of sixty days shall be an asset of any such bank, or trust company doing a banking business, within the meaning of the banking laws of this state; nor shall any part of such funds so deposited be loaned by any such bank or trust company except upon United States government bonds, or other securities of the government of the United States, or upon the bonds of the state of Missouri, as collateral, allowing a safe margin to meet fluctuations in the market price of such bonds and securities.
Can you summarize MORS 362.915?
This provision, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, sets a limitation on bank holding companies in relation to total deposits. It prohibits a bank holding company from obtaining control of any bank or depository financial institution if the total deposits in such bank or institution, along with the total deposits in all banks and depository financial institutions in Missouri controlled by the bank holding company, exceed thirteen percent of the total deposits in all depository financial institutions in the state.
Can you summarize MORS 362.920?
This legal document governs the procedure for obtaining an order allowing the acquisition of control of a bank or a bank holding company. It applies to bank holding companies seeking to acquire control of a bank or a bank holding company. The document requires the bank holding company to file an application with the division of finance, including supplemental data, to determine the lawfulness of the acquisition. The director of finance will issue an order within thirty days, declaring the acquisition to be lawful or unlawful.
Can you summarize MORS 362.930?
Any court of competent jurisdiction may enjoin violations of subsection 1 of section 362.920.Any bank adversely affected by any such violation, any banking organization having statewide membership, and the director of finance shall have standing to sue in any such action. ——– (L. 1974 H.B. 1798 1 subsec. 7, A.L. 1999 S.B. 386)
Can you summarize MORS 362.950?
This legal document authorizes banks and trust companies to conduct certain transactions at their main banking house or branches, provided they are authorized by an affiliated entity. The authorized transactions include receiving and renewing deposits from customers of the affiliated entity, cashing or issuing checks, drafts or money orders for the account of customers of the affiliated entity, and closing and servicing loans and receiving loan payments and other payments due from customers of the affiliated entity.
Can you summarize MORS 400.4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar provisions. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or as specified by the person receiving settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit or debit to an account, or funds transfer.
Can you summarize MORS 400.4-215?
This legal document governs the final payment of an item by a payor bank. It outlines the conditions under which an item is considered finally paid, including when the payor bank pays the item in cash, settles for the item without the right to revoke the settlement, or makes a provisional settlement for the item and fails to revoke it within the permitted time. If provisional settlement does not become final, the item is not considered finally paid.
Can you summarize MORS 400.4-301?
This legal document governs the actions and responsibilities of payor banks in the collection of items. It outlines the conditions under which a payor bank can settle for a demand item and the rights of the payor bank to revoke the settlement and recover the payment. The document specifies that if a payor bank settles for a demand item before midnight of the banking day of receipt, it can revoke the settlement and recover the payment by returning the item or sending written notice of dishonor or nonpayment.
Can you summarize MORS 400.4-303?
This legal document, part of the Revised Statutes of Missouri, falls under the Uniform Commercial Code and specifically pertains to the collection of items by payor banks. It states that any knowledge, notice, or stop-payment order 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.
Can you summarize MORS 400.4-401?
This legal document, part of the Revised Statutes of Missouri, specifically addresses the relationship between a payor bank and its customer in the context of bank deposits and collections. It outlines the circumstances under which a bank may charge a customer’s account, including when an item is properly payable and authorized by the customer. The document also discusses the bank’s ability to charge a check that is otherwise properly payable, even if payment was made before the date of the check, unless the customer has given notice of postdating.
Can you summarize MORS 400.4-403?
This legal document, part of the Revised Statutes of Missouri, falls under the Uniform Commercial Code and specifically governs the relationship between a payor bank and its customer in the context of bank deposits and collections. 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.
Can you summarize MORS 400.4-404?
A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, that 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. ——– (L. 1963 p. 503 4-404, A.L. 1992 S.B. 448)
Can you summarize MORS 400.4-406?
This legal document, part of the Revised Statutes of Missouri, falls under the Uniform Commercial Code and specifically addresses the relationship between a payor bank and its customer regarding bank deposits and collections. The document outlines the duties and responsibilities of both the bank and the customer in relation to the discovery and reporting of unauthorized signatures or alterations on items. The bank is required to provide the customer with a statement of account showing payment of items and either return the items paid or provide sufficient information for the customer to identify the items.
Can you summarize MORS 407.1400?
This legal document pertains to credit card processing service contracts in the state of Missouri. It requires any person or entity offering such services to disclose certain information in the contract, including the effective date, term, monthly minimum fee, and termination fee. The required disclosures and terms must be printed in a minimum of eight-point font. The document clarifies that it does not limit the rights or remedies available to those who have contracted with a credit card processing service.
Can you summarize MORS 407.1500?
This legal document governs the notice to consumers for breach of security and the procedure for the attorney general to bring action for damages. It applies to any person that owns or licenses personal information of residents of Missouri or conducts business in Missouri and owns or licenses personal information of a resident of Missouri. The document requires affected consumers to be notified of a breach of security without unreasonable delay, and the notice should include a description of the incident, the type of personal information obtained, contact information for further assistance, and advice for consumers to remain vigilant.
Can you summarize MORS 407.433?
This legal document governs the protection of credit card account numbers on sales receipts in the state of Missouri. It prohibits any person, other than the cardholder, from disclosing more than the last five digits of a credit card account number on sales receipts provided to the cardholder for merchandise sold in the state. Knowingly violating this provision is an infraction, and any second or subsequent violation is a class A misdemeanor.
Can you summarize MORS 407.434?
This legal document, part of the Revised Statutes of Missouri under the section on Merchandising Practices, governs the unlawful practices related to counterfeit credit cards and defrauding issuers and acquirers. It applies to persons or employees who are authorized by an acquirer to provide money or merchandise when presented with a credit card by a cardholder. The document outlines several unlawful practices, including furnishing money or merchandise with the intent to defraud the acquirer using counterfeit, expired, revoked, or unauthorized credit cards.
Can you summarize MORS 407.436?
A person commits the offense of defacing a credit card reader if a person damages, defaces, alters, or destroys a scanning device and the person has no right to do so.The offense of defacing a credit card reader is a class A misdemeanor. ——– (L. 1991 S.B. 112, A.L. 2014 S.B. 491, A.L. 2018 H.B. 1832)
Can you summarize MORS 408.250?
This document, specifically sections 408.250 to 408.370 of the Revised Statutes of Missouri, provides definitions for terms used in retail time transactions. It clarifies the meanings of various terms such as cash sale price, credit, creditor, goods, holder, insurance company, motor vehicle, official fees, person, principal balance, retail buyer, retail charge agreement, retail seller, retail time contract, retail time transaction, services, time charge, and time sale price. The document applies to retail sellers, retail buyers, and creditors involved in retail time transactions.
Can you summarize MORS 408.260?
This legal document pertains to retail time contracts in Missouri. It specifies that each retail time contract must be in writing, signed by both the buyer and seller, and completed prior to the buyer’s signing. The seller may also require the buyer to execute a negotiable promissory note and provide security for the payment or performance of any other condition. The document prohibits retail time contracts that cut off the buyer’s rights against the seller when the notes are separately negotiated.
Can you summarize MORS 408.270?
This legal document governs retail time contracts that are negotiated and entered into by mail without personal solicitation by salesmen or other representatives of the seller. These contracts are based on the catalog or other printed solicitation of business, which is distributed and made available generally to the public. The document specifies that all provisions of sections 408.250 to 408.370 apply to such sales, except that the seller is not required to deliver a copy of the contract to the buyer.
Can you summarize MORS 408.290?
This legal document governs retail charge agreements. It requires that every retail charge agreement be in writing and signed by the retail buyer. A copy of the agreement must be delivered or mailed to the retail buyer by the retail seller before the first payment is due. The agreement should state the amount or rate of the time charge to be charged and paid, or state that a time charge not exceeding the legal limit will be charged.
Can you summarize MORS 408.300?
This legal document governs the authorization of time charges on retail time contracts and retail charge agreements. It applies to sellers or other holders under a retail time contract and sellers and assignees under a retail charge agreement. The document allows these parties to charge, receive, and collect a time charge, which replaces any interest charges, as long as the amount does not exceed the agreed amount. The time charge is calculated based on the principal balance of each transaction and can be applied to contracts with monthly payments or other payment structures.
Can you summarize MORS 408.310?
Any person may purchase or acquire or agree to purchase or acquire from any seller any retail time contract or account under a retail charge agreement on such terms and conditions and at such price as may be agreed upon between them.Filing of the assignment, notice to the buyer of the assignment, and any requirement that the purchaser or other assignee maintain dominion over the payments or the goods if repossessed shall not be necessary to the validity of a written assignment of such a contract or account as against creditors, subsequent purchasers, pledges, mortgagees and lien claimants of the seller.
Can you summarize MORS 408.320?
Notwithstanding the provisions of any retail time contract to the contrary, any buyer may prepay in full at any time before maturity the debt of any retail time contract and on so paying such debt shall receive a refund credit thereof for such anticipation of payments.The amount of such refund shall be calculated by the actuarial method.The lender shall retain no more interest than is actually earned whenever a retail time contract is prepaid.
Can you summarize MORS 408.340?
The provisions of sections 408.250 to 408.370 shall not apply to retail time transactions consummated prior to the effective date hereof; provided, however, that with respect to any sale made subsequent to the effective date hereof pursuant to a retail charge agreement entered into prior to the effective date hereof, the provisions of sections 408.250 to 408.370 shall apply if (1) prior to the making of such sale the seller shall have delivered or mailed to the buyer a copy of a retail charge agreement, duly executed on behalf of the seller, conforming, except for the buyer’s signature, with the provisions of section 408.
Can you summarize MORS 408.350?
Any waiver of the provisions of sections 408.250 to 408.370 shall be unenforceable and void. ——– (L. 1961 p. 638 12)
Can you summarize MORS 408.360?
Sections 408.250 to 408.370 may be cited as the ‘Missouri Retail Credit Sales Law’. ——– (L. 1961 p. 638 1)
Can you summarize MORS 408.365?
This legal document governs retail time contracts and retail charge agreements. It prohibits certain provisions in these contracts and agreements. Firstly, it states that no provision shall allow the seller or holder to arbitrarily accelerate the maturity of the amount owing under the contract, unless the buyer defaults in the performance of their obligations. Secondly, it prohibits the inclusion of provisions that grant a power of attorney to confess judgment or assign wages.
Can you summarize MORS 408.370?
This legal document pertains to TRADE AND COMMERCE, specifically Legal Tender and Interest. It applies to any person who knowingly violates any provision of section 408.250 and sections 408.260 to 408.370. The violation is deemed a misdemeanor and upon conviction, the person may be fined up to five hundred dollars or imprisoned for up to six months, or both. Additionally, for violations of sections 408.260 to 408.330, except for accidental and bona fide errors of computation, the person will be barred from recovering any time charge, delinquency, or collection charge on the contract.
Can you summarize MORS 408.375?
As used in sections 408.250 to 408.370, a retail installment agreement shall be deemed to be signed or accepted by the buyer, if after a request for a retail installment account, the agreement or application for a retail installment account is in fact signed by the buyer, or if the retail installment account is used by the buyer, or if the retail installment account is used by another person authorized by the buyer to use it.
Can you summarize MORS 408.380?
This legal document pertains to the sale of certain financial products and plans, such as deficiency waiver addendum and guaranteed asset protection, in loan transactions. It states that the sale of these products is not prohibited by sections 408.140, 408.233, 408.300, or any other law, as long as the cost of the product is reasonable and disclosed in the loan contract. The borrower’s consent to purchase such products must be in writing and acknowledge receipt of the required disclosures.
Can you summarize MORS 409.5-504?
(a)Except as otherwise provided in subsection (b), a rule adopted or order issued under this act may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this act. (b)This section does not apply to sales and advertising literature specified in subsection (a) which relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 409.
Can you summarize MORS 409.546?
1.No person shall make any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading, or engage in any fraudulent, deceptive, or manipulative acts or practices, in connection with any takeover bid or any solicitation of offerees in opposition to or in favor of any such takeover bid.
Can you summarize MORS 429.014?
This legal document pertains to lien fraud and penalties in the context of debtor-creditor relations and statutory liens against real estate in Missouri. It states that any original contractor, subcontractor, or supplier who fails or refuses to pay subcontractors, materialmen, suppliers, or laborers for services or materials provided with the intent to defraud commits the offense of lien fraud, regardless of whether the lien was perfected or filed within the allowed time.
Can you summarize MORS 570.030?
This legal document outlines the offense of stealing in the state of Missouri. It defines stealing as the appropriation of property or services of another with the intent to deprive the owner, either without consent or through deceit or coercion. The offense is classified into different felony classes based on the value and type of property involved. Stealing anhydrous ammonia or liquid nitrogen is a class A felony, while stealing property with a value of $25,000 or more is a class C felony.
Can you summarize MORS 570.110?
1.A person commits the offense of issuing a false instrument or certificate when, being authorized by law to take proof or acknowledgment of any instrument which by law may be recorded, or being authorized by law to make or issue official certificates or other official written instruments, he or she issues such an instrument or certificate, or makes the same with the purpose that it be issued, knowing: (1)That it contains a false statement or false information; or (2)That it is wholly or partly blank.
Can you summarize MORS 570.120?
This legal document pertains to the offense of passing a bad check in Missouri. It states that a person commits this offense if they make, issue, or pass a check knowing that it will not be paid or that there are insufficient funds in the account. The offense is a Class A misdemeanor, but it becomes a Class E felony if the face amount of the check is $750 or more or if the issuer had no account with the drawee.
Can you summarize MORS 570.125?
This legal provision, found in the Revised Statutes of Missouri, pertains to the offense of fraudulently stopping payment on an instrument. It applies to any person who stops payment on a check, draft, or debit device used in payment for the receipt of goods or services, with the purpose to defraud. The offense is classified as a Class A misdemeanor, unless the face amount of the check or draft is $750 or more, or if the stopping of payment of more than one check or draft is involved in the same course of conduct and the aggregate amount is $750 or more, in which case it is a Class E felony.
Can you summarize MORS 570.130?
This legal provision, found in the Revised Statutes of Missouri, pertains to the fraudulent use of a credit device or debit device. It prohibits the use of such devices for obtaining services or property under certain circumstances. These include using a stolen, fictitious, or forged device, using a revoked or cancelled device, using an unauthorized device, or using a credit device or debit device for property tax payment and subsequently cancelling the charges without just cause.
Can you summarize MORS 570.135?
This legal document pertains to the offense of fraudulent procurement of a credit or debit device. It applies to any person who knowingly makes a false statement to fraudulently obtain a credit or debit device, obtains another person’s means of identification without authorization and uses it fraudulently, or possesses a fraudulently obtained credit or debit device. The offense is classified as a class A misdemeanor. However, no business entity shall be criminally liable for accepting applications or using credit or debit devices unless there is clear and convincing evidence of their involvement in the fraudulent procurement.
Can you summarize MORS 570.180?
1.A person commits the offense of defrauding secured creditors if he or she destroys, removes, conceals, encumbers, transfers or otherwise deals with property subject to a security interest with purpose to defraud the holder of the security interest. 2.The offense of defrauding secured creditors is a class A misdemeanor unless the amount remaining to be paid on the secured debt, including interest, is seven hundred fifty dollars or more, in which case defrauding secured creditors is a class E felony.
Can you summarize MORS 570.219?
1.A person commits the offense of making false entries in the records of a financial institution if he or she makes any false entry in any book, report, or statement of a financial institution with intent to injure or defraud such financial institution, or any other entity, or with intent to deceive any officer or director of a financial institution or any agent or examiner appointed to examine the affairs of such financial institution.
Can you summarize MORS 570.220?
1.A person commits the offense of check kiting if he or she, with intent to defraud, obtains money from a financial institution by drawing a check against an account in which there is not sufficient collected funds to pay the check and, he or she purports to cover that check by depositing in such account another check drawn against insufficient collected funds. 2.For purposes of this section, the term ‘collected funds’ means that portion of a deposit account representing checks and other credits as to which the depositary has directly and affirmatively verified that final payment has been made or, in the alternative, with respect to checks as to which at least ten business days have elapsed, without return of the checks, since presentation for payment.
Can you summarize MORS 570.223?
This legal document pertains to the offense of identity theft in Missouri. It defines identity theft as knowingly and with the intent to deceive or defraud, obtaining, possessing, transferring, using, or attempting to obtain, transfer or use means of identification not lawfully issued for one’s use. The severity of the offense depends on the value of credit, money, goods, services, or other property involved. The court may order the defendant to make restitution to the victim, including payment for costs incurred in clearing the victim’s credit history or credit rating and in connection with any civil or administrative proceeding.
Can you summarize MORS 570.310?
This legal document pertains to the offense of mortgage fraud in the state of Missouri. It defines mortgage fraud as the willful use of a device, scheme, or artifice to defraud, making untrue statements or omitting material facts in connection with a loan secured by real estate, receiving proceeds from a real estate closing involving a violation of this section, or influencing a real estate appraisal through extortion or bribery. Mortgage fraud is classified as a class D felony, and each transaction in violation of this section constitutes a separate offense.
Can you summarize MORS Chapter 361?
The legal document found in the Revised Statutes of Missouri under the Division of Finance and Powers of Director of Finance governs the treatment of unclaimed sums owed to creditors, depositors, stockholders, and shareholders of applicable corporations after liquidation. It also outlines the appointment of deputy directors, examiners, and other assistants, as well as the duties and qualifications of employees in the Division of Finance. The document does not mention any specific exemptions or penalties.
Can you summarize MORS Chapter 362?
This legal document, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, governs various aspects of banks and trust companies operating in Missouri. It covers the merging and consolidation of banks and trust companies, including the requirements for out-of-state banks to relocate their main banking house to Missouri. The document also outlines the appraisal and review process for stock surrender in the context of mergers and consolidations.
Can you summarize MORS Chapter 400, Article 2A?
The provided legal document content consists of various sections under the Revised Statutes of Missouri, specifically under the Uniform Commercial Code, governing lease contracts and related transactions. The sections cover topics such as the formation and construction of lease contracts, exclusion or modification of warranties, risk of loss, extension of supplier’s promises and warranties, formation of lease contracts, default and breach of warranty, remedies available to lessees and lessors, and default procedure under a lease contract.
Can you summarize MORS Chapter 400, Article 4?
These legal documents, part of the Revised Statutes of Missouri under the Uniform Commercial Code, govern various aspects of bank deposits and collections. They provide definitions and general provisions related to key terms such as ‘bank’, ‘depositary bank’, ‘payor bank’, ‘intermediary bank’, ‘collecting bank’, and ‘presenting bank’. The documents establish a common understanding of these terms and aim to provide clarity and uniformity in the interpretation and application of the Uniform Commercial Code in relation to bank deposits and collections.
Can you summarize MORS Chapter 400, Article 4A?
The provided legal document content consists of multiple documents related to funds transfers. The first document governs the determination of the time of receipt of payment orders and communications in the context of funds transfers. It allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. The second document governs the cancellation and amendment of payment orders in the context of funds transfers. It specifies the conditions under which cancellation or amendment is effective and outlines the liability of the sender to the bank for any loss and expenses incurred.
Can you summarize MORS Chapter 400, Article 5?
This legal document, part of the Revised Statutes of Missouri, governs the use and operation of letters of credit in trade and commerce. It provides definitions for various terms related to letters of credit and clarifies the roles and responsibilities of different parties involved in letters of credit transactions. The document outlines the requirements for presenting documents for honor or value and addresses the rights and actions of successors of beneficiaries.
Can you summarize MORS Chapter 400, Article 9?
These legal documents, part of the Revised Statutes of Missouri under the Uniform Commercial Code, cover various aspects of secured transactions. They provide guidelines and requirements for the effectiveness of security agreements, attachment of security interests, perfection and priority of security interests, rights of third parties, filing financing statements, nonliability and limitation on liability of a secured party, transfer of collateral, acceptance of collateral in satisfaction of an obligation, procedure for security agreements, determination of commercial reasonableness, notification requirements, default in connection with an agricultural lien, collection and enforcement actions, disposition of collateral, application of cash proceeds, and remedies for non-compliance.
Can you summarize MORS Chapter 409, Article 5?
This legal document pertains to rescission offers in the context of securities regulation in Missouri. It applies to purchasers, sellers, and recipients of investment advice. The document outlines the conditions under which a person may not maintain an action under section 409.5-509, including receiving an offer that informs the person of their rights, provides necessary financial or other information to correct misrepresentations or omissions, and offers remedies such as repurchasing the security, tendering the security, or reimbursing the consideration paid.
Can you summarize MORS Chapter 428?
This legal document, part of the Revised Statutes of Missouri, governs the topic of Fraudulent Conveyances and Liens. It defines a debtor as insolvent if their debts exceed the fair valuation of their assets. A debtor who is not paying their debts as they become due is presumed to be insolvent. For partnerships, insolvency is determined by comparing the partnership’s debts to the fair valuation of its assets and the excess value of each general partner’s nonpartnership assets over their nonpartnership debts.
Can you summarize MORS Chapter 447?
This legal document, part of the Revised Statutes of Missouri, governs the ownership and conveyance of lost and unclaimed property. It provides definitions for various terms used in the document, including banking organizations, business associations, financial organizations, insurance corporations, holders, military medals, owners, persons, treasurer, and utilities. The document outlines the responsibilities and obligations of holders, who are individuals or entities in possession of property belonging to others. It also defines the concept of owners, which includes depositors, beneficiaries, creditors, claimants, payees, and individuals with legal or equitable interests in the property.
Can you summarize Consumer Protection > Identification information required for opening personal checking account.?
This section of the Ohio Revised Code, specifically under the Commercial Transactions and Consumer Protection sections, governs the requirements for opening personal checking accounts. It applies to financial institutions, which include banks and credit unions. Before opening or authorizing signatory power over a personal checking account, a financial institution is required to obtain certain identification information from the applicant, such as their current address and a valid driver’s license or identification card.
Can you summarize OHRC Chapter 1103?
The provided legal document content pertains to the naming requirements for state banks and the filing requirements for state bank documents with the secretary of state. According to the Ohio Revised Code, the name of a state bank must include certain terms specified in the document. The name should not mislead the public and should be distinguishable from existing financial institutions’ names. To reserve a name for a state bank, an application must be submitted to the superintendent, who will endorse approval and forward the reservation to the secretary of state for filing.
Can you summarize OHRC Chapter 1105?
This legal document, as per the Ohio Revised Code, governs the authority, number, terms, and classes of directors in state banks. It requires that all authority of a state bank be exercised by or under the direction of the bank’s board of directors. The board of directors must consist of at least five directors, and each director holds office until the next annual meeting or until their successor is elected. The articles of incorporation or code of regulations may classify directors into two or three classes, with each class having at least two directors.
Can you summarize OHRC Chapter 1107?
The provided legal document governs the capital and securities requirements for state banks in Ohio. It states that no state bank shall operate without adequate capital as determined by the superintendent of financial institutions. The superintendent may consider various factors in evaluating the adequacy of a state bank’s capital, including the bank’s business nature and volume, asset quality and liquidity, liabilities, fixed costs, income history and prospects, risk management, management quality, ownership, and any other relevant factors.
Can you summarize OHRC Chapter 1109?
The legal document content provided pertains to the additional and incidental powers of state banks in Ohio. State banks in Ohio have the authority to exercise all powers, perform all acts, and provide all services that are incidental to the business of banking. They are also permitted to exercise powers, perform acts, and provide services that are allowed for national banks and federal savings associations, except those dealing with interest rates.
Can you summarize OHRC Chapter 1113?
The legal documents reviewed pertain to the formation, governance, and operation of stock state banks in Ohio. They outline the requirements and procedures for incorporating a stock state bank, including the submission of an application containing proposed articles of incorporation, code of regulations, and other relevant information. The documents also specify the role of the superintendent of financial institutions in reviewing and approving the incorporation. Amendments to the articles of incorporation can be made by the incorporators, subject to approval by the superintendent.
Can you summarize OHRC Chapter 1114?
These legal documents govern various aspects of mutual state banks in Ohio. They cover the incorporation process, requirements for articles of incorporation and code of regulations, and the approval process by the superintendent of financial institutions. The documents also address the authorized capital, including the determination of the amount and the transfer of the expense fund. Additionally, the documents outline the requirements for obtaining a certificate of authority to commence business and the examination process conducted by the superintendent.
Can you summarize OHRC Chapter 1115?
The provided legal document content covers various aspects of the conversion, acquisition, control, reporting, consolidation, payment, transfer, incorporation, and merging of state banks and other financial institutions in Ohio. It outlines the requirements and procedures for converting state stock banks into national banks or banks in other states, as well as the approval processes for such conversions. The documents also govern the acquisitions of Ohio banks by various entities, including banks, bank holding companies, federal savings associations, and savings and loan holding companies.
Can you summarize OHRC Chapter 1116?
These legal documents pertain to the establishment, reorganization, and operation of mutual holding companies in Ohio. They define various terms related to mutual holding companies and reorganization plans, such as ‘acquiree mutual bank’ and ‘reorganizing mutual state bank.’ The documents outline the process and requirements for mutual state banks to reorganize into mutual holding companies, including obtaining approval of a reorganization plan and filing an application with the superintendent of financial institutions.
Can you summarize OHRC Chapter 1117?
This legal document, governed by the Ohio Revised Code, specifically addresses the establishment and operation of banking offices. It applies to banks with their principal place of business in Ohio. The document outlines the application process, including the submission of an application to the superintendent of financial institutions and the superintendent’s timeline for acceptance and approval. It also requires the bank to publish a notice of the proposed banking office in local newspapers and allows for public comments on the proposal.
Can you summarize OHRC Chapter 1121?
These legal documents, found in the Ohio Revised Code, cover various aspects of the powers and duties of the superintendent and deputy superintendent for banks in Ohio. They include the adoption of rules and standards, issuance of administrative guidelines, granting of rights and privileges to financial institutions, reduction of disadvantage to Ohio bank or trust companies, examination of records and affairs, participation in alternate examinations, examination of persons who control banks, manner and form of keeping books and accounts, prohibited acts and violations, confidentiality of information, privileged status of self-assessment reports, reporting of condition and income, criminal records checks, payment of fees, confidential treatment of information, assessment of convenience and needs, assessment of civil penalties, serving of notices, subpoenas, and orders, suits and court proceedings, independent audits, establishment of reserves, capital restoration plans, limitation of activities, frequency of examinations, and bona fide errors.
Can you summarize OHRC Chapter 1123?
The provided legal document establishes the creation and composition of the Banking Commission in Ohio. The commission consists of nine members, with the deputy superintendent for banks serving as the chairperson. The governor appoints the remaining eight members with the advice and consent of the senate. The terms of office for commission members are four years, and appointments are made annually. The commission must have at least six members who are executive officers of state banks, savings and loan associations, or savings banks, and all members must have banking experience.
Can you summarize OHRC Chapter 1125?
These legal documents govern various aspects of the liquidation and conservatorship processes for state banks in Ohio. They outline the requirements and procedures for voluntary liquidation, including the approval process, notice requirements, and the role of the superintendent of financial institutions. The documents also cover the appointment of a conservator for a state bank, including the conditions for appointment, powers and responsibilities of the conservator, and the termination of the conservatorship.
Can you summarize OHRC Chapter 1127?
This legal document, part of the Ohio Revised Code, governs actions by regulated persons that may constitute criminal offenses. Regulated persons are defined in section 1121.01 of the Revised Code. The document lists various actions that may be considered violations of section 1127.08 of the Revised Code or other theft, fraud, falsification, or similar offenses mentioned in Title XXIX of the Revised Code. These actions include embezzlement, fraudulent issuance of certificates of deposit, making false entries in books or reports, falsifying or concealing material facts, making false statements or using false documents, making false statements about property held in trust, obtaining money with the intent to defraud a bank or trust company, certifying checks without sufficient funds, and engaging in activities to evade or circumvent the prohibitions.
Can you summarize OHRC Chapter 1303?
This legal document, governed by the Uniform Commercial Code (UCC) section 3-104, defines and regulates negotiable instruments such as checks, drafts, and certificates of deposit. It also covers various aspects related to negotiable instruments, including their conversion, presentment for payment or acceptance, dishonor, obligations of indorsers and drawers, evidence of dishonor, discharge of obligations, payment, tender of payment, and discharge of secondary obligors. The document applies to individuals and entities involved in commercial transactions and commercial paper in Ohio.
Can you summarize OHRC Chapter 1304?
This legal document, governed by the Ohio Revised Code, specifically the Commercial Transactions section on Bank Deposits and Collections, addresses the variation by agreement in bank transactions. It defines various terms related to bank deposits and collections and clarifies the liability and responsibilities of banks, customers, and other parties involved. The document outlines the rules and procedures for handling payment orders, cancellation and amendment of payment orders, acceptance and execution of payment orders, and the obligations of receiving banks.
Can you summarize OHRC Chapter 1305?
This legal document provides comprehensive regulations and guidelines for letters of credit in the context of commercial transactions. It covers various aspects, including the issuance, amendment, cancellation, and duration of letters of credit. It also outlines the roles and obligations of confirmers, nominated persons, and advisers. The document clarifies the rights and obligations of an issuer and addresses the treatment of fraud and forgery. It further covers the remedies available in case of wrongful dishonor or repudiation by the issuer, the transferability of letters of credit, the transfer of drawing rights by operation of law, the assignment of proceeds of a letter of credit, the time limit for commencing an action to enforce rights or obligations, the liability of issuers, nominated persons, or advisers, and the subrogation rights of various parties involved in letters of credit transactions.
Can you summarize OHRC Chapter 1306?
This legal document, specifically sections 1306.01 to 1306.23 of the Revised Code, governs various aspects of commercial transactions conducted through electronic means or electronic records. It applies to parties involved in a transaction, electronic means or electronic records, computer programs, electronic agents, records or contracts secured through blockchain technology, electronic signatures secured through blockchain technology, governmental agencies, information processing systems, persons, tangible or electronic mediums of records, security procedures, states, and transactions.
Can you summarize OHRC Chapter 1335?
The provided legal document content covers three main areas: actions on loan agreements, certain agreements that must be in writing to be enforceable, and payment of commissions on sales. In the context of loan agreements, the document states that no party can bring an action unless the agreement is in writing and signed by the party against whom the action is brought or their authorized representative. However, if the loan agreement is in the form of a promissory note or other document that describes the credit or loan and meets certain conditions, it does not need to be signed by an officer or authorized representative of the financial institution.
Can you summarize OHRC Chapter 169?
The provided legal document content covers various aspects related to unclaimed funds in Ohio. It includes provisions for the recovery of unclaimed funds held by another state, reporting requirements for holders of unclaimed funds, creation and administration of the Unclaimed Funds Trust Fund, revocation or refusal to issue or renew a certificate of registration, presumption of abandonment for United States savings bonds, agreements to pay a fee for locating unclaimed funds, publication of notice of unclaimed funds, and attorney unclaimed funds.
Can you summarize OHRC Section 1101.16?
(A) No person shall solicit, receive, or accept money or its equivalent for deposit as a business in this state, except a state bank, an entity doing business as a bank, savings bank, or savings association under authority granted by the bank regulatory authority of the United States, another state of the United States, or another country, or a credit union as defined in section 1733.01 of the Revised Code that is authorized to accept deposits in this state.
Can you summarize OHRC Section 1109.03?
According to the Ohio Revised Code, banks operating in the state must have their deposit accounts insured by the federal deposit insurance corporation, unless they are restricted to soliciting or accepting only trust funds. Compliance with the reserve requirements of the Federal Reserve Act of 1913 is also mandatory for all banks in the state. Additionally, banks have the option to become members of the federal reserve system and federal home loan banks, subject to federal law and the respective acts governing these institutions.
Can you summarize OHRC Section 1109.05?
This legal document governs deposit contracts for banks. It allows banks to receive money on deposit and establish the terms and conditions of each deposit contract. Banks can receive demand deposits subject to withdrawal or payment upon the depositor’s check, order, or other authorization. When opening a deposit account, banks must provide a statement containing the existing terms and conditions of the deposit contract. Banks are required to provide notice of any changes in the terms and conditions to depositors.
Can you summarize OHRC Section 1109.06?
This legal provision, found in the Ohio Revised Code under the section governing State Banks - Powers, pertains to depositors who open or modify the ownership of a deposit account by designating it in trust for another. If the depositor does not provide any further written notice of the existence and terms of the trust to the bank, the designation on the signature card serves as clear and convincing evidence of the depositor-trustee’s intent to create a revocable trust for the benefit of the designated person.
Can you summarize OHRC Section 1109.07?
(A) When a deposit is made in the name of two or more persons, payable to either or the survivor, the bank may pay all of the deposit, any part of the deposit, or any interest earned on the deposit, to either of the named persons, or the guardian of the estate of either of the named persons, whether or not the other person is living. The receipt or acquittance of the person paid is a sufficient release and discharge of the bank for any payments made from the account to that person.
Can you summarize OHRC Section 1109.08?
This legal document, found in the Ohio Revised Code under the section for Banks-Savings and Loan Associations, specifically State Banks - Powers, governs the provision of safes, vaults, safe deposit boxes, and night depositories by banks to their customers. It allows banks to offer these secure receptacles to customers under terms and conditions set by the bank. Additionally, the document permits banks to receive tangible property and evidence of tangible or intangible property for safekeeping using their own secure receptacles, those of another bank or safekeeping agent, or through recognized title or registration systems.
Can you summarize OHRC Section 1109.09?
This legal document, as per the Ohio Revised Code, grants banks the authority to accept deposits made by or on behalf of minors and open accounts in their name. The bank can also enter into agreements to rent safe deposit boxes to minors. Additionally, a minor can be appointed as an agent or deputy on any deposit or safe deposit box. When a bank enters into a deposit contract or safe deposit box rental agreement with a minor, the terms and conditions of the agreement are binding on the minor, and the relationship between the bank and the minor is the same as if the minor were of legal age.
Can you summarize OHRC Section 1109.10?
This provision, found in the Ohio Revised Code under the section governing State Banks - Powers, addresses claims made to deposits, safe deposit boxes, property held in safekeeping, security, obligation, or other property in a bank’s possession or control. The bank is not obligated to recognize such claims unless certain conditions are met. These conditions include obtaining a court order from a court of competent jurisdiction, enjoining or restraining the bank from taking any action or instructing the bank to pay the balance of the account, provide access to the safe deposit box, or deliver the property as specified in the order.
Can you summarize OHRC Section 1109.11?
All deposits of money, or its equivalent, made with a bank shall be entered on its books only in terms of money of the United States.
Can you summarize OHRC Section 1109.23?
This legal document governs the extension of credit by state banks to their executive officers, directors, principal shareholders, or related interests. State banks are prohibited from extending credit to these individuals, except as authorized by this document and other relevant sections of the Ohio Revised Code. If credit is extended, it must be on the same terms as those offered to non-executive officers, directors, principal shareholders, or employees of the bank.
Can you summarize OHRC Section 1109.24?
This legal document governs the extension of credit by state banks to their own executive officers. It prohibits state banks from extending credit to executive officers, except as authorized by this section or another specified section. Any extension of credit made under this section must meet certain conditions, including being reported to the bank’s board of directors, being on terms not more favorable than those offered to non-executive borrowers, and requiring a detailed financial statement from the executive officer.
Can you summarize OHRC Section 1125.20?
This legal document governs the appointment of a receiver to the Federal Deposit Insurance Corporation (FDIC) in cases where certain conditions exist as per the Ohio Revised Code. The Superintendent of Financial Institutions is responsible for tendering the appointment as receiver to the FDIC if the state bank’s deposits are insured by the FDIC, or in other cases, the superintendent may tender the appointment. Once appointed, the FDIC as receiver is not required to post a bond and has the powers of a receiver as authorized by state or federal law.
Can you summarize OHRC Section 1125.26?
Whenever the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of a state bank, the federal deposit insurance corporation, whether or not it acts as receiver, shall be subrogated to the extent of the payments to all rights of depositors against the bank.
Can you summarize OHRC Section 1127.02?
No regulated person shall receive, or permit to be received, money, checks, drafts, or other property as a deposit in a bank, when the regulated person knows the bank is insolvent.
Can you summarize OHRC Section 1304.23?
This legal provision, UCC 4-213, governs the medium and time of settlement by banks. It specifies that the medium and time of settlement may be prescribed by federal reserve regulations, circulars, clearing house rules, similar rules and documents, or agreement. 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, check, credit or debit to an account, or funds transfer.
Can you summarize OHRC Section 1304.25?
This legal document, governed by UCC 4-215, establishes the criteria for when an item is considered finally paid by a payor bank. It states that an item is finally paid when the payor bank has paid the item in cash, settled for the item without the right to revoke the settlement, or made a provisional settlement for the item and failed to revoke it within the permitted time and manner. If a provisional settlement does not become final, the item is not considered finally paid.
Can you summarize OHRC Section 1304.27?
This legal document, governed by UCC 4-301, pertains to payor banks and their actions regarding the settlement and recovery of payment for demand items. If a payor bank settles for a demand item before midnight of the banking day of receipt, it has the option to revoke the settlement and recover the settlement amount under certain conditions. The payor bank can revoke the settlement and recover the payment 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.
Can you summarize OHRC Section 1304.29?
This legal document, governed by UCC 4-303, pertains to the order in which items may be charged or certified by payor banks. It specifies 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 right or duty to pay an item or charge its customer’s account if certain conditions are met. These conditions include the bank accepting or depositing the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cut-off hour for checks.
Can you summarize OHRC Section 1304.30?
This legal provision, UCC 4-401, governs the circumstances under which a bank may charge a customer’s account. According to this provision, a bank is allowed to charge against the customer’s account for items that are 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. However, a customer is not liable for the amount of an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize OHRC Section 1304.32?
This legal provision, governed by UCC 4-403 of the Ohio Revised Code, grants customers or authorized persons the right to stop payment of any item drawn on their account or close the account. The customer 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 OHRC Section 1304.33?
A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, that is presented more than six months after its date, but it may charge its customer’s account for a payment made in good faith after its date.
Can you summarize OHRC Section 1304.35?
This legal document, governed by UCC 4-406, outlines the duties and responsibilities of customers and banks regarding the discovery and reporting of unauthorized signatures or alterations. It applies to customers and banks involved in bank deposits and collections in Ohio. 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 person retaining them must maintain the capacity to furnish legible copies for seven years.
Can you summarize OHRC Section 1319.01?
A cardholder who receives a credit card from an issuer, which such cardholder has not requested nor used, shall not be liable for any use made of such credit card which has not been authorized by such cardholder, unless such credit card is in replacement or renewal of a credit card previously requested or used by the cardholder.
Can you summarize OHRC Section 1335.02?
This section of the Ohio Revised Code governs actions on loan agreements. It defines key terms such as ‘debtor’ and ‘financial institution’. According to this section, no party to a loan agreement can bring an action unless the agreement is in writing and signed by the party against whom the action is brought or their authorized representative. However, if the loan agreement is in the form of a promissory note or other document that describes the credit or loan and meets certain conditions, it does not need to be signed by an officer or authorized representative of the financial institution.
Can you summarize OHRC Section 1349.11?
This legal document, found in the Ohio Revised Code under Commercial Transactions and Consumer Protection, prohibits lending institutions affiliated with or authorized to be affiliated with a real estate broker from fixing or varying the terms and conditions on a mortgage loan or granting a mortgage loan on the condition that the customer uses the services of the affiliated real estate broker. It also requires lending institutions, service corporations, and persons engaged in providing real estate brokerage services to be identified as separate and distinct entities from the lending institution they are affiliated with, and to disclose their relationship with the lending institution to persons employing their services.
Can you summarize OHRC Section 1349.17?
This provision, found in the Ohio Revised Code under the Commercial Transactions section of Consumer Protection, prohibits the recording of certain personal information during transactions. Specifically, it prohibits the recording of credit card account numbers when presenting a check, bill of exchange, or other draft for payment, as well as the recording of telephone numbers or social security account numbers when making payment through a credit card charge agreement, check, bill of exchange, or other draft.
Can you summarize OHRC Section 1349.18?
This section of the Ohio Revised Code, specifically under the Commercial Transactions and Consumer Protection sections, governs the printing of credit card information on receipts. It prohibits any person or limited liability company that accepts credit cards for business transactions from printing more than the last five digits of the credit card account number or the expiration date on any receipt provided to the cardholder. The section applies only to electronically printed receipts and does not apply to transactions where the cardholder’s credit card account number is recorded by handwriting or by an imprint or copy of the credit card.
Can you summarize OHRC Section 1349.19?
This legal document governs the private disclosure of security breaches involving computerized personal information data. It applies to any person who owns or licenses computerized data containing personal information, as well as any person who is the custodian or stores such data. The document exempts financial institutions, trust companies, credit unions, and their affiliates that are required by federal law to notify customers of information security breaches, as well as covered entities as defined in 45 C.
Can you summarize OHRC Section 1349.45?
(A) As used in this section, ‘financial institution’ means any bank, savings and loan association, savings bank, or credit union; any affiliate or subsidiary of a bank, savings and loan association, savings bank, or credit union; any registrant as defined in section 1321.51 of the Revised Code ; or any person registered as a mortgage lender under Chapter 1322. of the Revised Code. (B) No person shall use the name or logo of any financial institution in connection with the sale, offering for sale, distribution, or advertising of any product or service without the express written consent of the financial institution, if such use is misleading or deceptive as to the source of origin or sponsorship of, or the affiliation with, the product or service.
Can you summarize OHRC Section 1349.521?
This legal document, governed by the Ohio Revised Code, Commercial Transactions, and Consumer Protection, outlines the process and requirements for placing a security freeze on a protected consumer’s credit report. A representative of a protected consumer can request a security freeze by providing proof of authority and identity to a consumer credit reporting agency. The agency must place the security freeze within thirty days and send a written confirmation to the protected consumer’s address.
Can you summarize OHRC Section 2913.11?
This legal document, found in the Ohio Revised Code under Crimes-Procedure, governs the offense of passing bad checks. It defines key terms such as ‘check’ and ‘issue a check’. The document states that it is illegal for a person, with the purpose to defraud, to issue or transfer a check or other negotiable instrument knowing that it will be dishonored or that a stop payment has been ordered. The document also establishes presumptions of knowledge of dishonor under certain circumstances.
Can you summarize OHRC Section 2913.21?
This section of the Ohio Revised Code governs the misuse of credit cards. It prohibits various actions such as practicing deception to obtain a credit card, buying or selling credit cards from or to unauthorized persons, and misusing a credit card account held by a political subdivision. It also prohibits obtaining control over a credit card as security for a debt, obtaining property or services using an expired or revoked card or in violation of the law, furnishing property or services upon presentation of a credit card used in violation of the law, and making false representations to the issuer of a credit card.
Can you summarize NVRS 104.3101?
This
article may be cited as Uniform Commercial CodeNegotiable Instruments. (Added to NRS by 1965,
817; A 1993,
1255; 1995,
1074)
Can you summarize NVRS 104.3102?
1.This article applies to negotiable
instruments. It does not apply to money, to payment orders governed by article
4A, or to securities governed by article 8. 2.If there is conflict between this
article and article 4 or 9, articles 4 and 9 govern. 3.Regulations of the Board of Governors
of the Federal Reserve System and operating circulars of the Federal Reserve
banks supersede any inconsistent provision of this article to the extent of the
inconsistency.
Can you summarize NVRS 104.3103?
This Article of the Nevada Revised Statutes governs commercial instruments and transactions under the Uniform Commercial Code. It provides definitions for various terms used in this Article, including acceptor, drawee, drawer, maker, order, ordinary care, party, promise, prove, record, remitter, and remotely-created item. The Article also references other definitions from different sections of the Nevada Revised Statutes, such as acceptance, accommodated party, accommodation party, account, alteration, anomalous endorsement, blank endorsement, cashier’s check, certificate of deposit, certified check, check, consideration, draft, endorsement, endorser, holder in due course, incomplete instrument, instrument, issue, issuer, negotiable instrument, negotiation, note, payable at a definite time, payable on demand, payable to bearer, payable to order, payment, person entitled to enforce, presentment, reacquisition, special endorsement, teller’s check, transfer of instrument, traveler’s check, and value.
Can you summarize NVRS 104.3104?
This legal document, part of the Nevada Revised Statutes, falls under the Uniform Commercial CodeOriginal Articles. It defines and governs negotiable instruments, which are unconditional promises or orders to pay a fixed amount of money. To be considered negotiable, the instrument must be payable to bearer or order, payable on demand or at a definite time, and not contain any other undertakings or instructions beyond the payment of money. The document also provides definitions for related terms such as checks, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit.
Can you summarize NVRS 104.3105?
1.Issue means the first delivery of an
instrument by the maker or drawer, whether to a holder or nonholder, for the
purpose of giving rights on the instrument to any person. 2.An unissued instrument, or an unissued
incomplete instrument that is completed, is binding on the maker or drawer, but
nonissuance is a defense. An instrument that is conditionally issued or is
issued for a special purpose is binding on the maker or drawer, but failure of the
condition or special purpose to be fulfilled is a defense.
Can you summarize NVRS 104.3106?
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It governs the rules and regulations related to commercial instruments and transactions in Nevada. The document outlines the conditions for a promise or order to be considered unconditional, including the presence of express conditions to payment, references to other records, or statements of rights or obligations in another record. It clarifies that a reference to another record does not automatically make the promise or order conditional.
Can you summarize NVRS 104.3107?
Unless
the instrument otherwise provides, an instrument that states the amount payable
in foreign money may be paid in the foreign money or in an equivalent amount in
dollars calculated by using the current bank-offered spot rate at the place of
payment for the purchase of dollars on the day on which the instrument is paid. (Added to NRS by 1965,
819; A 1993,
1261)
Can you summarize NVRS 104.3108?
This legal document, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the payment terms of commercial instruments. It defines the terms ‘payable on demand’ and ‘payable at a definite time’. A promise or order is considered ‘payable on demand’ if it explicitly states so, indicates that it is payable at the will of the holder, or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it becomes due after a specific period of time, at a fixed date or dates, or at a time or times that can be easily determined when the promise or order is issued.
Can you summarize NVRS 104.3109?
This legal document, part of the Nevada Revised Statutes, pertains to commercial instruments and transactions governed by the Uniform Commercial CodeOriginal Articles. It outlines the rules regarding the payability of a promise or order. A promise or order is considered payable to bearer if it explicitly states so, does not mention a payee, or indicates that it is payable to cash or not to an identified person. On the other hand, a promise or order that is not payable to bearer is considered payable to order if it is payable to the order of an identified person or to an identified person or order.
Can you summarize NVRS 104.3110?
This legal document pertains to the determination of the person to whom an instrument is initially payable. The instrument is payable to the person intended by the signer, even if the identification in the instrument does not match the intended person. If multiple signers do not intend the same payee, the instrument is payable to any person intended by one or more of the signers. The payee of an instrument made by automated means is determined by the intent of the person who supplied the payee’s name or identification.
Can you summarize NVRS 104.3111?
Except
as otherwise provided for items in article 4, an instrument is payable at the
place of payment stated in the instrument. If no place of payment is stated, an
instrument is payable at the address of the drawee or maker stated in the
instrument. If no address is stated, the place of payment is the place of
business of the drawee or maker. If a drawee or maker has more than one place
of business, the place of payment is any place of business of the drawee or
maker chosen by the person entitled to enforce the instrument.
Can you summarize NVRS 104.3112?
1.Unless otherwise provided in the
instrument: (a)An instrument is not payable with interest;
and (b)Interest on an interest-bearing instrument is
payable from the date of the instrument. 2.Interest may be stated in an instrument
as a fixed or variable amount of money or it may be expressed as a fixed or
variable rate or rates. The amount or rate of interest may be stated or
described in the instrument in any manner and may require reference to
information not contained in the instrument.
Can you summarize NVRS 104.3113?
1.An instrument may be antedated or
postdated. The date stated determines the time of payment if the instrument is
payable at a fixed period after date. Except as otherwise provided in
subsection 3 of NRS 104.4401 , an
instrument payable on demand is not payable before the date of the instrument. 2.If an instrument is undated, its date
is the date of its issue or, in the case of an unissued instrument, the date it
first comes into possession of a holder.
Can you summarize NVRS 104.3114?
If
an instrument contains contradictory terms, typewritten terms prevail over
printed terms, handwritten terms prevail over both, and words prevail over
numbers. (Added to NRS by 1965,
821; A 1993,
1264)
Can you summarize NVRS 104.3115?
This legal document, as part of the Nevada Revised Statutes, falls under the Uniform Commercial CodeOriginal Articles. It defines an ‘incomplete instrument’ as a signed writing that is intended to be completed by adding words or numbers. If an incomplete instrument falls under NRS 104.3104, it can be enforced according to its terms, whether completed or not. If it does not fall under NRS 104.3104 but meets the requirements after completion, it can still be enforced.
Can you summarize NVRS 104.3116?
1.Except as otherwise provided in the
instrument, two or more persons who have the same liability on an instrument as
makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous
endorsers are jointly and severally liable in the capacity in which they sign. 2.Except as otherwise provided in
subsection 6 of NRS 104.3419 or by
agreement of the affected parties, a party having joint and several liability
who pays the instrument is entitled to receive from any party having the same
joint and several liability contribution in accordance with applicable law.
Can you summarize NVRS 104.3117?
Subject
to applicable law regarding exclusion of proof of contemporaneous or previous
agreements, the obligation of a party to an instrument to pay the instrument
may be modified, supplemented or nullified by a separate agreement of the
obligor and a person entitled to enforce the instrument, if the instrument is
issued or the obligation is incurred in reliance on the agreement or as part of
the same transaction giving rise to the agreement.
Can you summarize NVRS 104.3118?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, establishes the statute of limitations for different types of commercial instruments and transactions. It specifies the time limits within which parties must commence legal actions to enforce payment obligations. The document covers notes payable at a definite time, notes payable on demand, unaccepted drafts, certified checks, teller’s checks, cashier’s checks, traveler’s checks, and certificates of deposit.
Can you summarize NVRS 104.3119?
In
an action for breach of an obligation for which a third person is answerable
over pursuant to this Article or Article 4, the defendant may give the third
person notice of the litigation in a record, and the person notified may then
give similar notice to any other person who is answerable over. If the notice
states that the person notified may come in and defend and that failure to do
so will bind the person notified in an action later brought by the person
giving the notice as to any determination of fact common to the two litigations,
the person notified is so bound unless after seasonable receipt of the notice
the person notified does come in and defend.
Can you summarize NVRS 104.3201?
1.Negotiation means a transfer of
possession, whether voluntary or involuntary, of an instrument by a person
other than the issuer to a person who thereby becomes its holder. 2.Except for negotiation by a remitter,
if an instrument is payable to an identified person, negotiation requires
transfer of possession of the instrument and its endorsement by the holder. If
an instrument is payable to bearer, it may be negotiated by transfer of
possession alone.
Can you summarize NVRS 104.3202?
1.Negotiation is effective even if
obtained: (a)From an infant, a corporation exceeding its
powers or a person without capacity; (b)By fraud, duress or mistake; or (c)In breach of duty or as part of an illegal
transaction. 2.To the extent permitted by other law,
negotiation may be rescinded or may be subject to other remedies, but those
remedies may not be asserted against a subsequent holder in due course or a
person paying the instrument in good faith and without knowledge of facts that
are a basis for rescission or other remedy.
Can you summarize NVRS 104.3203?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the transfer of instruments and the rights acquired through such transfers. It defines the process of transferring an instrument and the rights that are transferred along with it. The section clarifies that the transferee acquires the transferor’s rights to enforce the instrument, including the rights of a holder in due course, unless the transferee engaged in fraud or illegality affecting the instrument.
Can you summarize NVRS 104.3204?
This legal document, part of the Nevada Revised Statutes, pertains to the Uniform Commercial CodeOriginal Articles. It defines the concept of ’endorsement’ in relation to negotiable instruments. An endorsement refers to a signature, other than that of a signer as maker, drawer, or acceptor, made on an instrument for the purpose of negotiating the instrument, restricting payment, or incurring endorser’s liability. The document also explains the role of an endorser and clarifies that an endorsement that transfers a security interest in the instrument is effective as an unqualified endorsement.
Can you summarize NVRS 104.3205?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the different types of endorsements on commercial instruments. It defines and explains three types of endorsements: special endorsement, blank endorsement, and anomalous endorsement. A special endorsement is made by the holder of an instrument and identifies a specific person to whom the instrument is payable. It can only be negotiated by the endorsement of that person.
Can you summarize NVRS 104.3206?
This legal document, governed by the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the concept of restrictive endorsement. It states that an endorsement limiting payment to a particular person or prohibiting further transfer or negotiation of the instrument is not effective to prevent such actions. Additionally, an endorsement stating a condition for the right of the endorsee to receive payment does not affect the endorsee’s right to enforce the instrument.
Can you summarize NVRS 104.3207?
Reacquisition
of an instrument occurs if it is transferred to a former holder, by negotiation
or otherwise. A former holder who reacquires the instrument may cancel
endorsements made after the reacquirer first became a holder of the instrument.
If the cancellation causes the instrument to be payable to the reacquirer or to
bearer, the reacquirer may negotiate the instrument. An endorser whose
endorsement is cancelled is discharged, and the discharge is effective against
any subsequent holder.
Can you summarize NVRS 104.3301?
1.Person entitled to enforce an
instrument means: (a)The holder of the instrument; (b)A nonholder in possession of the instrument
who has the rights of a holder; or (c)A person not in possession of the instrument
who is entitled to enforce the instrument pursuant to NRS 104.3309 or subsection 4 of NRS 104.3418 . 2.A person may be a person entitled to
enforce the instrument even though the person is not the owner of the
instrument or is in wrongful possession of the instrument.
Can you summarize NVRS 104.3302?
This section of the Nevada Revised Statutes governs the concept of a ‘holder in due course’ in commercial instruments and transactions under the Uniform Commercial Code. A ‘holder in due course’ refers to a holder of an instrument who meets certain criteria. To be considered a holder in due course, the instrument must not bear evidence of forgery or alteration, and the holder must have taken the instrument for value, in good faith, and without notice of certain conditions or claims.
Can you summarize NVRS 104.3303?
This legal document, part of the Nevada Revised Statutes, pertains to the Uniform Commercial CodeOriginal Articles. It governs the issuance and transfer of instruments for value. An instrument is considered issued or transferred for value if it meets certain conditions, such as being issued for a promise of performance, acquiring a security interest or lien, being used as payment or security for an antecedent claim, being exchanged for a negotiable instrument, or being exchanged for incurring an irrevocable obligation to a third party.
Can you summarize NVRS 104.3304?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, provides guidelines for determining when an instrument becomes overdue. An instrument payable on demand becomes overdue at the earliest of the following times: (a) On the day after the day demand for payment is duly made; (b) If the instrument is a check, 90 days after its date; or (c) If the instrument is not a check, when the instrument has been outstanding for a period of time after its date which is unreasonably long under the circumstances of the particular case in light of the nature of the instrument and usage of the trade.
Can you summarize NVRS 104.3305?
This section of the Nevada Revised Statutes governs the defenses and claims in recoupment related to the enforcement of obligations in commercial instruments and transactions. It outlines the rights and defenses available to obligors, including defenses based on infancy, duress, lack of legal capacity, illegality of the transaction, fraud, and discharge in insolvency proceedings. The section also allows for claims in recoupment by the obligor against the original payee of the instrument, but only to reduce the amount owing on the instrument.
Can you summarize NVRS 104.3306?
A
person taking an instrument, other than a person having rights of a holder in
due course, is subject to a claim of a property or possessory right in the
instrument or its proceeds, including a claim to rescind a negotiation and to
recover the instrument or its proceeds. A person having rights of a holder in
due course takes free of the claim to the instrument. (Added to NRS by 1965,
826; A 1993,
1276)
Can you summarize NVRS 104.3307?
This legal document, governed by the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the breach of fiduciary duty. It defines the terms ‘fiduciary’ and ‘represented person’ and outlines the rules that apply when an instrument is taken from a fiduciary for payment or collection. The document states that notice of breach of fiduciary duty by the fiduciary is considered notice of the claim of the represented person. It also specifies the circumstances under which a taker of an instrument has notice of the breach of fiduciary duty.
Can you summarize NVRS 104.3308?
This legal document pertains to an action with respect to an instrument. It establishes that the authenticity and authority of each signature on the instrument is admitted unless specifically denied in the pleadings. The burden of establishing the validity of a signature lies with the person claiming validity, but the signature is presumed to be authentic and authorized unless the action is to enforce the liability of a deceased or incompetent signer.
Can you summarize NVRS 104.3309?
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the enforcement of lost, destroyed, or stolen instruments. It states that a person who is not in possession of an instrument may still be entitled to enforce it under certain conditions. These conditions include being entitled to enforce the instrument when the loss of possession occurred, directly or indirectly acquiring ownership from someone entitled to enforce the instrument, and the loss of possession not being a result of a transfer or lawful seizure.
Can you summarize NVRS 104.3310?
This legal document, part of the Nevada Revised Statutes, specifically addresses the effect of different types of instruments on obligations. It states that if a certified check, cashier’s check, or teller’s check is taken for an obligation, the obligation is discharged to the same extent as if the amount of the instrument was taken in payment. However, the discharge of the obligation does not affect any liability the obligor may have as an endorser of the instrument.
Can you summarize NVRS 104.3311?
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to situations where a person against whom a claim is asserted offers an instrument as full satisfaction of the claim. If certain conditions are met, the claim may be discharged. The person asserting the claim must prove that the instrument was tendered in good faith, the amount of the claim was unliquidated or subject to a bona fide dispute, and the claimant obtained payment of the instrument.
Can you summarize NVRS 104.3312?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the procedures and rights related to lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. The section defines key terms such as ‘check’ (which includes cashier’s checks, teller’s checks, and certified checks), ‘claimant’ (a person claiming the right to receive the amount of a lost, destroyed, or stolen check), and ‘declaration of loss’ (a statement made under penalty of perjury regarding the loss of possession of a check).
Can you summarize NVRS 104.3401?
1.A person is not liable on an instrument
unless the person: (a)Signed the instrument; or (b)Is represented by an agent or representative
who signed the instrument and the signature is binding on him or her under NRS 104.3402 . 2.A signature may be made manually or by
means of a device or machine, and by the use of any name, including a trade or
assumed name, or by a word, mark, or symbol executed or adopted by a person
with present intention to authenticate a writing.
Can you summarize NVRS 104.3402?
This legal document, governed by the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the signature by a representative on an instrument. If a person acting as a representative signs an instrument using either the name of the represented person or their own name as the representative, the represented person is bound by the signature. The representative’s signature is considered the authorized signature of the represented person, and the represented person becomes liable on the instrument.
Can you summarize NVRS 104.3403?
1.Unless otherwise provided in this
article or article 4, an unauthorized signature is ineffective except as the
signature of the unauthorized signer in favor of a person who in good faith
pays the instrument or takes it for value. An unauthorized signature may be
ratified for all purposes of this article. 2.If the signature of more than one
person is required to constitute the authorized signature of an organization,
the signature of the organization is unauthorized if one of the required
signatures is lacking.
Can you summarize NVRS 104.3404?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the issue of impostors and fictitious payees in commercial instruments. It states that if an impostor induces the issuer of an instrument to issue it to the impostor or a person acting with the impostor by impersonating the payee or an authorized person, an endorsement of the instrument by any person in the name of the payee is effective as the endorsement of the payee in favor of a person who pays the instrument or takes it in good faith.
Can you summarize NVRS 104.3405?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, addresses the responsibility of employers for fraudulent endorsements made by their employees. The definition of ’employee’ includes independent contractors and employees of independent contractors retained by the employer. ‘Fraudulent endorsement’ refers to forged endorsements purporting to be that of the employer or the person identified as payee. ‘Responsibility’ with respect to instruments includes various authorities related to signing, endorsing, acting upon, preparing, supplying information, controlling disposition, or acting in a responsible capacity.
Can you summarize NVRS 104.3406?
This provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the issue of negligence contributing to the alteration of an instrument or the forging of a signature on an instrument. According to this provision, a person who fails to exercise ordinary care and thereby contributes to such alteration or forgery cannot assert the alteration or forgery against a person who, in good faith, pays the instrument or takes it for value or for collection.
Can you summarize NVRS 104.3407?
This legal document, part of the Nevada Revised Statutes, falls under the Uniform Commercial CodeOriginal Articles. It defines the term ‘alteration’ in the context of commercial instruments and transactions. An alteration refers to an unauthorized change in an instrument that modifies the obligation of a party or an addition/change to an incomplete instrument relating to a party’s obligation. Fraudulent alterations discharge the party whose obligation is affected, unless they assent or are precluded from asserting the alteration.
Can you summarize NVRS 104.3408?
A
check or other draft does not of itself operate as an assignment of funds in
the hands of the drawee available for its payment, and the drawee is not liable
on the instrument until the drawee accepts it. (Added to NRS by 1965,
829; A 1993,
1282)
Can you summarize NVRS 104.3409?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the acceptance of drafts and certified checks. It defines acceptance as the drawee’s signed agreement to pay a draft and specifies that acceptance can be made at any time. The document also clarifies that a draft may be accepted even if it is incomplete, overdue, or has been dishonored. Additionally, it explains that if a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith.
Can you summarize NVRS 104.3410?
1.If the terms of a drawees acceptance
vary from the terms of the draft as presented, the holder may refuse the
acceptance and treat the draft as dishonored. In that case, the drawee may
cancel the acceptance. 2.The terms of a draft are not varied by
an acceptance to pay at a particular bank or place in the United States, unless
the acceptance states that the draft is to be paid only at that bank or place.
Can you summarize NVRS 104.3411?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, governs the refusal to pay cashiers checks, tellers checks, and certified checks. It defines the term ‘obligated bank’ as the acceptor of a certified check or the issuer of a cashiers check or tellers check bought from the issuer. If the obligated bank wrongfully refuses to pay a cashiers check or certified check, stops payment of a tellers check, or refuses to pay a dishonored tellers check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment.
Can you summarize NVRS 104.3412?
1.The issuer of a note or cashiers check
or other draft drawn on the drawer is obliged to pay the instrument: (a)According to its terms at the time it was
issued or, if not issued, at the time it first came into possession of a
holder; or (b)If the issuer signed an incomplete
instrument, according to its terms when completed, to the extent stated in NRS 104.3115 and 104.3407 . 2.
Can you summarize NVRS 104.3413?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the obligation of the acceptor of a draft. The acceptor is obliged to pay the draft according to its terms at the time of acceptance. If the acceptance varies the terms of the draft, the acceptor is obliged to pay according to the varied terms. If the acceptance is of an incomplete instrument, the acceptor is obliged to pay according to its terms when completed, as stated in NRS 104.
Can you summarize NVRS 104.3414?
This section governs the obligation of the drawer in relation to drafts. It applies to drawers of drafts, except for cashier’s checks or other drafts drawn on the drawer. If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder. If the drawer signed an incomplete instrument, the obligation is according to its terms when completed.
Can you summarize NVRS 104.3415?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, governs the obligation of an endorser in the case of a dishonored instrument. According to this section, if an instrument is dishonored, the endorser is obliged to pay the amount due on the instrument as per its terms at the time of endorsement. The obligation is owed to a person entitled to enforce the instrument or a subsequent endorser who paid the instrument.
Can you summarize NVRS 104.3416?
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It governs transfer warranties for instruments. According to the document, a person who transfers an instrument for consideration warrants to the transferee and subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, the instrument is not subject to a defense or claim in recoupment, the warrantor has no knowledge of any insolvency proceeding, and with respect to a remotely-created item, the person on whose account the item is drawn authorized its issuance.
Can you summarize NVRS 104.3417?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs presentment warranties in commercial transactions. It outlines the warranties that apply when an unaccepted draft is presented to the drawee for payment or acceptance. The person obtaining payment or acceptance, as well as previous transferors of the draft, warrant to the drawee that they are entitled to enforce the draft, the draft has not been altered, they have no knowledge of unauthorized signatures, and, in the case of remotely-created items, the person on whose account the item is drawn authorized its issuance.
Can you summarize NVRS 104.3418?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the payment or acceptance of drafts and instruments made by mistake. It outlines the rights and remedies available to drawees of drafts and persons paying or accepting instruments in cases where payment or acceptance was made based on a mistaken belief. The document allows drawees to recover the amount of the draft or revoke acceptance if payment or acceptance was made under the mistaken belief.
Can you summarize NVRS 104.3419?
This legal document, governed by the Nevada Revised Statutes, specifically falls under the section of the Uniform Commercial CodeOriginal Articles related to Commercial Instruments and Transactions. It outlines the rules and obligations surrounding instruments signed for accommodation. An accommodation party is defined as a party who signs the instrument to incur liability without being a direct beneficiary of the value given for the instrument. The accommodation party may sign the instrument as a maker, drawer, acceptor, or endorser and is obliged to pay the instrument in the capacity in which they sign.
Can you summarize NVRS 104.3420?
This legal document pertains to the conversion of instruments. It states that the law applicable to the conversion of personal property also applies to instruments. An instrument is considered converted if it is taken by transfer from a person not entitled to enforce the instrument or if a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. However, the issuer or acceptor of the instrument, as well as a payee or endorsee who did not receive delivery of the instrument, cannot bring an action for conversion.
Can you summarize NVRS 104.3501?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, defines and regulates the concept of ‘Presentment.’ Presentment refers to a demand made by or on behalf of a person entitled to enforce an instrument, either to pay the instrument or to accept a draft. The document outlines the rules for presentment, including the place of payment, means of communication, effectiveness of presentment, and requirements for the person making presentment.
Can you summarize NVRS 104.3502?
This legal document governs the dishonor of notes and drafts. It provides rules for determining when a note or draft is considered dishonored. For notes payable on demand, dishonor occurs if the note is not paid on the day of presentment. For notes not payable on demand, dishonor occurs if the note is not paid on the day it becomes payable. The document also outlines rules for dishonor of unaccepted drafts, documentary drafts, and accepted drafts.
Can you summarize NVRS 104.3503?
This legal document, governed by the Nevada Revised Statutes, specifically the Uniform Commercial CodeOriginal Articles, pertains to the obligation of an endorser and drawer and the requirement of notice of dishonor. It states that the obligations of an endorser and drawer cannot be enforced unless notice of dishonor is given to them or notice of dishonor is excused. The notice of dishonor can be given by any person through various means, such as oral, written, or electronic communication, as long as it reasonably identifies the dishonored instrument.
Can you summarize NVRS 104.3504?
This provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the excusal of presentment for payment or acceptance of an instrument, as well as the excusal of notice of dishonor. Presentment for payment or acceptance may be excused if the person entitled to present the instrument cannot do so with reasonable diligence, if the maker or acceptor has repudiated the obligation to pay or is deceased or in insolvency proceedings, if presentment is not necessary to enforce the obligation of endorsers or the drawer as per the instrument’s terms, if the drawer or endorser has waived presentment or has no reason to expect or require payment, or if the drawer instructed the drawee not to pay or accept the draft or the drawee was not obligated to the drawer.
Can you summarize NVRS 104.3505?
This legal document, found in the Nevada Revised Statutes, pertains to evidence of dishonor in commercial instruments and transactions governed by the Uniform Commercial CodeOriginal Articles. It outlines the admissible evidence that creates a presumption of dishonor and notice of dishonor, including a document regular in form as a protest, a stamp or writing of refusal by the drawee, payor bank, or presenting bank, and a book or record showing dishonor.
Can you summarize NVRS 104.3601?
1.The obligation of a party to pay the
instrument is discharged as stated in this article or by an act or agreement
with the party which would discharge an obligation to pay money under a simple
contract. 2.Discharge of the obligation of a party
is not effective against a person acquiring rights of a holder in due course of
the instrument without notice of the discharge. (Added to NRS by 1965,
836; A 1993,
1295)
Can you summarize NVRS 104.3602?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the payment of instruments and the discharge of obligations. It establishes that an instrument is considered paid when payment is made by or on behalf of a party obliged to pay the instrument to a person entitled to enforce the instrument. It also outlines the conditions under which a note is considered paid, including adequate notification of transfer and provision of an address for future payments.
Can you summarize NVRS 104.3603?
This legal document, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the tender of payment for obligations related to commercial instruments. It states that if payment is tendered to a person entitled to enforce the instrument, the principles of law applicable to tender of payment under a simple contract apply. Additionally, if payment is tendered and refused, the obligation of an endorser or accommodation party with a right of recourse is discharged to the extent of the tendered amount.
Can you summarize NVRS 104.3604?
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the discharge of obligations in commercial instruments. It states that a person entitled to enforce an instrument can discharge the obligation of a party to pay the instrument through intentional voluntary acts such as surrender, destruction, mutilation, cancellation, or striking out of the party’s signature. Additionally, the obligation can be discharged by agreeing not to sue or renouncing rights against the party through a signed record.
Can you summarize NVRS 104.3605?
This section of the Nevada Revised Statutes governs the discharge of endorsers and accommodation parties in commercial instruments and transactions under the Uniform Commercial CodeOriginal Articles. It clarifies that the discharge of the obligation of a party to pay an instrument does not discharge the obligation of an endorser or accommodation party with a right of recourse against the discharged party. The section also outlines the circumstances under which an extension or material modification of the obligation may discharge an endorser or accommodation party.
Can you summarize NVRS 104.4101?
This
article may be cited as Uniform Commercial CodeBank Deposits and Collections. (Added to NRS by 1965,
840; A 1993,
1298)
Can you summarize NVRS 104.4102?
1.To the extent that items within this
article are also within articles 3 and 8, they are subject to those articles.
If there is a conflict, this article governs article 3 but article 8 governs
this article. 2.The liability of a bank for action or
nonaction with respect to an item handled by it for purposes of presentment,
payment or collection is governed by the law of the place where the bank is
located.
Can you summarize NVRS 104.4103?
This legal document pertains to the variation of provisions by agreement, the measure of damages, and the action constituting ordinary care in commercial transactions involving banks. While the provisions of this article can be varied by agreement, a bank cannot disclaim responsibility for its own lack of good faith or failure to exercise ordinary care, nor can the measure of damages for such lack or failure be limited. However, the parties may agree on the standards by which the bank’s responsibility is to be measured, as long as those standards are not manifestly unreasonable.
Can you summarize NVRS 104.4104?
This legal document, part of the Nevada Revised Statutes, pertains to the Uniform Commercial CodeOriginal Articles in the context of Commercial Instruments and Transactions. It provides definitions for various terms used in this Article, such as ‘account,’ ‘banking day,’ ‘customer,’ ‘draft,’ ‘item,’ and ‘settle.’ The document also references other definitions from different sections of the Nevada Revised Statutes that apply to this Article. Additionally, it mentions general definitions and principles of construction and interpretation applicable throughout this Article.
Can you summarize NVRS 104.4105?
In
this Article: 1.Depositary bank means the first bank
to take an item even though it is also the payor bank, unless the item is
presented for immediate payment over the counter. 2.Payor bank means a bank that is the
drawee of a draft. 3.Intermediary bank means any bank to
which an item is transferred in course of collection except the depositary or
payor bank. 4.Collecting bank means any bank
handling the item for collection except the payor bank.
Can you summarize NVRS 104.4106?
1.If an item states that it is payable
through a bank identified in the item: (a)The item designates the bank as a collecting
bank and does not by itself authorize the bank to pay the item; and (b)The item may be presented for payment only by
or through the bank. 2.If an item states that it is payable
at a bank identified in the item, the item is equivalent to a draft drawn on
the bank.
Can you summarize NVRS 104.4107?
A
branch or separate office of a bank is a separate bank for the purpose of
computing the time within which and determining the place at or to which action
may be taken or notices or orders must be given under this article and under
article 3. (Added to NRS by 1965,
842; A 1993,
1301)
Can you summarize NVRS 104.4108?
1.For the purpose of allowing time to
process items, prove balances and make the necessary entries on its books to
determine its position for the day, a bank may fix an afternoon hour of 2 p.m.
or later as a cutoff hour for the handling of money and items and the making of
entries on its books. 2.Any item or deposit of money received
on any day after a cutoff hour so fixed or after the close of the banking day
may be treated as being received at the opening of the next banking day.
Can you summarize NVRS 104.4109?
1.Unless otherwise instructed, a
collecting bank in a good faith effort to secure payment of a specific item
drawn on a payor other than a bank, and with or without the approval of any
person involved, may waive, modify or extend time limits imposed or permitted
by this chapter for a period not exceeding two additional banking days without
discharge of drawers or endorsers or liability to its transferor or a prior
party.
Can you summarize NVRS 104.4110?
1.Agreement for electronic presentment
means an agreement, clearing-house rule or Federal Reserve regulation or
operating circular, providing that presentment of an item may be made by
transmission of an image of an item or information describing the item
(presentment notice) rather than delivery of the item itself. The agreement
may provide for procedures governing retention, presentment, payment, dishonor
and other matters concerning items subject to the agreement. 2.Presentment of an item pursuant to an
agreement for presentment is made when the presentment notice is received.
Can you summarize NVRS 104.4111?
An
action to enforce an obligation, duty or right arising under this article must
be commenced within three years after the cause of action accrues. (Added to NRS by 1993,
1248)
Can you summarize NVRS 104.4201?
This legal provision, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the status of a collecting bank as an agent and the provisional status of credits. It establishes that unless a contrary intent clearly appears, a collecting bank is considered an agent or subagent of the owner of the item, and any settlement given for the item is provisional. This applies regardless of the form of endorsement or lack of endorsement, and even if credit for the item is subject to immediate withdrawal or is already withdrawn.
Can you summarize NVRS 104.4202?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the responsibilities of collecting banks regarding the collection and return of items. A collecting bank is required to exercise ordinary care in presenting an item or sending it for presentment, sending notice of dishonor or nonpayment, settling for an item, and notifying its transferor of any loss or delay in transit. The bank must take proper action within its midnight deadline following receipt of an item, notice, or settlement to exercise ordinary care.
Can you summarize NVRS 104.4203?
Subject
to the provisions of article 3 concerning conversion of instruments ( NRS 104.3420 ) and restrictive endorsements
( NRS 104.3206 ), only a collecting
banks transferor can give instructions that affect the bank or constitute
notice to it, and a collecting bank is not liable to prior parties for any
action taken pursuant to the instructions or in accordance with any agreement
with its transferor. (Added to NRS by 1965,
843; A 1993,
1303)
Can you summarize NVRS 104.4204?
1.A collecting bank shall send items by a
reasonably prompt method, taking into consideration relevant instructions, the
nature of the item, the number of such items on hand, the cost of collection
involved, and the method generally used by it or others to present such items. 2.A collecting bank may send: (a)An item directly to the payor bank; (b)An item to a nonbank payor if authorized by
its transferor; and (c)An item other than documentary drafts to a
nonbank payor, if authorized by Federal Reserve regulation or operating
circular, clearinghouse rule or the like.
Can you summarize NVRS 104.4205?
If a customer delivers an item to a depositary
bank for collection: 1.The depositary bank becomes a holder of
the item at the time it receives the item for collection if the customer at the
time of delivery was a holder of the item, whether or not the customer endorses
the item, and, if the bank satisfies the other requirements of NRS 104.3302 , it is a holder in due
course; and 2.
Can you summarize NVRS 104.4206?
Any
agreed method which identifies the transferor bank is sufficient for the items
further transfer to another bank. (Added to NRS by 1965,
844)
Can you summarize NVRS 104.4207?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs transfer warranties in commercial transactions. It outlines the warranties made by a customer or collecting bank when transferring an item and receiving settlement or other consideration. The warranties include the warrantor being a person entitled to enforce the item, all signatures on the item being authentic and authorized, the item not being altered, and the item not being subject to a defense or claim in recoupment.
Can you summarize NVRS 104.4208?
This legal document governs presentment warranties in commercial transactions. It applies to drawees, warrantors, and persons making payment. The document establishes warranties that the person obtaining payment or acceptance of an unaccepted draft warrants to the drawee. These warranties include being entitled to enforce the draft, no alteration of the draft, no knowledge of unauthorized signature, and authorization for remotely-created items. The drawee has the right to recover damages for breach of warranty, including the amount paid, expenses, and loss of interest.
Can you summarize NVRS 104.4209?
1.A person who encodes information on or
with respect to an item after issue, warrants to any subsequent collecting bank
and to the payor bank or other payor that the information is correctly encoded.
If the customer of a depositary bank encodes, that bank also makes the
warranty. 2.A person who undertakes to retain an
item pursuant to an agreement for electronic presentment warrants to any
subsequent collecting bank and to the payor bank or other payor that retention
and presentment of the item comply with the agreement.
Can you summarize NVRS 104.4210?
This legal document, governed by the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, establishes the security interest of a collecting bank in items, accompanying documents, and proceeds. A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either in various scenarios, such as when credit has been withdrawn or applied, when credit has been given for the item, or when an advance has been made on the item.
Can you summarize NVRS 104.4211?
For purposes of determining its status as a
holder in due course, a bank has given value to the extent that it has a
security interest in an item if the bank otherwise complies with the
requirements of NRS 104.3302 on what
constitutes a holder in due course. (Added to NRS by 1965,
846; A 1993,
1306)
Can you summarize NVRS 104.4212?
This legal provision, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the presentment of items that are not payable by, through, or at a bank. It allows a collecting bank to present such items by sending a notice to the party to accept or pay, informing them that the bank holds the item for acceptance or payment. The notice must be sent in a timely manner, meeting any requirements set by the party to accept or pay.
Can you summarize NVRS 104.4213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearinghouse 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.
Can you summarize NVRS 104.4214?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the right of charge-back or refund, as well as the liability of collecting banks and the return of items. It applies to collecting banks and their customers. According to the document, if a collecting bank has made provisional settlement with its customer for an item but fails to receive a final settlement for the item due to dishonor, suspension of payments by a bank, or other reasons, the bank may revoke the settlement, charge back the amount credited to the customer’s account, or obtain a refund from the customer.
Can you summarize NVRS 104.4215?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the final payment of an item by a payor bank, as well as the timing for when provisional debits and credits become final and when certain credits become available for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, and collecting banks involved in the settlement of items. The document specifies that an item is finally paid by a payor bank when it is paid in cash, settled without the right to revoke settlement, or when provisional settlement is made and not revoked within the permitted time.
Can you summarize NVRS 104.4216?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the topics of insolvency and preference. It outlines specific scenarios and obligations related to the possession and payment of items by payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, presenting banks, and closed bank’s customers. The document states that if an item is in the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, it must be returned to the presenting bank or the closed bank’s customer.
Can you summarize NVRS 104.4301?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the procedures and requirements 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 may revoke a settlement and recover the settlement amount before making final payment. The document also specifies the actions a payor bank can take upon receiving a demand item for credit on its books, including returning the item or sending notice of dishonor.
Can you summarize NVRS 104.4302?
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, outlines the responsibility of a payor bank for the late return of an item. If a payor bank receives an item, it is accountable for the amount of the item unless certain conditions are met. The bank must settle for the item or pay, return, or send notice of dishonor for the item within the specified timeframes.
Can you summarize NVRS 104.4303?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the treatment of items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which these items may be charged or certified. It applies to payor banks and their customers. According to the document, 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 right or duty to pay an item or charge the customer’s account if certain conditions are met.
Can you summarize NVRS 104.4401?
This legal document, part of the Nevada Revised Statutes, specifically addresses the circumstances under which a bank may charge a customer’s account. According to the document, a bank is allowed to charge any item that is properly payable from the customer’s account, 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 NVRS 104.4402?
This legal document pertains to the liability of a payor bank to its customer for wrongful dishonor of an item. The payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, unless it has agreed to pay the overdraft. The payor bank is liable to its customer for damages caused by the wrongful dishonor, which may include actual damages, damages for arrest or prosecution of the customer, or other consequential damages.
Can you summarize NVRS 104.4403?
This provision, part of the Nevada Revised Statutes under the Uniform Commercial Code, grants customers or authorized persons the right to stop payment of any item drawn on the customer’s account or close the account. The order to stop payment or close the account must be provided to the bank with reasonable certainty and within a reasonable time before certain events occur. If more than one person’s signature is required to draw on the account, any of these persons may stop payment or close the account.
Can you summarize NVRS 104.4404?
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 6 months after its date, but it may charge its
customers account for a payment made thereafter. (Added to NRS by 1965,
851)
Can you summarize NVRS 104.4405?
1.A payor or collecting banks authority
to accept, pay or collect an item or to account for proceeds of its collection,
if otherwise effective, is not rendered ineffective by incompetence of a
customer of either bank existing at the time the item is issued or its
collection is undertaken if the bank does not know of an adjudication of
incompetence. Neither death nor incompetence of a customer revokes the
authority to accept, pay, collect or account until the bank knows of the fact
of death or of an adjudication of incompetence and has reasonable opportunity
to act on it.
Can you summarize NVRS 104.4406?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, outlines the duty of customers to discover or report unauthorized signatures or alterations. It applies to both banks and customers. The document states that when a bank sends a statement of account to a customer, the customer must promptly examine the statement or items provided to determine if any payment was unauthorized due to an alteration or unauthorized signature.
Can you summarize NVRS 104.4407?
If a payor bank has paid an item over the
order of the drawer or maker to stop payment, or after an account has been
closed, or otherwise under circumstances giving a basis for objection by the
drawer or maker, to prevent unjust enrichment and only to the extent necessary
to prevent loss to the bank by reason of its payment of the item, the payor
bank is subrogated to the rights: 1.
Can you summarize NVRS 104.4501?
A
bank which takes a documentary draft for collection must present or send the
draft and accompanying documents for presentment and upon learning that the
draft has not been paid or accepted in due course must seasonably notify its
customer of such fact even though it may have discounted or bought the draft or
extended credit available for withdrawal as of right. (Added to NRS by 1965,
853)
Can you summarize NVRS 104.4502?
When
a draft or the relevant instructions require presentment on arrival, when
goods arrive or the like, the collecting bank need not present until in its
judgment a reasonable time for arrival of the goods has expired. Refusal to pay
or accept because the goods have not arrived is not dishonor; the bank must
notify its transferor of such refusal but need not present the draft again
until it is instructed to do so or learns of the arrival of the goods.
Can you summarize NVRS 104.4503?
This legal document governs the responsibility of a presenting bank for documents and goods in the context of a documentary draft. It specifies that a bank presenting a documentary draft must deliver the documents to the drawee on acceptance of the draft if it is payable more than 3 days after presentment, and only on payment if it is payable within 3 days. In case of dishonor, the presenting bank may seek instructions from any referee in case of need designated in the draft or, if it chooses not to utilize the referee’s services, it must diligently and in good faith ascertain the reason for dishonor, notify its transferor of the dishonor and the results of its effort to ascertain the reasons, and request instructions.
Can you summarize NVRS 104.4504?
1.A presenting bank which, following the
dishonor of a documentary draft, has seasonably requested instructions but does
not receive them within a reasonable time may store, sell or otherwise deal
with the goods in any reasonable manner. 2.For its reasonable expenses incurred by
action under subsection 1 the presenting bank has a lien upon the goods or
their proceeds, which may be foreclosed in the same manner as an unpaid
sellers lien.
Can you summarize NVRS 104.5101?
This article
may be cited as Uniform Commercial CodeLetters of Credit. (Added to NRS by 1965,
854; A 1997,
376)
Can you summarize NVRS 104.5102?
This legal document, part of the Nevada Revised Statutes, governs commercial instruments and transactions under the Uniform Commercial CodeOriginal Articles. It provides definitions for various terms used in the context of letters of credit, such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. The document also refers to definitions in other articles and sections that apply to this article.
Can you summarize NVRS 104.5103?
This Article of the Nevada Revised Statutes governs letters of credit and the rights and obligations associated with transactions involving letters of credit. It applies to parties involved in such transactions, including issuers, beneficiaries, nominated persons, and applicants. The Article allows for variations by agreement or provision, except for certain specified subsections and to the extent prohibited by other statutes. The rights and obligations of an issuer to a beneficiary or nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement underlying the letter of credit.
Can you summarize NVRS 104.5104?
A
letter of credit, confirmation, advice, transfer, amendment or cancellation may
be issued in any form that is a record and is authenticated by a signature or
in accordance with the agreement of the parties or the standard practice
referred to in subsection 5 of NRS 104.5108 . (Added to NRS by 1965,
855; A 1997,
379)
Can you summarize NVRS 104.5105?
Consideration
is not required to issue, amend, transfer or cancel a letter of credit, advice
or confirmation. (Added to NRS by 1965,
855; A 1997,
379)
Can you summarize NVRS 104.5106?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the issuance, amendment, cancellation, and duration of letters of credit. According to the document, a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. The document states that a letter of credit is revocable only if it explicitly provides for revocation.
Can you summarize NVRS 104.5107?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the roles and obligations of a confirmer, nominated person, and adviser in relation to letters of credit. A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.
Can you summarize NVRS 104.5108?
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, outlines the rights and obligations of an issuer in relation to letters of credit. An issuer is required to honor a presentation that strictly complies with the terms and conditions of the letter of credit, unless otherwise provided. The issuer has a reasonable time to honor the letter of credit, accept a draft, or give notice of discrepancies.
Can you summarize NVRS 104.5109?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the treatment of presentations made under a letter of credit. It states that if a presentation appears to comply with the terms of the letter of credit but contains a forged or materially fraudulent document, the issuer must honor the presentation if demanded by certain parties who have given value in good faith and without notice of the forgery or fraud.
Can you summarize NVRS 104.5110?
1.If its presentation is honored,
the beneficiary warrants: (a)To the issuer, any other person to whom
presentation is made, and the applicant that there is no fraud or forgery of
the kind described in subsection 1 of NRS
104.5109 ; and (b)To the applicant that the drawing does not
violate any agreement between the applicant and beneficiary or any other
agreement intended by them to be augmented by the letter of credit.
Can you summarize NVRS 104.5111?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the remedies available in various situations related to letters of credit and drafts. It outlines the rights of beneficiaries, successors, and nominated persons in case of wrongful dishonor or repudiation by the issuer. The document allows the recovery of the amount subject to dishonor or repudiation, specific performance, or an amount equal to the value of performance.
Can you summarize NVRS 104.5112?
1.Except as otherwise provided in NRS 104.5113 , unless a letter of credit
provides that it is transferable, the right of a beneficiary to draw or
otherwise demand performance under the letter of credit may not be transferred. 2.Even if a letter of credit provides
that it is transferable, the issuer may refuse to recognize or carry out a
transfer if: (a)The transfer would violate applicable law; or (b)The transferor or transferee has failed to
comply with any requirement stated in the letter of credit or any other
requirement relating to transfer imposed by the issuer which is within the
standard practice referred to in subsection 5 of NRS 104.
Can you summarize NVRS 104.5113?
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It governs the rights and obligations of successors of beneficiaries, issuers, confirmer, and nominated persons in relation to amendments, document signing and presentation, receipt of payment or other items of value, and recognition by the issuer of a transfer of drawing rights by operation of law. The document clarifies that a successor of a beneficiary may act on behalf of the beneficiary without disclosing its status as a successor or as a disclosed successor.
Can you summarize NVRS 104.5114?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the assignment of proceeds of a letter of credit. It defines the term ‘proceeds of a letter of credit’ as the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The section allows a beneficiary to assign its right to part or all of the proceeds of a letter of credit, contingent upon compliance with the terms and conditions of the letter of credit.
Can you summarize NVRS 104.5115?
An
action to enforce a right or obligation arising under this article must be
commenced within 1 year after the expiration date of the relevant letter of
credit or 1 year after the claim for relief accrues, whichever occurs later. A
claim for relief accrues when the breach occurs, regardless of the aggrieved
partys lack of knowledge of the breach. (Added to NRS by 1997,
358)
Can you summarize NVRS 104.5116?
This legal document governs the liability of an issuer, nominated person, or adviser for their actions or omissions. It also establishes the rules for choosing the jurisdiction’s law and forum for settling disputes. The liability is determined either by the law of the jurisdiction chosen through an agreement or by the law of the jurisdiction where the issuer, nominated person, or adviser is located. Customary rules or practices, such as the Uniform Customs and Practice for Documentary Credits, may also govern the liability, except when there is a conflict with the nonvariable provisions specified in the document.
Can you summarize NVRS 104.5117?
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the subrogation rights of issuers, applicants, and nominated persons in commercial transactions. According to the provision, an issuer that honors a beneficiary’s presentation is subrogated to the rights of the beneficiary and the applicant as if the issuer were a secondary obligor of the underlying obligation owed to them. Similarly, an applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person.
Can you summarize NVRS 104.5118?
This legal document, governed by the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It establishes that an issuer or a nominated person has a security interest in a document presented under a letter of credit and any identifiable proceeds of the collateral if the issuer or nominated person honors or gives value for the presentation. The security interest continues until the issuer or nominated person has been reimbursed or has otherwise recovered the value given.
Can you summarize NVRS 104.9101?
This
article may be cited as Uniform Commercial CodeSecured Transactions. (Added to NRS by 1999,
281)
Can you summarize NVRS 104.9102?
This legal document, part of the Nevada Revised Statutes, governs the Uniform Commercial CodeOriginal Articles in the area of Commercial Instruments and Transactions. It applies to individuals and entities involved in commercial transactions and the creation of security interests. The document provides definitions for various terms used in commercial transactions, such as ‘accession,’ ‘account,’ ‘account debtor,’ ‘agricultural lien,’ ‘authenticate,’ ‘bank,’ ‘cash proceeds,’ and many others. It also outlines the scope of the document, including exemptions for certain types of payment rights.
Can you summarize NVRS 104.9103?
This legal document pertains to the concept of purchase-money security interest in commercial transactions. It defines purchase-money collateral as goods or software that secure a purchase-money obligation incurred with respect to that collateral. A security interest in goods or software is considered a purchase-money security interest if it meets certain conditions, such as securing a purchase-money obligation incurred with respect to other inventory or software in which the secured party holds or held a purchase-money security interest.
Can you summarize NVRS 104.9104?
1.A secured party has control of a
deposit account if: (a)The secured party is the bank with which the
deposit account is maintained; (b)The debtor, secured party and bank have
agreed in an authenticated record that the bank will comply with instructions
originated by the secured party directing disposition of the funds in the
deposit account without further consent by the debtor; or (c)The secured party becomes the banks customer
with respect to the deposit account.
Can you summarize NVRS 104.9105?
This provision, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the control of electronic chattel paper and the employment of a system for evidencing the transfer of interests in chattel paper. It applies to secured parties, specifically those who have an interest in electronic chattel paper. To establish control of electronic chattel paper, a system must be employed that reliably establishes the secured party as the assignee of the chattel paper.
Can you summarize NVRS 104.9106?
1.A
person has control of a certificated security, uncertificated security, or
security entitlement as provided in NRS
104.8106 . 2.A
secured party has control of a commodity contract if: (a)The
secured party is the commodity intermediary with which the commodity contract
is carried; or (b)The
commodity customer, secured party and commodity intermediary have agreed that
the commodity intermediary will apply any value distributed on account of the
commodity contract as directed by the secured party without further consent by
the commodity customer.
Can you summarize NVRS 104.9107?
A
secured party has control of a letter-of-credit right to the extent of any
right to payment or performance by the issuer or any nominated person if the
issuer or nominated person has consented to an assignment of proceeds of the
letter of credit under subsection 3 of NRS
104.5114 or otherwise applicable law or practice. (Added to NRS by 1999,
293)
Can you summarize NVRS 104.9108?
This legal document, part of the Nevada Revised Statutes, pertains to the sufficiency of descriptions in commercial instruments and transactions governed by the Uniform Commercial Code. It establishes that a description of personal or real property is considered sufficient if it reasonably identifies what is described, regardless of specificity. The document also provides various methods by which a description of collateral can reasonably identify the collateral, such as specific listing, category, type defined in the Uniform Commercial Code, quantity, computational or allocational formula or procedure, or any other objectively determinable method.
Can you summarize NVRS 104.9109?
This legal document outlines the scope of applicability of Article 9 of the Uniform Commercial Code (UCC) in Nevada. It specifies the types of transactions and security interests to which this Article applies, including security interests in personal property or fixtures, agricultural liens, sales of accounts, chattel paper, payment intangibles or promissory notes, consignments, and certain security interests arising under specific sections of the Nevada Revised Statutes. However, there are exemptions and circumstances in which this Article does not apply, such as when preempted by federal law, when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior, or in specific types of liens, assignments, transfers, or interests.
Can you summarize NVRS 104.9110?
A security interest arising
under NRS 104.2401 , 104.2505 , subsection 3 of 104.2711, or
subsection 5 of NRS 104A.2508 is
subject to this Article. However, until the debtor obtains possession of the
goods: 1.The security interest is enforceable,
even if paragraph (c) of subsection 2 of NRS
104.9203 has not been satisfied; 2.Filing is not required to perfect the
security interest; 3.The rights of the secured party after
default by the debtor are governed by Article 2 or 2A; and 4.
Can you summarize NVRS 104.9201?
This legal document, governed by the Uniform Commercial CodeOriginal Articles, establishes the effectiveness of a security agreement. The agreement is binding between the parties involved, as well as against purchasers of the collateral and creditors. It is subject to any applicable rule of law that may establish different rules for consumers. In case of conflict between this article and a rule of law, statute, or regulation, the latter prevails. However, failure to comply with a statute or regulation described in subsection 2 only has the effect specified by that statute or regulation.
Can you summarize NVRS 104.9202?
Except
as otherwise provided with respect to consignments or sales of accounts,
chattel paper, payment intangibles or promissory notes, the provisions of this
article with regard to rights and obligations apply whether or not title to
collateral is in the secured party or the debtor. (Added to NRS by 1999,
296)
Can you summarize NVRS 104.9203?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the attachment and enforceability of security interests, including the rights to proceeds and supporting obligations. It outlines the conditions under which a security interest becomes enforceable against the debtor and third parties, such as the requirement of value given and the debtor’s rights or power to transfer rights in the collateral. The document specifies various scenarios where a security interest can be attached, including the authentication of a security agreement, possession of collateral by the secured party, delivery of security certificates, or control over certain types of collateral.
Can you summarize NVRS 104.9204?
1.Except
as otherwise provided in subsection 2, a security agreement may create or
provide for a security interest in after-acquired collateral. 2.A
security interest does not attach under a term constituting an after-acquired
property clause to: (a)Consumer
goods, other than an accession when given as additional security, unless the
debtor acquires rights in them within 10 days after the secured party gives
value; or (b)A
commercial tort claim. 3.A security agreement may provide that
collateral secures, or that accounts, chattel paper, payment intangibles or
promissory notes are sold in connection with, future advances or other value, whether
or not the advances or value are given pursuant to commitment.
Can you summarize NVRS 104.9205?
1.A
security interest is not invalid or fraudulent against creditors solely
because: (a)The
debtor has the right or ability to: (1)Use,
commingle or dispose of all or part of the collateral, including returned or
repossessed goods; (2)Collect,
compromise, enforce or otherwise deal with collateral; (3)Accept
the return of collateral or make repossessions; or (4)Use,
commingle or dispose of proceeds; or (b)The
secured party fails to require the debtor to account for proceeds or replace
collateral.
Can you summarize NVRS 104.9206?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the security interest that arises in the purchase or delivery of financial assets. It outlines the conditions under which a security interest in favor of a securities intermediary attaches to a person’s security entitlement when buying a financial asset through the securities intermediary. It also describes the security interest that attaches to a certificated security or other financial asset when delivered by a person under an agreement that calls for delivery against payment.
Can you summarize NVRS 104.9207?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, outlines the rights and duties of a secured party who has possession or control of collateral. The secured party is required to exercise reasonable care in the custody and preservation of the collateral, including taking necessary steps to preserve rights against prior parties. If the secured party has possession of the collateral, they can charge the debtor for reasonable expenses incurred in the custody, preservation, use, or operation of the collateral.
Can you summarize NVRS 104.9208?
This legal document outlines the additional duties of a secured party who has control of collateral. If there is no outstanding secured obligation and the secured party is not committed to make advances or incur obligations, within 10 days of receiving an authenticated demand by the debtor, the secured party must fulfill certain obligations. These obligations include releasing the bank from any further obligation to comply with instructions originated by the secured party if the secured party has control of a deposit account, paying the debtor the balance on deposit in the account or transferring it into a deposit account in the debtor’s name, communicating the authoritative copy of electronic chattel paper to the debtor or its designated custodian, releasing the designated custodian from any further obligation to comply with instructions originated by the secured party, and enabling the debtor or its designated custodian to make copies or revisions to the authoritative copy of an electronic document without the consent of the secured party.
Can you summarize NVRS 104.9209?
1.Except
as otherwise provided in subsection 3, this section applies if: (a)There
is no outstanding secured obligation; and (b)The
secured party is not committed to make advances, incur obligations or otherwise
give value. 2.Within
10 days after receiving an authenticated demand by the debtor, a secured party
shall send to an account debtor that has received notification of an assignment
to the secured party as assignee under subsection 1 of NRS 104.
Can you summarize NVRS 104.9210?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs requests for accounting, requests regarding a list of collateral, and requests regarding a statement of account. It defines the terms ‘Request for an accounting,’ ‘Request regarding a list of collateral,’ and ‘Request regarding a statement of account.’ The document outlines the obligations of secured parties, other than buyers of specific types of assets or consignors, to comply with requests within 14 days of receipt.
Can you summarize NVRS 104.9301?
This legal document, as per the Nevada Revised Statutes, governs the determination of law related to perfection and priority of security interests. It applies to creditors and debtors involved in security interests in collateral. The document outlines the rules for determining the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral. It specifies that the law of the jurisdiction where the debtor is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
Can you summarize NVRS 104.9302?
While farm
products are located in a jurisdiction, the law of that jurisdiction governs
perfection, the effect of perfection or nonperfection, and the priority of an
agricultural lien on the farm products. (Added to NRS by 1999,
301)
Can you summarize NVRS 104.9303?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, governs the perfection and priority of security interests in goods covered by a certificate of title. It applies to goods that are covered by a certificate of title, regardless of any other relationship between the jurisdiction issuing the certificate and the goods or debtor. Goods become covered by a certificate of title upon the submission of a valid application and applicable fee to the appropriate authority.
Can you summarize NVRS 104.9304?
This legal document determines the law governing the perfection and priority of security interests in deposit accounts. It applies to banks and debtors with deposit accounts. The document establishes rules to determine a bank’s jurisdiction for purposes of perfection, effect, and priority of security interests in deposit accounts. The jurisdiction is determined based on agreements between the bank and the debtor, including provisions in the agreement governing the deposit account, the governing law of the agreement, the jurisdiction where the deposit account is maintained, the location of the office identified in the account statement, or the jurisdiction where the bank’s chief executive office is located.
Can you summarize NVRS 104.9305?
This legal document determines the law governing the perfection and priority of security interests in investment property. It provides rules for different types of securities, including certificated securities, uncertificated securities, security entitlements, securities accounts, commodity contracts, and commodity accounts. The law of the jurisdiction where the security certificate is located governs perfection, effect of perfection or nonperfection, and priority of a security interest in a certificated security. The law of the issuer’s jurisdiction governs the same for an uncertificated security.
Can you summarize NVRS 104.9306?
1.Subject
to subsection 3, the law of the issuers jurisdiction or a nominated persons
jurisdiction governs perfection, the effect of perfection or nonperfection, and
the priority of a security interest in a letter-of-credit right if the issuers
jurisdiction or nominated persons jurisdiction is a state. 2.For
purposes of this part, an issuers jurisdiction or nominated persons
jurisdiction is the jurisdiction whose law governs the liability of the issuer
or nominated person with respect to the letter-of-credit right as provided in NRS 104.
Can you summarize NVRS 104.9307?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the determination of a debtor’s location. The section provides rules for determining the location of a debtor based on their residence, place of business, or chief executive office. It also specifies that if a debtor’s location cannot be determined based on these factors, they are deemed to be located in the District of Columbia. The section further clarifies the location of registered organizations organized under the law of a state or the United States, as well as branches or agencies of banks.
Can you summarize NVRS 104.9308?
This section of the Nevada Revised Statutes governs the perfection of security interests and agricultural liens. It states that a security interest is considered perfected if it has attached and all the applicable requirements for perfection have been satisfied. Similarly, an agricultural lien is perfected if it has become effective and all the applicable requirements for perfection have been met. The section also mentions that a security interest or agricultural lien can be continuously perfected if it is initially perfected in one manner and later perfected in another manner without any intermediate period of being unperfected.
Can you summarize NVRS 104.9309?
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles related to commercial instruments and transactions. It outlines the types of security interests that are considered perfected when they attach. These include purchase-money security interests in consumer goods, assignments of accounts or payment intangibles that do not transfer a significant part of the assignor’s outstanding accounts, sales of payment intangibles or promissory notes, security interests created by the assignment of health-care-insurance receivables, security interests arising under specific sections of the Nevada Revised Statutes, security interests of collecting banks or issuers/nominated persons, security interests in the purchase or delivery of financial assets, security interests in investment property created by brokers or securities intermediaries, security interests in commodity contracts or commodity accounts created by commodity intermediaries, assignments for the benefit of all creditors, and security interests created by the assignment of a beneficial interest in a decedent’s estate.
Can you summarize NVRS 104.9310?
This legal document outlines the filing requirements to perfect security interests and agricultural liens. It states that a financing statement must be filed to perfect all security interests and agricultural liens, unless specific exemptions apply. The exemptions include various scenarios where a security interest is already perfected under specific subsections of the Nevada Revised Statutes, such as when the property is subject to a statute, regulation, or treaty, when goods are in possession of a bailee, when certificated securities, documents, goods, or instruments are perfected without filing, control, or possession, and when collateral is in the secured party’s possession.
Can you summarize NVRS 104.9311?
This legal document pertains to the perfection of security interests in property that is subject to certain statutes, regulations, and treaties. It states that filing a financing statement is generally not necessary or effective to perfect a security interest in such property. Instead, compliance with the requirements of the relevant statute, regulation, or treaty is equivalent to filing a financing statement. The document specifies that a security interest in property subject to these laws can only be perfected by complying with their requirements, and such perfection remains even if there is a change in the use or possession of the collateral.
Can you summarize NVRS 104.9312?
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, addresses the perfection of security interests in various types of assets. It outlines the methods of perfection for chattel paper, negotiable documents, instruments, investment property, letter-of-credit rights, and money. Perfection can be achieved through filing, control, possession, or other specified means. The document also provides rules for the priority of security interests and temporary perfection without filing or transfer of possession.
Can you summarize NVRS 104.9313?
This legal document, part of the Nevada Revised Statutes, specifically addresses the perfection of security interests without filing. It outlines the various methods by which a secured party can perfect a security interest in tangible negotiable documents, goods, instruments, money, tangible chattel paper, and certificated securities. The document specifies that possession of collateral by the secured party or delivery of certificated securities can perfect a security interest. It also provides conditions under which possession of goods covered by a certificate of title can perfect a security interest.
Can you summarize NVRS 104.9314?
This legal document, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the perfection of security interests in various types of collateral, including investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, and electronic documents. It outlines the requirements for perfecting a security interest through control of the collateral, as specified in NRS 104.7106, 104.9104, 104.9105, 104.9106, and 104.9107. The document explains that a security interest in deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents is perfected by control when the secured party obtains control and remains perfected only as long as the secured party retains control.
Can you summarize NVRS 104.9315?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the rights of secured parties in relation to the disposition of collateral and the proceeds derived from such disposition. It states that a security interest or agricultural lien continues in collateral even after its sale, lease, license, exchange, or other disposition, unless the secured party authorized the disposition free of the security interest or agricultural lien.
Can you summarize NVRS 104.9316?
This legal document, part of the Nevada Revised Statutes, specifically addresses the continued perfection of security interests in the event of a change in governing law. It outlines the conditions under which a security interest remains perfected, including the timeframes and events that may cause perfection to cease. The document also discusses the requirements for perfection of security interests in different types of collateral, such as goods covered by a certificate of title, possessory security interests, and interests in deposit accounts, letter-of-credit rights, or investment property.
Can you summarize NVRS 104.9317?
This legal document, governed by the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, establishes the priority of interests over unperfected security interests or agricultural liens. It states that a security interest or agricultural lien is subordinate to the rights of a person entitled to priority under NRS 104.9322 and a person that becomes a lien creditor before the security interest or agricultural lien is perfected or certain conditions are met.
Can you summarize NVRS 104.9318?
1.A debtor that has sold an account,
chattel paper, payment intangible or promissory note does not retain a legal or
equitable interest in the collateral sold. 2.For purposes of determining the rights
of creditors of, and purchasers for value of an account or chattel paper from,
a debtor that has sold an account or chattel paper, while the buyers security
interest is unperfected, the debtor has rights and title to the account or
chattel paper identical to those the debtor sold.
Can you summarize NVRS 104.9319?
1.Except
as otherwise provided in subsection 2, for purposes of determining the rights
of creditors of, and purchasers for value of goods from, a consignee, while the
goods are in the possession of the consignee, the consignee is deemed to have
rights and title to the goods identical to those the consignor had or had power
to transfer. 2.For purposes of determining the rights
of a creditor of a consignee, law other than this article determines the rights
and title of a consignee while goods are in the consignees possession if,
under this part, a perfected security interest held by the consignor would have
priority over the rights of the creditor.
Can you summarize NVRS 104.9320?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, provides protection for certain buyers of goods. A buyer in the ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the buyer knows of its existence. Similarly, a buyer of goods primarily for personal, family, or household purposes takes free of a security interest if the buyer buys without knowledge of the security interest, for value, primarily for personal, family, or household purposes, and before the filing of a financing statement covering the goods.
Can you summarize NVRS 104.9321?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, governs the protection of licensees of general intangibles and lessees of goods in the ordinary course of business. A ’licensee in ordinary course of business’ refers to a person who becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind.
Can you summarize NVRS 104.9322?
This section of the Nevada Revised Statutes governs the priority among conflicting security interests and agricultural liens in the same collateral. It establishes rules for determining priority, such as ranking based on the time of filing or perfection, and the priority of perfected security interests over unperfected ones. The section also addresses the priority of the first security interest or agricultural lien to attach or become effective when conflicting security interests and agricultural liens are unperfected.
Can you summarize NVRS 104.9323?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the priority of perfected security interests, advances made under certain conditions, and the rights of lien creditors. It specifies that the perfection of a security interest dates from the time an advance is made, provided that the security interest is perfected only under specific circumstances and not pursuant to a commitment entered into before or while the security interest is perfected.
Can you summarize NVRS 104.9324?
This legal document, part of the Nevada Revised Statutes, specifically addresses the priority of purchase-money security interests. It establishes that a perfected purchase-money security interest in inventory takes priority over conflicting security interests in the same inventory, as well as over chattel paper, instruments constituting proceeds of the inventory, and identifiable cash proceeds of the inventory. Similar priority rules apply to purchase-money security interests in livestock, goods other than inventory or livestock, and software.
Can you summarize NVRS 104.9325?
1.Except
as otherwise provided in subsection 2, a security interest created by a debtor
is subordinate to a security interest in the same collateral created by another
person if: (a)The
debtor acquired the collateral subject to the security interest created by the
other person; (b)The
security interest created by the other person was perfected when the debtor
acquired the collateral; and (c)There
is no period thereafter when the security interest is unperfected.
Can you summarize NVRS 104.9326?
1.Subject to subsection 2, a security
interest that is created by a new debtor in collateral in which the new debtor
has or acquires rights and is perfected solely by a filed financing statement
that would be ineffective to perfect the security interest but for the
application of paragraph (a) of subsection 9 of NRS 104.9316 or NRS 104.9508 is subordinate to a security
interest in the same collateral which is perfected other than by such a filed
financing statement.
Can you summarize NVRS 104.9327?
The following rules
govern priority among conflicting security interests in the same deposit
account: 1.A
security interest held by a secured party having control of the deposit account
under NRS 104.9104 has priority over a
conflicting security interest held by a secured party that does not have
control. 2.Except
as otherwise provided in subsections 3 and 4, security interests perfected by
control under NRS 104.9314 rank
according to priority in time of obtaining control.
Can you summarize NVRS 104.9328?
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, establishes rules for determining priority among conflicting security interests in the same investment property. The document outlines several scenarios and factors that determine the priority of security interests, such as control of investment property, perfection by taking delivery or control, and the type of collateral involved (e.g., securities, security entitlements, commodity contracts). It also specifies that security interests held by securities intermediaries or commodity intermediaries generally have priority over conflicting security interests held by other secured parties.
Can you summarize NVRS 104.9329?
The following rules govern priority among
conflicting security interests in the same letter-of-credit right: 1.A
security interest held by a secured party having control of the
letter-of-credit right under NRS 104.9107 has priority to the extent of its control over a conflicting security interest
held by a secured party that does not have control. 2.Security interests perfected by control
under NRS 104.9314 rank according to
priority in time of obtaining control.
Can you summarize NVRS 104.9330?
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, addresses the priority of purchasers of chattel paper or instruments. It outlines the conditions under which a purchaser of chattel paper has priority over a security interest claimed as proceeds of inventory or claimed other than as proceeds of inventory. The purchaser must give new value, take possession of the chattel paper, obtain control of the chattel paper, and act in good faith and in the ordinary course of business.
Can you summarize NVRS 104.9331?
1.This
article does not limit the rights of a holder in due course of a negotiable
instrument, a holder to which a negotiable document of title has been duly
negotiated, or a protected purchaser of a security. These holders or purchasers
take priority over an earlier security interest, even if perfected, to the
extent provided in articles 3, 7 and 8. 2.This
article does not limit the rights of or impose liability on a person to the
extent that the person is protected against the assertion of a claim under
article 8.
Can you summarize NVRS 104.9332?
1.A
transferee of money takes the money free of a security interest unless the
transferee acts in collusion with the debtor in violating the rights of the
secured party. 2.A transferee of funds from a deposit
account takes the funds free of a security interest in the deposit account
unless the transferee acts in collusion with the debtor in violating the rights
of the secured party. (Added to NRS by 1999,
319)
Can you summarize NVRS 104.9333?
1.In this section, possessory lien
means an interest, other than a security interest or an agricultural lien: (a)Which secures payment or performance of an
obligation for services or materials furnished with respect to goods by a
person in the ordinary course of his or her business; (b)Which is created by statute or rule of law in
his or her favor; and (c)Whose effectiveness depends on his or her
possession of the goods.
Can you summarize NVRS 104.9334?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the priority of security interests in fixtures and crops. It outlines the rules regarding the creation and continuation of security interests in goods that are fixtures, as well as the subordination of security interests to conflicting interests of encumbrancers or owners of related real property. The document specifies the conditions under which a perfected security interest in fixtures has priority over conflicting interests, such as being a purchase-money security interest, being perfected by a fixture filing, or being perfected before the conflicting interest is of record.
Can you summarize NVRS 104.9335?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the creation and continuation of security interests in accessions and collateral. It states that a security interest can be created in an accession and will continue in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, it remains perfected. The priority of a security interest in an accession is determined by the provisions of this part, except when a security interest in the whole is perfected by compliance with a certificate-of-title statute.
Can you summarize NVRS 104.9336?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the concept of commingled goods. Commingled goods refer to goods that are physically combined with other goods in a way that their individual identity is lost. According to this section, a security interest does not exist in commingled goods themselves, but it may attach to the resulting product or mass when goods become commingled. If collateral becomes commingled goods, a security interest attaches to the product or mass.
Can you summarize NVRS 104.9337?
If, while a security
interest in goods is perfected by any method under the law of another
jurisdiction, this State issues a certificate of title that does not show that
the goods are subject to the security interest or contain a statement that they
may be subject to security interests not shown on the certificate: 1.A
buyer of the goods, other than a person in the business of selling goods of
that kind, takes free of the security interest if the buyer gives value and
receives delivery of the goods after issuance of the certificate and without
knowledge of the security interest; and 2.
Can you summarize NVRS 104.9338?
If a security interest or agricultural lien is
perfected by a filed financing statement providing information described in
paragraph (e) of subsection 2 of NRS
104.9516 which is incorrect at the time the financing statement is filed: 1.The security interest or agricultural
lien is subordinate to a conflicting perfected security interest in the
collateral to the extent that the holder of the conflicting security interest
gives value in reasonable reliance upon the incorrect information; and 2.
Can you summarize NVRS 104.9339?
This article does not preclude subordination
by agreement by a person entitled to priority. (Added to NRS by 1999,
322)
Can you summarize NVRS 104.9341?
Except
as otherwise provided in subsection 3 of NRS
104.9340 , and unless the bank otherwise agrees in an authenticated record,
a banks rights and duties with respect to a deposit account maintained with
the bank are not terminated, suspended or modified by: 1.The
creation, attachment or perfection of a security interest in the deposit
account; 2.The
banks knowledge of the security interest; or 3.The banks receipt of instructions from
the secured party.
Can you summarize NVRS 104.9342?
This article
does not require a bank to enter into an agreement of the kind described in
paragraph (b) of subsection 1 of NRS
104.9104 , even if its customer so requests or directs. A bank that has
entered into such an agreement is not required to confirm the existence of the
agreement to another person unless requested to do so by its customer. (Added to NRS by 1999,
323)
Can you summarize NVRS 104.9401?
1.Except as otherwise provided in
subsection 2 and NRS 104.9406 to 104.9409 , inclusive, whether a debtors
rights in collateral may be voluntarily or involuntarily transferred is
governed by law other than this article. 2.An agreement between the debtor and
secured party which prohibits a transfer of the debtors rights in collateral
or makes the transfer a default does not prevent the transfer from taking
effect. (Added to NRS by 1999,
323; A 2001,
62)
Can you summarize NVRS 104.9402?
The existence of a security interest,
agricultural lien, or authority given to a debtor to dispose of or use
collateral, without more, does not impose upon a secured party liability in
contract or tort for the debtors acts or omissions. (Added to NRS by 1999,
323)
Can you summarize NVRS 104.9403?
This legal document governs the enforceability of an agreement between an account debtor and an assignor not to assert any claim or defense against an assignee. The agreement is enforceable by an assignee who takes the assignment for value, in good faith, without notice of a claim of a property or possessory right to the assigned property, and without notice of a defense or claim in recoupment. However, the agreement is not enforceable with respect to defenses that may be asserted against a holder in due course of a negotiable instrument.
Can you summarize NVRS 104.9404?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, governs the rights acquired by an assignee and the claims and defenses that can be made against the assignee. The rights of an assignee are subject to the terms of the agreement between the account debtor and assignor, as well as any defense or claim in recoupment arising from the transaction that gave rise to the contract. Additionally, any defense or claim of the account debtor against the assignor that accrues before receiving a notification of the assignment can be asserted against the assignee.
Can you summarize NVRS 104.9405?
This legal document, governed by the Nevada Revised Statutes, specifically addresses the modification of or substitution for assigned contracts. It states that a modification or substitution made in good faith is effective against an assignee, who acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. However, this provision is subject to certain conditions, such as the right to payment not being fully earned or the account debtor not receiving notification of the assignment.
Can you summarize NVRS 104.9406?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, governs the discharge of account debtors, notification of assignment, identification and proof of assignment, and restrictions on the assignment of accounts, chattel paper, payment intangibles, and promissory notes. It states that an account debtor may discharge its obligation by paying the assignor until it receives a notification authenticated by the assignor or assignee, indicating that the amount due has been assigned and payment should be made to the assignee.
Can you summarize NVRS 104.9407?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the restrictions on assignment, transfer, creation, or enforcement of security interest in leasehold interest or in the lessors residual interest. It states that a lease agreement term is ineffective if it prohibits, restricts, or requires consent for assignment, transfer, creation, attachment, perfection, or enforcement of a security interest in a party’s interest under the lease contract or in the lessor’s residual interest in the goods.
Can you summarize NVRS 104.9408?
This legal document, part of the Nevada Revised Statutes, governs the assignment or transfer of promissory notes, health-care insurance receivables, and certain general intangibles. It states that any term in a promissory note or agreement that prohibits, restricts, or requires consent for the assignment, transfer, creation, attachment, or perfection of a security interest in these assets is ineffective if it impairs the creation, attachment, or perfection of a security interest or if it provides that the assignment or transfer may give rise to default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the promissory note, health-care-insurance receivable, or general intangible.
Can you summarize NVRS 104.9409?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the restrictions on the assignment of letter-of-credit rights. It states that any term in a letter of credit or any rule of law, statute, regulation, custom, or practice that prohibits, restricts, or requires consent for the assignment of or creation of a security interest in a letter-of-credit right is ineffective to the extent that it impairs the creation, attachment, or perfection of a security interest or provides that such assignment or creation of security interest may give rise to default, breach, claim, or termination under the letter-of-credit right.
Can you summarize NVRS 104.9501?
This legal document governs the process of perfecting security interests and agricultural liens. It specifies the filing office where creditors should file a financing statement to perfect their security interest or agricultural lien. The designated office depends on the nature of the collateral and the type of filing. If the collateral is as-extracted collateral or timber to be cut, or if the financing statement is filed as a fixture filing for goods that are or are to become fixtures, the filing should be made at the office designated for filing or recording a mortgage on real property.
Can you summarize NVRS 104.9502?
This legal document pertains to the requirements for a financing statement and the record of a mortgage as a financing statement. It specifies that a financing statement must include the name of the debtor, the name of the secured party or their representative, and indicate the collateral covered. Additionally, if the financing statement covers as-extracted collateral or timber to be cut, or if it is filed as a fixture filing and covers goods that are or will become fixtures, it must also indicate this type of collateral, be filed for record in the real property records, provide a description of the related real property, and provide the name of a record owner if the debtor does not have an interest of record in the real property.
Can you summarize NVRS 104.9503?
This legal document provides guidelines for properly providing the name of the debtor in a financing statement. The document outlines specific requirements based on the type of debtor, such as registered organizations, trusts, natural persons with driver’s licenses, and natural persons without driver’s licenses. It also clarifies that a financing statement may include the names of multiple debtors and secured parties. The document further explains that failure to indicate the representative capacity of a secured party does not affect the sufficiency of a financing statement.
Can you summarize NVRS 104.9504?
A
financing statement sufficiently indicates the collateral that it covers if the
financing statement provides: 1.A
description of the collateral pursuant to NRS
104.9108 ; or 2.An indication that the financing
statement covers all assets or all personal property. (Added to NRS by 1999,
330; A 2001,
729)
Can you summarize NVRS 104.9505?
This legal document governs the filing of financing statements in compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. It applies to consignors, lessors, bailors, licensors, and buyers of payment intangibles or promissory notes. The document allows these parties to file a financing statement or comply with specified statutes or treaties using specific terms related to their roles instead of the terms ‘secured party’ and ‘debtor.
Can you summarize NVRS 104.9506?
This legal document, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the effect of errors or omissions in financing statements. It states that a financing statement that substantially satisfies the requirements of this part is effective, even if it has minor errors or omissions, unless they make the financing statement seriously misleading. However, if a financing statement fails to provide the name of the debtor in accordance with the specified subsection, it is considered seriously misleading.
Can you summarize NVRS 104.9507?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the effect of certain events on the effectiveness of a filed financing statement. It states that a financing statement remains effective even if the collateral is sold, exchanged, leased, licensed, or otherwise disposed of, as long as a security interest or agricultural lien continues. Additionally, the financing statement is not rendered ineffective if the information provided in it becomes seriously misleading, unless otherwise provided by NRS 104.
Can you summarize NVRS 104.9508?
This legal document, part of the Nevada Revised Statutes, specifically addresses the effectiveness of a financing statement when a new debtor becomes bound by a security agreement. According to the document, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral even if a new debtor has or acquires rights to the collateral. However, if the difference between the names of the original debtor and the new debtor causes the financing statement to be seriously misleading, certain conditions apply.
Can you summarize NVRS 104.9509?
This legal document, governed by the Uniform Commercial CodeOriginal Articles, pertains to the filing of initial financing statements, amendments adding collateral or debtors to financing statements. It specifies that a person may file such documents if the debtor authorizes the filing, the person holds an agricultural lien that has become effective, or if otherwise authorized by subsection 2 or 3. Additionally, a debtor or new debtor authorizes the filing of an initial financing statement or amendment by authenticating or becoming bound as debtor by a security agreement.
Can you summarize NVRS 104.9510?
1.Subject
to subsection 3, a filed record is effective only to the extent that it was
filed by a person that may file it under NRS
104.9509 . 2.A
record authorized by one secured party of record does not affect the financing
statement with respect to another secured party of record. 3.If
a person may file a termination statement only under paragraph (b) of
subsection 3 of NRS 104.9509 , the filed
termination statement is effective only if the debtor authorizes the filing and
the termination statement indicates that the debtor authorized it to be filed.
Can you summarize NVRS 104.9511?
1.A secured party of record with respect
to a financing statement is a person whose name is provided as the name of the
secured party or a representative of the secured party in an initial financing
statement that has been filed. If an initial financing statement is filed under
subsection 1 of NRS 104.9514 , the
assignee named in the initial financing statement is the secured party of
record with respect to the financing statement.
Can you summarize NVRS 104.9512?
This legal document governs the process of amending a financing statement. It allows a person to add or delete collateral, continue or terminate the effectiveness, or otherwise amend the information provided in a financing statement. The amendment must identify the initial financing statement by its file number and provide the date of filing or recording, along with the specified information. The filing of an amendment does not extend the period of effectiveness of the financing statement, except as otherwise provided.
Can you summarize NVRS 104.9513?
This legal document, governed by the Uniform Commercial CodeOriginal Articles, outlines the requirements for filing a termination statement for a financing statement. It applies to secured parties, debtors, and filing offices involved in commercial transactions. The document specifies that a termination statement must be filed if there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value.
Can you summarize NVRS 104.9514?
This legal document pertains to the assignment of certain powers of a secured party of record. It outlines the process by which an initial financing statement can reflect an assignment of the secured party’s power to authorize an amendment to the financing statement. Additionally, it allows a secured party of record to assign all or part of its power to authorize an amendment by filing an amendment of the financing statement.
Can you summarize NVRS 104.9515?
This legal document, part of the Nevada Revised Statutes, specifically addresses the duration and effectiveness of financing statements. A filed financing statement is generally effective for a period of 5 years after the date of filing. However, there are exceptions for initial financing statements filed in connection with public-finance transactions or manufactured-home transactions, which remain effective for 30 years if indicated as such. The effectiveness of a financing statement lapses upon expiration unless a continuation statement is filed.
Can you summarize NVRS 104.9516?
This legal document pertains to the filing of records with a filing office. According to the document, communication of a record to a filing office and payment of the filing fee or acceptance of the record by the filing office constitutes filing. However, there are certain circumstances where filing does not occur, such as when the filing office refuses to accept the record due to various reasons outlined in subsection 2.
Can you summarize NVRS 104.9517?
The
failure of the filing office to index a record correctly does not affect the
effectiveness of the filed record. (Added to NRS by 1999,
336)
Can you summarize NVRS 104.9518?
This legal provision allows a person to file an information statement in the filing office if they believe that a record indexed under their name is inaccurate or was wrongfully filed. The information statement must identify the record, indicate that it is an information statement, and provide the basis for the person’s belief regarding the inaccuracy or wrongful filing. Additionally, a secured party of record can file an information statement if they believe that the person who filed the record was not entitled to do so.
Can you summarize NVRS 104.9519?
This legal document governs the procedures and requirements for numbering, maintaining, and indexing records in filing offices. It applies to all filing offices responsible for handling records. The document specifies that the filing office must assign a unique number to each filed record and create a record that includes the assigned number and the date and time of filing. The filed records must be maintained for public inspection, and the filing office must index the records according to specific guidelines.
Can you summarize NVRS 104.9520?
This legal document pertains to the filing of records in a commercial transaction under the Uniform Commercial CodeOriginal Articles in Nevada. It states that a filing office shall refuse to accept a record for filing only for reasons specified in NRS 104.9516 subsection 2. If a record is refused, the filing office must communicate the reason for refusal and the intended filing date and time to the person who presented the record.
Can you summarize NVRS 104.9521?
1.A filing office that accepts written
records may not refuse to accept a written initial financing statement
submitted on a form prescribed and made available by the Secretary of State,
except for a reason set forth in subsection 2 of NRS 104.9516 . 2.A filing office that accepts written
records may not refuse to accept a written record submitted on a form
prescribed and made available by the Secretary of State, except for a reason
set forth in subsection 2 of NRS 104.
Can you summarize NVRS 104.9522?
This legal document pertains to the maintenance and destruction of records in the context of financing statements. The filing office is required to maintain a record of the information provided in a filed financing statement for at least 1 year after the effectiveness of the financing statement has lapsed. The record must be retrievable using the name of the debtor and the file number assigned to the initial financing statement. The filing office may destroy any written record evidencing a financing statement, but it must maintain another record of the financing statement that complies with the specified requirements.
Can you summarize NVRS 104.9523?
This legal document governs the procedures followed by the filing office for acknowledgment of filing and communication of information related to records. It applies to persons who file written records or other records with the filing office. The document specifies that if a person requests an acknowledgment of the filing, the filing office shall send an image of the record showing the assigned number and the date and time of filing.
Can you summarize NVRS 104.9524?
Delay
by the filing office beyond a time limit prescribed by this part is excused if: 1.The
delay is caused by interruption of communication or computer facilities, war,
emergency conditions, failure of equipment or other circumstances beyond
control of the filing office; and 2.The filing office exercises reasonable
diligence under the circumstances. (Added to NRS by 1999,
344)
Can you summarize NVRS 104.9525?
This section of the Nevada Revised Statutes governs the fees for filing and indexing records under the Uniform Commercial CodeOriginal Articles. The fees vary depending on the type of record and the method of communication. For records communicated in writing, the fee is $60 for one or two pages, $90 for more than two pages with an additional $2 for each page over 20. For records communicated by another authorized medium, the fee is $30.
Can you summarize NVRS 104.9526?
This legal document pertains to the filing-office rules for the Uniform Commercial CodeOriginal Articles under the Nevada Revised Statutes. The Secretary of State is responsible for adopting and publishing rules to effectuate this article. The filing-office rules must be consistent with this article and adopted in accordance with the provisions of chapter 233B of NRS. The Secretary of State is required to consult with filing offices in other jurisdictions that enact substantially this part, consult the most recent version of the Model Rules promulgated by the International Association of Commercial Administrators or any successor organization, and take into consideration the rules, practices, and technology used by filing offices in other jurisdictions.
Can you summarize NVRS 104.9527?
The
Secretary of State shall report biennially on or before the first Monday of
February in each odd-numbered year to the Governor and Legislature on the
operation of the filing office. The report must contain a statement of the
extent to which: 1.The filing-office rules are not in
harmony with the rules of filing offices in other jurisdictions that enact
substantially this part and the reasons for these variations; and 2.
Can you summarize NVRS 104.9601?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the rights and enforcement procedures after default in relation to secured parties, debtors, and obligors. It grants secured parties the rights to reduce a claim to judgment, foreclose, or enforce the claim through judicial procedures. If the collateral is in the form of documents, the secured party may proceed either with the documents or the goods they cover.
Can you summarize NVRS 104.9602?
This legal document pertains to the waiver and variance of rights and duties of debtors and obligors. It specifies that, except as otherwise provided in NRS 104.9624, debtors or obligors may not waive or vary certain rules that give them rights and impose duties on secured parties. The listed sections that cannot be waived or varied include provisions related to the use and operation of collateral by the secured party, requests for accounting and information about collateral, collection and enforcement of collateral, application or payment of noncash proceeds of collection or disposition, accounting for or payment of surplus proceeds of collateral, duty to take possession of collateral without breach of the peace, disposition of collateral, calculation of deficiency or surplus, explanation of surplus or deficiency calculation, acceptance of collateral in satisfaction of obligation, redemption of collateral, permissible waivers, and secured party’s liability for failure to comply with this article.
Can you summarize NVRS 104.9603?
1.The
parties may determine by agreement the standards measuring the fulfillment of
the rights of a debtor or obligor and the duties of a secured party under a rule
stated in NRS 104.9602 if the standards
are not manifestly unreasonable. 2.Subsection 1 does not apply to the duty
under NRS 104.9609 to refrain from
breaching the peace. (Added to NRS by 1999,
346)
Can you summarize NVRS 104.9604?
This legal document outlines the procedure to be followed when a security agreement covers both personal and real property, or when it covers goods that are or become fixtures. In the case of a security agreement covering both personal and real property, a secured party may proceed under this part as to the personal property without prejudicing any rights with respect to the real property. Alternatively, the secured party may proceed as to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
Can you summarize NVRS 104.9605?
A secured party does not owe a duty based on
its status as secured party: 1.To a person that is a debtor or
obligor, unless the secured party knows: (a)That he or she is a debtor or obligor; (b)His or her identity; and (c)How to communicate with him or her; or 2.To a secured party or lienholder that
has filed a financing statement against a person, unless the secured party
knows: (a)That the person is a debtor; and (b)His or her identity.
Can you summarize NVRS 104.9606?
For
purposes of this part, a default occurs in connection with an agricultural lien
at the time the secured party becomes entitled to enforce the lien in
accordance with the statute under which it was created. (Added to NRS by 1999,
347)
Can you summarize NVRS 104.9607?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the collection and enforcement actions that a secured party can take. It outlines the rights and actions available to a secured party, such as notifying an account debtor or other obligated person to make payment or perform obligations for the benefit of the secured party. The secured party can also enforce the obligations of the account debtor or other obligated person and exercise the debtor’s rights with respect to the obligation and any collateral securing it.
Can you summarize NVRS 104.9608?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the application of proceeds of collection or enforcement, liability for deficiency, and the right to surplus in cases where a security interest or agricultural lien secures payment or performance of an obligation. The document outlines the order in which cash proceeds should be applied, including reasonable expenses of collection and enforcement, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by any subordinate security interest or other lien on the collateral.
Can you summarize NVRS 104.9609?
1.After default, a secured party: (a)May take possession of the collateral; (b)If a debtor so agrees, may require the debtor
to assemble the collateral and make it available to the secured party at a
place to be designated by the secured party which is reasonably convenient to
both parties; and (c)Without removal may render equipment unusable
and dispose of collateral on a debtors premises under NRS 104.9610 . 2.A secured party may proceed under
subsection 1: (a)Pursuant to judicial process; or (b)Without judicial process, if it proceeds
without breach of the peace.
Can you summarize NVRS 104.9610?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the disposition of collateral after default. It allows a secured party to sell, lease, license, or otherwise dispose of the collateral after default, either in its present condition or after preparation or processing. The disposition must be commercially reasonable, including the method, manner, time, place, and other terms. The secured party can choose to dispose of the collateral through public or private proceedings, contracts, as a unit or in parcels, and at any time and place.
Can you summarize NVRS 104.9611?
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, pertains to the requirement of notification before the disposition of collateral. It defines the ’notification date’ as the date on which a secured party sends an authenticated notification of disposition to the debtor and any secondary obligor, or when the debtor and any secondary obligor waive the right to notification. The document outlines that a secured party must send a reasonable authenticated notification of disposition to the debtor, any secondary obligor, and other specified parties if the collateral is other than consumer goods.
Can you summarize NVRS 104.9612?
1.Except
as otherwise provided in subsection 2, whether a notification is sent within a
reasonable time is a question of fact. 2.In a transaction other than a consumer
transaction, a notification of disposition sent after default and 10 days or
more before the earliest time of disposition set forth in the notification is
sent within a reasonable time before the disposition. (Added to NRS by 1999,
351)
Can you summarize NVRS 104.9613?
This legal document governs the contents and form of notification that must be provided before the disposition of collateral, except in consumer-goods transactions. The document specifies the necessary information that must be included in the notification, such as describing the debtor and secured party, providing details about the collateral, stating the method of intended disposition, mentioning the debtor’s entitlement to an accounting of the unpaid indebtedness, and specifying the time and place of a public disposition or the time after which any other disposition is to be made.
Can you summarize NVRS 104.9614?
This legal document outlines the rules and requirements for providing notification before the disposition of collateral in consumer-goods transactions. It applies to parties involved in such transactions. The notification must include specific information, such as details specified in NRS 104.9613, a description of liability for deficiency, contact information for redeeming the collateral, and contact information for additional information. The document provides a suggested form of notification, but it states that a particular phrasing is not required.
Can you summarize NVRS 104.9615?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the application of proceeds of disposition, liability for deficiency, and the right to surplus. It outlines the order in which a secured party must apply the cash proceeds of disposition, including expenses, obligations secured by the security interest or agricultural lien, and obligations secured by subordinate security interests or other liens. The document also addresses the rights of consignors and the requirement for proof of subordinate security interests or liens.
Can you summarize NVRS 104.9616?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the calculation of surplus or deficiency in consumer-goods transactions. It applies to secured parties, debtors, and consumer obligors involved in such transactions. The section defines the terms ‘Explanation’ and ‘Request’ and outlines the requirements for providing an explanation to the debtor or consumer obligor after the disposition of collateral. The explanation must include the amount of surplus or deficiency, the calculation method used by the secured party, the potential impact of future debits, credits, charges, and expenses, and contact information for additional transaction details.
Can you summarize NVRS 104.9617?
1.A secured partys disposition of
collateral after default: (a)Transfers to a transferee for value all of
the debtors rights in the collateral; (b)Discharges the security interest under which
the disposition is made; and (c)Discharges any subordinate security interest
or other subordinate lien. 2.A transferee that acts in good faith
takes free of the rights and interests described in subsection 1, even if the
secured party fails to comply with this article or the requirements of any
judicial proceeding.
Can you summarize NVRS 104.9618?
1.A
secondary obligor acquires the rights and becomes obligated to perform the
duties of the secured party after the secondary obligor: (a)Receives
an assignment of a secured obligation from the secured party; (b)Receives
a transfer of collateral from the secured party and agrees to accept the rights
and assume the duties of the secured party; or (c)Is
subrogated to the rights of a secured party with respect to collateral. 2.An
assignment, transfer or subrogation described in subsection 1: (a)Is
not a disposition of collateral under NRS
104.
Can you summarize NVRS 104.9619?
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the transfer of record or legal title. It defines a ’transfer statement’ as a record authenticated by a secured party that states the debtor’s default, the secured party’s exercise of postdefault remedies, the acquisition of the debtor’s rights by a transferee, and the relevant parties’ names and mailing addresses. A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the specified collateral.
Can you summarize NVRS 104.9620?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the acceptance of collateral in full or partial satisfaction of an obligation and the compulsory disposition of collateral. It outlines the conditions under which a secured party may accept collateral as satisfaction for the obligation it secures, including obtaining debtor consent and not receiving objections from certain parties. The document also specifies that if collateral is consumer goods, it should not be in the possession of the debtor when consent is given.
Can you summarize NVRS 104.9621?
This legal document pertains to the acceptance of collateral in full or partial satisfaction of an obligation by a secured party. The document specifies that a secured party must send a proposal to certain individuals or entities before accepting collateral. These include persons who have notified the secured party of a claim on the collateral, other secured parties or lienholders who held a security interest in the collateral before the debtor’s consent, and secured parties who have a security interest in the collateral perfected by compliance with a statute, regulation, or treaty.
Can you summarize NVRS 104.9622?
1.A
secured partys acceptance of collateral in full or partial satisfaction of the
obligation it secures: (a)Discharges
the obligation to the extent consented to by the debtor; (b)Transfers
to the secured party all of a debtors rights in the collateral; (c)Discharges
the security interest or agricultural lien that is the subject of the debtors
consent and any subordinate security interest or other subordinate lien; and (d)Terminates
any other subordinate interest. 2.
Can you summarize NVRS 104.9623?
1.A
debtor, any secondary obligor or any other secured party or lienholder may
redeem collateral. 2.To
redeem collateral, a person must tender: (a)Fulfillment
of all obligations secured by the collateral; and (b)The
reasonable expenses and attorneys fees described in paragraph (a) of
subsection 1 of NRS 104.9615 . 3.A
redemption may occur at any time before a secured party: (a)Has
collected collateral under NRS 104.9607 ; (b)Has
disposed of collateral or entered into a contract for its disposition under NRS 104.
Can you summarize NVRS 104.9624?
1.A
debtor or secondary obligor may waive the right to notification of disposition
of collateral under NRS 104.9611 only
by an agreement to that effect entered into and authenticated after default. 2.Except in a consumer-goods transaction,
a debtor or secondary obligor may waive the right to redeem collateral under NRS 104.9623 only by an agreement to that
effect entered into and authenticated after default. (Added to NRS by 1999,
359)
Can you summarize NVRS 104.9625?
This legal document pertains to the remedies available when a secured party fails to comply with the provisions of the article. It applies to secured parties, debtors, obligors, persons holding security interests or other liens on collateral, and consumer obligors. The document allows a court to order or restrain collection, enforcement, or disposition of collateral if a secured party is not proceeding in accordance with the article. It also establishes liability for damages caused by a failure to comply, which may include loss resulting from the debtor’s inability to obtain alternative financing.
Can you summarize NVRS 104.9626?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs actions arising from transactions where the amount of a deficiency or surplus is in issue. It outlines the rules for secured parties to prove compliance with provisions related to collection, enforcement, disposition, or acceptance, unless their compliance is challenged by the debtor or a secondary obligor. If compliance is challenged, the secured party has the burden of establishing that the actions were conducted in accordance with the provisions.
Can you summarize NVRS 104.9627?
This provision, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the determination of whether conduct in the collection, enforcement, disposition, or acceptance of collateral is commercially reasonable. It states that the fact that a greater amount could have been obtained by a different method or at a different time does not automatically preclude the secured party from establishing that the conduct was commercially reasonable. A disposition of collateral is considered commercially reasonable if it is made in the usual manner on a recognized market, at the current market price, or in conformity with reasonable commercial practices among dealers in the relevant type of property.
Can you summarize NVRS 104.9628?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the nonliability and limitation on liability of a secured party, as well as the liability of a secondary obligor. It outlines the circumstances under which a secured party is not liable to a person or other secured parties for failure to comply with the article, and how the secured party’s failure to comply does not affect the liability of the person for a deficiency.
Can you summarize NVRS 104.9702?
This legal provision, as amended, applies to transactions or liens within the scope of the Uniform Commercial CodeOriginal Articles, regardless of whether they were entered into or created before the amendments take effect. Transactions and liens that were not governed by this article before July 1, 2001, but were validly entered into or created before that date, remain valid and may be terminated, completed, consummated, or enforced as required or permitted by this article or by the law that would apply if this article had not taken effect.
Can you summarize NVRS 104.9703?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to security interests that were perfected before July 1, 2001. It states that a security interest that was enforceable immediately before that date and would have priority over the rights of a person becoming a lien creditor at that time is considered a perfected security interest under this article. The document also outlines the conditions under which a security interest remains enforceable and perfected after July 1, 2001.
Can you summarize NVRS 104.9704?
A
security interest that is enforceable immediately before July 1, 2001, but
which would be subordinate to the rights of a person that becomes a lien
creditor at that time: 1.Remains
an enforceable security interest for 1 year after July 1, 2001; 2.Remains
enforceable thereafter if the security interest becomes enforceable under NRS 104.9203 when this article as amended
takes effect or within 1 year thereafter; and 3.Becomes
perfected: (a)Without
further action, on July 1, 2001, if the applicable requirements for perfection
under this article as amended are satisfied before or at that time; or (b)When the applicable requirements for
perfection are satisfied if the requirements are satisfied after that time.
Can you summarize NVRS 104.9705?
This legal document, part of the Nevada Revised Statutes, governs commercial instruments and transactions under the Uniform Commercial CodeOriginal Articles. It specifies the effectiveness of actions taken before July 1, 2001, in relation to security interests and financing statements. The document states that actions taken before this date can still result in priority of a security interest over the rights of a person becoming a lien creditor, and such security interests become unperfected after one year unless they become perfected under the amended article.
Can you summarize NVRS 104.9706?
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the continuation of effectiveness of financing statements filed before July 1, 2001. It states that the filing of an initial financing statement in the specified office will continue the effectiveness of a financing statement filed before July 1, 2001, under certain conditions. These conditions include the filing of an initial financing statement being effective to perfect a security interest, the pre-effective-date financing statement being filed in another state or office in Nevada, and the initial financing statement satisfying specific requirements.
Can you summarize NVRS 104.9707?
A person
may file an initial financing statement or a continuation statement under NRS 104.9702 to 104.9709 , inclusive, if: 1.The
secured party of record authorizes the filing; and 2.The
filing is necessary under those sections: (a)To
continue the effectiveness of a financing statement filed before July 1, 2001;
or (b)To perfect or continue the perfection of a
security interest. (Added to NRS by 1999,
364)
Can you summarize NVRS 104.9708?
NRS 104.9101 to 104.9709 , inclusive, determine the
priority of conflicting claims to collateral. However, if the relative
priorities of the parties were fixed before July 1, 2001, the provisions of
article 9 which were in effect before July 1, 2001, determine priority. 2.For purposes of subsection 1 of NRS 104.9322 , the priority of a security
interest that becomes enforceable under NRS
104.9203 dates from July 1, 2001, if the security interest is perfected
under this article as amended by the filing of a financing statement before
July 1, 2001, which would not have been effective to perfect the security
interest under the provisions of article 9 which were in effect before that
date.
Can you summarize NVRS 104.9709?
This section pertains to the effectiveness, amendment, and termination of financing statements filed before July 1, 2001. It defines a ‘pre-effective-date financing statement’ as a financing statement filed before that date. The section allows individuals or entities to add or delete collateral, continue or terminate the effectiveness, or amend the information provided in a pre-effective-date financing statement according to the law of the jurisdiction governing perfection. The effectiveness of a pre-effective-date financing statement can also be terminated in accordance with the law of the jurisdiction where it is filed.
Can you summarize NVRS 104.9710?
1.Except as otherwise provided in NRS 104.9710 to 104.9717 , inclusive, this article as
amended applies to a transaction or lien within its scope, even if the
transaction or lien was entered into or created before July 1, 2013. 2.This article as amended does not affect
an action, case or proceeding commenced before July 1, 2013. (Added to NRS by 2011,
605)
Can you summarize NVRS 104.9711?
1.A security interest that is a perfected
security interest immediately before July 1, 2013, is a perfected security
interest under this article if, when this article as amended takes effect, the
applicable requirements for attachment and perfection under this article as
amended are satisfied without further action. 2.Except as otherwise provided in NRS 104.9713 , if, immediately before July
1, 2013, a security interest is a perfected security interest, but the
applicable requirements for perfection under this article as amended are not
satisfied on July 1, 2013, the security interest remains perfected thereafter
only if the applicable requirements for perfection under this article as
amended are satisfied within 1 year after July 1, 2013.
Can you summarize NVRS 104.9712?
A security interest that is an unperfected
security interest immediately before July 1, 2013, becomes a perfected security
interest: 1.Without further action, on that date if
the applicable requirements for perfection under this article as amended are
satisfied before or at that time; or 2.When the applicable requirements for
perfection are satisfied if the requirements are satisfied after that time. (Added to NRS by 2011,
605)
Can you summarize NVRS 104.9713?
This legal document pertains to the effectiveness of action taken before July 1, 2013, in relation to filing financing statements and perfecting security interests. It states that a financing statement filed before July 1, 2013, is effective to perfect a security interest to the extent it satisfies the applicable requirements for perfection under the amended article. Additionally, an effective financing statement filed before July 1, 2013, is not rendered ineffective by the amended article.
Can you summarize NVRS 104.9714?
This legal provision, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the continuation of effectiveness of financing statements filed before July 1, 2013. According to the provision, the filing of an initial financing statement in the specified office continues the effectiveness of a financing statement filed prior to July 1, 2013, under certain conditions. These conditions include the filing of an initial financing statement that would be effective to perfect a security interest under the amended article, the pre-effective-date financing statement being filed in an office in another state, and the satisfaction of specific requirements outlined in subsection 3.
Can you summarize NVRS 104.9715?
This section pertains to the effectiveness, amendment, and termination of financing statements filed before July 1, 2013. A pre-effective-date financing statement refers to a financing statement filed before this date. Starting from July 1, 2013, any changes to the collateral covered, effectiveness, or information provided in a pre-effective-date financing statement can only be made in accordance with the law of the jurisdiction governing perfection as provided in this article. The effectiveness of a pre-effective-date financing statement can also be terminated according to the law of the jurisdiction where the financing statement is filed.
Can you summarize NVRS 104.9716?
A person
may file an initial financing statement or a continuation statement under this
part if: 1.The secured party of record authorizes
the filing; and 2.The filing is necessary under this
part: (a)To continue the effectiveness of a financing
statement filed before July 1, 2013; or (b)To perfect or continue the perfection of a
security interest. (Added to NRS by 2011,
608)
Can you summarize NVRS 104.9717?
This article as amended determines the
priority of conflicting claims to collateral. However, if the relative
priorities of the claims were established before July 1, 2013, this article
before amendment determines priority. (Added to NRS by 2011,
608)
Can you summarize NVRS 104A.4101?
This
article may be cited as Uniform Commercial CodeFunds Transfers. (Added to NRS by 1991,
430)
Can you summarize NVRS 104A.4102?
Except
as otherwise provided in NRS 104A.4108,
this article applies to funds transfers defined in NRS 104A.4104. (Added to NRS by 1991,
430)
Can you summarize NVRS 104A.4103?
This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeAdditional Articles. It defines and provides explanations for various terms related to payment orders. The document defines a ‘payment order’ as an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions other than the time of payment, and the receiving bank is reimbursed by debiting the sender’s account or receiving payment from the sender.
Can you summarize NVRS 104A.4104?
1.Funds transfer means the series of transactions,
beginning with the originators payment order, made for the purpose of making
payment to the beneficiary of the order. The term includes any payment order
issued by the originators bank or an intermediary bank intended to carry out
the originators payment order. A funds transfer is completed by acceptance by
the beneficiarys bank of a payment order for the benefit of the beneficiary of
the originators payment order.
Can you summarize NVRS 104A.4105?
This legal document, known as Article 4 of the Uniform Commercial CodeAdditional Articles, governs the rules and regulations related to funds transfers and payment orders in the context of banking. It defines various terms such as authorized account, bank, customer, funds-transfer business day, funds-transfer system, and more. The document provides definitions for other terms used in this Article and refers to definitions in Article 4 of the Uniform Commercial Code. It also contains general definitions and principles of construction and interpretation applicable throughout this Article.
Can you summarize NVRS 104A.4106?
This legal document governs the determination of the time of receipt of a payment order or communication cancelling or amending a payment order. It applies to receiving banks. The document allows receiving banks to fix cutoff times for the receipt and processing of payment orders and communications. Different cutoff times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cutoff time, the receiving bank may treat it as received at the opening of the next funds-transfer business day.
Can you summarize NVRS 104A.4107?
Regulations of the Board of Governors of the
Federal Reserve System and operating circulars of the Federal Reserve banks
supersede any inconsistent provision of this article to the extent of the
inconsistency. (Added to NRS by 1991,
432)
Can you summarize NVRS 104A.4108?
This article governs funds transfers that are not governed by the Electronic Fund Transfer Act of 1978. However, it does apply to funds transfers that are remittance transfers, unless they are electronic fund transfers. In case of any inconsistencies between this article and the Electronic Fund Transfer Act, the provisions of the Electronic Fund Transfer Act prevail. There are no specific penalties mentioned in this article.
Can you summarize NVRS 104A.4201?
1.Security procedure means a procedure
established by agreement of a customer and a receiving bank to: (a)Verify that a payment order or communication
amending or cancelling a payment order is that of the customer; or (b)Detect error in the transmission or the
content of the payment order or communication. 2.A security procedure may require the
use of algorithms or other codes, identifying words or numbers, encryption,
callback procedures or similar security devices.
Can you summarize NVRS 104A.4202?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the authorization and verification of payment orders. It states that a payment order received by a receiving bank is considered authorized if the person identified as the sender authorized the order or is bound by it under agency law. Additionally, if a bank and its customer have agreed to verify the authenticity of payment orders through a security procedure, a payment order received by the bank is effective as the customer’s order, even if unauthorized, as long as the security procedure is commercially reasonable and the bank accepted the order in good faith and compliance with the procedure.
Can you summarize NVRS 104A.4203?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeAdditional Articles, addresses the unenforceability of certain verified payment orders. It applies to receiving banks and customers involved in payment orders. If a payment order is not an authorized order of a customer but is effective as an order of the customer, the receiving bank may limit its entitlement to enforce or retain payment by express written agreement. However, the receiving bank cannot enforce or retain payment if the customer proves that the order was not caused by a person entrusted with duties related to payment orders or the security procedure, or by someone who obtained unauthorized access to the customer’s transmitting facilities or information facilitating breach of the security procedure.
Can you summarize NVRS 104A.4204?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the refund of payment and the duty of customers to report unauthorized payment orders. According to the document, if a receiving bank accepts a payment order issued in the name of its customer without authorization or enforceability, the bank must refund the payment to the extent it is not entitled to enforce payment. The bank is also required to pay interest on the refundable amount.
Can you summarize NVRS 104A.4205?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeAdditional Articles, governs the treatment of erroneous payment orders. It applies to senders of payment orders and receiving banks. If a payment order is transmitted with errors such as instructing payment to the wrong beneficiary, instructing payment for an amount greater than intended, or being a duplicate of a previous order, certain rules apply. If the sender proves compliance with the security procedure and that the error would have been detected if the receiving bank had also complied, the sender is not obliged to pay the order.
Can you summarize NVRS 104A.4206?
1.If a payment order addressed to a
receiving bank is transmitted to a funds-transfer system or other third-party
communication system for transmittal to the bank, the system is deemed to be an
agent of the sender for the purpose of transmitting the payment order to the
bank. If there is a discrepancy between the terms of the payment order
transmitted to the system and the terms of the payment order transmitted by the
system to the bank, the terms of the payment order of the sender are those
transmitted by the system.
Can you summarize NVRS 104A.4207?
This legal document, part of the Nevada Revised Statutes, specifically addresses payment orders and beneficiaries. It outlines the rules and procedures for payment orders received by the beneficiary’s bank, particularly in cases where the name, bank account number, or other identification of the beneficiary is incorrect or refers to a nonexistent or unidentifiable person or account. The document provides guidelines for the beneficiary’s bank to determine the proper identification of the beneficiary based on the information provided.
Can you summarize NVRS 104A.4208?
This provision, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the identification of intermediary banks or beneficiary’s banks in payment orders. It establishes rules for receiving banks when a payment order only identifies the bank by an identifying number. The receiving bank can rely on the number as the proper identification and is not required to determine if it refers to a bank. The sender is obligated to compensate the receiving bank for any loss or expenses incurred due to reliance on the number.
Can you summarize NVRS 104A.4209?
This legal document governs the acceptance of payment orders in commercial transactions. It applies to receiving banks, beneficiary’s banks, and originator’s banks. A receiving bank accepts a payment order when it executes the order. A beneficiary’s bank accepts a payment order when it pays the beneficiary, notifies the beneficiary of receipt of the order, or credits the beneficiary’s account. Acceptance cannot occur before the order is received by the receiving bank.
Can you summarize NVRS 104A.4210?
This legal document governs the rejection of payment orders in commercial transactions. It applies to receiving banks and senders of payment orders. According to the document, a payment order can be rejected by the receiving bank through a notice of rejection transmitted orally, electronically, or in writing. The notice of rejection should indicate that the receiving bank is rejecting the order or will not execute or pay the order. Rejection is effective when the notice is given, either by a reasonable means of transmission or upon receipt if an unreasonable means is used.
Can you summarize NVRS 104A.4211?
This legal document governs the cancellation and amendment of payment orders. It applies to receiving banks, senders of payment orders, and beneficiary’s banks. The document specifies that a communication of cancellation or amendment must be transmitted orally, electronically, or in writing, and may require verification through a security procedure or agreement from the bank. The sender’s communication is effective if received by the receiving bank before acceptance of the payment order, unless otherwise provided.
Can you summarize NVRS 104A.4212?
If a receiving bank
fails to accept a payment order that it is obliged by express agreement to
accept, the bank is liable for breach of the agreement to the extent provided
in the agreement or in this article, but does not otherwise have any duty to
accept a payment order or, before acceptance, to take any action, or refrain
from taking action, with respect to the order except as provided in this
article or by express agreement.
Can you summarize NVRS 104A.4301?
1.A payment order is executed by the
receiving bank when it issues a payment order intended to carry out the payment
order received by the bank. A payment order received by the beneficiarys bank
can be accepted but cannot be executed. 2.Execution date of a payment order
means the day on which the receiving bank may properly issue a payment order in
execution of the senders order. The execution date may be determined by
instruction of the sender but cannot be earlier than the day the order is
received and, unless otherwise determined, is the day the order is received.
Can you summarize NVRS 104A.4302?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, outlines the obligations of a receiving bank when executing a payment order. The receiving bank is required to issue a payment order that complies with the sender’s instructions and follows any instructions regarding intermediary banks or funds-transfer systems. If the sender’s instruction indicates an expedited transfer, the receiving bank must transmit the payment order accordingly. The document also allows the receiving bank to use any reasonable funds-transfer system unless instructed otherwise by the sender.
Can you summarize NVRS 104A.4303?
This legal document, part of the Nevada Revised Statutes, specifically the Uniform Commercial CodeAdditional Articles, governs the execution of payment orders by receiving banks. It outlines the rights and entitlements of receiving banks in case of erroneous execution of payment orders. If a receiving bank issues a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order and can recover the excess payment from the beneficiary.
Can you summarize NVRS 104A.4304?
If the sender of a payment order that is
erroneously executed as stated in NRS
104A.4303 receives notification from the receiving bank that the order was
executed or that the senders account was debited with respect to the order,
the sender has a duty to exercise ordinary care to determine, on the basis of
information available to the sender, that the order was erroneously executed
and to notify the bank of the relevant facts within a reasonable time not
exceeding 90 days after the notification from the bank was received by the
sender.
Can you summarize NVRS 104A.4305?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the liability of receiving banks and originators in funds transfers. If a receiving bank executes a payment order in breach of NRS 104A.4302, resulting in delay in payment to the beneficiary, the bank is obliged to pay interest for the period of delay caused by the improper execution. If the execution of a payment order by a receiving bank results in noncompletion of the funds transfer, failure to use an intermediary bank designated by the originator, or issuance of a payment order that does not comply with the terms of the originator’s payment order, the bank is liable to the originator for its expenses in the funds transfer, incidental expenses, and interest losses.
Can you summarize NVRS 104A.4401?
Payment
date of a payment order means the day on which the amount of the order is
payable to the beneficiary by the beneficiarys bank. The payment date may be
determined by instruction of the sender but cannot be earlier than the day the
order is received by the beneficiarys bank and, unless otherwise determined,
is the day the order is received by the beneficiarys bank. (Added to NRS by 1991,
442)
Can you summarize NVRS 104A.4402?
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeAdditional Articles, addresses the obligation of the sender to pay the receiving bank in the context of payment orders. When a payment order is issued to the beneficiary’s bank, acceptance of the order by the bank creates an obligation for the sender to pay the bank the specified amount, with payment becoming due on the payment date.
Can you summarize NVRS 104A.4403?
This legal document governs the payment of the sender’s obligation to the receiving bank under NRS 104A.4402. It outlines the various scenarios in which payment occurs, such as when the receiving bank receives final settlement through a Federal Reserve bank or funds-transfer system, or when the receiving bank debits an account of the sender. The document also addresses payment obligations in the context of funds-transfer systems and agreements between banks. In cases not covered by the specified subsections, the time of payment is determined by applicable principles of law.
Can you summarize NVRS 104A.4404?
This legal document, governed by the Nevada Revised Statutes, specifically addresses the obligation of a beneficiary’s bank to pay and provide notice to the beneficiary. According to the document, if a beneficiary’s bank accepts a payment order, it is obligated to pay the amount of the order to the beneficiary on the payment date. However, if acceptance occurs after the close of the bank’s funds-transfer business day, payment is due on the next funds-transfer business day.
Can you summarize NVRS 104A.4405?
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeAdditional Articles, addresses the payment by a beneficiary’s bank to the beneficiary. It outlines the conditions under which the beneficiary’s bank is obligated to make payment to the beneficiary. Payment occurs when the beneficiary is notified of the right to withdraw the credit, when the bank applies the credit to a debt of the beneficiary, or when funds are otherwise made available to the beneficiary by the bank.
Can you summarize NVRS 104A.4406?
This legal document, part of the Nevada Revised Statutes, governs the payment by an originator to a beneficiary in a funds transfer and the discharge of the underlying obligation. According to the document, the originator is required to pay the beneficiary at the time a payment order is accepted by the beneficiary’s bank, in an amount equal to the order accepted. However, there are certain exceptions mentioned in subsections 5 of NRS 104A.
Can you summarize NVRS 104A.4501?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the rights and obligations of parties involved in a funds transfer. It allows for the variation of these rights and obligations through agreement. The document defines ‘funds-transfer system rule’ as a rule of an association of banks that governs the transmission of payment orders through a funds-transfer system. It states that such rules may be effective even if they conflict with this article and indirectly affect a party who did not consent to the rule.
Can you summarize NVRS 104A.4502?
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeAdditional Articles, governs the process served on receiving banks and the setoff by beneficiary’s banks. It defines ‘creditor’s process’ as levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant with respect to an account. If creditor’s process is served on the receiving bank and the bank accepts the payment order, the balance in the authorized account is deemed to be reduced by the amount of the payment order, unless the bank had a reasonable opportunity to act on the process before accepting the payment order.
Can you summarize NVRS 104A.4503?
1.For proper cause and in compliance with
applicable law, a court may restrain: (a)A person from issuing a payment order to
initiate a funds transfer; (b)An originators bank from executing the
payment order of the originator; or (c)The beneficiarys bank from releasing funds
to the beneficiary or the beneficiary from withdrawing the funds. 2.A court may not otherwise restrain a
person from issuing a payment order, paying or receiving payment of a payment
order, or otherwise acting with respect to a funds transfer.
Can you summarize NVRS 104A.4504?
1.If a receiving bank has received more
than one payment order of the sender or one or more payment orders and other
items that are payable from the senders account, the bank may charge the
senders account with respect to the various orders and items in any sequence. 2.In determining whether a credit to an
account has been withdrawn by the holder of the account or applied to a debt of
the holder of the account, credits first made to the account are first withdrawn
or applied.
Can you summarize NVRS 104A.4505?
If a receiving bank has received payment from
its customer with respect to a payment order issued in the name of the customer
as sender and accepted by the bank, and the customer received notification
reasonably identifying the order, the customer is precluded from asserting that
the bank is not entitled to retain the payment unless the customer notifies the
bank of his or her objection to the payment within 1 year after the
notification was received by him or her.
Can you summarize NVRS 104A.4506?
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeAdditional Articles, governs the rate of interest applicable to payment orders issued to receiving banks. The amount of interest payable can be determined by agreement between the sender and receiving bank or by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system. If the amount of interest is not determined by agreement or rule, it is calculated based on the applicable Federal Funds rate multiplied by the amount on which interest is payable, and then multiplied by the number of days for which interest is payable.
Can you summarize NVRS 104A.4507?
This legal document governs the choice of law in funds transfers. It specifies the rules for determining which jurisdiction’s law applies to various aspects of funds transfers. The document states that unless the affected parties agree otherwise or specific conditions apply, the rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction where the receiving bank is located. Similarly, the rights and obligations between the beneficiary’s bank and the beneficiary are governed by the law of the jurisdiction where the beneficiary’s bank is located.
Can you summarize NVRS 120A?
The legal document reviewed is the Unclaimed Property (Uniform Act) chapter under the Nevada Revised Statutes. It governs the handling of unclaimed property in Nevada. The document defines key terms related to unclaimed property, such as ‘property,’ ‘holder,’ ‘apparent owner,’ and ‘administrator.’ It establishes the presumption of abandonment for various types of property and outlines the time periods after which property is considered abandoned. The document specifies exemptions for certain types of property, such as property held in safe-deposit boxes, gaming chips or tokens, and intersection improvement project proceeds.
Can you summarize NVRS 205.690?
This legal document governs the theft, possession, and circulation of credit cards or debit cards without the consent of the cardholder. It states that any person who steals, takes, removes, or possesses a credit card or debit card without the cardholder’s consent, or who receives a stolen credit card or debit card with the intent to circulate, use, sell, or transfer it, is guilty of a category D felony. The court may impose punishment as provided in NRS 193.
Can you summarize NVRS 205.760?
This section of the Nevada Revised Statutes governs the fraudulent use of credit cards or debit cards, as well as the use of identifying descriptions of credit accounts or debit cards without consent. It applies to any person who uses a credit card or debit card to obtain money, goods, property, services, or anything of value without authorization. The penalties for such violations vary depending on the amount obtained within a 6-month period, ranging from a category D felony to a misdemeanor.
Can you summarize NVRS 603A?
The provided legal document content pertains to the security and privacy of personal information. It defines key terms such as ‘breach of the security of the system data’, ‘data collector’, ‘personal information’, and ‘data broker’. The document outlines the obligations and requirements for data collectors, operators, and data brokers in handling personal information. It emphasizes the need for reasonable security measures to protect personal information from unauthorized access, acquisition, destruction, use, modification, or disclosure.
Can you summarize NVRS 603A.020?
Breach of the security of the system data
means unauthorized acquisition of computerized data that materially compromises
the security, confidentiality or integrity of personal information maintained
by the data collector. The term does not include the good faith acquisition of
personal information by an employee or agent of the data collector for a
legitimate purpose of the data collector, so long as the personal information
is not used for a purpose unrelated to the data collector or subject to further
unauthorized disclosure.
Can you summarize NVRS 603A.030?
Data
collector means any governmental agency, institution of higher education,
corporation, financial institution or retail operator or any other type of
business entity or association that, for any purpose, whether by automated
collection or otherwise, handles, collects, disseminates or otherwise deals
with nonpublic personal information. (Added to NRS by 2005,
2504)
Can you summarize NVRS 603A.220?
This legal document governs the disclosure of breach of security of system data and outlines the methods of disclosure. It applies to data collectors who own or license computerized data containing personal information, as well as data collectors who maintain computerized data containing personal information that they do not own. The document requires data collectors to disclose any breach of security to residents of Nevada whose unencrypted personal information was acquired by an unauthorized person.
Can you summarize NVRS 645E?
The provided legal document content pertains to Mortgage Bankers in Nevada. The document states that it has been repealed and refers to chapter 486, Statutes of Nevada 2017, at page 3106 for more information. The document does not specify any exemptions or penalties related to Mortgage Bankers. Therefore, it can be concluded that the document primarily governs the activities and regulations applicable to Mortgage Bankers in Nevada.
Can you summarize NVRS 661?
The provided legal document content covers various aspects of organizational requirements, reporting requirements, management and control, eligibility requirements, meetings and examinations, bonding requirements, liability for violation of banking laws, treatment of outstanding overdrafts, and declaration of dividends or distributions of net profits for state banks, banking corporations, banking companies, directors, managers, officers, employees, stockholders, members, depositors, and creditors. The requirements for stockholders’ or members’ equity in state banks include a minimum initial equity amount and the requirement for deposit accounts to be insured by the Federal Deposit Insurance Corporation.
Can you summarize NVRS 662?
This section of the Nevada Revised Statutes governs the general powers of banks and related organizations, as well as other financial institutions. It outlines the powers granted to banks, including the ability to discount and negotiate promissory notes, receive deposits, buy and sell exchange, and loan money. Banks are also authorized to issue letters of credit, receive money for transmission, establish clearinghouse associations, and engage in derivative transactions with the consent and written approval of the Commissioner.
Can you summarize NVRS 662.145?
This legal document, governed by the Nevada Revised Statutes, sets limits on the total outstanding loans that a bank can provide to any person, company, corporation, or firm. The total outstanding loans cannot exceed 25 percent of the stockholders’ or members’ equity of the bank, actually paid in. The document also includes credit exposure arising from derivative transactions, repurchase agreements, securities lending transactions, or securities borrowing transactions in the calculation of total outstanding loans.
Can you summarize NVRS 662.225?
In
order to prevent accumulation of unnecessary amounts of currency in the vaults
of the banks chartered by this state, all checks drawn on such banks shall be
payable, unless specified on the face thereof to the contrary by the maker or
makers of the checks at the option of the drawee bank, in exchange drawn on the
reserve deposits of such drawee bank when any such check is presented by or
through any federal reserve bank, post office or express company, or any
respective agents thereof.
Can you summarize NVRS 663?
The provided legal document content covers three main areas. Firstly, it governs the handling of deposits and safe-deposit boxes of minors in banks and credit unions. It allows banks and credit unions to operate deposit accounts and lease safe-deposit boxes to minors, treating them as adults. However, it does not affect the law governing transactions with minors outside the scope of this section. Secondly, it permits banks and credit unions to collect savings from school children through authorized individuals such as school principals, teachers, or collectors.
Can you summarize NVRS 664?
This legal document, part of the Nevada Revised Statutes, governs the authority of the Division of Financial Institutions to authorize banks in Nevada or organized under chapters 657 to 671 of NRS to restrict withdrawals from all accounts for a limited period. Banks can apply in writing to the Division, providing reasons for the restriction, and if approved, the Division will issue an authorization specifying the percentage of deposits that can be withdrawn and the duration of the restriction.
Can you summarize NVRS 664.025?
Any time that a certified check is required in
any legal document or transaction, the effectiveness of which document or
transaction is governed by the laws of this state, a bank may issue a cashiers
check which shall be accepted in lieu of a certified check and which shall have
the same force and effect as a certified check. (Added to NRS by 1971,
993)
Can you summarize NVRS 665?
The provided legal document content pertains to the examinations and reports required for banks and related organizations under chapters 657 to 671 of the Nevada Revised Statutes. The Commissioner is responsible for providing necessary forms for examinations and reports, and all reports received must be preserved in the Commissioner’s office. The Commissioner is required to conduct thorough examinations of banks at least once within each 18-month period, and may accept reports of examinations made by federal regulatory agencies.
Can you summarize NVRS 667?
This legal document, governed by the Nevada Revised Statutes, pertains to the voluntary liquidation and sale of assets of a bank. It outlines the procedures and requirements for a bank to go into voluntary liquidation, including obtaining approval from the Commissioner and publishing a notice of closure. The document also states that during voluntary liquidation, the bank is subject to examination by the Commissioner and must provide reports as requested. Additionally, it allows a bank in the process of voluntary liquidation to sell and transfer its assets to another state or national bank, subject to approval by the Commissioner and the bank’s board of directors or managers.
Can you summarize NVRS 668?
The legal document, part of the Nevada Revised Statutes, prohibits certain practices and imposes penalties related to insolvent banks and unfair preferences to creditors. It applies to presidents, directors, managers, cashiers, officers, and employees of any bank. These individuals are prohibited from knowingly preparing, signing, approving, or concurring in any account, statement, return, report, or document containing false or deceptive statements or failing to set forth the true financial condition of the bank.
Can you summarize NVRS 97A?
The legal document covers various aspects related to credit cards and their use. It defines key terms such as ‘authorized user,’ ‘beneficial use,’ ‘cardholder,’ ‘credit card,’ ‘credit card account,’ ‘false or fraudulent application,’ ‘financial institution,’ ‘interest,’ ‘issuer,’ ‘joint account,’ ‘secondary cardholder,’ and ‘service provider.’ The document outlines the requirements for the issuance of credit cards, including the need for written notice and the provision of terms and conditions. It also allows issuers to unilaterally change terms and conditions, with certain requirements for notice and an opportunity to avoid the change.
Can you summarize IDST 18-3106?
This section of the Idaho Statutes, under the Crimes and Punishments category, deals with false pretenses, cheats, and misrepresentations related to drawing checks without funds or with insufficient funds. It applies to individuals acting on their own behalf or as agents, representatives, or officers of corporations. The section outlines the penalties for such actions, including imprisonment and fines. It establishes that the act of making, drawing, uttering, or delivering a check without funds or with insufficient funds is considered prima facie evidence of intent to defraud and knowledge of the lack of funds.
Can you summarize IDST 18-3125A?
It is unlawful for any person to knowingly and with intent to defraud, employ, solicit or otherwise cause an authorized credit card merchant, or for the authorized credit card merchant itself, to present to the issuer for payment any credit card sales draft pertaining to any sale or purported sale of goods or services which was not made by such authorized credit card merchant in the ordinary course of business, except with the express authorization of the issuer.
Can you summarize IDST 26-1020?
This legal document governs the process of partial payment of claims, calculation of dividends, assignment of claims, and checks against a closed bank. It applies to directors, creditors, and claimants of a bank in the process of liquidation. The director of the department of finance has the discretion to make pro rata distributions to creditors before the expiration of the time allowed for filing claims, based on the priority and amount shown in the bank’s books and records.
Can you summarize IDST 26-1214?
Any officer or employee of any bank who shall pay out the funds of any bank upon the check, order or draft of any individual, firm, corporation or association, which has not on deposit with such bank a sum equal to such check, order or draft shall be personally liable to it for the amount so paid, unless the drawer of such check, order or draft has previously arranged with the board of directors for credit sufficient to cover such amount.
Can you summarize IDST 26-3509?
(1) A state trust company or bank having a trust department shall not make any loan to any director, officer or employee of the trust institution or to any affiliate or subsidiary corporation or to any director, officer or employee of an affiliate or subsidiary corporation from its trust funds. A state trust company or bank having a trust department shall not permit any director, officer, employee, affiliate or subsidiary corporation to become indebted to it in any manner out of its trust funds unless specifically authorized to do so by the terms of the trust.
Can you summarize IDST 26-706?
Except as authorized under this section, no bank may extend credit in any manner to any of its own executive officers. Any extension of credit under this section must be approved by the board of directors of the bank, and may be made only if such credit extension comports with the principles of safety and soundness and is in compliance with regulation O of the board of governors of the federal reserve system, 12 CFR 215.
Can you summarize IDST 28-4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by federal reserve regulations, 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.
Can you summarize IDST 28-4-215?
This legal document governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. It applies to payor banks, presenting banks, collecting banks, and customers. 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 provisionally settled and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid.
Can you summarize IDST 28-4-301?
This legal document governs 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 wants to revoke the settlement. The payor bank can revoke the settlement and recover the payment if it returns the item or sends written notice of dishonor or nonpayment before making final payment and before its midnight deadline. Additionally, if a demand item is received by a payor bank for credit on its books, it can return the item or send notice of dishonor within the specified time limit.
Can you summarize IDST 28-4-303?
This legal document, found in the Idaho Statutes under Commercial Transactions and the Uniform Commercial Code, specifically pertains to the collection of items by payor banks. It establishes the order in which items may be charged or certified by the bank. According to the document, any knowledge, notice, stop-payment order, legal process, or setoff received by the payor bank 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.
Can you summarize IDST 28-4-401?
This legal document, found in the Idaho Statutes under the Commercial Transactions section, specifically deals with the relationship between a payor bank and its customer. According to this document, a bank is allowed to charge a customer’s account for an item that is properly payable from that account, 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 IDST 28-4-403?
This legal document, part of the Idaho Statutes on Commercial Transactions, specifically addresses the relationship between a payor bank and its customer in the context of bank deposits and collections. 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, but lapses after fourteen calendar days if the original order was oral and not confirmed in writing.
Can you summarize IDST 28-4-404?
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 (6) months after its date, but it may charge its customers account for a payment made thereafter in good faith. History: [28-4-404, added 1967, ch. 161, sec. 4-404, p. 351.]
Can you summarize IDST 28-4-404B?
The notice of a photocopied check required by section 28-4-404A , Idaho Code, shall be imprinted on the jacket containing the photocopied check or the facsimile itself and the notice shall be substantially in the following form: NOTICE OF PROCESSING OF PHOTOCOPIED CHECK. A check drawn by you has been photocopied and the photocopy has been honored. The original of the check has been lost or mutilated, and the photocopy has been used for your convenience.
Can you summarize IDST 28-4-406?
This legal document governs the relationship between a bank and its customer regarding the discovery and reporting of unauthorized signatures or alterations. It outlines the duties of the bank to provide the customer with statements of account showing payment of items and to either return the items paid or provide sufficient information for the customer to identify them. The document also specifies that the customer must exercise reasonable promptness in examining the statement or items and promptly notify the bank if any unauthorized payment is discovered.
Can you summarize IDST 28-4-608?
This part of the Idaho Statutes, specifically under the Uniform Commercial Code - Bank Deposits and Collections, governs funds transfers. It states that this part does not apply to funds transfers governed by the Electronic Fund Transfer Act, unless they are remittance transfers or electronic fund transfers as defined in the Electronic Fund Transfer Act. In the event of an inconsistency between this part and the Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs.
Can you summarize IDST 28-51-103?
This section of the Idaho Statutes governs the printing of payment card receipts by merchants. It prohibits merchants from printing more than the last five digits of the payment card’s account number or the payment card’s expiration date on a receipt provided to the cardholder. However, this restriction does not apply to transactions where the only means of recording the payment card’s account number or expiration date is by handwriting or by an imprint or copy of the payment card.
Can you summarize IDST 28-51-104?
This legal document governs sections 28-51-104 through 28-51-107 of the Idaho Statutes related to identity theft in commercial transactions. It applies to agencies, individuals, and commercial entities. The document provides definitions for key terms such as ‘agency’, ‘breach of the security of the system’, ‘commercial entity’, ’notice’, and ‘personal information’. It defines personal information as an Idaho resident’s first name or first initial and last name in combination with certain data elements, excluding publicly available information.
Can you summarize IDST 28-51-105?
This legal document governs the disclosure of breach of security of computerized personal information by agencies, individuals, or commercial entities in Idaho. It applies to city, county or state agencies, individuals, and commercial entities that conduct business in Idaho and own or license computerized data containing personal information about a resident of Idaho. When a breach of security is discovered, the entity must conduct a reasonable and prompt investigation to determine the likelihood of misuse of personal information.
Can you summarize IDST 28-51-106?
This legal document pertains to the compliance of security breach requirements in Idaho. It states that an agency, individual, or commercial entity that maintains its own notice procedures for the treatment of personal information, consistent with the timing requirements, is deemed to be in compliance with the notice requirements if they notify affected Idaho residents according to their policies in the event of a breach. Additionally, an individual or commercial entity regulated by state or federal law, with maintained procedures for a breach of the security of the system, is deemed to be in compliance if they follow those procedures when a breach occurs.
Can you summarize IDST Title 14, Chapter 5?
The provided legal document content pertains to the Idaho Statutes governing the Unclaimed Property Law under the Estates of Decedents. It covers various aspects of the Unclaimed Property Law, including the treatment of different types of unclaimed property, the responsibilities and obligations of holders, the procedures for reporting and delivering unclaimed property to the administrator, the rights and claims of owners, and the enforcement actions and administrative rules related to the Unclaimed Property Law.
Can you summarize IDST Title 26, Chapter 1?
The Idaho Bank Act, comprising various chapters of the Idaho Code, provides definitions for terms related to banks and banking. It applies to national banks as well. The act aims to ensure the safe and prudent conduct of the banking business, maintain public confidence in banks, and encourage the continuation of the dual banking system. The act abridges, enlarges, or modifies the powers, privileges, duties, and restrictions of existing banks to conform with its provisions.
Can you summarize IDST Title 26, Chapter 10?
This legal document governs the closing and liquidation of banks in Idaho. It outlines the process for the disposition of unclaimed funds, the appointment of a liquidator, the payment of claims, the order of payment of debts, the allowance or rejection of claims, the appointment of agents, the borrowing of funds, the role of the Federal Deposit Insurance Corporation (FDIC), the closure of banks, and the powers and authority of the director.
Can you summarize IDST Title 26, Chapter 11?
This legal document pertains to the supervision of banks, bank holding companies, and trust institutions by the Department of Finance in Idaho. The director of the department has the authority to take legal action against entities or individuals engaged in unsafe or unsound practices or violations of the provisions of this act, rules or orders issued under the act, conditions imposed by the director, or written agreements with the director. The director may seek various remedies, including restraining orders, declaratory judgments, disgorgement and other equitable remedies, appointment of a receiver or conservator, imposition of civil penalties up to $25,000 per violation, and recovery of costs such as investigative expenses and attorney’s fees.
Can you summarize IDST Title 26, Chapter 12?
This legal document provides regulations and guidelines for banks and bank holding companies operating in Idaho. It covers various aspects, including the establishment and operation of banks, the conduct of bank officers and employees, and the use of certain words related to banking or trust business. The document specifies that banks must open for business within one year after their charter is issued, and failure to do so will result in the forfeiture of their charter and the loss of their right to do business.
Can you summarize IDST Title 26, Chapter 14?
This legal document, part of the Idaho Statutes governing Banks and Banking, specifically pertains to the regulation of Affiliated Bank Companies. It defines key terms such as ‘Affiliated bank,’ ‘Affiliated trust company,’ ‘Bank,’ ‘Bank holding company,’ ‘Director,’ ‘Fiduciary account,’ ‘Fiduciary capacity,’ and ‘Principal place of business.’ The document outlines the ownership requirements for an affiliated bank or trust company, as well as the participation in a transfer of fiduciary capacities. It also provides definitions for trust companies and bank holding companies.
Can you summarize IDST Title 26, Chapter 15?
This provision is part of the Idaho Statutes governing banks and banking. It allows banks, savings and loan associations, credit unions, and supervised lenders authorized to do business under the Idaho uniform consumer credit code to maintain authorized branch offices or other authorized offices at the same location as another authorized office of a different financial institution. The provision applies to all such financial institutions and does not mention any exemptions or penalties.
Can you summarize IDST Title 26, Chapter 2?
The provided legal document content covers various aspects of banking institutions organized under the laws of Idaho. It empowers these institutions to comply with federal deposit insurance requirements and take advantage of memberships, loans, subscriptions, contracts, grants, rights, or privileges available to them or their depositors, creditors, stockholders, conservators, receivers, or liquidators. The document also governs the grant of options to purchase bank stock, membership in federal reserve banks, acting as custodian or fiduciary, transfer of bank stock, meetings of the board of directors, maintenance of stockholder records, annual stockholder meetings, capital structure requirements for banking corporations, amendment of articles of incorporation, issuance of preferred stock, adoption and amendment of bylaws, and engagement in or transacting of banking business in Idaho.
Can you summarize IDST Title 26, Chapter 3?
The first legal document governs the establishment and operation of loan production offices by banks in the state of Idaho. Banks are authorized to establish and maintain loan production offices within the state, subject to certain limitations. These offices are allowed to engage in various loan-related activities but are not permitted to accept deposits or disburse loan funds. The document outlines the requirements for establishing a loan production office, including providing written notice to the director and complying with examination and supervision.
Can you summarize IDST Title 26, Chapter 30?
The University Debit Card Act, as defined in the Idaho Statutes, governs the use of debit cards issued by colleges or universities located in Idaho. It applies to registered students, as well as members of the faculty or staff. The act establishes the concept of a ‘University debit card’ which allows individuals to draw funds from their credit balance maintained by the college or university business office for the purchase of goods or services.
Can you summarize IDST Title 26, Chapter 4?
These documents govern the relationship between applying banks, stockholding banks, and bank service corporations in the state of Idaho. When an applying bank applies for a type of bank service from a bank service corporation that supplies the same type of services to another bank, the corporation must offer to supply such services either by issuing stock to the applying bank and furnishing bank services on the same basis as other stockholding banks, or by furnishing bank services to the applying bank at rates no higher than necessary to reflect the cost of such services.
Can you summarize IDST Title 26, Chapter 5?
The provided legal document content pertains to the regulation of bank holding companies under the Idaho Statutes governing banks and banking. It outlines various requirements and procedures for bank holding companies, including the approval process for acquiring a bank, the transfer of stock or trust certificates, and the registration of new bank holding companies. The director of the department of finance plays a key role in overseeing and approving these activities.
Can you summarize IDST Title 26, Chapter 6?
These legal documents govern the declaration and payment of dividends by banks and the diminution of reserve for banks in Idaho. Banks organized under the laws of Idaho must comply with the reserve requirements of the Federal Reserve Act. No dividend can be declared or paid until a surplus equal to 20% of the paid-in capital stock has been built up. The board of directors can declare a dividend of net profits after the surplus reaches 20% of the common stock, but at least one-fifth of the net profits must be carried to the surplus fund until it reaches 50% of the paid-in common stock.
Can you summarize IDST Title 26, Chapter 7?
This legal document governs the limitations on loans, investments, and practices by banks. It specifies that the total loans and extensions of credit by a bank to a person outstanding at one time should not exceed twenty percent of the bank’s capital structure. The document defines various terms such as ‘borrower’ and ‘derivative transaction’ and provides examples of what constitutes loans and extensions of credit. It also outlines certain items that do not fall under the definition of loans or extensions of credit.
Can you summarize IDST Title 26, Chapter 8?
This legal document governs the limitations on borrowing money and pledging assets by banks in Idaho. According to the document, the total borrowings of any bank should not exceed the aggregate amount equal to the bank’s capital structure, unless with the consent of the director. Certain items such as federal funds purchased, sale of securities with repurchase agreement, borrowings from the federal reserve system, sale of mortgage loans with repurchase agreement, money borrowed to meet seasonal requirements, money borrowed to meet unexpected withdrawals, capital notes issued in accordance with section 26-802 of Idaho Code, and borrowing from federal home loan banks are excluded from the computation of total borrowings.
Can you summarize IDST Title 26, Chapter 9?
This provision, found in the Idaho Statutes under the section on Consolidation, Sale, and Reorganization of Banks and Banking, governs the rights of dissenting stockholders in state bank mergers, conversions, and sales of assets. It outlines the process for determining the value of shares held by dissenting stockholders and the appointment of appraisers. The provision also allows for the fixation of a fair market value for dissenting stockholders’ shares. Additionally, it specifies the continuity of the resulting state or national bank after a merger or conversion, including the inheritance of property, rights, powers, and duties.
Can you summarize IDST Title 28, Chapter 3?
These legal documents, found in the Idaho Statutes under the section on Uniform Commercial Code - Negotiable Instruments, provide definitions, general provisions, and guidelines related to negotiable instruments in commercial transactions. They cover various aspects such as negotiation, transfer, and indorsement of negotiable instruments, enforcement of negotiable instruments, liability and obligations in commercial transactions involving negotiable instruments, admissibility of evidence and creation of a presumption of dishonor and notice of dishonor, presentment for payment or acceptance, obligations of indorsers and drawers, circumstances under which presentment for payment or acceptance is excused and when notice of dishonor is excused, dishonor of notes and unaccepted drafts, tender of payment of an obligation to pay an instrument, and international sight drafts.
Can you summarize IDST Title 28, Chapter 4, Part 6?
This legal document governs the rights and obligations between the sender of a payment order and the receiving bank, the rights and obligations between the beneficiarys bank and the beneficiary, and the issue of when payment is made in a funds transfer from the originator to the beneficiary. By default, the law of the jurisdiction where the receiving bank is located governs the rights and obligations between the sender and the receiving bank, the law of the jurisdiction where the beneficiarys bank is located governs the rights and obligations between the beneficiarys bank and the beneficiary, and the law of the jurisdiction where the beneficiarys bank is located determines when payment is made.
Can you summarize IDST Title 28, Chapter 4?
These legal documents provide definitions and guidelines for commercial transactions and bank deposits and collections under the Uniform Commercial Code. They define various terms such as ‘agreement for electronic presentment’, ‘presentment of an item’, ‘cutoff hour’, ‘branch or separate office of a bank’, ‘collecting bank’, ‘payor bank’, and ‘presenting bank’. The documents also mention the time limits for commencing an action to enforce an obligation, duty, or right arising under this chapter, as well as the ability of a collecting bank to waive, modify, or extend time limits in certain circumstances.
Can you summarize IDST Title 28, Chapter 5?
The provided legal document content covers various aspects of letters of credit under the Uniform Commercial Code (UCC) in the Idaho Statutes. It governs the security interest of an issuer or nominated person in a document presented under a letter of credit, the subrogation rights of the issuer, applicant, and nominated person, the liability of issuers, nominated persons, or advisers, the time limit for commencing action, fraud and forgery in letters of credit, the transferability of the beneficiary’s right, the assignment of proceeds of a letter of credit, the rights and obligations of successors, the remedies for dishonor or repudiation, the warranties of the beneficiary, the rights and obligations of confirmers, nominated persons, and advisers, the consideration and form of letters of credit, the rights and obligations of issuers, the definitions of terms used in letters of credit, the issuance, amendment, cancellation, and duration of letters of credit, and the general rights and obligations arising from transactions involving letters of credit.
Can you summarize IDST Title 28, Chapter 51?
This legal document governs the disclosure of breach of security of computerized personal information by agencies, individuals, or commercial entities in Idaho. It applies to city, county or state agencies, individuals, and commercial entities that conduct business in Idaho and own or license computerized data containing personal information about a resident of Idaho. When a breach of security is discovered, the entity must conduct a reasonable and prompt investigation to determine the likelihood of misuse of personal information.
Can you summarize IDST Title 28, Chapter 9?
The provided legal document content covers various aspects of secured transactions, general provisions related to commercial transactions, filing procedures, and requirements in Idaho. It governs the control of electronic chattel paper, sufficiency of description in secured transactions, purchase-money security interest and application of payments, modification of assigned contracts, discharge of account debtors, restrictions on the assignment of lease agreements, assignment of letter of credit rights, rights acquired by an assignee, enforceability of agreements between account debtors and assignors, restrictions on the assignment of promissory notes, health care insurance receivables, and certain general intangibles.
Can you summarize MNST 325E.61?
This legal document, part of the Minnesota Statutes on Trade Regulations and Consumer Protection, requires any person or business conducting business in Minnesota and owning or licensing data containing personal information to disclose any breach of the security of the system to affected residents of the state. The disclosure must be made in a timely manner, without unreasonable delay, and consistent with law enforcement needs and measures to determine the scope of the breach and restore data integrity.
Can you summarize MNST 325G.03?
No person in whose name a financial transaction card is issued shall be liable for any amount resulting from use of that card from which that person or a member of the person’s family or household derives no benefit unless the person has accepted the card by (1) signing or using the card, or (2) authorizing the use of the card by another. A mere failure to destroy or return an unsolicited financial transaction card is not such an acceptance.
Can you summarize MNST 325G.04?
This legal document, found in the Minnesota Statutes under Trade Regulations and Consumer Protection, addresses the liability for lost or stolen financial transaction cards. It limits the liability of a person in whose name a financial transaction card has been issued to $50 for unauthorized use of the card, provided that the issuer is notified of any unauthorized charges within 60 days of receiving the bill. Additionally, it states that a person in whose name a financial transaction card is issued shall not be liable for any amount resulting from the unauthorized use of the card after notifying the issuer of its loss or theft.
Can you summarize MNST 325G.041?
If a financial transaction card issuer has determined in the normal course of business that it will issue a card to a married woman, the card shall be issued bearing either her current or former surname, as the woman may direct. Financial transaction card issuers may require that a married woman requesting a card in a former surname open a new account in that name. Refusal to issue a financial transaction card pursuant to this section constitutes an unfair discriminatory practice under section 363A.
Can you summarize MNST 325G.042?
This legal document, under the Minnesota Statutes, governs the equal treatment of spouses in consumer credit evaluations. It requires creditors to consider the credit history of accounts used or contractually liable by both the applicant and their spouse. The creditor must also consider any information presented by the applicant that indicates the credit history being considered does not accurately reflect their creditworthiness. Additionally, upon request, the creditor must consider the credit history of accounts reported in the name of the applicant’s spouse or former spouse that accurately reflects the applicant’s creditworthiness.
Can you summarize MNST 325G.051?
This legal document governs the imposition of surcharges on credit card transactions. Sellers of goods or services are allowed to impose a surcharge on purchasers who choose to use a credit card instead of cash, check, or similar means. The surcharge must be communicated to the purchaser orally at the time of sale and through a conspicuously posted sign. The surcharge cannot exceed five percent of the purchase price. However, sellers who establish and are responsible for their own customer credit card are prohibited from imposing a surcharge.
Can you summarize MNST 325G.052?
This legal document, part of the Minnesota Statutes under Trade Regulations and Consumer Protection, pertains to credit card offers and solicitations, as well as address verifications. According to the document, a credit card issuer who receives a completed application for a credit card with a different address than the one listed in the offer or solicitation must verify the change of address before issuing the credit card. If the credit card issuer fails to verify the change of address, the person to whom the offer or solicitation was made is not liable for the unauthorized use of the credit card, unless it can be proven that the person incurred the charge.
Can you summarize MNST 325G.40?
Sections 325G.40 to 325G.47 may be cited as the ‘Credit Card Disclosure Act.’ History: 1987 c 256 s 1
Can you summarize MNST 325G.41?
Subdivision 1. Generally. Except as otherwise provided, the terms used in sections 325G.40 to 325G.47 have the meanings prescribed in Code of Federal Regulations, title 12, part 226. Except as otherwise provided, the computations required under sections 325G.40 to 325G.47 shall be made as provided in Code of Federal Regulations, title 12, part 226. Subd. 2. Credit card application. ‘Credit card application’ means any written form, document, or material distributed by or on behalf of a creditor and designed to be used by a consumer to request or accept the issuance of a credit card.
Can you summarize MNST 325G.42?
This legal document, governed by the Minnesota Statutes, pertains to credit card disclosures in the state of Minnesota. It outlines the required disclosures that must be included in credit card applications distributed in the state. These disclosures include the periodic rate or rates applied to the account, membership or participation fees, minimum or fixed charges, other fees such as late payment fees, and the date or occasion when the finance charge begins to accrue.
Can you summarize MNST 325G.43?
A person violating section 325G.42 is subject to the penalties provided in section 8.31 . History: 1987 c 256 s 4
Can you summarize MNST 325G.44?
A person injured by a violation of section 325G.42 may recover actual damages in an action other than a class action, together with costs and disbursements, including a reasonable attorney’s fee, and receive other equitable relief as determined by the court. History: 1987 c 256 s 5
Can you summarize MNST 325G.45?
If a creditor becomes required by federal law to make disclosure of the terms required in section 325G.42 in connection with the distribution of a credit card application, then the creditor is considered to have complied with the requirements of section 325G.42 if the creditor complies with the federal disclosure requirement. History: 1987 c 256 s 6
Can you summarize MNST 325G.46?
In lieu of complying with section 325G.42, subdivision 2 , a creditor, in connection with the distribution of a credit card application, may disclose the specific terms of section 325G.42 in compliance with Code of Federal Regulations, title 12, part 226.5. History: 1987 c 256 s 7
Can you summarize MNST 325G.47?
The customer must be notified of the amount of the annual fee, if any, and the date the fee is payable at least 30 days before the account is charged for the fee, and during that 30-day period the customer may cancel the open-end credit plan without penalty other than payment of any outstanding balance. History: 1987 c 256 s 8
Can you summarize MNST 336.2A-101?
This article shall be known and may be cited as the Uniform Commercial Code - Leases. History: 1989 c 232 art 1 s 2A-101
Can you summarize MNST 336.2A-102?
This article applies to any transaction, regardless of form, that creates a lease. History: 1989 c 232 art 1 s 2A-102
Can you summarize MNST 336.2A-103?
This legal document contains definitions and provisions related to lease contracts under the Uniform Commercial Code (UCC). It defines various terms such as ‘buyer in ordinary course of business,’ ‘commercial unit,’ ‘conforming goods,’ ‘consumer lease,’ ‘fault,’ ‘finance lease,’ ‘goods,’ ‘installment lease contract,’ ’lease,’ ’lease agreement,’ ’lease contract,’ ’leasehold interest,’ ’lessee,’ ’lessee in ordinary course of business,’ ’lessor,’ ’lessor’s residual interest,’ ’lien,’ ’lot,’ ‘merchant lessee,’ ‘present value,’ ‘purchase,’ ‘sublease,’ ‘supplier,’ ‘supply contract,’ and ’termination.
Can you summarize MNST 336.2A-104?
(1) A lease, although subject to this article, is also subject to any applicable: (a) statute of the United States; (b) certificate of title statute of this state: sections 86B.820 to 86B.920 and chapter 168A; (c) certificate of title statute of another jurisdiction (section 336.2A-105 ); or (d) consumer protection statute of this state. (2) In case of conflict between the provisions of this article, other than sections 336.2A-105 , 336.
Can you summarize MNST 336.2A-105?
Subject to the provisions of sections 336.2A-304 (3) and 336.2A-305 (3), with respect to goods covered by a certificate of title issued under a statute of this state or of another jurisdiction, compliance and the effect of compliance or noncompliance with a certificate of title statute are governed by the law (including the conflict of laws rules) of the jurisdiction issuing the certificate until the earlier of (a) surrender of the certificate or (b) four months after the goods are removed from that jurisdiction and after that until a new certificate of title is issued by another jurisdiction.
Can you summarize MNST 336.2A-106?
(1) If the law chosen by the parties to a consumer lease is that of a jurisdiction other than a jurisdiction in which the lessee signed the lease or in which the lessee resides at the time the lease agreement becomes enforceable or within 30 days after that or in which the goods are to be used, the choice is not enforceable. (2) If the judicial forum chosen by the parties to a consumer lease is a forum that would not otherwise have jurisdiction over the lessee, the choice is not enforceable.
Can you summarize MNST 336.2A-107?
Any claim or right arising out of an alleged default or breach of warranty may be discharged in whole or in part without consideration by a written waiver or renunciation signed and delivered by the aggrieved party. History: 1989 c 232 art 1 s 2A-107
Can you summarize MNST 336.2A-108?
This provision, found in the Minnesota Statutes under the Uniform Commercial Code, addresses the issue of unconscionability in lease contracts. If a court determines that a lease contract or any clause of a lease contract was unconscionable at the time it was made, the court has several options. It may refuse to enforce the lease contract, enforce the remainder of the lease contract without the unconscionable clause, or limit the application of the unconscionable clause to avoid any unconscionable result.
Can you summarize MNST 336.2A-109?
A term providing that one party or the party’s successor in interest may accelerate payment or performance or require collateral or additional collateral ‘at will’ or ‘when the party deems self insecure’ or in words of similar import must be construed to mean that the party has power to do so only if the party in good faith believes that the prospect of payment or performance is impaired. History: 1989 c 232 art 1 s 2A-109
Can you summarize MNST 336.2A-201?
The Statute of Frauds governs lease contracts and specifies the requirements for enforceability. A lease contract is not enforceable unless the total payments under the contract are less than $1,000 or there is a writing signed by the party against whom enforcement is sought or their authorized agent. The writing must sufficiently indicate the existence of a lease contract and describe the goods leased and the lease term. The description of the goods or lease term is sufficient if it reasonably identifies what is described.
Can you summarize MNST 336.2A-202?
Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a writing intended by the parties as a final expression of their agreement with respect to the included terms may not be contradicted by evidence of any prior agreement or of a contemporaneous oral agreement but may be explained or supplemented: (a) by course of dealing or usage of trade or by course of performance; and (b) by evidence of consistent additional terms unless the court finds the writing to have been intended also as a complete and exclusive statement of the terms of the agreement.
Can you summarize MNST 336.2A-203?
The affixing of a seal to a writing evidencing a lease contract or an offer to enter into a lease contract does not render the writing a sealed instrument and the law with respect to sealed instruments does not apply to the lease contract or offer. History: 1989 c 232 art 1 s 2A-203
Can you summarize MNST 336.2A-204?
(1) A lease contract may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of a lease contract. (2) An agreement sufficient to constitute a lease contract may be found although the moment of its making is undetermined. (3) Although one or more terms are left open, a lease contract does not fail for indefiniteness if the parties have intended to make a lease contract, and there is a reasonably certain basis for giving an appropriate remedy.
Can you summarize MNST 336.2A-205?
An offer by a merchant to lease goods to or from another person in a signed writing that by its terms gives assurance it will be held open is not revocable, for lack of consideration, during the time stated or, if no time is stated, for a reasonable time, but in no event may the period of irrevocability exceed three months. Any term of assurance on a form supplied by the offeree must be separately signed by the offeror.
Can you summarize MNST 336.2A-206?
(1) Unless otherwise unambiguously indicated by the language or circumstances, an offer to make a lease contract must be construed as inviting acceptance in any manner and by any medium reasonable in the circumstances. (2) If the beginning of a requested performance is a reasonable mode of acceptance, an offeror who is not notified of acceptance within a reasonable time may treat the offer as having lapsed before acceptance. History: 1989 c 232 art 1 s 2A-206
Can you summarize MNST 336.2A-208?
(1) An agreement modifying a lease contract needs no consideration to be binding. (2) A signed lease agreement that excludes modification or rescission except by a signed writing may not be otherwise modified or rescinded, but, except as between merchants, this requirement on a form supplied by a merchant must be separately signed by the other party. (3) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2), it may operate as a waiver.
Can you summarize MNST 336.2A-209?
This provision states that the lessee, under a finance lease related to a supply contract, is entitled to the benefit of the supplier’s promises and warranties provided in connection with the supply contract. However, this benefit is subject to the terms of the warranty and supply contract, as well as any defenses or claims arising from the supply contract. It clarifies that the extension of this benefit does not modify the rights and obligations of the parties to the supply contract or impose any duty or liability on the lessee.
Can you summarize MNST 336.2A-210?
This provision, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs express warranties in lease agreements for goods. It outlines the conditions under which express warranties are created by the lessor. An express warranty is created when the lessor makes an affirmation of fact or promise to the lessee that becomes part of the basis of the bargain, a description of the goods that becomes part of the basis of the bargain, or when a sample or model is made part of the basis of the bargain.
Can you summarize MNST 336.2A-211?
(1) There is in a lease contract a warranty that for the lease term no person holds a claim to or interest in the goods that arose from an act or omission of the lessor, other than a claim by way of infringement or the like, which will interfere with the lessee’s enjoyment of its leasehold interest. (2) Except in a finance lease there is in a lease contract by a lessor who is a merchant regularly dealing in goods of the kind a warranty that the goods are delivered free of the rightful claim of any person by way of infringement or the like.
Can you summarize MNST 336.2A-212?
(1) Except in a finance lease, a warranty that the goods will be merchantable is implied in a lease contract if the lessor is a merchant with respect to goods of that kind. (2) Goods to be merchantable must be at least goods that: (a) pass without objection in the trade under the description in the lease agreement; (b) in the case of fungible goods, are of fair average quality within the description; (c) are fit for the ordinary purposes for which goods of that type are used; (d) run, within the variation permitted by the lease agreement, of even kind, quality, and quantity within each unit and among all units involved; (e) are adequately contained, packaged, and labeled as the lease agreement may require; and (f) conform to any promises or affirmations of fact made on the container or label.
Can you summarize MNST 336.2A-213?
Except in a finance lease, if the lessor at the time the lease contract is made has reason to know of any particular purpose for which the goods are required and that the lessee is relying on the lessor’s skill or judgment to select or furnish suitable goods, there is in the lease contract an implied warranty that the goods will be fit for that purpose. History: 1989 c 232 art 1 s 2A-213
Can you summarize MNST 336.2A-214?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the exclusion or modification of warranties in lease contracts. It provides guidelines for interpreting words or conduct related to the creation of express warranties and the negation or limitation of warranties. The document specifies the requirements for excluding or modifying the implied warranty of merchantability and the implied warranty of fitness. It also outlines circumstances where all implied warranties can be excluded, such as through expressions like ‘as is’ or ‘with all faults.
Can you summarize MNST 336.2A-215?
Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply: (a) Exact or technical specifications displace an inconsistent sample or model or general language of description. (b) A sample from an existing bulk displaces inconsistent general language of description. (c) Express warranties displace inconsistent implied warranties other than an implied warranty of fitness for a particular purpose.
Can you summarize MNST 336.2A-216?
A warranty to or for the benefit of a lessee under this article, whether express or implied, extends to any person who may reasonably be expected to use, consume, or be affected by the goods and who is injured by breach of the warranty. The operation of this section may not be excluded, modified, or limited, but an exclusion, modification, or limitation of the warranty, including any with respect to rights and remedies, effective against the lessee is also effective against the beneficiary designated under this section.
Can you summarize MNST 336.2A-217?
Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs: (a) when the lease contract is made if the lease contract is for a lease of goods that are existing and identified; (b) when the goods are shipped, marked, or otherwise designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or (c) when the young are conceived, if the lease contract is for a lease of unborn young of animals.
Can you summarize MNST 336.2A-218?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the insurance and proceeds related to lease contracts. It establishes that a lessee obtains an insurable interest when goods are identified to the lease contract, even if they are nonconforming and the lessee has the option to reject them. The lessor has the right to substitute other goods until default, insolvency, or notification to the lessee that identification is final.
Can you summarize MNST 336.2A-219?
This provision, found in the Minnesota Statutes under the Uniform Commercial Code, governs the risk of loss in lease contracts. In general, the risk of loss is retained by the lessor and does not pass to the lessee, except in the case of a finance lease where the risk of loss passes to the lessee. If the lease contract requires or authorizes the goods to be shipped by carrier, the risk of loss passes to the lessee when the goods are duly delivered to the carrier.
Can you summarize MNST 336.2A-220?
This provision, found in the Minnesota Statutes under the Uniform Commercial Code, governs the risk of loss in lease contracts. If a tender or delivery of goods fails to conform to the lease contract and gives the lessee a right of rejection, the risk of loss remains with the lessor or supplier until cure or acceptance. If the lessee rightfully revokes acceptance, the lessee may treat the risk of loss as having remained with the lessor from the beginning, to the extent of any deficiency in the lessee’s effective insurance coverage.
Can you summarize MNST 336.2A-221?
If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or section 336.2A-219 , then: (a) if the loss is total, the lease contract is avoided; and (b) if the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at the lessee’s option either treat the lease contract as avoided or, except in a finance lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.
Can you summarize MNST 336.2A-301?
Except as otherwise provided in this article, a lease contract is effective and enforceable according to its terms between the parties, against purchasers of the goods and against creditors of the parties. History: 1989 c 232 art 1 s 2A-301
Can you summarize MNST 336.2A-302?
Except as otherwise provided in this article, each provision of this article applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee, or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent. History: 1989 c 232 art 1 s 2A-302
Can you summarize MNST 336.2A-303?
This section of the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the alienability of a party’s interest under a lease contract or the lessor’s residual interest in goods, as well as the delegation of performance and transfer of rights. It outlines the provisions related to the transfer of interests and the consequences of such transfers in lease agreements. The section specifies that a provision in a lease agreement prohibiting the transfer of interests or making it an event of default gives rise to certain rights and remedies.
Can you summarize MNST 336.2A-304?
This legal provision, found in the Minnesota Statutes under the Uniform Commercial Code, governs the subsequent lease of goods by a lessor. It states that a subsequent lessee from a lessor of goods under an existing lease contract obtains the leasehold interest in the goods that the lessor had or had the power to transfer. However, the subsequent lessee takes subject to the existing lease contract, unless certain conditions are met.
Can you summarize MNST 336.2A-305?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the sale or sublease of goods by a lessee. It states that a buyer or sublessee from the lessee of goods under an existing lease contract obtains the leasehold interest in the goods to the extent of the interest transferred. However, they take subject to the existing lease contract, unless they fall under specific exceptions. A buyer or sublessee in the ordinary course of business from a lessee who is a merchant dealing in goods of that kind obtains all of the lessor’s and lessee’s rights to the goods and takes free of the existing lease contract.
Can you summarize MNST 336.2A-306?
If a person in the ordinary course of the person’s business furnishes services or materials with respect to goods subject to a lease contract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services takes priority over any interest of the lessor or lessee under the lease contract or this article unless the lien is created by statute and the statute provides otherwise or unless the lien is created by rule of law and the rule of law provides otherwise.
Can you summarize MNST 336.2A-307?
(1) Except as otherwise provided in section 336.2A-306 , a creditor of a lessee takes subject to the lease contract. (2) Except as otherwise provided in subsection (3) and in sections 336.2A-306 and 336.2A-308 , a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable. (3) Except as otherwise provided in sections 336.
Can you summarize MNST 336.2A-308?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, addresses the special rights of creditors. It outlines the circumstances under which a creditor of a lessor or seller may treat a lease contract or sale as void if retention of possession by the lessor or seller is deemed fraudulent. However, if the retention of possession is in good faith and within a commercially reasonable time, it is not considered fraudulent.
Can you summarize MNST 336.2A-309?
This section of the Minnesota Statutes, under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become fixtures. It defines fixtures as goods that are so related to particular real estate that an interest in them arises under real estate law. It also explains the concept of fixture filing, which is the filing of a financing statement covering goods that are or are to become fixtures. The section distinguishes between purchase money leases and ordinary building materials incorporated into improvements on land.
Can you summarize MNST 336.2A-310?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become accessions. Goods are considered accessions when they are installed in or affixed to other goods. The document outlines the superior interests of lessors and lessees under lease contracts entered into before or after the goods became accessions. These interests are generally superior to subsequently acquired interests in the whole, except for certain exceptions.
Can you summarize MNST 336.2A-311?
Nothing in this article prevents subordination by agreement by any person entitled to priority. History: 1991 c 171 art 1 s 7
Can you summarize MNST 336.2A-401?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs lease contracts. It imposes an obligation on each party to ensure that the other party’s expectation of receiving due performance is not impaired. If reasonable grounds for insecurity arise regarding the performance of either party, the insecure party may demand adequate assurance of due performance in writing. Until such assurance is received, the insecure party may suspend any performance for which they have not already received the agreed return, if commercially reasonable.
Can you summarize MNST 336.2A-402?
This legal provision, found in the Minnesota Statutes under the Uniform Commercial Code, pertains to lease contracts and anticipatory repudiation. If one party repudiates a lease contract for a performance that is not yet due and the loss of that performance substantially impairs the value of the lease contract for the other party, the aggrieved party has several options. They can await retraction of the repudiation and performance by the repudiating party for a commercially reasonable time, make a demand for assurance of future performance, or resort to any right or remedy upon default under the lease contract or this article.
Can you summarize MNST 336.2A-403?
(1) Until the repudiating party’s next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has canceled the lease contract or materially changed the aggrieved party’s position or otherwise indicated that the aggrieved party considers the repudiation final. (2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under section 336.
Can you summarize MNST 336.2A-404?
(1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and accepted. (2) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation: (a) the lessor may withhold or stop delivery or cause the supplier to withhold or stop delivery unless the lessee provides a means or manner of payment that is commercially a substantial equivalent; and (b) if delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the lessee’s obligation unless the regulation is discriminatory, oppressive, or predatory.
Can you summarize MNST 336.2A-405?
This legal provision, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, pertains to excused performance in lease contracts. It states that if a lessor or supplier is unable to deliver or delays delivery due to an unforeseen contingency or compliance with governmental regulations, it will not be considered a default under the lease contract. The lessor or supplier must allocate production and deliveries among customers in a fair and reasonable manner.
Can you summarize MNST 336.2A-406?
(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under section 336.2A-405 , the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (section 336.2A-510 ): (a) terminate the lease contract (section 336.2A-505 (2)); or (b) except in a finance lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.
Can you summarize MNST 336.2A-407?
(1) In the case of a finance lease, the lessee’s promises under the lease contract become irrevocable and independent upon the lessee’s acceptance of the goods. (2) A promise that has become irrevocable and independent under subsection (1): (a) is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and (b) is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.
Can you summarize MNST 336.2A-501?
This legal document pertains to lease contracts and applies to both lessors and lessees. It determines whether the lessor or the lessee is in default under a lease contract based on the lease agreement and this article. If either party is in default, the party seeking enforcement has rights and remedies as provided in this article and the lease agreement. The party seeking enforcement may reduce their claim to judgment or enforce the lease contract through self-help or available judicial or nonjudicial procedures.
Can you summarize MNST 336.2A-502?
Except as otherwise provided in this article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement. History: 1989 c 232 art 1 s 2A-502
Can you summarize MNST 336.2A-503?
This legal document pertains to the modification or impairment of rights and remedies in lease agreements governed by the Uniform Commercial Code. The lease agreement may include additional or alternative rights and remedies for default, as well as limit or alter the measure of damages recoverable under the Uniform Commercial Code. The use of a remedy provided in the lease agreement or under the Uniform Commercial Code is optional, unless expressly agreed to be exclusive.
Can you summarize MNST 336.2A-504?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the liquidation of damages in lease agreements. It allows for the inclusion of provisions in lease agreements that determine the amount or formula for damages payable by either party in case of default or other acts or omissions. However, these provisions must be reasonable in light of the anticipated harm caused by the default or act. If the lease agreement includes a provision for liquidation of damages that does not comply with the reasonableness requirement or fails in its essential purpose, remedies can be sought as provided in this article.
Can you summarize MNST 336.2A-505?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the cancellation, termination, rescission, or fraud in lease contracts. It outlines the effects of cancellation and termination on the obligations of both parties involved in the lease contract. Upon cancellation, all remaining obligations are discharged, but rights based on prior default or performance still survive. Similarly, termination of the lease contract results in the discharge of remaining obligations, but rights based on prior default or performance continue.
Can you summarize MNST 336.2A-506?
This statute of limitations governs actions for default under a lease contract, including breach of warranty or indemnity. The statute requires that such actions must be commenced within four years after the cause of action accrued. However, if the lease contract is not a consumer lease, the parties may reduce the period of limitation to not less than one year in the original lease contract. The cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later.
Can you summarize MNST 336.2A-507?
This legal document pertains to damages based on market rent in lease agreements for goods. It specifies that the determination of damages is based on the rent for the use of the goods concerned, which should be identical to the remaining lease term of the original lease agreement. The prevailing rent at the specified times or places, as described in sections 336.2A-519 and 336.2A-528 of the Uniform Commercial Code, should be used.
Can you summarize MNST 336.2A-508?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the remedies available to lessees in case of default by the lessor under a lease contract. If the lessor fails to deliver the goods in conformity to the lease contract, repudiates the lease contract, or if the lessee rightfully rejects or justifiably revokes acceptance of the goods, the lessee may pursue various remedies. These remedies include canceling the lease contract, recovering rent and security payments, covering and recovering damages for all affected goods, and exercising any other rights provided in the lease contract.
Can you summarize MNST 336.2A-509?
(1) Subject to the provisions of section 336.2A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods. (2) Rejection of goods is ineffective unless it is within a reasonable time after tender or delivery of the goods and the lessee seasonably notifies the lessor.
Can you summarize MNST 336.2A-510?
(1) Under an installment lease contract, a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if the nonconformity does not fall within subsection (2) and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery. (2) Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respect to the whole.
Can you summarize MNST 336.2A-511?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the duties of merchant lessees regarding rightfully rejected goods. It states that if a lessor or supplier has no agent or place of business at the market of rejection, a merchant lessee must follow reasonable instructions received from the lessor or supplier regarding the goods. In the absence of instructions, the merchant lessee must make reasonable efforts to sell, lease, or dispose of the goods for the lessor’s account if they are at risk of declining in value quickly.
Can you summarize MNST 336.2A-512?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically falls under the Uniform Commercial Code. It outlines the duties of a lessee regarding goods that have been rightfully rejected. The lessee is required to hold the rejected goods with reasonable care at the lessor’s or supplier’s disposition for a reasonable time after notifying them of the rejection. If the lessor or supplier does not provide instructions within a reasonable time, the lessee may store, ship, or dispose of the rejected goods for the lessor’s or supplier’s account.
Can you summarize MNST 336.2A-513?
(1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor’s or the supplier’s intention to cure and may then make a conforming delivery within the time provided in the lease contract. (2) If the lessee rejects a nonconforming tender that the lessor or the supplier had reasonable grounds to believe would be acceptable with or without money allowance, the lessor or the supplier may have a further reasonable time to substitute a conforming tender if the lessor or supplier seasonably notifies the lessee.
Can you summarize MNST 336.2A-514?
(1) In rejecting goods, a lessee’s failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default: (a) if, stated seasonably, the lessor or the supplier could have cured it (section 336.2A-513 ); or (b) between merchants if the lessor or the supplier after rejection has made a request in writing for a full and final written statement of all defects on which the lessee proposes to rely.
Can you summarize MNST 336.2A-515?
(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or (b) the lessee fails to make an effective rejection of the goods (section 336.
Can you summarize MNST 336.2A-516?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the effect of acceptance of goods in lease contracts. It states that a lessee must pay rent for any goods accepted in accordance with the lease contract, with due allowance for rejected or undelivered goods. Acceptance of goods by a lessee precludes rejection, except in cases of finance leases where acceptance cannot be revoked if made with knowledge of a nonconformity.
Can you summarize MNST 336.2A-517?
This legal document governs the revocation of acceptance of goods by lessees. It outlines the circumstances under which a lessee can revoke acceptance of a lot or commercial unit if its nonconformity substantially impairs its value. The lessee can revoke acceptance if the nonconformity is not seasonably cured or if the acceptance was induced by the lessor’s assurances or difficulty of discovery. Additionally, the lessee can revoke acceptance if the lessor defaults under the lease contract and the default substantially impairs the value of the goods.
Can you summarize MNST 336.2A-518?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, pertains to the concept of substitute goods in the event of default by a lessor under a lease contract. It states that after a default by a lessor, the lessee has the option to cover the default by making a purchase or lease of goods in substitution for those due from the lessor. If the lessee’s cover is by a lease agreement substantially similar to the original lease agreement and made in good faith and in a commercially reasonable manner, the lessee may recover damages from the lessor.
Can you summarize MNST 336.2A-519?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the damages that lessees may claim in cases of nondelivery, repudiation, default, and breach of warranty regarding accepted goods. The measure of damages depends on whether the lessee elects to cover or not, and whether the cover is by lease agreement or by purchase. The damages include the present value of the difference between the market rent and the original rent, computed for the remaining lease term, along with incidental and consequential damages, less expenses saved due to the lessor’s default.
Can you summarize MNST 336.2A-520?
(1) Incidental damages resulting from a lessor’s default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commercially reasonable charges, expenses or commissions in connection with effecting cover, and any other reasonable expense incident to the default. (2) Consequential damages resulting from a lessor’s default include: (a) any loss resulting from general or particular requirements and needs of which the lessor at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and (b) injury to person or property proximately resulting from any breach of warranty.
Can you summarize MNST 336.2A-521?
(1) Specific performance may be decreed if the goods are unique or in other proper circumstances. (2) A decree for specific performance may include any terms and conditions as to payment of the rent, damages, or other relief that the court deems just. (3) A lessee has a right of replevin, detinue, sequestration, claim and delivery, or the like for goods identified to the lease contract if after reasonable effort the lessee is unable to effect cover for those goods or the circumstances reasonably indicate that the effort will be unavailing.
Can you summarize MNST 336.2A-522?
(1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (section 336.2A-217 ) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten days after receipt of the first installment of rent and security.
Can you summarize MNST 336.2A-523?
This legal document governs the remedies available to the lessor in case of default by the lessee under a lease contract. If the lessee wrongfully rejects or revokes acceptance of goods, fails to make a payment when due, or repudiates with respect to a part or the whole, the lessor may pursue various remedies. These include canceling the lease contract, proceeding with goods not identified to the lease contract, withholding delivery of goods, stopping delivery of goods by any bailee, disposing of the goods and recovering damages, retaining the goods and recovering damages, or recovering rent.
Can you summarize MNST 336.2A-524?
(1) A lessor aggrieved under section 336.2A-523 (1) may: (a) identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor’s or the supplier’s possession or control; and (b) dispose of goods (section 336.2A-527 (1)) that demonstrably have been intended for the particular lease contract even though those goods are unfinished. (2) If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract or cease manufacture and lease, sell, or otherwise dispose of the goods for scrap or salvage value or proceed in any other reasonable manner.
Can you summarize MNST 336.2A-525?
(1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. (2) After a default by the lessee under the lease contract of the type described in section 336.2A-523 (1) or 336.2A-523 (3)(a) or, if agreed, after other default by the lessee, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties.
Can you summarize MNST 336.2A-526?
This provision, found in the Minnesota Statutes under the Uniform Commercial Code, governs the ability of a lessor to stop the delivery of goods in the possession of a carrier or other bailee. The lessor is permitted to stop delivery if they discover that the lessee is insolvent or if the lessee repudiates the lease contract or fails to make a payment due before delivery. The lessor may stop delivery until the goods are received by the lessee, acknowledged by a bailee (except a carrier) that holds the goods for the lessee, or acknowledged by a carrier via reshipment or as a warehouse.
Can you summarize MNST 336.2A-527?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the rights of a lessor to dispose of goods in the event of default by a lessee under a lease contract. The lessor has the option to dispose of the goods through lease, sale, or other means after a lessee’s default or refusal to deliver the goods. If the disposition is done through a lease agreement similar to the original one and in good faith, the lessor may recover accrued and unpaid rent, the present value of the remaining lease term, and any incidental damages allowed.
Can you summarize MNST 336.2A-528?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the lessor’s damages in cases of nonacceptance, failure to pay, repudiation, or other default by the lessee. The document outlines the damages that the lessor may recover, including accrued and unpaid rent, the present value of the remaining lease term minus the market rent, and any incidental damages. If the measure of damages provided is inadequate, the lessor may claim the present value of the profit they would have made from full performance by the lessee, along with incidental damages and allowances for costs and payments.
Can you summarize MNST 336.2A-529?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the lessor’s action for the rent in lease contracts. In case of default by the lessee, the lessor may recover damages from the lessee, including accrued and unpaid rent, the present value of the rent for the remaining lease term, and any incidental damages allowed under the relevant sections. The lessor is required to hold identified goods in their control for the remaining lease term, but may dispose of them before collecting the judgment for damages.
Can you summarize MNST 336.2A-530?
Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care, and custody of goods after the lessee’s default, in connection with return or disposition of the goods, or otherwise resulting from the default. History: 1989 c 232 art 1 s 2A-530
Can you summarize MNST 336.2A-531?
This provision, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, addresses the standing to sue third parties for injury to goods. According to this provision, if a third party causes actionable injury to a party to a lease contract by dealing with goods that have been identified to the lease contract, both the lessor and the lessee have a right of action against the third party.
Can you summarize MNST 336.3-101?
336.3-101 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-101 SHORT TITLE. This article may be cited as Uniform Commercial Code–Negotiable Instruments. History: 1965 c 811 s 336.3-101; 1992 c 565 s 3
Can you summarize MNST 336.3-102?
336.3-102 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-102 SUBJECT MATTER. (a) This article applies to negotiable instruments. It does not apply to money, to payment orders governed by article 4A, or to securities governed by article 8. (b) If there is conflict between this article and article 4 or 9, articles 4 and 9 govern. (c) Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the federal reserve banks supersede any inconsistent provision of this article to the extent of the inconsistency.
Can you summarize MNST 336.3-103?
This legal document, Minnesota Statutes 336.3-103, provides definitions for terms used in the Uniform Commercial Code (UCC) Article 3. It applies to parties involved in commercial transactions, including acceptors, consumers, drawees, drawers, makers, remitters, and secondary obligors. The document defines terms such as acceptor, consumer account, consumer transaction, drawee, drawer, maker, order, ordinary care, party, principal obligor, promise, prove, record, remitter, remotely created item, and secondary obligor. It also references other definitions applicable to UCC Article 3, such as acceptance, accommodated party, accommodation party, account, alteration, anomalous endorsement, blank endorsement, cashier’s check, certificate of deposit, certified check, check, consideration, draft, endorsement, endorser, holder in due course, incomplete instrument, instrument, issue, issuer, negotiable instrument, negotiation, note, payable at a definite time, payable on demand, payable to bearer, payable to order, payment, person entitled to enforce, presentment, reacquisition, special endorsement, teller’s check, transfer of instrument, traveler’s check, and value.
Can you summarize MNST 336.3-104?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, defines and regulates negotiable instruments. A negotiable instrument is an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges. It must be payable to bearer or to order, payable on demand or at a definite time, and must not contain any other undertaking or instruction beyond the payment of money.
Can you summarize MNST 336.3-105?
336.3-105 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-105 ISSUE OF INSTRUMENT. (a) ‘Issue’ means the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person. (b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.
Can you summarize MNST 336.3-106?
This legal provision, section 336.3-106 of the Minnesota Statutes, falls under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code (UCC). It defines the concept of an unconditional promise or order in the context of commercial transactions. According to this provision, a promise or order is considered unconditional unless it includes specific conditions to payment, references another record without making the promise or order conditional, or states that rights or obligations are stated in another record.
Can you summarize MNST 336.3-107?
336.3-107 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-107 INSTRUMENT PAYABLE IN FOREIGN MONEY. Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated by using the current bank-offered spot rate at the place of payment for the purchase of dollars on the day on which the instrument is paid.
Can you summarize MNST 336.3-108?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, provides guidelines for determining whether a promise or order is payable on demand or at a definite time. A promise or order is considered ‘payable on demand’ if it explicitly states so or does not specify any time of payment. On the other hand, a promise or order is ‘payable at a definite time’ if it is payable after a specific period of time, at a fixed date or dates, or at a time or times that can be easily determined at the time of issuance.
Can you summarize MNST 336.3-109?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, discusses the concept of a promise or order being payable to bearer or to order. It outlines the conditions under which a promise or order is considered payable to bearer, such as stating it is payable to bearer, not stating a payee, or indicating it is payable to cash or not an identified person. Conversely, it explains that a promise or order not payable to bearer is payable to order if it is payable to an identified person or to an identified person or order.
Can you summarize MNST 336.3-110?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the identification of the person to whom a financial instrument is payable. The document states that the person to whom an instrument is initially payable is determined by the intent of the person signing as, or on behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer, even if the identification on the instrument does not match the intended person.
Can you summarize MNST 336.3-111?
336.3-111 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-111 PLACE OF PAYMENT. Except as otherwise provided for items in article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker.
Can you summarize MNST 336.3-112?
336.3-112 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-112 INTEREST. (a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument. (b) Interest may be stated in an instrument as a fixed or variable amount of money or it may be expressed as a fixed or variable rate or rates. The amount or rate of interest may be stated or described in the instrument in any manner and may require reference to information not contained in the instrument.
Can you summarize MNST 336.3-113?
336.3-113 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-113 DATE OF INSTRUMENT. (a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in section 336.4-401 (c), an instrument payable on demand is not payable before the date of the instrument. (b) If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder.
Can you summarize MNST 336.3-114?
336.3-114 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-114 CONTRADICTORY TERMS OF INSTRUMENT. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. History: 1992 c 565 s 16
Can you summarize MNST 336.3-115?
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, defines an ‘incomplete instrument’ as a signed writing that is incomplete at the time of signing but intended to be completed later. It states that if an incomplete instrument is considered an instrument under section 336.3-104, it can be enforced according to its terms if it is not completed or if it is completed. If an incomplete instrument is not considered an instrument under section 336.
Can you summarize MNST 336.3-116?
336.3-116 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-116 JOINT AND SEVERAL LIABILITY; CONTRIBUTION. (a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint payees, or anomalous endorsers are jointly and severally liable in the capacity in which they sign. (b) Except as provided in section 336.3-419 (e) or by agreement of the affected parties, a party having joint and several liability who pays the instrument is entitled to receive from any party having the same joint and several liability contribution in accordance with applicable law.
Can you summarize MNST 336.3-117?
336.3-117 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-117 OTHER AGREEMENTS AFFECTING INSTRUMENT. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement.
Can you summarize MNST 336.3-118?
This statute of limitations, found in the Minnesota Statutes under the Uniform Commercial Code, governs the time limits within which actions can be brought to enforce various obligations. The statute specifies different time periods for different types of obligations. For example, an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note.
Can you summarize MNST 336.3-119?
336.3-119 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-119 NOTICE OF RIGHT TO DEFEND ACTION. In an action for breach of an obligation for which a third person is answerable over pursuant to this article or article 4, the defendant may give the third person notice of the litigation in a record, and the person notified may then give similar notice to any other person who is answerable over. If the notice states (i) that the person notified may come in and defend and (ii) that failure to do so will bind the person notified in an action later brought by the person giving the notice as to any determination of fact common to the two litigations, the person notified is so bound unless after seasonable receipt of the notice the person notified does come in and defend.
Can you summarize MNST 336.3-201?
336.3-201 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-201 NEGOTIATION. (a) ‘Negotiation’ means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. (b) Except for negotiation by a remitter, if an instrument is payable to an identified person, negotiation requires transfer of possession of the instrument and its endorsement by the holder. If an instrument is payable to bearer, it may be negotiated by transfer of possession alone.
Can you summarize MNST 336.3-202?
336.3-202 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-202 NEGOTIATION SUBJECT TO RESCISSION. (a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of duty or as part of an illegal transaction. (b) To the extent permitted by other law, negotiation may be rescinded or may be subject to other remedies, but those remedies may not be asserted against a subsequent holder in due course or a person paying the instrument in good faith and without knowledge of facts that are a basis for rescission or other remedy.
Can you summarize MNST 336.3-203?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, specifically addresses the transfer of instruments and the rights acquired through such transfers. According to the document, an instrument is considered transferred when it is delivered by a person other than its issuer with the intention of giving the recipient the right to enforce the instrument. The transfer of an instrument, whether through negotiation or not, grants the transferee the same rights as the transferor, including the rights of a holder in due course.
Can you summarize MNST 336.3-204?
This legal document, Minnesota Statutes 336.3-204, governs the concept of endorsement in the Uniform Commercial Code. An endorsement refers to a signature made on an instrument for the purpose of negotiating the instrument, restricting payment, or incurring liability. The signature and accompanying words are considered an endorsement unless there are clear indications that the signature was made for a different purpose. The document defines an endorser as a person who makes an endorsement.
Can you summarize MNST 336.3-205?
This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, discusses special endorsement, blank endorsement, and anomalous endorsement. A special endorsement occurs when the holder of an instrument endorses it to a specific person, making the instrument payable only to that person. A blank endorsement, on the other hand, occurs when the holder endorses the instrument without specifying a person, making it payable to bearer and allowing it to be negotiated by transfer of possession alone.
Can you summarize MNST 336.3-206?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically section 336.3-206, addresses the concept of restrictive endorsement. It states that an endorsement on an instrument that limits payment to a particular person or prohibits further transfer or negotiation of the instrument is not effective to prevent such transfer or negotiation. Additionally, an endorsement stating a condition to the right of the endorsee to receive payment does not affect the endorsee’s right to enforce the instrument.
Can you summarize MNST 336.3-207?
336.3-207 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-207 REACQUISITION. Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements made after the reacquirer first became a holder of the instrument. If the cancellation causes the instrument to be payable to the reacquirer or to bearer, the reacquirer may negotiate the instrument. An endorser whose endorsement is canceled is discharged, and the discharge is effective against any subsequent holder.
Can you summarize MNST 336.3-301?
336.3-301 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-301 PERSON ENTITLED TO ENFORCE INSTRUMENT. ‘Person entitled to enforce’ an instrument means (i) the holder of the instrument, (ii) a nonholder in possession of the instrument who has the rights of a holder, or (iii) a person not in possession of the instrument who is entitled to enforce the instrument pursuant to section 336.3-309 or 336.3-418 (d). A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.
Can you summarize MNST 336.3-302?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, defines the concept of a ‘holder in due course’. A holder in due course refers to a person who holds an instrument, such as a negotiable instrument, without any apparent evidence of forgery, alteration, or irregularity that questions its authenticity. To be considered a holder in due course, certain conditions must be met, including taking the instrument for value, in good faith, and without notice of any issues related to the instrument.
Can you summarize MNST 336.3-303?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses the concept of value and consideration in relation to instruments. An instrument is considered issued or transferred for value if certain conditions are met, such as a promise of performance being fulfilled, acquisition of a security interest or lien, payment of an antecedent claim, exchange for a negotiable instrument, or incurring an irrevocable obligation to a third party.
Can you summarize MNST 336.3-304?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses the concept of overdue instruments. An instrument payable on demand becomes overdue at the earliest of three times: the day after demand for payment is duly made, 90 days after the date for checks, or when the instrument has been outstanding for an unreasonably long period of time considering the nature of the instrument and trade usage.
Can you summarize MNST 336.3-305?
This legal document, under the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code (UCC), governs defenses and claims in recoupment. It outlines the rights and obligations of parties involved in the enforcement of payment instruments. The document specifies various defenses that an obligor can raise, such as infancy, duress, lack of legal capacity, fraud, or discharge in insolvency proceedings. It also allows for claims in recoupment by the obligor against the original payee of the instrument, subject to certain conditions.
Can you summarize MNST 336.3-306?
336.3-306 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-306 CLAIMS TO AN INSTRUMENT. A person taking an instrument, other than a person having rights of a holder in due course, is subject to a claim of a property or possessory right in the instrument or its proceeds, including a claim to rescind a negotiation and to recover the instrument or its proceeds. A person having rights of a holder in due course takes free of the claim to the instrument.
Can you summarize MNST 336.3-307?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the notice of breach of fiduciary duty. It defines ‘fiduciary’ as an agent, trustee, partner, corporate officer or director, or other representative owing a fiduciary duty, and ‘represented person’ as the principal, beneficiary, partnership, corporation, or other person to whom the duty is owed. The document outlines the rules that apply when an instrument is taken from a fiduciary for payment or collection, and the represented person claims a breach of fiduciary duty.
Can you summarize MNST 336.3-308?
This legal document pertains to an action with respect to an instrument. It establishes that the authenticity and authority of each signature on the instrument is admitted unless specifically denied in the pleadings. The burden of establishing the validity of a signature lies with the person claiming validity. However, signatures are presumed to be authentic and authorized unless the action is to enforce the liability of a purported signer who is deceased or incompetent at the time of trial.
Can you summarize MNST 336.3-309?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the enforcement of lost, destroyed, or stolen instruments. It outlines the conditions under which a person not in possession of an instrument is entitled to enforce it. The person seeking enforcement must have been entitled to enforce the instrument when the loss of possession occurred or have acquired ownership from someone who was entitled to enforce it.
Can you summarize MNST 336.3-310?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, addresses the effect of different types of instruments on obligations. If a certified check, cashier’s check, or teller’s check is taken for an obligation, the obligation is discharged to the same extent as if an equivalent amount of money was taken in payment. However, the obligor may still have liability as an endorser of the instrument. If a note or an uncertified check is taken, the obligation is suspended until the instrument is dishonored, paid, or certified.
Can you summarize MNST 336.3-311?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the concept of accord and satisfaction by use of an instrument. It outlines the conditions under which a person against whom a claim is asserted can prove that they in good faith tendered an instrument to the claimant as full satisfaction of the claim. The document specifies that the claim must be unliquidated or subject to a bona fide dispute, and the claimant must have obtained payment of the instrument.
Can you summarize MNST 336.3-312?
This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section, pertains to the process and requirements for claimants who have lost, destroyed, or had their cashier’s check, teller’s check, or certified check stolen. The section defines key terms such as ‘check’ (which includes cashier’s check, teller’s check, or certified check), ‘claimant’ (the person claiming the right to receive the amount of the lost, destroyed, or stolen check), and ‘declaration of loss’ (a statement made under penalty of perjury regarding the loss of the check).
Can you summarize MNST 336.3-401?
336.3-401 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-401 SIGNATURE. (a) A person is not liable on an instrument unless (i) the person signed the instrument, or (ii) the person is represented by an agent or representative who signed the instrument and the signature is binding on the represented person under section 336.3-402 . (b) A signature may be made (i) manually or by means of a device or machine, and (ii) by the use of any name, including a trade or assumed name, or by a word, mark, or symbol executed or adopted by a person with present intention to authenticate a writing.
Can you summarize MNST 336.3-402?
This legal provision, under the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the signature by a representative. It states that if a person acting or purporting to act as a representative signs an instrument using either the name of the represented person or their own name, the represented person is bound by that signature. The representative’s signature becomes the authorized signature of the represented person, and the represented person becomes liable on the instrument.
Can you summarize MNST 336.3-403?
336.3-403 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-403 UNAUTHORIZED SIGNATURE. (a) Unless otherwise provided in this article or article 4, an unauthorized signature is ineffective except as the signature of the unauthorized signer in favor of a person who in good faith pays the instrument or takes it for value. An unauthorized signature may be ratified for all purposes of this article. (b) If the signature of more than one person is required to constitute the authorized signature of an organization, the signature of the organization is unauthorized if one of the required signatures is lacking.
Can you summarize MNST 336.3-404?
This legal provision, under the Uniform Commercial Code, addresses the issue of impostors and fictitious payees in relation to negotiable instruments. If an impostor induces the issuer of an instrument to issue it to the impostor or a person acting with the impostor, an endorsement of the instrument by any person in the name of the payee is effective as the endorsement of the payee in favor of a person who pays the instrument or takes it in good faith.
Can you summarize MNST 336.3-405?
This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, addresses the employer’s responsibility for fraudulent endorsement by an employee. The section defines key terms such as ’employee’ and ‘fraudulent endorsement’. It states that if an employer entrusts an employee with responsibility for an instrument and the employee or someone acting with the employee makes a fraudulent endorsement, the endorsement is effective as if made by the person to whom the instrument is payable.
Can you summarize MNST 336.3-406?
This legal provision, under the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, addresses the issue of negligence contributing to the alteration of an instrument or the making of a forged signature on an instrument. According to this provision, a person who fails to exercise ordinary care and substantially contributes to such alteration or forgery cannot assert the alteration or forgery against a person who, in good faith, pays the instrument or takes it for value or for collection.
Can you summarize MNST 336.3-407?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, defines and regulates the concept of alteration of instruments. An alteration refers to an unauthorized change in an instrument that modifies the obligation of a party or an unauthorized addition/change to an incomplete instrument. Fraudulently made alterations discharge a party whose obligation is affected, unless the party assents or is precluded from asserting the alteration. However, other alterations do not discharge a party, and the instrument can still be enforced according to its original terms.
Can you summarize MNST 336.3-408?
336.3-408 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-408 DRAWEE NOT LIABLE ON UNACCEPTED DRAFT. A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it. History: 1992 c 565 s 48
Can you summarize MNST 336.3-409?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the acceptance of drafts and certified checks. It defines acceptance as the drawee’s signed agreement to pay a draft as presented, which can be made at any time and becomes effective upon notification or delivery. The document also states that a draft may be accepted even if it is incomplete, overdue, or dishonored. Additionally, it explains that if a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith.
Can you summarize MNST 336.3-410?
336.3-410 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-410 ACCEPTANCE VARYING DRAFT. (a) If the terms of a drawee’s acceptance vary from the terms of the draft as presented, the holder may refuse the acceptance and treat the draft as dishonored. In that case, the drawee may cancel the acceptance. (b) The terms of a draft are not varied by an acceptance to pay at a particular bank or place in the United States, unless the acceptance states that the draft is to be paid only at that bank or place.
Can you summarize MNST 336.3-411?
This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the refusal to pay cashier’s checks, teller’s checks, and certified checks. It applies to obligated banks, which are defined as the acceptor of a certified check or the issuer of a cashier’s check or teller’s check bought from the issuer. If an obligated bank wrongfully refuses to pay a cashier’s check or certified check, stops payment of a teller’s check, or refuses to pay a dishonored teller’s check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment.
Can you summarize MNST 336.3-412?
336.3-412 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-412 OBLIGATION OF ISSUER OF NOTE OR CASHIER’S CHECK. The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument (i) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or (ii) if the issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in sections 336.
Can you summarize MNST 336.3-413?
This legal provision, repealed in 1992, pertains to the obligation of the acceptor of a draft to make payment. The acceptor is obliged to pay the draft according to its terms at the time of acceptance. If the acceptance varies the terms of the draft, the acceptor is obligated to pay according to the varied terms. Additionally, if the acceptance is of an incomplete instrument, the acceptor is obliged to pay according to its terms when completed, as stated in sections 336.
Can you summarize MNST 336.3-414?
This legal document, section 336.3-414 of the Minnesota Statutes, governs the obligation of the drawer. It applies to drawers of unaccepted drafts, excluding cashier’s checks or other drafts drawn on the drawer. If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder.
Can you summarize MNST 336.3-415?
This legal provision, under the Minnesota Statutes, governs the obligation of an endorser in the context of dishonored instruments. According to this provision, if an instrument is dishonored, an endorser is obliged to pay the amount due on the instrument. The endorser’s obligation is determined based on the terms of the instrument at the time of endorsement or, if the instrument was incomplete at the time of endorsement, based on its completed terms.
Can you summarize MNST 336.3-416?
This legal document, governed by the Uniform Commercial Code under the Trade Regulations and Consumer Protection section of the Minnesota Statutes, outlines the transfer warranties for instruments. It states that a person who transfers an instrument for consideration warrants to the transferee and subsequent transferees that they are entitled to enforce the instrument, all signatures on the instrument are authentic and authorized, the instrument has not been altered, the instrument is not subject to a defense or claim in recoupment, the warrantor has no knowledge of any insolvency proceeding, and the person on whose account a remotely created item is drawn authorized its issuance.
Can you summarize MNST 336.3-417?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to presentment warranties in the context of unaccepted drafts and dishonored drafts or instruments presented for payment. It outlines the obligations and warranties of various parties involved, such as drawees, persons obtaining payment or acceptance of drafts, previous transferors of drafts, and persons making payment on dishonored drafts or instruments. The document specifies the warranties that must be made regarding the entitlement to enforce the draft, absence of alterations, authorization of the drawer’s signature, and authorization of remotely created items.
Can you summarize MNST 336.3-418?
This legal provision, under the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the payment or acceptance of drafts or instruments by mistake. It outlines the circumstances under which a drawee of a draft can recover the amount of the draft from the person to whom payment was made or revoke the acceptance if the drawee acted on the mistaken belief that the payment had not been stopped or the drawer’s signature was authorized.
Can you summarize MNST 336.3-419?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses instruments signed for accommodation. It outlines the circumstances in which an accommodation party signs an instrument for the benefit of another party without being a direct beneficiary themselves. The document explains that an accommodation party may sign the instrument as a maker, drawer, acceptor, or endorser, and is obligated to pay the instrument in the capacity in which they sign.
Can you summarize MNST 336.3-420?
This legal document pertains to the conversion of instruments under the applicable law. It states that an instrument is considered converted if it is taken by transfer from a person not entitled to enforce it or if a bank makes or obtains payment for a person not entitled to enforce it or receive payment. However, the issuer, acceptor, payee, or endorsee who did not receive delivery of the instrument cannot bring an action for conversion.
Can you summarize MNST 336.3-501?
This legal document, Minnesota Statutes 336.3-501, defines and governs the process of presentment of negotiable instruments. Presentment refers to a demand made by or on behalf of a person entitled to enforce an instrument to pay or accept the instrument. The document outlines the rules for presentment, including the place of presentment, means of communication, and effectiveness of presentment. It also specifies the obligations of the person making presentment, such as exhibiting the instrument, providing identification and evidence of authority, and signing a receipt.
Can you summarize MNST 336.3-502?
This legal document governs the dishonor of notes and drafts. It provides rules for determining when a note or draft is considered dishonored. The rules vary depending on whether the instrument is payable on demand or at a future date, and whether it is a note or a draft. The document outlines the requirements for presentment of the instrument and the consequences of non-payment. It also covers the dishonor of unaccepted documentary drafts and accepted drafts.
Can you summarize MNST 336.3-503?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the notice of dishonor for endorsers, drawers, and collecting banks. It states that the obligations of an endorser or drawer cannot be enforced unless they are given notice of dishonor complying with the requirements of this section, or if notice of dishonor is excused under section 336.3-504 (b). Notice of dishonor can be given by any person through various means, such as oral, written, or electronic communication, as long as it reasonably identifies the instrument and indicates that it has been dishonored or not paid or accepted.
Can you summarize MNST 336.3-504?
This legal provision, under the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the excused presentment and notice of dishonor for instruments. It outlines the circumstances under which presentment for payment or acceptance of an instrument is excused, such as when the person entitled to present the instrument cannot reasonably make presentment, or when the maker or acceptor has repudiated an obligation to pay the instrument. The provision also states that notice of dishonor may be excused if it is not necessary to enforce the obligation of a party to pay the instrument or if the party whose obligation is being enforced waived notice of dishonor.
Can you summarize MNST 336.3-505?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses the evidence of dishonor in commercial transactions. It outlines the admissible evidence that creates a presumption of dishonor and notice of dishonor. The document states that a document regular in form, such as a protest, can be used as evidence. Additionally, a stamp or writing of the drawee, payor bank, or presenting bank refusing acceptance or payment can also be considered evidence of dishonor.
Can you summarize MNST 336.3-601?
336.3-601 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-601 DISCHARGE AND EFFECT OF DISCHARGE. (a) The obligation of a party to pay the instrument is discharged as stated in this article or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. (b) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge.
Can you summarize MNST 336.3-602?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically section 336.3-602, pertains to the payment of instruments. It states that an instrument is considered paid when payment is made by or on behalf of a party obliged to pay the instrument to a person entitled to enforce the instrument. Additionally, it mentions that a note is considered paid if payment is made by or on behalf of a party obliged to pay the note to a person that formerly was entitled to enforce the note, provided that the party obliged to pay has not received adequate notification of the note’s transfer.
Can you summarize MNST 336.3-603?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the tender of payment for obligations related to instruments. It states that if payment is tendered to a person entitled to enforce the instrument, the principles of law applicable to tender of payment under a simple contract apply. If the tender of payment is refused, the obligation of an endorser or accommodation party with a right of recourse is discharged to the extent of the tendered amount.
Can you summarize MNST 336.3-604?
This legal provision, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, pertains to the discharge of obligations related to the payment of an instrument. It states that a person entitled to enforce an instrument can discharge the obligation of a party to pay the instrument through intentional voluntary acts such as surrendering, destroying, mutilating, or canceling the instrument, striking out the party’s signature, or adding words indicating discharge.
Can you summarize MNST 336.3-605?
This legal document, under the Minnesota Statutes, specifically the Uniform Commercial Code (UCC), addresses the discharge of secondary obligors. It outlines the rules and consequences when a person entitled to enforce an instrument releases the obligation of a principal obligor, and another party to the instrument is a secondary obligor. The document explains that the obligations of the principal obligor to the secondary obligor with respect to previous payments are not affected, unless the terms of the release preserve the secondary obligor’s recourse.
Can you summarize MNST 336.4-101?
This article may be cited as Uniform Commercial Code - Bank Deposits and Collections. History: 1965 c 811 s 336.4-101; 1992 c 565 s 72
Can you summarize MNST 336.4-102?
(a) To the extent that items within this article are also within articles 3 and 8, they are subject to those articles. If there is conflict, this article governs article 3, but article 8 governs this article. (b) The liability of a bank for action or nonaction with respect to an item handled by it for purposes of presentment, payment, or collection is governed by the law of the place where the bank is located.
Can you summarize MNST 336.4-103?
This legal document pertains to the variation by agreement, measure of damages, and action constituting ordinary care in trade regulations and consumer protection under the Uniform Commercial Code in Minnesota. It states that while the effect of the provisions in this article can be varied by agreement, a bank’s responsibility for lack of good faith or failure to exercise ordinary care cannot be disclaimed or the measure of damages limited. However, the parties can agree on standards to measure the bank’s responsibility if those standards are not manifestly unreasonable.
Can you summarize MNST 336.4-104?
This article of the Uniform Commercial Code (UCC) provides definitions for various terms used in banking and financial transactions. It covers terms such as ‘account’, ‘afternoon’, ‘banking day’, ‘clearinghouse’, ‘customer’, ‘documentary draft’, ‘draft’, ‘drawee’, ‘item’, ‘midnight deadline’, ‘settle’, and ‘suspends payments’. The article also references other definitions from different sections of the UCC that are applicable to this article. It is important for parties involved in banking transactions to understand these definitions to ensure clarity and consistency in their dealings.
Can you summarize MNST 336.4-105?
In this article: (1) ‘Bank’ means a person engaged in the business of banking, including a savings bank, savings association, credit union, or trust company. (2) ‘Depositary bank’ means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter. (3) ‘Payor bank’ means a bank that is the drawee of a draft. (4) ‘Intermediary bank’ means a bank to which an item is transferred in course of collection except the depositary or payor bank.
Can you summarize MNST 336.4-106?
336.4-106 MS 1990 [Renumbered 336.4-107 ] 336.4-106 PAYABLE THROUGH OR PAYABLE AT BANK; COLLECTING BANK. (a) If an item states that it is ‘payable through’ a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank. (b) If an item states that it is ‘payable at’ a bank identified in the item, (i) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (ii) the item may be presented for payment only by or through the bank.
Can you summarize MNST 336.4-107?
336.4-107 MS 1990 [Renumbered 336.4-108 ] 336.4-107 SEPARATE OFFICE OF BANK. A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notice or orders must be given under this article and under article 3. History: 1965 c 811 s 336.4-106; 1992 c 565 s 78
Can you summarize MNST 336.4-108?
336.4-108 MS 1990 [Renumbered 336.4-109 ] 336.4-108 TIME OF RECEIPT OF ITEMS. (a) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2:00 p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books. (b) An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day.
Can you summarize MNST 336.4-109?
336.4-109 MS 1990 [Repealed, 1992 c 565 s 114] 336.4-109 DELAYS. (a) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or permitted by this chapter for a period not exceeding two additional banking days without discharge of drawers or endorsers or liability to its transferor or a prior party.
Can you summarize MNST 336.4-110?
(a) ‘Agreement for electronic presentment’ means an agreement, clearinghouse rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (‘presentment notice’) rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the agreement. (b) Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.
Can you summarize MNST 336.4-111?
An action to enforce an obligation, duty, or right arising under this article must be commenced within three years after the cause of action accrues. History: 1992 c 565 s 82
Can you summarize MNST 336.4-201?
This provision under the Minnesota Statutes governs the status of a collecting bank as an agent and the provisional status of credits. It establishes that unless a contrary intent is clearly stated, a collecting bank is considered an agent or subagent of the owner of an item, and any settlement given for the item is provisional. This applies regardless of the form of endorsement or lack thereof, and even if credit for the item can be immediately withdrawn.
Can you summarize MNST 336.4-202?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the responsibility of collecting banks in the collection and return of items. A collecting bank is required to exercise ordinary care in presenting an item or sending it for presentment, sending notice of dishonor or nonpayment, settling for an item, and notifying its transferor of any loss or delay in transit. The bank must take proper action within its midnight deadline following receipt of an item, notice, or settlement to exercise ordinary care.
Can you summarize MNST 336.4-203?
Subject to article 3 concerning conversion of instruments (section 336.3-420 ) and restrictive endorsements (section 336.3-206 ), only a collecting bank’s transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank is not liable to prior parties for any action taken pursuant to the instructions or in accordance with any agreement with its transferor. History: 1965 c 811 s 336.4-203; 1992 c 565 s 85
Can you summarize MNST 336.4-204?
(a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items. (b) A collecting bank may send: (1) an item directly to the payor bank; (2) an item to a nonbank payor if authorized by its transferor; and (3) an item other than documentary drafts to a nonbank payor, if authorized by federal reserve regulation or operating circular, clearinghouse rule, or the like.
Can you summarize MNST 336.4-205?
If a customer delivers an item to a depositary bank for collection: (1) the depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer endorses the item, and, if the bank satisfies the other requirements of section 336.3-302 , it is a holder in due course; and (2) the depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account.
Can you summarize MNST 336.4-206?
Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank. History: 1965 c 811 s 336.4-206; 1992 c 565 s 88
Can you summarize MNST 336.4-207?
This legal document governs transfer warranties in the context of item transfers and settlements. It applies to customers, collecting banks, transferees, and subsequent collecting banks involved in the transfer of items. The document outlines the warranties made by the transferor, including the authenticity and authorization of signatures, absence of alterations, absence of defenses or claims in recoupment, lack of knowledge of insolvency proceedings, and authorization for remotely created items. If an item is dishonored, the transferor is obliged to pay the amount due on the item according to its terms at the time of transfer or completion.
Can you summarize MNST 336.4-208?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses presentment warranties in the context of drafts and items. It outlines the obligations and warranties of various parties involved in the payment or acceptance of drafts, including the person obtaining payment or acceptance, previous transferors of the draft, and the drawee. The document specifies the warranties that must be made regarding the entitlement to enforce the draft, absence of alterations, knowledge of unauthorized signatures, and authorization for remotely created items.
Can you summarize MNST 336.4-209?
This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs encoding and retention warranties. It establishes the warranties made by persons who encode information on or with respect to an item after issue, as well as persons who undertake to retain an item pursuant to an agreement for electronic presentment. These warranties extend to subsequent collecting banks, payor banks or other payors.
Can you summarize MNST 336.4-210?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically section 336.4-210, addresses the security interest of a collecting bank in items, accompanying documents, and proceeds. It outlines the circumstances under which a collecting bank has a security interest, including when credit has been withdrawn or applied for an item deposited in an account, when credit has been given for an item available for withdrawal, or when an advance has been made on or against the item.
Can you summarize MNST 336.4-211?
336.4-211 MS 1990 [Renumbered 336.4-213 ] 336.4-211 WHEN BANK GIVES VALUE FOR PURPOSES OF HOLDER IN DUE COURSE. For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of section 336.3-302 on what constitutes a holder in due course. History: 1965 c 811 s 336.
Can you summarize MNST 336.4-212?
This provision, part of the Minnesota Statutes under the Uniform Commercial Code, governs the presentment of items that are not payable by, through, or at a bank. It allows a collecting bank to present such an item by sending a notice to the party who is supposed to accept or pay it. The notice must be sent in time to be received on or before the day when presentment is due.
Can you summarize MNST 336.4-213?
This legal provision, found in the Minnesota Statutes under the Uniform Commercial 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, clearinghouse 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.
Can you summarize MNST 336.4-214?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses the right of chargeback or refund, liability of collecting banks, and the return of items. It applies to collecting banks, their customers, and depositary banks. The document outlines the actions a collecting bank can take if it fails to receive settlement for an item, including revoking settlement, charging back the amount credited to the customer’s account, or obtaining a refund.
Can you summarize MNST 336.4-215?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the final payment of items by payor banks, provisional settlements, and the availability of funds for withdrawal. It specifies 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 provisionally settled and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid.
Can you summarize MNST 336.4-216?
This legal document, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the rules related to insolvency and preference. It outlines various scenarios and obligations for payor banks, collecting banks, receivers, trustees, agents in charge of closed banks, and owners of items. The document states that if an item is in the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, it must be returned to the presenting bank or the closed bank’s customer.
Can you summarize MNST 336.4-301?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It states that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment, it has the right to revoke the settlement and recover the settlement amount under certain conditions.
Can you summarize MNST 336.4-302?
This legal document, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the responsibility of a payor bank for the late return of an item. According to the document, if a payor bank receives an item and retains it beyond midnight of the banking day of receipt without settling for it, or fails to pay, return, or send notice of dishonor until after its midnight deadline, the bank is accountable for the amount of the item.
Can you summarize MNST 336.4-303?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the Uniform Commercial Code. It governs the rights and duties of payor banks regarding items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which items may be charged or certified. According to the document, 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 right or duty to pay an item or charge the customer’s account if certain conditions are met.
Can you summarize MNST 336.4-401?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the charging of a customer’s account by a bank. It states that a bank may 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 in accordance with any agreement between the customer and the bank.
Can you summarize MNST 336.4-402?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the liability of payor banks to their customers for wrongful dishonor of items. It states that a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but it may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft. The payor bank is liable to its customer for damages caused by the wrongful dishonor, including actual damages and consequential damages such as arrest or prosecution of the customer.
Can you summarize MNST 336.4-403?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the right of a customer or any authorized person to stop payment of any item drawn on the customer’s 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. If multiple signatures are required to draw on the account, any of these persons may stop payment or close the account.
Can you summarize MNST 336.4-404?
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: 1965 c 811 s 336.4-404; 1992 c 565 s 105
Can you summarize MNST 336.4-405?
(a) A payor or collecting bank’s authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect, or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.
Can you summarize MNST 336.4-406?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the customer’s duty to discover and report unauthorized signatures or alterations in banking transactions. It establishes the responsibilities of both banks and customers in handling statements of account and items paid. The document requires banks to either return the items paid or provide sufficient information in the statement of account for customers to identify the items. If the items are not returned, the person retaining them must maintain the capacity to furnish legible copies for seven years.
Can you summarize MNST 336.4-407?
If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights: (1) of any holder in due course on the item against the drawer or maker; (2) of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and (3) of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.
Can you summarize MNST 336.4-501?
A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. History: 1965 c 811 s 336.4-501; 1992 c 565 s 109
Can you summarize MNST 336.4-502?
If a draft or the relevant instructions require presentment ‘on arrival,’ ‘when goods arrive’ or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.
Can you summarize MNST 336.4-503?
This legal document governs the responsibility of a presenting bank when dealing with documents and goods in relation to a documentary draft. It applies specifically to banks presenting a documentary draft. The document outlines the obligations of the presenting bank, including the delivery of documents to the drawee upon acceptance or payment, seeking instructions from a designated referee in case of need upon dishonor, and notifying the transferor of dishonor and the results of efforts to ascertain the reasons for dishonor.
Can you summarize MNST 336.4-504?
(a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. (b) For its reasonable expenses incurred by action under subsection (a), the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller’s lien.
Can you summarize MNST 336.4A-101?
This article may be cited as Uniform Commercial Code–Funds Transfers. History: 1990 c 582 art 1 s 1
Can you summarize MNST 336.4A-102?
Except as otherwise provided in section 336.4A-108 , this article applies to funds transfers defined in section 336.4A-104 . History: 1990 c 582 art 1 s 2
Can you summarize MNST 336.4A-103?
This legal document, part of the Minnesota Statutes under the TRADE REGULATIONS, CONSUMER PROTECTION section, specifically the UNIFORM COMMERCIAL CODE, defines various terms related to payment orders. A payment order refers to an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions other than the time of payment, and the receiving bank is reimbursed by debiting the sender’s account or receiving payment from the sender.
Can you summarize MNST 336.4A-104?
In this article: (a) ‘Funds transfer’ means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order. A funds transfer is completed by acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s payment order.
Can you summarize MNST 336.4A-105?
This legal document, known as Uniform Commercial Code (UCC) Article 4A, governs funds transfers and payment orders between banks and customers. It applies to banks, customers, and other entities involved in funds transfers. The document provides definitions for various terms used in the article, such as ‘authorized account,’ ‘bank,’ ‘customer,’ ‘funds-transfer business day,’ ‘funds-transfer system,’ and more. It also references definitions from other sections of the UCC that apply to this article.
Can you summarize MNST 336.4A-106?
This legal document governs the time of receipt of a payment order or communication canceling or amending a payment order. It applies to receiving banks involved in funds transfers. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. Different cut-off times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day.
Can you summarize MNST 336.4A-107?
Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this article to the extent of the inconsistency. History: 1990 c 582 art 1 s 7
Can you summarize MNST 336.4A-108?
This article pertains to funds transfers and their regulation. It specifies that the article does not apply to funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers that are also electronic fund transfers. In the event of any inconsistency between this article and the Electronic Fund Transfer Act, the provisions of the Electronic Fund Transfer Act govern. The article does not mention any specific penalties for non-compliance or violation.
Can you summarize MNST 336.4A-201?
‘Security procedure’ means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or canceling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback procedures, or similar security devices.
Can you summarize MNST 336.4A-202?
This legal document governs payment orders and their authorization. It applies to receiving banks and customers. A payment order received by the receiving bank is considered authorized if the person identified as the sender authorized the order or is bound by it under agency law. If a bank and its customer have agreed to verify the authenticity of payment orders through a security procedure, a payment order received by the bank is effective as the order of the customer, regardless of authorization, if the security procedure is commercially reasonable and the bank accepted the payment order in good faith and compliance with the security procedure.
Can you summarize MNST 336.4A-203?
This legal document, part of the Minnesota Statutes under the TRADE REGULATIONS, CONSUMER PROTECTION section, specifically falls under the UNIFORM COMMERCIAL CODE. It addresses the unenforceability of certain verified payment orders. If a payment order is not an authorized order of a customer but is effective as an order of the customer, the receiving bank may limit its entitlement to enforce or retain payment through an express written agreement. However, if the customer can prove that the order was not caused by a person entrusted with duties related to payment orders or the security procedure, or by someone who obtained unauthorized access to the customer’s transmitting facilities or information facilitating breach of the security procedure, the receiving bank is not entitled to enforce or retain payment.
Can you summarize MNST 336.4A-204?
This legal document, governed by the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, pertains to the refund of payment and the duty of the customer to report unauthorized payment orders. If a receiving bank accepts a payment order issued in the name of its customer that is not authorized or enforceable against the customer, the bank is required to refund any payment received from the customer to the extent it is not entitled to enforce payment.
Can you summarize MNST 336.4A-205?
This legal document, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically falls under the Uniform Commercial Code. It addresses the issue of erroneous payment orders in funds transfers. If a payment order is transmitted with errors, such as instructing payment to the wrong beneficiary, instructing payment for an amount greater than intended, or being a duplicate of a previous payment order, certain rules apply. If the sender can prove that they followed the security procedure and the error would have been detected if the receiving bank also complied, they are not obliged to pay the order.
Can you summarize MNST 336.4A-206?
(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system.
Can you summarize MNST 336.4A-207?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically falls under the Uniform Commercial Code. It governs the handling of payment orders and the identification of beneficiaries in such orders. According to the document, if the name, bank account number, or other identification of the beneficiary in a payment order refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary and acceptance of the order cannot occur.
Can you summarize MNST 336.4A-208?
This subsection of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs payment orders that identify an intermediary bank or beneficiary’s bank. It outlines the obligations and rights of receiving banks and senders of payment orders in cases where the bank is identified only by an identifying number or both by name and an identifying number. The receiving bank may rely on the number or name as the proper identification of the bank, depending on certain conditions.
Can you summarize MNST 336.4A-209?
This legal document pertains to the acceptance of payment orders in the context of the Uniform Commercial Code (UCC). It outlines the conditions under which a receiving bank, beneficiary’s bank, or originator’s bank accepts a payment order. A receiving bank accepts a payment order when it executes the order, while a beneficiary’s bank accepts a payment order at the earliest of several specified times. Acceptance of a payment order cannot occur before the order is received by the receiving bank.
Can you summarize MNST 336.4A-210?
This legal document governs the rejection of payment orders by receiving banks. It states that a payment order can be rejected by the receiving bank through a notice of rejection transmitted orally, electronically, or in writing. The notice of rejection does not need to use specific words, but it must indicate that the receiving bank is rejecting or will not execute the order. Rejection is effective when the notice is given, either by a reasonable means of transmission or upon receipt if an unreasonable means is used.
Can you summarize MNST 336.4A-211?
This legal document governs the cancellation and amendment of payment orders. It applies to senders and receiving banks involved in payment orders. The document specifies that a communication to cancel or amend a payment order may be transmitted orally, electronically, or in writing. However, if a security procedure is in effect, the communication is only effective if verified or agreed upon by the bank. The document also outlines the conditions under which cancellation or amendment of a payment order is effective, including the need for notice to be received by the receiving bank before acceptance of the order.
Can you summarize MNST 336.4A-212?
If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this article or by express agreement.
Can you summarize MNST 336.4A-301?
(a) A payment order is ’executed’ by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed. (b) ‘Execution date’ of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the sender’s order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received.
Can you summarize MNST 336.4A-302?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, outlines the obligations of a receiving bank when accepting and executing a payment order. The receiving bank is required to issue a payment order that complies with the sender’s instructions and follows any specified intermediary bank or funds-transfer system. If the sender’s instruction indicates an expedited funds transfer, the receiving bank must transmit the payment order accordingly. However, the receiving bank has the discretion to select a reasonable funds-transfer system and may deviate from the sender’s instruction if it is not feasible or would unduly delay the funds transfer.
Can you summarize MNST 336.4A-303?
This legal document governs the erroneous execution of payment orders. It applies to receiving banks, senders of payment orders, and beneficiaries of payment orders. The document outlines the entitlements and obligations of receiving banks in cases where they execute payment orders incorrectly. If a receiving bank issues a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order and can recover the excess payment from the beneficiary.
Can you summarize MNST 336.4A-304?
If the sender of a payment order that is erroneously executed as stated in section 336.4A-303 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the notification from the bank was received by the sender.
Can you summarize MNST 336.4A-305?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the liability of receiving banks in cases of late or improper execution or failure to execute a payment order. If a funds transfer is completed but the receiving bank breaches section 336.4A-302, resulting in a delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary for the period of delay caused by the improper execution.
Can you summarize MNST 336.4A-401?
‘Payment date’ of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, is the day the order is received by the beneficiary’s bank. History: 1990 c 582 art 1 s 26
Can you summarize MNST 336.4A-402?
This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, outlines the obligations of the sender to pay the receiving bank in the context of payment orders. If a payment order is issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, with payment due on the payment date.
Can you summarize MNST 336.4A-403?
This legal document governs the payment of the sender’s obligation to the receiving bank under section 336.4A-402 of the Minnesota Statutes, specifically related to trade regulations and consumer protection under the Uniform Commercial Code. The document outlines the various scenarios in which payment occurs, such as when the receiving bank receives final settlement through a Federal Reserve Bank or funds-transfer system, or when the receiving bank debits an account of the sender.
Can you summarize MNST 336.4A-404?
This legal document governs the obligation of a beneficiary’s bank to pay and provide notice to the beneficiary. If a beneficiary’s bank accepts a payment order, it is obliged to pay the amount of the order to the beneficiary. Payment is due on the payment date, or on the next funds-transfer business day if acceptance occurs after the close of the bank’s funds-transfer business day. If the bank refuses to pay after demand by the beneficiary and notice of consequential damages, the beneficiary may recover damages if the bank had notice, unless the bank proves a reasonable doubt concerning the right to payment.
Can you summarize MNST 336.4A-405?
This legal document, governed by the Minnesota Statutes, specifically the Uniform Commercial Code under Trade Regulations and Consumer Protection, outlines the rules regarding payment by the beneficiary’s bank to the beneficiary. According to the document, payment of the bank’s obligation occurs when the beneficiary is notified of the right to withdraw the credit, when the bank applies the credit to a debt of the beneficiary, or when funds with respect to the order are made available to the beneficiary by the bank.
Can you summarize MNST 336.4A-406?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the payment by the originator to the beneficiary in a funds transfer and the discharge of the underlying obligation. The originator is required to pay the beneficiary at the time the payment order is accepted by the beneficiary’s bank, in an amount equal to or less than the originator’s order. If payment is made to satisfy an obligation, the obligation is discharged unless certain conditions are met.
Can you summarize MNST 336.4A-501?
This legal document governs the rights and obligations of parties involved in a funds transfer. It allows for the variation of these rights and obligations through agreement. The document also defines the term ‘funds-transfer system rule’ as a rule of an association of banks that governs the transmission of payment orders or the rights and obligations between banks involved in a funds transfer. It states that a funds-transfer system rule may be effective even if it conflicts with this article and indirectly affects another party to the funds transfer who does not consent to the rule.
Can you summarize MNST 336.4A-502?
This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the handling of creditor process served on a receiving bank and the setoff by a beneficiary’s bank. The document defines ‘creditor process’ as various legal processes issued by or on behalf of a creditor or claimant with respect to an account. If the creditor process is served on the receiving bank and the bank accepts the payment order, the balance in the authorized account is deemed to be reduced by the amount of the payment order, unless the bank had a reasonable opportunity to act on the process before accepting the payment order.
Can you summarize MNST 336.4A-503?
For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator’s bank from executing the payment order of the originator, or (iii) the beneficiary’s bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.
Can you summarize MNST 336.4A-504?
(a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence. (b) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.
Can you summarize MNST 336.4A-505?
If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer’s objection to the payment within one year after the notification was received by the customer.
Can you summarize MNST 336.4A-506?
This legal document, under the Minnesota Statutes, specifically under the TRADE REGULATIONS, CONSUMER PROTECTION section of the UNIFORM COMMERCIAL CODE, governs the rate of interest applicable to payment orders issued to receiving banks. The amount of interest payable can be determined by agreement between the sender and receiving bank or by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system. If the amount of interest is not determined by an agreement or rule, it is calculated based on the applicable Federal Funds rate multiplied by the amount on which interest is payable, and then multiplied by the number of days for which interest is payable.
Can you summarize MNST 336.4A-507?
This legal document governs the rights and obligations between the sender of a payment order and the receiving bank, the rights and obligations between the beneficiary’s bank and the beneficiary, and the issue of when payment is made in a funds transfer from the originator to the beneficiary. Unless otherwise agreed or specified, the law of the jurisdiction where the receiving bank is located governs the rights and obligations between the sender and the receiving bank, the law of the jurisdiction where the beneficiary’s bank is located governs the rights and obligations between the beneficiary’s bank and the beneficiary, and the law of the jurisdiction where the beneficiary’s bank is located determines when payment is made in a funds transfer.
Can you summarize MNST 336.9-101?
336.9-101 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-101 SHORT TITLE. This article may be cited as Uniform Commercial Code - Secured Transactions. History: 2000 c 399 art 1 s 1
Can you summarize MNST 336.9-102?
This legal document, part of the Minnesota Statutes, provides definitions and an index of definitions for the Uniform Commercial Code (UCC). It covers various terms used in the UCC, including those related to secured transactions, collateral, obligations, and transactions involving goods, services, and property. The document applies to individuals, organizations, and entities involved in commercial transactions, such as buyers, sellers, lenders, debtors, and secured parties. It does not provide specific exemptions or penalties.
Can you summarize MNST 336.9-103?
This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the concept of purchase-money security interest, the application of payments, and the burden of establishing such interests. It defines purchase-money collateral as goods or software that secure a purchase-money obligation, which is an obligation incurred as part of the price of the collateral or to enable the debtor to acquire rights in or use of the collateral.
Can you summarize MNST 336.9-104?
336.9-104 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-104 CONTROL OF DEPOSIT ACCOUNT. (a) Requirements for control. A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit account is maintained; (2) the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or (3) the secured party becomes the bank’s customer with respect to the deposit account.
Can you summarize MNST 336.9-105?
This provision, part of the Minnesota Statutes under the Uniform Commercial Code, governs the control of electronic chattel paper. It states that a secured party has control of electronic chattel paper if a system is employed to reliably establish the secured party as the assignee of the chattel paper. The system must ensure that a single authoritative copy of the record exists, which is unique, identifiable, and unalterable, except as provided in specific circumstances.
Can you summarize MNST 336.9-106?
This legal document, repealed in 2000, pertains to the control of investment property. It outlines the various forms of control for certificated securities, uncertificated securities, security entitlements, and commodity contracts. A person has control of a security or security entitlement as provided in section 336.8-106. Additionally, a secured party has control of a commodity contract if they are the carrying commodity intermediary or if an agreement is in place between the commodity customer, secured party, and commodity intermediary.
Can you summarize MNST 336.9-107?
336.9-107 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-107 CONTROL OF LETTER OF CREDIT RIGHT. A secured party has control of a letter of credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 336.5-114 (c) or otherwise applicable law or practice.
Can you summarize MNST 336.9-108?
This legal document, section 336.9-108 of the Minnesota Statutes, pertains to the sufficiency of description in transactions governed by the Uniform Commercial Code. It states that a description of personal or real property is considered sufficient if it reasonably identifies what is described, unless otherwise specified. The document provides examples of reasonable identification, such as specific listing, category, type of collateral defined in the Uniform Commercial Code, quantity, computational or allocational formula or procedure, or any other objectively determinable method.
Can you summarize MNST 336.9-109?
This document outlines the scope of the Uniform Commercial Code (UCC) in Minnesota, specifically related to security interests in personal property or fixtures, agricultural liens, sales of accounts, chattel paper, payment intangibles, promissory notes, consignments, and certain security interests arising under other sections of the UCC. It applies to individuals and entities involved in transactions that create these types of security interests. However, there are exemptions to the application of this article, such as when a statute, regulation, or treaty of the United States preempts the UCC, when another statute of Minnesota expressly governs the creation, perfection, priority, or enforcement of a security interest, when a statute of another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest, when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior, and when specific exemptions related to liens, assignments, transfers, or claims are applicable.
Can you summarize MNST 336.9-110?
336.9-110 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-110 SECURITY INTERESTS ARISING UNDER ARTICLE 2 OR 2A. A security interest arising under section 336.2-401 , 336.2-505 , 336.2-711 (3), or 336.2A-508 (5) is subject to this article. However, until the debtor obtains possession of the goods: (1) the security interest is enforceable, even if section 336.9-203 (b)(3) has not been satisfied; (2) filing is not required to perfect the security interest; (3) the rights of the secured party after default by the debtor are governed by article 2 or 2A; and (4) the security interest has priority over a conflicting security interest created by the debtor.
Can you summarize MNST 336.9-201?
This legal document, governed by the Uniform Commercial Code, establishes the general effectiveness of security agreements. It states that a security agreement is effective according to its terms between the parties involved, against purchasers of the collateral, and against creditors. The document also mentions that transactions subject to this article are subject to applicable consumer laws, regulations, and statutes that regulate rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit.
Can you summarize MNST 336.9-202?
336.9-202 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-202 TITLE TO COLLATERAL IMMATERIAL. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor. History: 2000 c 399 art 1 s 12
Can you summarize MNST 336.9-203?
This legal document, governed by the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically falls under the Uniform Commercial Code. It addresses the attachment and enforceability of security interests, proceeds, supporting obligations, and formal requisites. The document outlines the conditions under which a security interest becomes enforceable against the debtor and third parties, including the requirement of value given, the debtor’s rights in the collateral, and specific conditions such as authentication of a security agreement or possession of collateral by the secured party.
Can you summarize MNST 336.9-204?
336.9-204 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-204 AFTER-ACQUIRED PROPERTY; FUTURE ADVANCES. (a) After-acquired collateral. Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) When after-acquired property clause not effective. A security interest does not attach under a term constituting an after-acquired property clause to: (1) consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or (2) a commercial tort claim.
Can you summarize MNST 336.9-205?
336.9-205 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-205 USE OR DISPOSITION OF COLLATERAL PERMISSIBLE. (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; (B) collect, compromise, enforce, or otherwise deal with collateral; (C) accept the return of collateral or make repossessions; or (D) use, commingle, or dispose of proceeds; or (2) the secured party fails to require the debtor to account for proceeds or replace collateral.
Can you summarize MNST 336.9-206?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses security interests arising in the purchase or delivery of financial assets. It outlines the conditions under which a security interest in favor of a securities intermediary attaches to a person’s security entitlement when they buy a financial asset through the securities intermediary. Additionally, it explains that a security interest in favor of a person delivering a certificated security or other financial asset attaches to the security or financial asset if certain conditions are met.
Can you summarize MNST 336.9-207?
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the rights and duties of a secured party who has possession or control of collateral. It establishes the duty of care for the secured party in the custody and preservation of the collateral. The document outlines the expenses, risks, duties, and rights of the secured party when in possession of the collateral. It also covers the duties and rights of a secured party who has possession or control of collateral.
Can you summarize MNST 336.9-208?
This section of the Minnesota Statutes, under the Uniform Commercial Code, outlines the additional duties of a secured party who has control of collateral. It applies to cases where there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. The section specifies the duties of the secured party after receiving a demand from the debtor. These duties include releasing the bank from further obligations regarding a deposit account, paying the debtor the balance on deposit or transferring it to a deposit account in the debtor’s name, communicating the authoritative copy of electronic chattel paper to the debtor or its designated custodian, releasing the designated custodian from further obligations, sending an authenticated record to release the securities intermediary or commodity intermediary from complying with entitlement orders or directions, sending an authenticated release to persons with unfulfilled obligations regarding a letter of credit right, and giving control of an electronic document to the debtor or its designated custodian.
Can you summarize MNST 336.9-209?
(a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Duties of secured party after receiving demand from debtor. Within ten days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 336.
Can you summarize MNST 336.9-210?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to requests for accounting, requests regarding a list of collateral, and requests regarding a statement of account. It defines the terms used in this section, such as ‘request,’ ‘request for an accounting,’ ‘request regarding a list of collateral,’ and ‘request regarding a statement of account.’ The document outlines the duty of a secured party, excluding buyers of certain types of assets and consignors, to respond to these requests within 14 days by providing an accounting, approving or correcting a list of collateral, or approving or correcting a statement of account.
Can you summarize MNST 336.9-301?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the perfection and priority of security interests. It establishes rules for determining the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral. The document specifies that the local law of the jurisdiction where the debtor is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
Can you summarize MNST 336.9-302?
336.9-302 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-302 LAW GOVERNING PERFECTION AND PRIORITY OF AGRICULTURAL LIENS. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products. History: 2000 c 399 art 1 s 22
Can you summarize MNST 336.9-303?
This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the perfection and priority of security interests in goods covered by a certificate of title. It applies to goods that are covered by a certificate of title, regardless of any other relationship between the jurisdiction issuing the certificate and the goods or debtor. The section defines when goods become covered by a certificate of title and when they cease to be covered.
Can you summarize MNST 336.9-304?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the perfection and priority of security interests in deposit accounts. It states that the local law of a bank’s jurisdiction governs the perfection, effect, and priority of a security interest in a deposit account maintained with that bank. The document provides rules to determine a bank’s jurisdiction, such as agreements between the bank and the debtor/customer, the location of the office serving the customer’s account, or the chief executive office of the bank.
Can you summarize MNST 336.9-305?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the perfection and priority of security interests in investment property. It establishes the rules for determining the governing law and jurisdiction for different types of securities, including certificated securities, uncertificated securities, security entitlements, securities accounts, commodity contracts, and commodity accounts. The document specifies that the local law of the jurisdiction where a security certificate is located governs perfection and priority for certificated securities, while the local law of the issuer’s jurisdiction governs perfection and priority for uncertificated securities.
Can you summarize MNST 336.9-306?
This legal document, governed by the Uniform Commercial Code under Minnesota Statutes, pertains to the perfection and priority of security interests in letter of credit rights. It states that the local law of the issuer’s jurisdiction or a nominated person’s jurisdiction governs the perfection, effect, and priority of a security interest in a letter of credit right if the issuer’s jurisdiction or nominated person’s jurisdiction is a state. The issuer’s or nominated person’s jurisdiction is defined as the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter of credit right.
Can you summarize MNST 336.9-307?
This legal document, specifically Section 336.9-307 of the Minnesota Statutes, provides rules for determining the location of a debtor in the context of nonpossessory security interests. The document defines ‘place of business’ as a location where a debtor conducts its affairs. It states that an individual debtor is located at their principal residence, while an organization debtor with only one place of business is located at that place of business. If an organization debtor has multiple places of business, it is located at its chief executive office.
Can you summarize MNST 336.9-308?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the perfection of security interests and agricultural liens. It specifies that a security interest is perfected if it has attached and all applicable requirements for perfection have been satisfied. Similarly, an agricultural lien is perfected if it has become effective and all applicable requirements have been satisfied. The document also states that a security interest or agricultural lien can be perfected continuously by different methods under this article, without any period of being unperfected.
Can you summarize MNST 336.9-309?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically section 336.9-309, outlines the types of security interests that are considered perfected upon attachment. The document lists various scenarios where security interests are automatically perfected, such as purchase-money security interests in consumer goods, assignments of accounts or payment intangibles that do not transfer a significant part of the assignor’s outstanding accounts, sales of payment intangibles or promissory notes, security interests created by the assignment of health-care-insurance receivables, and more.
Can you summarize MNST 336.9-310?
This legal document, part of the Minnesota Statutes’ Uniform Commercial Code, addresses the requirements for filing to perfect security interests and agricultural liens. In general, a financing statement must be filed to perfect these interests, unless specific exemptions apply. The exemptions include security interests that are perfected through other means, such as possession or control, and certain types of collateral. The document also clarifies that the assignment of a perfected security interest or agricultural lien does not require a new filing to maintain its perfected status against creditors and transferees.
Can you summarize MNST 336.9-311?
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the perfection of security interests in property subject to certain statutes, regulations, and treaties. It states that filing a financing statement is not necessary or effective to perfect a security interest in property subject to specified laws and regulations. Compliance with the requirements of the relevant laws and regulations for obtaining priority over the rights of a lien creditor is equivalent to filing a financing statement.
Can you summarize MNST 336.9-312?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the perfection of security interests in various types of collateral. It allows for the perfection of security interests in chattel paper, negotiable documents, instruments, and investment property through filing. However, for deposit accounts, letter of credit rights, and money, perfection can only be achieved through control or possession. The document also outlines the methods of perfection for goods covered by negotiable and nonnegotiable documents while in the possession of a bailee.
Can you summarize MNST 336.9-313?
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the perfection of security interests without filing. It states that a secured party can perfect a security interest in tangible negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. Additionally, a secured party can perfect a security interest in certificated securities by taking delivery of the certificated securities. However, for goods covered by a certificate of title issued by the state, a secured party can only perfect a security interest by taking possession of the goods in specific circumstances described in section 336.
Can you summarize MNST 336.9-314?
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the concept of perfection by control of security interests. It states that a security interest in investment property, deposit accounts, letter of credit rights, electronic chattel paper, or electronic documents can be perfected by control. The document outlines the specific sections under which control can be obtained and retained. It distinguishes between different types of collateral, such as deposit accounts, electronic chattel paper, letter of credit rights, electronic documents, and investment property, and explains the time of perfection by control and the continuation of perfection for each type.
Can you summarize MNST 336.9-315?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the rights of secured parties and agricultural lienholders regarding the disposition of collateral and the proceeds derived from such disposition. It states that a security interest or agricultural lien continues in collateral even after its sale, lease, license, exchange, or other disposition, unless the secured party authorized the disposition free of the security interest or agricultural lien.
Can you summarize MNST 336.9-316?
This legal document, section 336.9-316 of the Minnesota Statutes, addresses the effect of a change in governing law on the perfection of security interests. It applies to creditors and debtors who have security interests in collateral. According to the document, a security interest remains perfected until the earliest of three events: the time perfection would have ceased under the law of the designated jurisdiction, the expiration of four months after a change of the debtor’s location to another jurisdiction, or the expiration of one year after a transfer of collateral to a person located in another jurisdiction.
Can you summarize MNST 336.9-317?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the interests that take priority over or take free of security interest or agricultural lien. It states that a security interest or agricultural lien is subordinate to the rights of persons entitled to priority under section 336.9-322 and lien creditors who become lien creditors before the security interest or agricultural lien is perfected or a financing statement is filed.
Can you summarize MNST 336.9-318?
336.9-318 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-318 NO INTEREST RETAINED IN RIGHT TO PAYMENT THAT IS SOLD; RIGHTS AND TITLE OF SELLER OF ACCOUNT OR CHATTEL PAPER WITH RESPECT TO CREDITORS AND PURCHASERS. (a) Seller retains no interest. A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold. (b) Deemed rights of debtor if buyer’s security interest unperfected.
Can you summarize MNST 336.9-319?
(a) Consignee has consignor’s rights. Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer. (b) Applicability of other law. For purposes of determining the rights of a creditor of a consignee, law other than this article determines the rights and title of a consignee while goods are in the consignee’s possession if, under this part, a perfected security interest held by the consignor would have priority over the rights of the creditor.
Can you summarize MNST 336.9-320?
This legal document pertains to the provisions of the Uniform Commercial Code related to buyers of goods. It outlines the rights of different types of buyers in various circumstances. A buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the buyer knows of its existence.
Can you summarize MNST 336.9-321?
This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section, pertains to the rights of a licensee in the ordinary course of business and a lessee in the ordinary course of business. A licensee in the ordinary course is defined as a person who becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind.
Can you summarize MNST 336.9-322?
This legal document, part of the Minnesota Statutes’ Uniform Commercial Code, establishes the rules for determining priority among conflicting security interests and agricultural liens on the same collateral. The general priority rules state that conflicting perfected security interests and agricultural liens rank according to the time of filing or perfection. A perfected security interest or agricultural lien takes priority over a conflicting unperfected security interest or agricultural lien. The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected.
Can you summarize MNST 336.9-323?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, addresses the priority of perfected security interests, subordination to lien creditors, and priority of buyers and lessees of goods. It states that the perfection of a security interest dates from the time an advance is made, provided certain conditions are met. A security interest is subordinate to the rights of a person who becomes a lien creditor, unless the advance is made without knowledge of the lien or pursuant to a commitment entered into without knowledge of the lien.
Can you summarize MNST 336.9-324?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, establishes the priority of purchase-money security interests in various types of goods. A purchase-money security interest refers to a security interest taken by a seller or lender to secure the purchase price or loan used to acquire the collateral. The document outlines the general rule that a perfected purchase-money security interest in goods, other than inventory or livestock, has priority over a conflicting security interest in the same goods.
Can you summarize MNST 336.9-325?
(a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debtor acquired the collateral subject to the security interest created by the other person; (2) the security interest created by the other person was perfected when the debtor acquired the collateral; and (3) there is no period thereafter when the security interest is unperfected.
Can you summarize MNST 336.9-326?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, addresses the priority of security interests created by a new debtor. It states that a security interest created by a new debtor in collateral, which is perfected solely by a filed financing statement that would be ineffective to perfect the security interest without the application of specific sections, is subordinate to a security interest in the same collateral that is perfected through means other than a filed financing statement.
Can you summarize MNST 336.9-327?
The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under section 336.9-104 has priority over a conflicting security interest held by a secured party that does not have control. (2) Except as otherwise provided in paragraphs (3) and (4), security interests perfected by control under section 336.9-314 rank according to priority in time of obtaining control.
Can you summarize MNST 336.9-328?
This legal document governs the priority of security interests in investment property. It applies to secured parties with conflicting security interests in investment property. The document establishes rules for determining the priority of security interests based on control of the investment property and the type of collateral involved. It specifies that a security interest held by a secured party with control of the investment property has priority over a security interest held by a secured party without control.
Can you summarize MNST 336.9-329?
The following rules govern priority among conflicting security interests in the same letter of credit right: (1) A security interest held by a secured party having control of the letter of credit right under section 336.9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. (2) Security interests perfected by control under section 336.9-314 rank according to priority in time of obtaining control.
Can you summarize MNST 336.9-330?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the priority of purchasers of chattel paper or instruments. It outlines the conditions under which a purchaser of chattel paper has priority over a security interest claimed as proceeds of inventory subject to a security interest. The purchaser must give new value, take possession of the chattel paper, or obtain control of it in good faith and in the ordinary course of business.
Can you summarize MNST 336.9-331?
(a) Rights under articles 3, 7, and 8 not limited. This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in articles 3, 7, and 8.
Can you summarize MNST 336.9-332?
(a) Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party. (b) Transferee of funds from deposit account. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
Can you summarize MNST 336.9-333?
(a) Possessory lien. In this section, ‘possessory lien’ means an interest, other than a security interest or an agricultural lien: (1) which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business; (2) which is created by statute or rule of law in favor of the person; and (3) whose effectiveness depends on the person’s possession of the goods.
Can you summarize MNST 336.9-334?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the priority of security interests in fixtures and crops. It outlines the rules regarding security interests in goods that are fixtures or become fixtures, as well as the subordination of security interests to conflicting interests of encumbrancers or owners of related real property. The document also covers the priority of security interests in fixtures over interests in real property, based on factors such as fixture filing, possession, and consent.
Can you summarize MNST 336.9-335?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the creation, perfection, and priority of security interests in accessions. It states that a security interest can be created in an accession and continues in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected. The priority of a security interest in an accession is determined by the provisions of this part, except when a security interest in the whole is perfected by compliance with a certificate of title statute.
Can you summarize MNST 336.9-336?
This section of the Minnesota Statutes, under the Uniform Commercial Code, governs the concept of commingled goods. Commingled goods refer to goods that are physically combined with other goods in a way that their individual identity is lost. The section clarifies that a security interest does not exist in commingled goods themselves, but it may attach to the resulting product or mass when goods become commingled. If collateral becomes commingled goods, a security interest attaches to the product or mass.
Can you summarize MNST 336.9-337?
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate: (1) a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and (2) the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under section 336.
Can you summarize MNST 336.9-338?
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 336.9-516 (b)(5) which is incorrect at the time the financing statement is filed: (1) the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and (2) a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
Can you summarize MNST 336.9-339?
This article does not preclude subordination by agreement by a person entitled to priority. History: 2000 c 399 art 1 s 59
Can you summarize MNST 336.9-340?
(a) Exercise of recoupment or setoff. Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account. (b) Recoupment or setoff not affected by security interest. Except as otherwise provided in subsection (c), the application of this article to a security interest in a deposit account does not affect a right of recoupment or setoff of the secured party as to a deposit account maintained with the secured party.
Can you summarize MNST 336.9-341?
Except as otherwise provided in section 336.9-340 (c), and unless the bank otherwise agrees in an authenticated record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by: (1) the creation, attachment, or perfection of a security interest in the deposit account; (2) the bank’s knowledge of the security interest; or (3) the bank’s receipt of instructions from the secured party.
Can you summarize MNST 336.9-342?
This article does not require a bank to enter into an agreement of the kind described in section 336.9-104 (a)(2), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer. History: 2000 c 399 art 1 s 62
Can you summarize MNST 336.9-401?
336.9-401 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-401 ALIENABILITY OF DEBTOR’S RIGHTS. (a) Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) and sections 336.9-406 , 336.9-407 , 336.9-408 , and 336.9-409 , whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. (b) Agreement does not prevent transfer. An agreement between the debtor and secured party which prohibits a transfer of the debtor’s rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
Can you summarize MNST 336.9-402?
336.9-402 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-402 SECURED PARTY NOT OBLIGATED ON CONTRACT OF DEBTOR OR IN TORT. The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions. History: 2000 c 399 art 1 s 64
Can you summarize MNST 336.9-403?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the agreement not to assert defenses against an assignee. It states that an agreement between an account debtor and an assignor not to assert any claim or defense against an assignee is enforceable under certain conditions. These conditions include the assignee taking the assignment for value, in good faith, without notice of any claim or defense, and without notice of a defense or claim in recoupment.
Can you summarize MNST 336.9-404?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the rights acquired by an assignee and the claims and defenses that can be made against the assignee. The rights of an assignee are subject to the terms, claims, and defenses agreed upon between the account debtor and assignor. Additionally, any defense or claim of the account debtor against the assignor that arises before receiving notification of the assignment can also be asserted against the assignee.
Can you summarize MNST 336.9-405?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the modification of assigned contracts. It states that a modification or substitution of an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. However, this provision is subject to certain conditions. It applies when the right to payment under an assigned contract has not been fully earned by performance or when the right to payment has been fully earned but the account debtor has not been notified of the assignment.
Can you summarize MNST 336.9-406?
This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the discharge of account debtors, notification of assignment, identification and proof of assignment, and restrictions on the assignment of accounts, chattel paper, payment intangibles, and promissory notes. It states that an account debtor may discharge its obligation by paying the assignor until they receive a notification, authenticated by the assignor or assignee, that the amount due has been assigned and payment is to be made to the assignee.
Can you summarize MNST 336.9-407?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the restrictions on the creation or enforcement of security interests in leasehold interests or lessor’s residual interests. It states that a term in a lease agreement is generally ineffective if it prohibits, restricts, or requires consent for the assignment, transfer, creation, attachment, perfection, or enforcement of a security interest in an interest of a party under the lease contract or in the lessor’s residual interest in the goods.
Can you summarize MNST 336.9-408?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the restrictions on the assignment of promissory notes, health-care-insurance receivables, and certain general intangibles. It states that a term in a promissory note or an agreement between an account debtor and a debtor, which prohibits, restricts, or requires consent for the assignment or transfer of the promissory note, health-care-insurance receivable, or general intangible, is ineffective if it impairs the creation, attachment, or perfection of a security interest or provides that the assignment or transfer may give rise to default or other remedies.
Can you summarize MNST 336.9-409?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the restrictions on the assignment of letter of credit rights. It states that any term in a letter of credit or any rule of law, statute, regulation, custom, or practice that prohibits, restricts, or requires consent for the assignment of or creation of a security interest in a letter of credit right is ineffective to the extent that it impairs the creation, attachment, or perfection of a security interest or provides that the assignment or creation of a security interest may give rise to default, breach, claim, or other remedies under the letter of credit right.
Can you summarize MNST 336.9-501?
This legal document, specifically Minnesota Statutes » TRADE REGULATIONS, CONSUMER PROTECTION » UNIFORM COMMERCIAL CODE, pertains to the filing office for perfection of a security interest or agricultural lien. It states that if the local law of Minnesota governs the perfection of a security interest or agricultural lien, the filing office for a financing statement is determined based on the collateral involved. If the collateral is as-extracted collateral or timber to be cut, or if the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures, then the filing office is the office designated for filing or recording a record of a mortgage on the related real property.
Can you summarize MNST 336.9-502?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the requirements for a financing statement and the record of a mortgage as a financing statement. A financing statement is considered sufficient if it includes the name of the debtor, the name of the secured party or their representative, and indicates the collateral covered. However, for financing statements related to real property, additional requirements must be met, such as indicating the type of collateral, filing for record in the real property records, providing a description of the real property, and including the name of a record owner if the debtor does not have an interest of record.
Can you summarize MNST 336.9-503?
This legal document, governed by the Minnesota Statutes, specifically the Uniform Commercial Code, outlines the requirements for providing the name of the debtor and secured party in a financing statement. The document specifies different scenarios and criteria for sufficiency of the debtor’s name, such as when the debtor is a registered organization, when the collateral is held in a trust, or when the debtor is an individual. It also clarifies that failure to indicate the representative capacity of a secured party does not affect the sufficiency of a financing statement.
Can you summarize MNST 336.9-504?
336.9-504 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-504 INDICATION OF COLLATERAL. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to section 336.9-108 ; or (2) an indication that the financing statement covers all assets or all personal property. History: 2000 c 399 art 1 s 75
Can you summarize MNST 336.9-505?
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the filing and compliance requirements for consignments, leases, other bailments, and other transactions. It allows consignors, lessors, bailors, licensors, and buyers of payment intangibles or promissory notes to file a financing statement or comply with relevant statutes or treaties using specific terms such as ‘consignor,’ ’lessor,’ ‘bailor,’ ’licensor,’ ‘buyer,’ etc., instead of ‘secured party’ and ‘debtor.’ The document clarifies that filing or compliance does not determine whether the collateral secures an obligation, but if it is determined for another reason that the collateral does secure an obligation, the security interest held by the mentioned parties is perfected by the filing or compliance.
Can you summarize MNST 336.9-506?
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the effect of errors or omissions in financing statements. It states that a financing statement that substantially satisfies the requirements of this part is effective, even if it contains minor errors or omissions, unless these errors or omissions make the financing statement seriously misleading. However, a financing statement that fails to provide the name of the debtor in accordance with section 336.
Can you summarize MNST 336.9-507?
This provision, part of the Minnesota Uniform Commercial Code, addresses the effectiveness of a financing statement in certain events. It states that a filed financing statement remains effective even if the collateral is sold, exchanged, leased, licensed, or otherwise disposed of, as long as a security interest or agricultural lien continues. Additionally, a financing statement is not rendered ineffective if the information provided in the financing statement becomes seriously misleading, unless otherwise provided in subsection (c) and section 336.
Can you summarize MNST 336.9-508?
This section of the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the effectiveness of a financing statement if a new debtor becomes bound by a security agreement. It states that a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights, to the extent that the financing statement would have been effective if the original debtor acquired rights in the collateral.
Can you summarize MNST 336.9-509?
This legal document governs the filing of initial financing statements, amendments that add collateral or debtors to financing statements, and termination statements under the Uniform Commercial Code (UCC). It specifies that a person may file an initial financing statement, amendment, or termination statement if the debtor authorizes the filing, or if the person holds an agricultural lien that has become effective. The document also outlines that by authenticating or becoming bound as a debtor by a security agreement, a debtor authorizes the filing of an initial financing statement or amendment covering the collateral described in the security agreement.
Can you summarize MNST 336.9-510?
(a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under section 336.9-509 or by the filing office under section 336.9-5135 . (b) Authorization by one secured party of record. A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record. (c) Continuation statement not timely filed.
Can you summarize MNST 336.9-511?
This legal document pertains to the concept of a secured party of record in the context of financing statements. A secured party of record is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an amendment of a financing statement is filed, the person named in the amendment becomes a secured party of record.
Can you summarize MNST 336.9-512?
This legal document pertains to the amendment of information in a financing statement. It allows a person to add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a financing statement. The amendment must identify the file number of the initial financing statement and provide the necessary information if the amendment relates to an initial financing statement filed or recorded in a specific filing office.
Can you summarize MNST 336.9-513?
This legal document governs the termination of financing statements under the Uniform Commercial Code (UCC) for consumer goods and other collateral. It applies to secured parties and debtors involved in financing statements for consumer goods and other collateral. The document outlines the requirements for filing a termination statement, including situations where there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value.
Can you summarize MNST 336.9-514?
This legal document pertains to the assignment of powers of a secured party of record. It outlines the procedures for reflecting an assignment on an initial financing statement and assigning of record all or part of the power to authorize an amendment to a financing statement. The document specifies that an assignment of record of a security interest in a fixture covered by a record of a mortgage can only be made through an assignment of record of the mortgage as provided by the law of the state.
Can you summarize MNST 336.9-515?
This legal document, under the Minnesota Statutes, falls under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code (UCC). It governs the duration and effectiveness of financing statements. According to the document, a filed financing statement is effective for a period of five years, unless specified otherwise. An initial financing statement filed in connection with a public finance transaction or manufactured home transaction is effective for 30 years.
Can you summarize MNST 336.9-516?
This legal document pertains to the filing and effectiveness of filing under the Uniform Commercial Code (UCC) in Minnesota. It specifies that communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing, unless otherwise provided. The document outlines various circumstances where filing does not occur, such as when the filing office refuses to accept a record due to reasons like improper communication method, insufficient information, or unlawful intent.
Can you summarize MNST 336.9-517?
The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. History: 2000 c 399 art 1 s 88
Can you summarize MNST 336.9-518?
This legal document pertains to the filing of an information statement in the filing office to address inaccuracies or wrongful filings of records. Any person who believes that a record indexed under their name is inaccurate or wrongfully filed can file an information statement. The statement must identify the record, indicate that it is an information statement, and provide the basis for the belief of inaccuracy or wrongful filing. Additionally, a secured party of record with respect to a financing statement can file an information statement if they believe that the person who filed the record was not entitled to do so under section 336.
Can you summarize MNST 336.9-519?
This legal document governs the duties of filing offices in relation to numbering, maintaining, and indexing records, as well as communicating information provided in records. Filing offices are required to assign a unique number to each filed record, create a record with the assigned number and filing date and time, maintain the filed record for public inspection, and index the filed record according to specific guidelines. The document also specifies the requirements for file numbers assigned after July 1, 2001, and the indexing procedures for real property-related financing statements and assignments.
Can you summarize MNST 336.9-520?
This legal document governs the acceptance and refusal to accept records for filing by filing offices. It specifies that a filing office shall refuse to accept a record for filing if it falls under the reasons set forth in section 336.9-516 (b). The filing office may communicate the refusal to the person presenting the record, providing the reason for refusal and the hypothetical filing date and time. A filed financing statement satisfying section 336.
Can you summarize MNST 336.9-521?
(a) Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing statement in the form and format adopted by the National Conference of Commissioners on Uniform State Laws, except for a reason set forth in section 336.9-516 (b). (b) Amendment form. A filing office that accepts written records may not refuse to accept a written amendment of an initial financing statement record in the form and format adopted by the National Conference of Commissioners on Uniform State Laws, except for a reason set forth in section 336.
Can you summarize MNST 336.9-522?
(a) Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under section 336.9-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the initial financing statement to which the record relates.
Can you summarize MNST 336.9-523?
This legal document governs the procedures of the filing office and the sale or license of records. It specifies that if a person files a written record and requests an acknowledgment, the filing office must send an image of the record with the assigned number and filing date. If a copy of the record is furnished, the filing office may note the assigned number and filing date on the copy and send it to the person.
Can you summarize MNST 336.9-524?
Delay by the filing office beyond a time limit prescribed by this part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and (2) the filing office exercises reasonable diligence under the circumstances. History: 2000 c 399 art 1 s 95
Can you summarize MNST 336.9-525?
This legal document governs the fees associated with filing and indexing records under the Uniform Commercial Code (UCC) in Minnesota. The general rule is that the fee for filing and indexing a record is $20, with $5 of the fee collected for each online filing being deposited in the uniform commercial code account. The number of names required to be indexed does not affect the fee amount. Additionally, there is a fee of $20 for responding to a request for information from the filing office, including issuing a certificate or providing images of a financing statement.
Can you summarize MNST 336.9-526?
The secretary of state shall report annually on or before January 1 to the legislature on the operation of the filing office. History: 2000 c 399 art 1 s 97
Can you summarize MNST 336.9-527?
The secretary of state may establish satellite offices by written agreements with public officials within the state for the purpose of meeting the filing officer responsibilities described in sections 336.9-528 to 336.9-530 . The term of the agreement must be set by, and may be renewed by, mutual agreement. The agreement may be terminated upon 60 days’ notice. The secretary must maintain a list of those public officials authorized to act as satellite offices.
Can you summarize MNST 336.9-528?
Satellite offices shall accept Uniform Commercial Code documents and respond to requests for information pursuant to the provisions of sections 336.9-101 to 336.9-708 . A filing made at a satellite office is filed and effective at the same time and under the same rules provided for filing in any other manner in the Uniform Commercial Code information system. The filing date, time, and file number for any Uniform Commercial Code document accepted at a satellite office must be automatically assigned by the Uniform Commercial Code information management system operated by the secretary of state, and the file number must be the next available file number in the Uniform Commercial Code information management system.
Can you summarize MNST 336.9-529?
The secretary of state shall maintain all Uniform Commercial Code documents and the database used to index them regardless of where or how the Uniform Commercial Code document was filed. The Uniform Commercial Code documents and database must be housed in the Uniform Commercial Code information management system. Uniform Commercial Code documents and data shall be available from the secretary of state or any satellite office. The secretary of state shall arrange by mutual agreement with county recorders for the storage and retrieval of existing Uniform Commercial Code documents.
Can you summarize MNST 336.9-530?
This legal document, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically within the Uniform Commercial Code, establishes performance standards for filing officers at satellite offices. It requires all filing officers, whether they are located at the secretary of state’s office or at a satellite office, to perform their responsibilities in a uniform manner. If citizens report concerns about the performance of filing officer responsibilities, they must report it to the secretary of state.
Can you summarize MNST 336.9-531?
This legal document governs the electronic access, liability, and retention of information in the central filing system maintained by the Secretary of State. Private parties may have electronic access to the system and other computerized records on a fee basis, with certain exceptions for visual access at public counters and access by law enforcement personnel. If electronic access is provided, it must be available 24/7. Social Security numbers maintained by the Secretary of State are considered private or nonpublic data.
Can you summarize MNST 336.9-601?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the rights and enforcement procedures after default in a secured transaction. It outlines the rights of a secured party, including the ability to reduce a claim to judgment, foreclose, or enforce the claim through judicial procedures. The document also discusses the rights and duties of a secured party in possession or control of collateral.
Can you summarize MNST 336.9-602?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the rights and duties of debtors, obligors, and secured parties in relation to collateral. It specifies that certain rules cannot be waived or varied by the debtor or obligor if they give rights to the debtor or obligor and impose duties on the secured party. The document lists the specific sections that cannot be waived or varied, including those related to the use and operation of collateral, requests for accounting and information about collateral, collection and enforcement of collateral, application or payment of noncash proceeds, accounting for surplus proceeds, taking possession of collateral without judicial process, disposition of collateral, calculation of deficiency or surplus, explanation of surplus or deficiency calculation, acceptance of collateral in satisfaction of obligation, redemption of collateral, permissible waivers, and secured party’s liability for failure to comply with the article.
Can you summarize MNST 336.9-603?
(a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 336.9-602 if the standards are not manifestly unreasonable. (b) Agreed standards inapplicable to breach of peace. Subsection (a) does not apply to the duty under section 336.9-609 to refrain from breaching the peace. History: 2000 c 399 art 1 s 104
Can you summarize MNST 336.9-604?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, provides guidelines for the enforcement of security agreements that cover both personal and real property, as well as fixtures. If a security agreement covers both personal and real property, a secured party may proceed with enforcement separately for the personal property without affecting their rights with respect to the real property. Alternatively, they may enforce both the personal and real property together, following the rights associated with the real property.
Can you summarize MNST 336.9-605?
A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secured party knows: (A) that the person is a debtor or obligor; (B) the identity of the person; and (C) how to communicate with the person; or (2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows: (A) that the person is a debtor; and (B) the identity of the person.
Can you summarize MNST 336.9-606?
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. History: 2000 c 399 art 1 s 107
Can you summarize MNST 336.9-607?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the collection and enforcement rights of a secured party. It outlines the actions a secured party can take, such as notifying an account debtor or other obligated person to make payment or perform obligations, enforcing obligations, and exercising debtor’s rights. The document also covers the application of deposit account balances, nonjudicial enforcement of mortgages, commercially reasonable collection and enforcement, and the deduction of expenses.
Can you summarize MNST 336.9-608?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically falls under the Uniform Commercial Code. It governs the application of proceeds, surplus, and deficiency when a security interest or agricultural lien secures payment or performance of an obligation. The document outlines the order in which a secured party should apply or pay over the cash proceeds of collection or enforcement, including reasonable expenses, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by any subordinate security interest or lien.
Can you summarize MNST 336.9-609?
(a) Possession; rendering equipment unusable; disposition on debtor’s premises. After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under section 336.9-610 . (b) Judicial and nonjudicial process. A secured party may proceed under subsection (a): (1) pursuant to judicial process; or (2) without judicial process, if it proceeds without breach of the peace.
Can you summarize MNST 336.9-610?
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the disposition of collateral after default. It allows a secured party to sell, lease, license, or otherwise dispose of the collateral in its present condition or after reasonable preparation or processing. The disposition must be commercially reasonable, considering factors such as method, manner, time, place, and terms. The secured party can use public or private proceedings, contracts, and can purchase the collateral themselves under certain conditions.
Can you summarize MNST 336.9-611?
This legal document, governed by the Uniform Commercial Code under the Trade Regulations and Consumer Protection section of the Minnesota Statutes, establishes the requirement for secured parties to provide notification before disposing of collateral. The notification date is defined as the date on which the secured party sends an authenticated notification of disposition to the debtor and any secondary obligor, or when the debtor and any secondary obligor waive the right to notification.
Can you summarize MNST 336.9-612?
(a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) Ten-day period sufficient in nonconsumer transaction. In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Can you summarize MNST 336.9-613?
This legal document governs the contents and form of notification before the disposition of collateral, specifically in non-consumer goods transactions. The document outlines the requirements for a notification of disposition, including the necessary information that must be included such as the description of the debtor and secured party, collateral subject to disposition, method of intended disposition, entitlement to an accounting of unpaid indebtedness, and time and place of public or other disposition.
Can you summarize MNST 336.9-614?
This legal document governs the contents and form of notification before the disposition of collateral in consumer goods transactions. It applies to parties involved in such transactions. The document specifies the information that must be included in the notification, such as details about the collateral, liability for deficiency, contact information for redemption, and additional information about the disposition and the secured obligation. The document provides a suggested form of notification that includes the necessary information.
Can you summarize MNST 336.9-615?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the application of proceeds from the disposition of collateral, liability for deficiency, and the right to surplus. It applies to secured parties, holders of subordinate security interests or other liens, debtors, and obligors. The document outlines the order in which cash proceeds of disposition should be applied, including expenses, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by subordinate security interests or other liens.
Can you summarize MNST 336.9-616?
This legal document governs the calculation of surplus or deficiency in consumer goods transactions. It applies to secured parties, debtors, and consumer obligors involved in such transactions. The document defines the term ’explanation’ as a writing that states the amount of the surplus or deficiency, provides an explanation of how it was calculated, mentions the possibility of future debits, credits, charges, and provides contact information for additional transaction details. A ‘request’ is defined as a record authenticated by a debtor or consumer obligor, requesting an explanation after the disposition of collateral.
Can you summarize MNST 336.9-617?
(a) Effects of disposition. A secured party’s disposition of collateral after default: (1) transfers to a transferee for value all of the debtor’s rights in the collateral; (2) discharges the security interest under which the disposition is made; and (3) discharges any subordinate security interest or other subordinate lien. (b) Rights of good faith transferee. A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this article or the requirements of any judicial proceeding.
Can you summarize MNST 336.9-618?
(a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or (3) is subrogated to the rights of a secured party with respect to collateral.
Can you summarize MNST 336.9-619?
This legal document pertains to the transfer of record or legal title of collateral in accordance with the Uniform Commercial Code. It defines a ’transfer statement’ as a record authenticated by a secured party that states the debtor’s default, the secured party’s exercise of postdefault remedies, and the acquisition of the debtor’s rights by a transferee. The transfer statement must include the names and addresses of the secured party, debtor, and transferee.
Can you summarize MNST 336.9-620?
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the acceptance of collateral in full or partial satisfaction of an obligation and the compulsory disposition of collateral. It outlines the conditions under which a secured party may accept collateral as satisfaction of the obligation, including obtaining the debtor’s consent and not receiving any objections from other interested parties within a specified time. The document also specifies that if the collateral is consumer goods, it should not be in the possession of the debtor when consent is given.
Can you summarize MNST 336.9-621?
This legal document pertains to the acceptance of collateral in full or partial satisfaction of a secured obligation. It outlines the requirements for a secured party to send a proposal to various parties, including those who have claimed an interest in the collateral, other secured parties or lienholders, and secondary obligors. The proposal must be sent within specific timeframes before the debtor consents to the acceptance. Additionally, if the acceptance is partial, the proposal must also be sent to any secondary obligor.
Can you summarize MNST 336.9-622?
(a) Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor’s rights in the collateral; (3) discharges the security interest or agricultural lien that is the subject of the debtor’s consent and any subordinate security interest or other subordinate lien; and (4) terminates any other subordinate interest.
Can you summarize MNST 336.9-623?
(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorneys fees described in section 336.9-615 (a)(1). (c) When redemption may occur. A redemption may occur at any time before a secured party: (1) has collected collateral under section 336.
Can you summarize MNST 336.9-624?
(a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 336.9-611 only by an agreement to that effect entered into and authenticated after default. (b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under section 336.9-620 (e) only by an agreement to that effect entered into and authenticated after default. (c) Waiver of redemption right.
Can you summarize MNST 336.9-625?
This legal document pertains to the remedies available when a secured party fails to comply with the provisions of the Uniform Commercial Code (UCC) Article on trade regulations and consumer protection. If a secured party is found to be noncompliant, a court may order or restrain the collection, enforcement, or disposition of collateral. The noncompliant party may be liable for damages caused by the failure to comply, including loss resulting from the debtor’s inability to obtain alternative financing.
Can you summarize MNST 336.9-626?
This legal document governs actions arising from transactions, other than consumer transactions, where the amount of a deficiency or surplus is in issue. It outlines the rules that apply in such cases. A secured party is not required to prove compliance with certain provisions unless their compliance is challenged by the debtor or a secondary obligor. If compliance is challenged, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with the relevant provisions.
Can you summarize MNST 336.9-627?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the determination of whether conduct was commercially reasonable. It applies to secured parties and creditors. The document states that the fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method does not preclude the secured party from establishing that the action was made in a commercially reasonable manner.
Can you summarize MNST 336.9-628?
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the nonliability and limitation on liability of a secured party, as well as the liability of a secondary obligor. The document outlines the limitations of liability for a secured party in case of noncompliance with the article, based on their knowledge of the debtor or obligor’s identity and communication details. It also specifies that a secured party is not liable solely due to their status as a secured party, unless they have knowledge of the debtor’s identity.
Can you summarize MNST 336.9-701?
Laws 2000, chapter 399, takes effect July 1, 2001. History: 2000 c 399 art 1 s 130
Can you summarize MNST 336.9-702?
This legal document pertains to transactions and liens governed by Laws 2000, chapter 399 under the Minnesota Statutes. It states that Laws 2000, chapter 399 applies to transactions or liens within its scope, even if they were entered into or created before the law takes effect. It also specifies that transactions and liens that were not governed by the former article 9, but were validly entered into or created before Laws 2000, chapter 399 takes effect, remain valid and can be terminated, completed, consummated, and enforced as required or permitted by the law.
Can you summarize MNST 336.9-703?
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the perfection and priority of security interests in relation to lien creditors. It states that a security interest that is enforceable immediately before the effective date of Laws 2000, chapter 399, and would have priority over a person becoming a lien creditor at that time, is considered a perfected security interest if the applicable requirements for enforceability and perfection under Laws 2000, chapter 399, are satisfied without further action.
Can you summarize MNST 336.9-704?
A security interest that is enforceable immediately before Laws 2000, chapter 399, takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest for one year after Laws 2000, chapter 399, takes effect; (2) remains enforceable thereafter if the security interest becomes enforceable under section 336.9-203 when Laws 2000, chapter 399, takes effect or within one year thereafter; and (3) becomes perfected: (A) without further action, when Laws 2000, chapter 399, takes effect if the applicable requirements for perfection under Laws 2000, chapter 399, are satisfied before or at that time; or (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Can you summarize MNST 336.9-705?
This legal document pertains to the effectiveness of actions taken before the effective date of Laws 2000, chapter 399 under the Uniform Commercial Code provisions. It specifies that if an action, other than filing a financing statement, is taken before the effective date and would have resulted in priority of a security interest over the rights of a person becoming a lien creditor, the action is effective to perfect a security interest that attaches under Laws 2000, chapter 399 within one year after its effective date.
Can you summarize MNST 336.9-706?
This legal document pertains to the continuation of the effectiveness of financing statements. It states that the filing of an initial financing statement in the specified office continues the effectiveness of a financing statement filed before Laws 2000, chapter 399 takes effect. The initial financing statement must satisfy certain requirements, including identifying the pre-effective date financing statement and indicating that it remains effective. The filing of an initial financing statement extends the effectiveness of the pre-effective date financing statement for a specific period, depending on whether it is filed before or after Laws 2000, chapter 399 takes effect.
Can you summarize MNST 336.9-707?
This legal document pertains to pre-effective date financing statements. It defines a pre-effective date financing statement as a financing statement filed before Laws 2000, chapter 399 takes effect. After the law takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3.
Can you summarize MNST 336.9-708?
A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under this part: (A) to continue the effectiveness of a financing statement filed before Laws 2000, chapter 399, takes effect; or (B) to perfect or continue the perfection of a security interest. History: 2000 c 399 art 1 s 137
Can you summarize MNST 336.9-709?
(a) Law governing priority. Laws 2000, chapter 399, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before Laws 2000, chapter 399, takes effect, former article 9 determines priority. (b) Priority if security interests become enforceable under section 336.9-203 . For purposes of section 336.9-322 (a), the priority of a security interest that becomes enforceable under section 336.9-203 dates from the time Laws 2000, chapter 399, takes effect if the security interest is perfected under Laws 2000, chapter 399, by the filing of a financing statement before Laws 2000, chapter 399, takes effect which would not have been effective to perfect the security interest under former article 9.
Can you summarize MNST 336.9-801?
Laws 2011, chapter 31, takes effect on July 1, 2013. History: 2011 c 31 art 1 s 16
Can you summarize MNST 336.9-802?
(a) Pre-effective date transactions or liens. Except as otherwise provided in this section, Laws 2011, chapter 31, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before Laws 2011, chapter 31, takes effect. (b) Pre-effective date proceedings. Laws 2011, chapter 31, does not affect an action, case, or proceeding commenced before Laws 2011, chapter 31, takes effect. History: 2011 c 31 art 1 s 16,17
Can you summarize MNST 336.9-803?
This legal document pertains to the perfection of security interests under article 9 of the Uniform Commercial Code. It specifies the requirements for continuing perfection of security interests before and after the effective date of Laws 2011, chapter 31. If a security interest is already perfected before the effective date, it remains perfected under the amended article 9 without further action. However, if the perfection requirements are not satisfied before the effective date, the security interest will only remain perfected if the applicable requirements are met within one year after the effective date.
Can you summarize MNST 336.9-804?
A security interest that is an unperfected security interest immediately before Laws 2011, chapter 31, takes effect becomes a perfected security interest: (1) without further action, when Laws 2011, chapter 31, takes effect if the applicable requirements for perfection under article 9 as amended by Laws 2011, chapter 31, are satisfied before or at that time; or (2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Can you summarize MNST 336.9-805?
This legal document addresses the effectiveness of actions taken before the effective date of Laws 2011, chapter 31, under the Minnesota Statutes. It states that the filing of a financing statement before the effective date is effective to perfect a security interest to the extent it satisfies the applicable requirements for perfection under article 9 as amended by Laws 2011, chapter 31. It also clarifies that Laws 2011, chapter 31, does not render ineffective an effective financing statement filed before its effective date, as long as it satisfies the applicable requirements for perfection under the previous version of article 9.
Can you summarize MNST 336.9-806?
This legal document pertains to the continuation of the effectiveness of financing statements. It states that the filing of an initial financing statement in the specified office continues the effectiveness of a financing statement filed before Laws 2011, chapter 31, takes effect. The initial financing statement must satisfy certain requirements, including identifying the pre-effective date financing statement and indicating that it remains effective. The period of continued effectiveness depends on whether the initial financing statement is filed before or after Laws 2011, chapter 31, takes effect.
Can you summarize MNST 336.9-807?
This legal document pertains to pre-effective date financing statements. It defines a pre-effective date financing statement as a financing statement filed before Laws 2011, chapter 31, takes effect. After the law takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in article 9 as amended by Laws 2011, chapter 31.
Can you summarize MNST 336.9-808?
A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under this part: (A) to continue the effectiveness of a financing statement filed before Laws 2011, chapter 31, takes effect; or (B) to perfect or continue the perfection of a security interest. History: 2011 c 31 art 1 s 16,23
Can you summarize MNST 336.9-809?
Laws 2011, chapter 31, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before Laws 2011, chapter 31, takes effect, article 9 as it existed before amendment determines priority. History: 2011 c 31 art 1 s 16,24
Can you summarize MNST 47.096?
This legal document governs time deposits, including savings certificates and certificates of deposit, that are automatically renewable by their own terms if not redeemed at a specified redemption date. It requires financial corporations receiving such deposits to provide written notice to the owner or holder of the deposit at least 30 days prior to the redemption date. The notice should be sent to the last known address of the owner or holder and should state the date of automatic renewal, as well as any penalty diminution of interest or other consequences resulting from failure to redeem prior to automatic renewal.
Can you summarize MNST 47.20?
This legal document governs the lending authority of financial institutions in Minnesota. It applies to banks, savings banks, savings associations, trust companies, and mortgagees or lenders approved or certified by various government agencies. The document authorizes these institutions to make loans and advances of credit, purchase obligations representing loans and advances of credit, and obtain insurance or guarantees for such loans. It also allows them to make loans secured by mortgages on real property or shares of stock in cooperative apartment corporations.
Can you summarize MNST 47.58?
This legal document, found in the Minnesota Statutes under the section on Financial Corporations, governs reverse mortgage loans. It provides definitions for terms related to reverse mortgage loans, such as ‘reverse mortgage loan,’ ’lender,’ ‘borrower,’ and ‘outstanding loan balance.’ The document outlines the authorization for lenders to make investments in reverse mortgage loans and sets limitations on the total amount of investments. It also specifies the payment, repayment, and amount of reverse mortgage loans, including the events that trigger repayment.
Can you summarize MNST 47.77?
This legal document governs the transfer and closure of deposit accounts by financial institutions. According to the document, a financial institution is prohibited from initiating a transfer of a deposit account to another account with different identification information without sending at least 30 days’ prior notice to at least one of the deposit account holders. If the new account has different terms, the financial institution must obtain written consent from at least one of the deposit account holders.
Can you summarize MNST 48.08?
No director, officer or employee shall, directly or indirectly, in any manner, use the funds of the bank, or any part thereof, except in its regular business transactions, and every loan made to any of its directors, officers, employees, or agents shall be upon the same security required of others and in strict conformity to its rules and regulations. No cashier or other officer or employee of a bank shall sell to the bank, directly or indirectly, any mortgage, bond, note, stock, or other security without the written approval of the board of directors, filed in the office of the bank or embodied in a resolution adopted by the board.
Can you summarize MNST 48.158?
No bank or trust company organized under the laws of this state shall settle any check drawn on it otherwise than at par. The provisions of this section shall not apply with respect to the settlement of a check sent to such bank or trust company as a special collection item. This section is in effect on and after November 1, 1968. History: 1967 c 156 s 1
Can you summarize MNST 48.221?
This legal document governs the requirement for state banks and trust companies to maintain reserves in the form of liquid assets. The reserves must be at a level reasonably necessary to meet anticipated withdrawals, commitments, and loan demand. The acceptable forms of reserves include cash, cash items in process of collection, short term obligations of or demand balances with other insured financial institutions in the United States and its territories, or short term, direct obligations of or guaranteed by the United States government.
Can you summarize MNST 48.245?
This legal document removes the disability of minority for war veterans and their minor spouses in connection with transactions related to guaranty or insurance under the Servicemen’s Readjustment Act of 1944, the National Housing Act, or the Defense Housing and Community Facilities and Services Act of 1951. The removal of this disability applies to all purposes in connection with such transactions, including incurring of indebtedness or obligations, acquiring, encumbering, selling, releasing, or conveying property or any interest therein, and litigating or settling controversies arising therefrom.
Can you summarize MNST 48.27?
No bank or trust company organized under the laws of this state shall accept deposits in a sum exceeding 30 times the amount of its capital stock and its actual surplus. History: (7699-12) 1927 c 325 s 1; 1943 c 342 s 2; 1945 c 73 s 1; 1947 c 11 s 1; 1949 c 24 s 1; 1959 c 88 s 11
Can you summarize MNST 48.28?
If any such bank or trust company shall violate the provisions of Minnesota Statutes 1945, section 48.27 , as amended, the commissioner of commerce may take possession thereof and liquidate such corporation in accordance with law, unless said bank or trust company shall within 90 days after notice from the commissioner of commerce reduce its deposits to the amount allowed by law or increase its capital stock accordingly. History: (7699-13) 1927 c 325 s 2; 1943 c 342 s 1; 1945 c 73 s 2; 1947 c 11 s 2; 1949 c 24 s 2; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s 92
Can you summarize MNST 48.30?
Any deposit made in the name of a minor, shall be held for the exclusive right and benefit of the minor, free from the control or lien of all other persons, except creditors, and, together with the dividends or interest thereon, shall be paid to the minor, and the minor’s receipt, check, or acquittance in any form shall be a sufficient release and discharge of the depository for the deposit, or any part thereof, until a conservator or guardian appointed for the minor shall have delivered a certificate of appointment to the depository.
Can you summarize MNST 48.64?
Any person, firm, or corporation appointed by a court of competent jurisdiction as representative of the estate of a deceased person, or as guardian or conservator, or any trustee of a firefighters’ relief association, or any referee, receiver, or trustee appointed by a court of record in this state, may deposit funds for safekeeping and disbursing, unless otherwise directed by the court, in any bank, credit union, if the beneficial owner is a member, or trust company, however organized, the deposits of which are insured, in whole or in part, by an agency of the federal government insuring deposits, to the extent that the funds so deposited are fully insured.
Can you summarize MNST 609.821?
This section of the Minnesota Statutes defines and governs financial transaction card fraud. It provides definitions for terms such as ‘financial transaction card,’ ‘cardholder,’ and ‘issuer.’ The section outlines various actions that constitute financial transaction card fraud, including using a card without the cardholder’s consent, using a forged or false card, selling or transferring a card without authorization, and engaging in trafficking of SNAP benefits. The penalties for financial transaction card fraud vary depending on the value of the property obtained or attempted to obtain, or the aggregate amount of the transactions.
Can you summarize MNST Chapter 336A?
This legal document, part of the Minnesota Statutes governing Trade Regulations and Consumer Protection, specifically focuses on Farm Product Liens and Financing Statements. It provides definitions for various terms used in this chapter, including ‘business day’, ‘buyer in the ordinary course of business’, ‘commission merchant’, ‘computerized filing system’, ‘crop year’, ‘debtor’, ’effective financing statement’, ‘farm product’, ‘farm product dealer’, ‘farm products statutory lien’, ‘filing office’, ‘filing officer’, ’lienholder’, ’lien notice’, ‘monthly list’, ‘person’, ‘secured party’, ‘security interest’, and ‘selling agent’.
Can you summarize MNST Chapter 46?
These legal documents govern the regulation and supervision of state banks, savings banks, trust companies, savings associations, credit unions, industrial loan and thrift companies, and other financial institutions organized under the laws of Minnesota. The Department of Commerce is responsible for executing the laws relating to these financial institutions and conducting regular examinations to ensure compliance with applicable laws and rules. The commissioner of commerce has the authority to issue subpoenas, administer oaths, and investigate the methods of operation and conduct of these institutions.
Can you summarize MNST Chapter 47?
The legal documents reviewed cover a wide range of topics related to banking and financial corporations in Minnesota. They provide definitions for key terms used in the context of banking and financial activities. The documents specify regulations for closing financial institutions on certain days, including holidays and emergency situations. They also outline the powers and procedures for emergency closings and the authority of officers in financial institutions. The distribution of credit insurance income is addressed, ensuring that the benefits are shared with all stockholders or members of the financial institution.
Can you summarize MNST Chapter 48?
The legal document reviewed covers various aspects of banking institutions in Minnesota. It defines key terms, such as ‘banking institution’ and ‘commissioner,’ and provides requirements for capital and surplus, issuance of preferred stock, acquisition of trust authority, and opening of checking accounts. The document specifies the minimum capital and surplus requirements for state banks, the process for issuing preferred stock, and the conditions for acquiring trust authority. It also outlines the procedures for opening checking accounts, including the information that must be obtained from applicants.
Can you summarize Bpc Code CACL Division 8 Chapter 18.5?
The provided legal document content governs simulated checks in California. Simulated checks are defined as documents that appear to represent currency, negotiable instruments, prizes, gifts, monetary benefits, actual checks, or items of value. However, nonnegotiable checks used for soliciting orders or documents indicating a truthful and nonmisleading entitlement to a prize, gift, or money are exempted. The production, advertisement, sale, distribution, or transfer of simulated checks is prohibited in California. The Attorney General has the authority to bring an action to enjoin violations and impose civil penalties of up to one hundred dollars ($100) per violation.
Can you summarize Bpc Code CACL Division 8 Chapter 22?
The provided legal document content pertains to internet privacy requirements in California. It states that operators of commercial websites or online services that collect personally identifiable information from individual consumers residing in California must comply with the provisions of Section 22575 and their posted privacy policy. The document defines ‘personally identifiable information’ and outlines the types of information falling under this category. It also specifies the requirement for operators to conspicuously post their privacy policies on their websites or online services using various methods such as web pages, icons, text links, or other functional hyperlinks.
Can you summarize Ccp Code CACL Part 3 Title 10 Chapter 7?
The provided legal document content pertains to the compliance and enforcement of the Unclaimed Property Law in California. It governs agreements related to the location, delivery, recovery, or assistance in the recovery of property reported under Section 1530. The law applies to business associations that sell travelers checks, money orders, or similar written instruments in California. It requires these business associations to maintain a record indicating the purchased instruments in the state, which may be destroyed after a designated time period.
Can you summarize Civ Code CACL 1798.29?
This legal document, known as the Information Practices Act of 1977, governs the disclosure of security breaches involving personal information in the state of California. It applies to agencies that own or license computerized data containing personal information, as well as agencies that maintain computerized data they do not own. The document requires agencies to disclose any breach of the security of the system to California residents whose personal information was acquired by an unauthorized person.
Can you summarize Civ Code CACL Division 3 Part 4 Title 1.3?
The California Civil Code provisions reviewed cover various aspects of credit card transactions. They address liability for unauthorized use, cancellation of credit cards, surcharges and discounts, disclosure requirements, correction of billing errors, printing of credit card information on receipts, and obligations and responsibilities of credit card issuers. These provisions aim to protect the rights of cardholders, provide guidelines for resolving disputes, and promote fair practices in credit card transactions. The provisions apply to card issuers, cardholders, retailers, and other entities involved in credit card transactions in California.
Can you summarize Civ Code CACL Division 3 Part 4 Title 1.3A?
This section of the California Civil Code governs the disclosure of marketing information by credit card issuers. It requires credit card issuers to provide written notice to cardholders about their right to prohibit the disclosure of marketing information that identifies them. The notice must be provided at least 60 days prior to the initial disclosure of marketing information, included with new credit cards, and provided at least once per year to cardholders entitled to receive an annual statement of billings rights.
Can you summarize Civ Code CACL Division 3 Part 4 Title 1.3B?
The provided legal document is part of the California Civil Code and specifically governs the disclosure requirements for issuers of charge cards. It applies to issuers of charge cards and consumers. The document mandates that issuers must clearly and conspicuously disclose certain information in charge card application forms or preapproved written solicitations. This includes fees or charges for issuance or renewal of the charge card, inability to defer payment of charges, and fees for cash advances.
Can you summarize Com Code CACL 4213?
This legal document governs the settlement of items by depositary and collecting banks. It specifies the medium and time of settlement for banks involved in the process. The medium of settlement can be cash or credit to an account in a federal reserve bank or a specified bank. The time of settlement varies depending on the method of tender, such as cash, credit, debit, or funds transfer. If the tender of settlement is not made through an authorized medium or the time of settlement is not fixed, the settlement is not considered final until it is accepted by the person receiving settlement.
Can you summarize Com Code CACL 4215?
This legal document governs 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, and failure to revoke provisional settlement within the permitted time. The document also addresses provisional settlement between presenting and payor banks made through clearing houses or account debits/credits, which become final upon final payment by the payor bank.
Can you summarize Com Code CACL 4301?
This legal document governs the collection of items by payor banks. It outlines the actions that a payor bank can take if it settles for a demand item other than a documentary draft presented for immediate payment. The payor bank has the option to revoke the settlement and recover the settlement by either returning the item or sending written notice of dishonor or nonpayment. If a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor and revoke any credit given or recover the amount withdrawn by its customer.
Can you summarize Com Code CACL 4303?
This legal document governs the actions and responsibilities of payor banks in the collection of items. It states that any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank does not terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if certain conditions are met. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cutoff hour for checks.
Can you summarize Com Code CACL 4401?
This legal document, part of the California Commercial Code, governs the relationship between a payor bank and its customer. It outlines the bank’s authority to charge the customer’s account for properly payable items, 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. The document also states that a customer is not liable for an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize Com Code CACL 4403?
This legal document, part of the California Commercial Code, specifically addresses 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 order must describe the item or account with reasonable certainty and be received by the bank in a timely manner.
Can you summarize Com Code CACL 4404?
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 customers account for a payment made thereafter in good faith. (Amended by Stats. 1992, Ch. 914, Sec. 43. Effective January 1, 1993.)
Can you summarize Com Code CACL 4406?
This legal document, part of the California Commercial Code, specifically addresses the relationship between a payor bank and its customer. It outlines the obligations of the bank when providing a statement of account to the customer, including the requirement to either return the paid items or provide sufficient information for the customer to identify them. If the items are not returned, the bank must provide a telephone number for the customer to request the items or substitutes.
Can you summarize Com Code CACL Division 11?
The provided legal document content is from the California Commercial Code, specifically Division 4 - FUNDS TRANSFERS. This division governs funds transfers and provides definitions for various terms related to funds transfers. It applies to banks, including various types of financial institutions, and customers who have an account with a bank or from whom a bank has agreed to receive payment orders. The division defines a ‘payment order’ as an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary.
Can you summarize Com Code CACL Division 3?
The provided legal document content covers various aspects related to negotiable instruments under the California Commercial Code. It includes definitions of terms used in this division, such as acceptor, drawee, drawer, maker, order, ordinary care, party, promise, prove, remitter, and more. The documents govern the negotiation, transfer, and indorsement of negotiable instruments, establishing rules for indorsements, conditions stated in indorsements, and the rights and liabilities of different parties involved in these transactions.
Can you summarize Com Code CACL Division 4?
This legal document, part of the California Commercial Code, specifically addresses the general provisions and definitions related to bank deposits and collections. It provides definitions for various terms used in this division, such as ‘bank’, ‘depositary bank’, ‘payor bank’, ‘intermediary bank’, ‘collecting bank’, and ‘presenting bank’. The document also clarifies that actions or nonactions approved by this division or pursuant to Federal Reserve regulations or operating circulars are considered the exercise of ordinary care.
Can you summarize Com Code CACL Division 5?
This section of the California Commercial Code governs the rights and obligations of successors of beneficiaries in letters of credit. It specifies that a successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. Alternatively, a successor may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary.
Can you summarize Com Code CACL Division 9?
The provided legal document content covers various aspects of secured transactions under the California Commercial Code. It governs the creation, attachment, and perfection of security interests in personal property or fixtures, as well as the rights and obligations of parties involved in secured transactions. The documents also provide guidelines for filing financing statements and determining the sufficiency of debtor’s names on such statements. They apply to secured parties, debtors, obligors, lienholders, account debtors, and other obligated persons.
Can you summarize Fin Code CACL 1301?
This legal document, added to the California Codes under the Financial Code, provides authorization for state or nationally chartered banks, their subsidiaries or affiliates transacting business in California, to bring an action for recovery of damages against a borrower in cases of fraud. The action can be brought if the loan is secured by a mortgage or deed of trust on real property, and the borrower’s fraudulent conduct induced the original lender to make the loan.
Can you summarize Fin Code CACL 1324?
Any director, officer, agent, or employee of any bank who knowingly receives or possesses himself or herself of any of its property otherwise than in payment of a just demand, and with intent to defraud, omits to make or cause to be made a full and true entry thereof in its books and accounts or concurs in omitting to make any material entry thereof is guilty of a felony. (Added by Stats.
Can you summarize Fin Code CACL 1325?
Any director, officer, agent, or employee of a bank who knowingly concurs in making or publishing any written report, exhibit, or statement of its affairs or pecuniary condition containing any material statement which is false, or having the custody of its books willfully refuses or neglects to make any proper entry in such books as required by law, or to exhibit or allow the same to be inspected or extracts to be taken therefrom by the commissioner or his or her deputies or examiners, is guilty of a felony.
Can you summarize Fin Code CACL 1328?
This legal document governs the business activities of banks and trust companies in California regarding the renting of safe deposit boxes and the acceptance of personal property for safekeeping and storage on their banking premises. It requires banks and trust companies to provide customers with a copy of any safe deposit rental agreement or personal property safekeeping and storage agreement at the time of signing, either in person or within 10 calendar days if signed elsewhere.
Can you summarize Fin Code CACL 1335?
A director of a bank, organized under the laws of this state, who concurs in any vote or act of the directors of such corporation, or any of them, by which it is intended to make a loan or discount to any director of such corporation, or upon paper upon which any such director is liable or responsible to an amount exceeding the amount allowed by the statutes is guilty of a misdemeanor.
Can you summarize Fin Code CACL 1338?
Every officer, agent, teller, or clerk of any bank, and every individual banker, or agent, teller, or clerk of any individual banker, who receives any deposits, knowing that the bank, association, or banker is insolvent, is guilty of a misdemeanor. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
Can you summarize Fin Code CACL 1339?
This provision, added to the California Financial Code, applies to officers, directors, trustees, employees, or agents of any bank. It prohibits the willful making of false or untrue entries in any book, record, report, statement, or tag of the bank, with the intent to deceive various parties such as officers, directors, trustees, agents or examiners, public officers or boards. The provision also covers the willful omission to make a new entry of any matter pertaining to the bank’s business, property, condition, affairs, transactions, assets, or accounts, as well as the willful alteration, abstraction, concealment, or destruction of any book, record, report, statement, or tag of the bank.
Can you summarize Fin Code CACL Division 1 Chapter 5?
This section of the California Financial Code governs the examinations of California state banks, foreign banks, and California state trust companies. It defines a ‘foreign bank’ as the business in California of every foreign bank licensed under Article 3 of Chapter 20 of Division 1.1. The commissioner is responsible for causing examinations to be conducted on California state banks and foreign banks, with a minimum frequency of once every 12 months.
Can you summarize Fin Code CACL Division 1.1 Chapter 10 Article 2?
The provided legal document content pertains to loans to insiders and is part of the California Financial Code under the section on Restrictions and Prohibited Practices. It incorporates and refers to various sections of Regulation O (12 C.F.R. Part 215) of the Federal Reserve Board, which governs Loans to Insiders. The document provides definitions for key terms such as ‘Bank’, ‘Company’, ‘Executive officer’, ‘Extension of credit’, ‘Regulation O’, and ‘Subsidiary’. It clarifies certain terms and expands the definition of ’executive officer’ to include managers of specific bank offices.
Can you summarize Fin Code CACL Division 1.1 Chapter 12?
The provided legal document content covers various aspects related to deposits and banking operations. It governs the rights and benefits of minors and married persons in bank accounts, the handling of multiple-party accounts, the payment of interest on demand deposits, and the benefits accruing from the placement of funds received by real estate brokers. It also addresses the handling of statements of account by banks, charges on savings accounts, setoff rights and limitations for banks, and deposits and savings promotions offered by banks.
Can you summarize Fin Code CACL Division 1.1 Chapter 13 Article 2?
The provided legal document content pertains to the certification of checks by banks. According to the document, when a bank certifies a check, the amount of the check is immediately charged against the account of the drawer. It is unlawful for any officer or employee of a bank to certify a check unless the drawer has sufficient funds on deposit with the bank at the time of certification. The document states that any bank officer or employee who willfully violates this provision or attempts to evade it by resorting to any device or receiving fictitious obligations is guilty of a felony.
Can you summarize Fin Code CACL Division 1.1 Chapter 17?
The provided legal document consists of two parts. The first part governs the notice to a bank operating a safety deposit department or to a company conducting a safety deposit business regarding an adverse claim to personal property in a safe-deposit box or held in safekeeping or storage. It applies to banks operating a safety deposit department or companies conducting a safety deposit business. The document states that the notice of an adverse claim by a person, referred to as the ‘adverse claimant,’ shall be disregarded by the bank or company, and they shall permit access to the box or deliver the contents or property to the person who rented it or for whom it is held.
Can you summarize Fin Code CACL Division 1.1 Chapter 8?
This legal document defines the term ‘bank holding company’ and outlines the criteria for determining whether a person or company qualifies as a bank holding company. It applies to persons or companies that directly or indirectly own, control, or hold with the power to vote 10 percent or more of the outstanding stock of any domestic bank, or control the election of a majority of directors of any domestic bank. The document also grants the commissioner the authority to determine if a person or company exercises a controlling influence over the management and policies of any domestic bank.
Can you summarize Fin Code CACL Division 23?
The legal document establishes the Bank on California Program, which is a voluntary collaborative initiative aimed at assisting Californians in opening bank or credit union accounts and saving for the future. The program is administered by the Department of Financial Protection and Innovation. The document also requires the department to provide an annual summary of the program’s activities to the Senate Committee on Banking and Financial Institutions and the Assembly Committee on Banking and Finance.
Can you summarize Fin Code CACL Division 4?
The provided legal document content is a division of the California Financial Code that governs automated teller machines (ATMs) and user safety. It provides definitions for various terms related to ATMs and establishes a standard of care for operators of ATMs regarding user safety. The division requires operators of existing installed ATMs and any ATMs installed after a certain date to adopt procedures for evaluating the safety of the ATMs. It also sets forth lighting standards for ATMs and their surrounding areas during hours of darkness.
Can you summarize Fin Code CACL Division 4.5?
The provided legal document content consists of three sections from the California Financial Code. The first section governs the operation and sharing of automated teller machines (ATMs). It allows operators and owners to charge customers conducting transactions using accounts from foreign financial institutions an access fee or surcharge, as long as it is not prohibited by state or federal law. Operators and owners can also voluntarily participate in surcharge-free networks. The second section focuses on the imposition of surcharges on customers using ATMs.
Can you summarize Pen Code CACL 475?
(a)Every person who possesses or receives, with the intent to pass or facilitate the passage or utterance of any forged, altered, or counterfeit items, or completed items contained in subdivision (d) of Section 470 with intent to defraud, knowing the same to be forged, altered, or counterfeit, is guilty of forgery. (b)Every person who possesses any blank or unfinished check, note, bank bill, money order, or travelers check, whether real or fictitious, with the intention of completing the same or the intention of facilitating the completion of the same, in order to defraud any person, is guilty of forgery.
Can you summarize Pen Code CACL 476?
Every person who makes, passes, utters, or publishes, with intent to defraud any other person, or who, with the like intent, attempts to pass, utter, or publish, or who has in his or her possession, with like intent to utter, pass, or publish, any fictitious or altered bill, note, or check, purporting to be the bill, note, or check, or other instrument in writing for the payment of money or property of any real or fictitious financial institution as defined in Section 186.
Can you summarize Pen Code CACL 476a?
This section of the California Penal Code governs the crime of forgery and counterfeiting related to checks, drafts, or orders. It applies to any person who, for themselves or as a representative of another, willfully and with intent to defraud, makes, draws, utters, or delivers a check, draft, or order for payment of money, knowing that there are insufficient funds or credit for its payment. The offense is punishable by imprisonment in a county jail for up to one year, or pursuant to subdivision (h) of Section 1170.
Can you summarize Pen Code CACL 484d?
This section, along with Sections 484e to 484j, provides definitions for various terms related to access cards and larceny. It defines terms such as ‘cardholder’, ‘access card’, ’expired access card’, ‘card issuer’, ‘retailer’, ‘incomplete access card’, ‘revoked access card’, ‘counterfeit access card’, ’traffic’, and ‘card making equipment’. These definitions help in understanding the legal framework surrounding access card transactions and larceny. The section does not mention any specific exemptions or penalties.
Can you summarize Pen Code CACL 484e?
This legal document, found in the California Penal Code, specifically addresses the crime of larceny related to access cards. It outlines various actions that are considered grand theft or petty theft, depending on the circumstances. Selling, transferring, or conveying an access card without the cardholder’s or issuer’s consent is considered grand theft. Acquiring access cards issued in the names of four or more persons, knowing that they were taken or retained unlawfully, is also considered grand theft.
Can you summarize Pen Code CACL 484f?
(a)Every person who, with the intent to defraud, designs, makes, alters, or embosses a counterfeit access card or utters or otherwise attempts to use a counterfeit access card is guilty of forgery. (b)A person other than the cardholder or a person authorized by him or her who, with the intent to defraud, signs the name of another or of a fictitious person to an access card, sales slip, sales draft, or instrument for the payment of money which evidences an access card transaction, is guilty of forgery.
Can you summarize Pen Code CACL 484g?
Every person who, with the intent to defraud, (a) uses, for the purpose of obtaining money, goods, services, or anything else of value, an access card or access card account information that has been altered, obtained, or retained in violation of Section 484e or 484f, or an access card which he or she knows is forged, expired, or revoked, or (b) obtains money, goods, services, or anything else of value by representing without the consent of the cardholder that he or she is the holder of an access card and the card has not in fact been issued, is guilty of theft.
Can you summarize Pen Code CACL 484h?
This section of the California Penal Code governs the crime of theft committed by retailers or other individuals with intent to defraud. It outlines two scenarios that constitute theft. The first scenario involves furnishing money, goods, services, or anything else of value upon presentation of an access card obtained or retained in violation of Section 484e or an access card that is counterfeit, forged, expired, or revoked. If the payment received for all such transactions exceeds $950 in any consecutive six-month period, it constitutes grand theft.
Can you summarize Pen Code CACL 484i?
This section of the California Penal Code governs larceny, specifically addressing the possession of incomplete access cards with the intent to complete them without the issuer’s consent, fraudulent alteration of access card account information, and the design, making, possession, or trafficking of card making equipment or incomplete access cards with the intent to make counterfeit access cards. Possessing an incomplete access card with the intent to complete it without consent is considered a misdemeanor.
Can you summarize Pen Code CACL 484j?
Any person who publishes the number or code of an existing, canceled, revoked, expired or nonexistent access card, personal identification number, computer password, access code, debit card number, bank account number, or the numbering or coding which is employed in the issuance of access cards, with the intent that it be used or with knowledge or reason to believe that it will be used to avoid the payment of any lawful charge, or with intent to defraud or aid another in defrauding, is guilty of a misdemeanor.
Can you summarize Chapter 36 NERS?
The provided legal document content covers various aspects of the creation, granting, assignment, surrender, or declaration of any estate or interest in land, trust or power over or concerning lands; contracts for the leasing or sale of lands; specific performance of contracts for the lease or sale of lands; contracts for the sale of lands between the owner and broker or agent; agreements that must be in writing to be valid; goods sold at public auction; deposit or advance of money on contracts for motion picture films; assignment of wages by the head of a family; fraudulent and voidable transactions; remedies available to a creditor under the Uniform Voidable Transactions Act; definitions and terms used in the Uniform Voidable Transactions Act; insolvency and value under the Uniform Voidable Transactions Act; defenses, liability, and protection of transferee or obligee under the Uniform Voidable Transactions Act; time for bringing action under the Uniform Voidable Transactions Act; location of debtor under the Uniform Voidable Transactions Act; organization and operation of series organizations and protected series under the Nebraska Revised Statutes; principles of law and equity supplementing the Uniform Voidable Transactions Act; application and construction of the Uniform Voidable Transactions Act; modification of the Electronic Signatures in Global and National Commerce Act by the Uniform Voidable Transactions Act.
Can you summarize Chapter 62 NERS?
The first legal document governs holidays and bank closures in Nebraska. It specifies the holidays recognized by the Uniform Commercial Code and section 62-301.01, and allows banks to restrict their business hours and close on Saturdays. If a holiday falls on a Sunday, the following Monday is observed. Banks can remain open in a limited fashion on their designated holidays for the convenience of customers. The definition of ‘bank’ includes various financial institutions.
Can you summarize NERS 28-601?
This legal document, consisting of sections 28-601 to 28-605 of the Nebraska Revised Statutes, provides definitions and regulations related to written instruments, forgery, and counterfeit. It defines terms such as ‘written instrument,’ ‘complete written instrument,’ ‘incomplete written instrument,’ ‘falsely make a written instrument,’ ‘falsely complete a written instrument,’ ‘falsely alter a written instrument,’ and ‘forged instrument.’ The document also clarifies that the terms ‘forgery’ and ‘counterfeit’ are intended to be synonymous.
Can you summarize NERS 28-602?
(1) A person commits forgery in the first degree if, with intent to deceive or harm, he falsely makes, completes, endorses, alters, or utters a written instrument which is or purports to be, or which is calculated to become or to represent if completed: (a) Part of an issue of money, stamps, securities, or other valuable instruments issued by a government or governmental agency; or (b) Part of an issue of stock, bonds, bank notes, or other instruments representing interests in or claims against a corporate or other organization or its property.
Can you summarize NERS 28-603?
This legal document pertains to forgery in the second degree. It applies to individuals who falsely make, complete, endorse, alter, or utter any written instrument with the intent to deceive or harm. The penalties for forgery in the second degree vary based on the face value or amount of proceeds wrongfully procured. It can range from a Class IIA felony for amounts of $5,000 or more, to a Class II misdemeanor for amounts less than $500.
Can you summarize NERS 28-604?
This legal document governs the offense of criminal possession of a forged instrument in Nebraska. It applies to any person who possesses a forged instrument covered by section 28-602 or 28-603 with knowledge that it is forged and with intent to deceive or harm. The penalties for criminal possession of a forged instrument vary depending on the specific section and the amount or value of the instrument. The penalties range from a Class IV felony for possession of a forged instrument prohibited by section 28-602, to Class I, II, and III misdemeanors for possession of a forged instrument prohibited by section 28-603, based on the amount or value of the instrument.
Can you summarize NERS 28-605?
(1) A person commits criminal possession of written instrument forgery devices when: (a) He or she makes or possesses with knowledge of its character any plate, die, or other device, apparatus, equipment, or article specifically designed for use in counterfeiting, unlawfully simulating, or otherwise forging written instruments; or (b) He or she makes or possesses any device, apparatus, equipment, or article capable of or adaptable to a use specified in subdivision (1)(a) of this section, with intent to use it himself or herself, or to aid or permit another to use it, for purposes of forgery; or (c) Illegally possesses a genuine plate, die, or other device used in the production of written instruments, with intent to deceive or harm.
Can you summarize NERS 28-611?
This legal document, part of the Nebraska Revised Statutes on Crimes and Punishments, governs the offense of issuing a bad check or similar order. It applies to any person who obtains property, services, child support credit, spousal support credit, or present value by issuing or passing a check, draft, assignment of funds, or similar signed order for the payment of money. The penalties for issuing a bad check vary based on the amount involved, ranging from a Class IIA felony for amounts of $5,000 or more to a Class II misdemeanor for amounts less than $500.
Can you summarize NERS 28-611.01?
This legal document, found in the Nebraska Revised Statutes under Crimes and Punishments, governs the offense of issuing a no-account check. It applies to any person who knowingly issues or passes a check, draft, assignment of funds, or similar signed order for the payment of money without having an account with the drawee at the time of issuance. The severity of the offense is classified based on the amount of the check, draft, assignment of funds, or order.
Can you summarize NERS 28-612?
This provision, found in the Nebraska Revised Statutes under the Crimes and Punishments section, outlines the penalties for various actions related to false statements or entries in the books of an organization. It is a Class IV felony for a person to willfully and knowingly subscribe to, make, or cause to be made any false statement or entry in the books of an organization. It is also a felony to knowingly subscribe to or exhibit false papers with the intent to deceive authorized persons examining the organization’s affairs, make false statements about the assets or liabilities of the organization, fail to make accurate entries in the organization’s books and records as prescribed by the Department of Banking and Finance, or mutilate, alter, destroy, secrete, or remove any of the organization’s books or records without the consent of the Director of Banking and Finance.
Can you summarize NERS 28-613?
This legal document, found in the Nebraska Revised Statutes under Crimes and Punishments, addresses commercial bribery and breach of duty to act disinterestedly. It states that any person who solicits, accepts, or agrees to accept any benefit as consideration for knowingly violating or agreeing to violate a duty of fidelity is committing a Class I misdemeanor. The document specifies various roles and positions that are subject to this offense, including agents, employees, trustees, guardians, fiduciaries, lawyers, physicians, accountants, appraisers, professional advisors, officers, directors, partners, members of limited liability companies, managers, participants in the direction of associations, representatives or trustees of labor organizations, employees of welfare trust funds, arbitrators, and other purportedly disinterested adjudicators or referees.
Can you summarize NERS 28-618?
The provided legal document content defines various terms related to financial transactions. It covers definitions for account holder, acquirer, automated banking device, counterfeit financial transaction device, embossing, expired financial transaction device, financial transaction device, financial-transaction-device-making equipment, holographic, intent to defraud, issuer, magnetic encoding, personal identification code, receives or receiving, revoked financial transaction device, sales form, sales form processing services, sales form processor, service mark, falsely alter a financial transaction device, falsely complete a financial transaction device, falsely make a financial transaction device, and traffic.
Can you summarize NERS 28-619?
This provision, found in the Nebraska Revised Statutes under the Crimes and Punishments section, pertains to the offense of issuing a false financial statement for purposes of obtaining a financial transaction device. It applies to any person who files an application for a financial transaction device with an issuer. The offense can be committed in three ways: (a) knowingly making or causing to be made a false statement or report regarding name, occupation, financial condition, assets, or liabilities; (b) willfully and materially overvaluing assets; or (c) willfully omitting or materially undervaluing indebtedness with the intent of influencing the issuer to issue a financial transaction device.
Can you summarize NERS 28-620?
This section of the Nebraska Revised Statutes governs the offense of unauthorized use of a financial transaction device. It applies to any person who uses a financial transaction device without authorization. The offense can be committed in various ways, such as obtaining money, credit, property, or services with intent to defraud, using an expired or forged device, or using the device without authorization from the issuer or account holder. The penalties for unauthorized use vary based on the total value involved within a six-month period, ranging from a Class II misdemeanor for amounts less than $500 to a Class IIA felony for amounts of $5,000 or more.
Can you summarize NERS 28-621?
This provision under the Nebraska Revised Statutes governs the offense of criminal possession of a financial transaction device. It applies to any person who possesses or controls a financial transaction device issued to a different account holder or knows or reasonably should know that the device is lost, stolen, forged, altered, or counterfeited, with the intent to defraud. The penalties for this offense vary based on the number of devices possessed: possession of one device is a Class III misdemeanor, possession of two or three devices is a Class IV felony, and possession of four or more devices is a Class IIA felony.
Can you summarize NERS 28-622?
This legal provision, found in the Nebraska Revised Statutes under the section on Crimes and Punishments, pertains to the offense of unlawful circulation of a financial transaction device in the first degree. It applies to any person who sells or possesses two or more financial transaction devices that they know or reasonably should know to be lost, stolen, forged, altered, counterfeited, or delivered under a mistake as to the identity or address of the account holder.
Can you summarize NERS 28-623?
(1) A person commits the offense of unlawful circulation of a financial transaction device in the second degree if such person sells or has in his or her possession or under his or her control with the intent to deliver, circulate, or sell any financial transaction device which he or she knows or reasonably should know to be lost, stolen, forged, altered, counterfeited, or delivered under a mistake as to the identity or address of the account holder.
Can you summarize NERS 28-624?
(1) A person commits the offense of criminal possession of a blank financial transaction device if, without the authorization of the issuer or manufacturer, such person has in his or her possession, has under his or her control, or receives from another person a blank financial transaction device, with intent to use or to cause the use of such device. (2) Any person committing the offense of criminal possession of a blank financial transaction device shall be guilty of a Class I misdemeanor.
Can you summarize NERS 28-625?
This legal document pertains to the offense of criminal sale of a blank financial transaction device in Nebraska. It prohibits any person from possessing, controlling, or receiving a blank financial transaction device without authorization, with the intent to deliver, circulate, sell, or cause the delivery, circulation, or sale of such device. The document specifies that the sale of one blank financial transaction device is a Class IV felony, while the sale of two or more devices is a Class III felony.
Can you summarize NERS 28-626?
(1) A person commits the offense of criminal possession of a financial transaction forgery device if (a) such person possesses any tool, photographic equipment, printing equipment, or any other device or group or combination of devices adapted, designed, or commonly used for committing or facilitating the commission of an offense involving the unauthorized manufacturing, printing, embossing, or magnetic encoding of a financial transaction device or the altering or addition of any service marks or holographic images to a financial transaction device and (b) intends to use the device or devices possessed or knows that some person intends to use the device or devices possessed in the commission of such an offense.
Can you summarize NERS 28-627?
(1) A person commits the offense of unlawful manufacture of a financial transaction device if, with intent to defraud, such person: (a) Falsely makes or manufactures, by printing, embossing, or magnetically encoding, a financial transaction device; (b) Falsely alters or adds service marks, optical characters, or holographic images to a device which is, purports to be, or is circulated to become or represent if completed a financial transaction device; or (c) Falsely completes a financial transaction device by adding to an incomplete device to make it appear to be a complete one.
Can you summarize NERS 28-630?
(1) A person commits the offense of unlawful factoring of a financial transaction device if such person or any agent or employee of such person is authorized by any acquirer to furnish money, property, services, or anything else of value and, with intent to defraud the account holder, acquirer, or issuer, presents for payment a financial transaction device transaction record to the issuer or acquirer. (2) Any person committing the offense of unlawful factoring of a financial transaction device shall be guilty of a Class IV felony.
Can you summarize NERS 28-632?
This section and sections 28-633 and 28-634 of the Nebraska Revised Statutes define terms related to payment cards. The document provides definitions for various terms including encoding machine, merchant, payment card, person, and scanning device. An encoding machine refers to an electronic device used to encode information onto a payment card. Merchant includes owners or operators of retail mercantile establishments, establishing financial institutions, and persons who receive payment cards or information from payment cards.
Can you summarize NERS 28-633?
This section of the Nebraska Revised Statutes governs the use of payment cards in business transactions. It mandates that only the last five digits of the payment card account number should be printed on any receipt provided to the payment card holder. The requirement applies to electronically printed receipts and does not cover transactions where the payment card number is recorded by handwriting or by an imprint or copy of the payment card.
Can you summarize NERS 28-634?
This legal document, found in the Nebraska Revised Statutes under the section of Crimes and Punishments, governs the prohibited acts relating to scanning devices or encoding machines in relation to payment cards. It is unlawful for any person to intentionally and knowingly use a scanning device to access, read, scan, obtain, memorize, or store information encoded on a payment card without permission, possess a scanning device with the intent to obtain such information, use an encoding machine to place information from one payment card onto a different card without permission, or possess an encoding machine with the intent to do so.
Can you summarize NERS 28-636?
This legal document, part of the Nebraska Revised Statutes on Crimes and Punishments, defines terms related to criminal impersonation, identity theft, and identity fraud. It provides definitions for key terms such as personal identification document, personal identification number, personal identifying information, and telecommunications identifying information or access device. The document clarifies that personal identification documents do not include financial transaction devices. It also explains that personal identifying information includes various types of data that can be used to identify a specific person.
Can you summarize NERS 28-637?
For purposes of sections 28-636 to 28-640: (1) Notwithstanding any other provision of law, venue for the prosecution and trial of violations of sections 28-636 to 28-640 may be commenced and maintained in any county in which an element of the offense occurred, including the county where a victim resides; and (2) If a person or entity reasonably believes that he, she, or it has been the victim of a violation of sections 28-636 to 28-640, the victim may contact a local law enforcement agency which has jurisdiction over the victim’s residence, place of business, or registered address.
Can you summarize NERS 28-638?
This legal document, part of the Nebraska Revised Statutes on Crimes and Punishments, governs the crime of criminal impersonation. It applies to any person who pretends to be a representative of someone else or an organization and performs an act in their fictitious capacity with the intent to gain a pecuniary benefit and deceive or harm another. It also applies to individuals who carry on a profession, business, or occupation without the required authorization, knowingly provide false personal identifying information or identification documents to a court, law enforcement officer, or employer for personal gain.
Can you summarize NERS 28-639?
This legal document, under the Nebraska Revised Statutes, governs the crime of identity theft. It applies to any person who knowingly takes, purchases, manufactures, records, possesses, or uses personal identifying information or entity identifying information of another person or entity without their consent. There are exemptions for lawful obtaining of credit information, lawful exercise of a security interest or right of setoff, lawful compliance with warrants or court orders, and investigative activities of law enforcement.
Can you summarize NERS 28-640?
(1) A person commits the crime of identity fraud if he or she without lawful authority: (a) Makes, counterfeits, alters, or mutilates any personal identification document with the intent to deceive another; or (b) Willfully and knowingly obtains, possesses, uses, sells or furnishes or attempts to obtain, possess, or furnish to another person for any purpose of deception a personal identification document. (2)(a) Identity fraud is a Class I misdemeanor. Any second or subsequent conviction under this subdivision is a Class IV felony.
Can you summarize NERS 45-808?
This legal document governs the requirements for contracts between buyers and credit services organizations for the purchase of services. The contract must be in writing, dated, and signed by the buyer. It should include a statement informing the buyer of their right to cancel the contract within three days of signing. The terms and conditions of payment, a detailed description of the services to be performed, and the organization’s contact information must also be included.
Can you summarize NERS 45-918.04?
(1) A licensee may pay the proceeds from a delayed deposit transaction or rebate to the maker in the form of check, money order, cash, stored value card, Internet transfer, or authorized automated clearinghouse transaction. Neither the licensee nor any affiliate of the licensee shall charge the maker an additional finance charge or fee for cashing the licensee’s check or for negotiating forms of transaction proceeds or rebates other than cash.
Can you summarize NERS 8-1,100?
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the process of liquidating insolvent banks. The director of banking has the authority to appoint special deputies or assistants to assist in the efficient and economical liquidation of such banks. The appointed individuals have powers specified in their certificate of appointment. The director may also employ counsel and expert assistance as needed for the liquidation process.
Can you summarize NERS 8-1,101?
Upon the declaration of insolvency, the director shall require bonds or equivalent commercial insurance policies from the special deputies or assistants in sums and with such condition as the director shall specify, to be approved by the district court. The costs of any such bond or policy shall be taxed as costs in the liquidation. Such bond or policy shall be conditioned for the faithful performance of duty, and include indemnity to the department as receiver and liquidating agent.
Can you summarize NERS 8-1,102?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the process of handling insolvent banks. When a bank is declared insolvent by the director, the department becomes the receiver and liquidating agent responsible for winding up the bank’s business. The department is granted title to all the assets of the bank, regardless of their location or type. Any levies, judgment liens, attachments, or other liens obtained through legal proceedings against the bank or its property within sixty days prior to the declaration of insolvency are deemed void, and the affected property is released from such liens.
Can you summarize NERS 8-1,104?
This section of the Nebraska Revised Statutes governs the actions to be taken by the director upon taking possession of the property and business of an insolvent bank. The director is required to collect all money due to the bank and perform necessary acts to conserve its assets and business. In case of insolvency, the director must proceed to liquidate the affairs of the bank under the Nebraska Banking Act. The director is also responsible for collecting all debts due to and belonging to the bank.
Can you summarize NERS 8-1,105?
This legal document pertains to the jurisdiction and authority of district judges in Nebraska in proceedings related to the insolvency, liquidation, or reorganization of a bank. According to this document, a district judge has jurisdiction in any county within their judicial district to perform official acts in connection with such proceedings. The judge can exercise this jurisdiction in the same manner and with the same effect as if the matter arose in the county where the judge was appointed.
Can you summarize NERS 8-1,106?
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the process of filing claims against insolvent banks. According to the provision, the director of the bank must file a list of creditors with the district court within twenty days of the bank’s insolvency declaration. The director must also file an order setting the time and place for filing claims, which should be between thirty and sixty days from the date of the order.
Can you summarize NERS 8-1,107?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, outlines the process for handling claims against insolvent banks. After the expiration of the time for presenting claims, the director is required to thoroughly investigate all claims and file a complete list of valid claims, along with a list of invalid claims, with the district court. The director also has the power to allow or reject claims based on their classification.
Can you summarize NERS 8-1,109?
Upon the allowance of a claim against an insolvent bank, the director shall, upon request of the claimant, issue and deliver to the claimant a certificate of indebtedness showing the amount of the claim, the date of the allowance thereof, and whether such claim is one having priority of payment or is a general claim. Any assignment of a claim or certificate of indebtedness shall be filed with the director and shall not be binding until so filed.
Can you summarize NERS 8-1,110?
This legal document governs the priority of claims in the event of insolvency of a bank. It states that the claims of depositors for deposits not otherwise secured and claims of holders of exchange have priority over all other claims, except for federal, state, county, and municipal taxes. These claims are considered a first lien on all the assets of the bank. However, claims based on evidence of indebtedness in the hands of or originally issued to any stockholder, officer, or employee of the bank are not allowed priority.
Can you summarize NERS 8-1,111?
When a bank whose deposits are insured by the Federal Deposit Insurance Corporation becomes insolvent, neither the deposits in the bank nor the exchange of such bank shall be deemed to be otherwise secured by reason of such insurance for purposes of section 8-1,110. Source: Laws 1935, c. 16, 2, p. 91; C.S.Supp.,1941, 8-1,102; R.S.1943, 8-197; Laws 1963, c. 29, 111, p. 181; Laws 2017, LB140, 108.
Can you summarize NERS 8-1,112?
At any time after the expiration of the date fixed for the presentation of claims, the district court may by order, upon the application of the director, authorize the director to declare out of the funds remaining in his or her hands, after the payment of expenses, one or more distributions, and at the earliest possible date the director shall declare a final distribution as may be directed by the district court of the county in which the main office of such bank is located.
Can you summarize NERS 8-1,113?
The director shall from time to time allocate to the various banks in liquidation the expenses of the department by reason of such liquidation, other than the compensation and expense of the special deputy or assistant in charge and the fees for legal services directly incident to the bank in liquidation. The director shall certify to the various district courts of the counties in which the banks in process of liquidation are located the amount of the expenses allocated, which shall be taxed and paid as costs in the liquidation.
Can you summarize NERS 8-1,115?
The director shall from time to time make and file with the clerk of the district court of the county in which the main office of the insolvent bank is located a report of his or her acts of liquidation of each insolvent bank. He or she shall, upon the completion of the liquidation, file a final report, notice of which shall be given as the court may direct, and on hearing thereon and approval thereof by the court such liquidation shall be declared closed and the corporation dissolved.
Can you summarize NERS 8-1,116?
According to the Nebraska Revised Statutes, after the department has taken possession of a bank under the Nebraska Banking Act, the stockholders of the bank have the opportunity to repair its credit, restore or substitute its reserves, and place it in a safe condition. However, the bank cannot reopen its business until the director, after a careful investigation of its affairs, determines that the stockholders have complied with the law, the bank’s credit and funds are repaired, reserves are restored or sufficiently substituted, and it is suitable to resume business.
Can you summarize NERS 8-1,117?
This provision, found in the Nebraska Revised Statutes under the section governing banks and banking, pertains to the restoration of impaired capital in a bank. If a bank’s capital becomes impaired, stockholders representing 85% or more of the common capital stock, with the approval of the department, can authorize the board of directors to levy and collect assessments on the common capital stock to restore the impaired capital. The board of directors must notify all common stockholders of the assessments, and if any stockholder fails to pay within three weeks, the pro rata amount of the assessment becomes a lien on their common capital stock.
Can you summarize NERS 8-1,118?
This legal document, found in the Nebraska Revised Statutes under the section for Banks and Banking, pertains to the restoration of solvency for insolvent banks. It outlines the conditions under which a bank can reopen for limited business, including the approval of a contract or plan between the unsecured depositors and unsecured creditors representing at least 85% of the total amount of deposits and unsecured claims. All other depositors and unsecured creditors are bound by this agreement.
Can you summarize NERS 8-1,119?
Where no other punishment is provided in the Nebraska Banking Act, any person violating any provision of the act is guilty of a Class III misdemeanor. Source: Laws 1909, c. 10, 61, p. 95; R.S.1913, 341; Laws 1919, c. 190, tit. V, art. XVI, 61, p. 710; C.S.1922, 8041; C.S.1929, 8-1,104; R.S.1943, 8-1,107; Laws 1963, c. 29, 119, p. 184; Laws 1977, LB 40, 53; Laws 1987, LB 2, 19; Laws 1998, LB 1321, 25; Laws 2017, LB140, 115.
Can you summarize NERS 8-1,124?
This legal document, as part of the Nebraska Revised Statutes governing banks and banking, defines the terms related to emergencies in the context of financial institutions. An emergency is defined as any condition or occurrence that physically interferes with normal business operations or poses a threat to the safety or security of persons or property. This includes events such as fire, flood, earthquake, hurricane, labor disputes, power failure, transportation failure, robbery, enemy attack, epidemic, riot, civil commotion, and other acts of lawlessness or violence.
Can you summarize NERS 8-1,125?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, provides provisions for emergencies and closures of financial institution offices. The director has the authority to proclaim an emergency and authorize the closure of any or all offices of a financial institution located in the affected area. If the emergency affects a particular financial institution or office, the director may authorize its closure. The closed office remains closed until the director proclaims the end of the emergency or until the officers of the financial institution decide to reopen.
Can you summarize NERS 8-1,126?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, grants authority to the officers of a financial institution to determine the closure of one or more of its offices in the event of an existing or impending emergency. The officers have the discretion to decide not to open or to close the offices during the emergency, even without a proclamation of emergency from the director.
Can you summarize NERS 8-1,127?
The officers of a financial institution may close any one or all of the financial institution’s offices on any day, designated by proclamation of the President of the United States or the Governor, as a day or days of mourning, rejoicing, or other special observance. Source: Laws 1971, LB 523, 4; Laws 2017, LB140, 119.
Can you summarize NERS 8-1,128?
A financial institution closing an office pursuant to the authority granted under section 8-1,126 shall give as prompt notice of its action as conditions will permit and by any means available, to the director. Source: Laws 1971, LB 523, 5; Laws 2017, LB140, 120.
Can you summarize NERS 8-1,129?
This legal document, sourced from the Nebraska Revised Statutes under the section ‘BANKS AND BANKING’, pertains to the closure of financial institutions during emergencies. It states that any day on which a financial institution or any of its offices is closed due to authorized reasons shall be considered a legal holiday for all financial institution business. The document also clarifies that no liability or loss of rights shall occur due to such closures.
Can you summarize NERS 8-1,130?
This legal document governs the acceptance of investments in savings accounts or shares in the name of fiduciaries such as administrators, personal representatives, custodians, conservators, guardians, trustees, or other fiduciaries for named beneficiaries. The fiduciaries have the power to open, add to, and withdraw from these accounts or purchase and sell shares. They can also vote as members if they own shares. The withdrawal value, earnings, and other rights related to these accounts or shares can be paid or delivered to the fiduciary while they are alive, without any notice to the contrary.
Can you summarize NERS 8-1,131?
This legal document, governed by the Nebraska Revised Statutes under the section ‘BANKS AND BANKING’, pertains to banks acting as trustees or custodians for retirement plans, medical savings accounts, and health savings accounts. Banks are qualified to act as trustees or custodians under the federal Self-Employed Individuals Tax Retirement Act of 1962 or section 408(a) of the Internal Revenue Code, provided that the funds are invested exclusively in shares or accounts in the bank or other banks.
Can you summarize NERS 8-1,133?
Any bank may engage, directly or indirectly, in the business of leasing personal property subject to rules and regulations as may be adopted and promulgated by the director. Source: Laws 1977, LB 506, 1; Laws 2017, LB140, 123.
Can you summarize NERS 8-1,134?
This legal document, part of the Nebraska Revised Statutes governing Banks and Banking, outlines the procedures and powers of the director in cases of violations. The director has the authority to serve a written complaint upon an alleged violator, specifying the violation and ordering necessary corrective action. The alleged violator has the right to request a hearing before the director within ten days of receiving the order. The director conducts a fair hearing, makes findings of fact and conclusions of law, and issues an order to further the purposes of the relevant statutes and regulations.
Can you summarize NERS 8-1,135?
Any person aggrieved by a final order of the director made pursuant to section 8-1,134 may appeal the order, and the appeal shall be in accordance with the Administrative Procedure Act. Source: Laws 1984, LB 1039, 2; Laws 1988, LB 352, 10; Laws 2017, LB140, 125. Cross References Administrative Procedure Act, see section 84-920.
Can you summarize NERS 8-1,136?
Whenever it appears to the director that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of Chapter 8 or the Credit Union Act, he or she may bring an action in the name of the director and the department in any court of competent jurisdiction to enjoin any such acts or practices and to enforce compliance with the provisions of Chapter 8 or the Credit Union Act.
Can you summarize NERS 8-1,137?
The director may refer such evidence as may be available concerning violations of the Nebraska Criminal Code or of any rule and regulation or order under Chapter 8 or under the Credit Union Act to the Attorney General or the proper county attorney. It shall be the duty of each county attorney or the Attorney General to whom the director reports a violation to cause appropriate proceedings to be instituted, if appropriate, without delay.
Can you summarize NERS 8-1,138?
(1) Any person who violates any of the provisions of a final order issued by the director shall be liable to any person or entity who suffers damage proximately caused by such violation. (2) Any person who knowingly violates any final order issued by the director pursuant to section 8-1,134 is guilty of a Class I misdemeanor. Source: Laws 1984, LB 1039, 5; Laws 2017, LB140, 128.
Can you summarize NERS 8-1,139?
An officer, director, agent, or employee of a bank, trust company, building and loan association, savings and loan association, credit union, or other similar entity which is chartered, licensed, regulated, or examined by the department who willfully misapplies any of the money, funds, or credits of any such entity or any money, funds, assets, or securities entrusted to the care or custody of such entity or the custody or care of any such officer, director, agent, or employee is guilty of a Class IV felony.
Can you summarize NERS 8-1,140?
This provision grants banks incorporated under the laws of Nebraska and organized under the Nebraska Banking Act or the laws of Nebraska prior to May 9, 1933, the same rights, powers, privileges, benefits, and immunities as federally chartered banks doing business in Nebraska. These rights include the exercise of all powers and activities permitted for a financial subsidiary of a federally chartered bank. However, the bank is still required to pay state taxes assessed under applicable laws of Nebraska.
Can you summarize NERS 8-1,142?
The director may adopt and promulgate rules and regulations to implement sections 8-1,141 to 8-1,143. Source: Laws 2021, LB649, 41.
Can you summarize NERS 8-1,143?
The courts of Nebraska shall have jurisdiction to hear claims in both law and equity relating to controllable electronic records, including those arising under sections 8-1,141 to 8-1,143 and the Uniform Commercial Code. Source: Laws 2021, LB649, 42.
Can you summarize NERS 8-101.02?
Sections 8-101.02 to 8-1,143 shall be known and may be cited as the Nebraska Banking Act. Source: Laws 1998, LB 1321, 32; Laws 1999, LB 396, 4; Laws 2009, LB327, 1; Laws 2010, LB891, 1; R.S.1943, (2012), 8-101.01; Laws 2017, LB140, 1; Laws 2021, LB649, 32.
Can you summarize NERS 8-101.03?
The provided legal document content pertains to the Nebraska Banking Act. It defines various terms related to banking and financial institutions. The Act applies to financial institutions such as banks, savings banks, building and loan associations, savings and loan associations, credit unions, trust companies, and digital asset depositories. The document provides definitions for terms such as access device, acquiring financial institution, automatic teller machine, automatic teller machine surcharge, bank or banking corporation, bank subsidiary, capital or capital stock, data processing center, department, digital asset depository, director, financial institution employees, foreign state agency, impulse, insolvent, making loans, order, point-of-sale terminal, and switch.
Can you summarize NERS 8-102?
This legal document pertains to the supervision and control of specified financial institutions in the state of Nebraska. The Department has general supervision and control over banks, trust companies, credit unions, building and loan associations, savings and loan associations, and digital asset depositories. These institutions are declared to be quasi-public in nature and subject to regulation and control by the state. The director of the department has the authority to prescribe conditions on these institutions and their holding companies, if any, as part of any written order, decision, or determination required under specific acts and chapters.
Can you summarize NERS 8-103?
This legal document pertains to the supervision and examination of banks, trust companies, building and loan associations, savings and loan associations, and credit unions by the director. The director is responsible for enforcing compliance with statutes and maintaining proper banking standards and efficiency. If the director has a financial interest in a financial institution chartered by the department, the Governor assumes direct supervision. The director and certain department employees, such as deputy directors, counsels, attorneys, and financial institution examiners, are prohibited from borrowing money from financial institutions chartered by the department, except for borrowing in the normal course of business from the Nebraska State Employees Credit Union.
Can you summarize NERS 8-104?
According to the Nebraska Revised Statutes, before assuming the duties of office, the director is required to take and subscribe to the constitutional oath of office. The director must file the oath in the office of the Secretary of State. Additionally, the director must be bonded or insured as required by section 11-201.
Can you summarize NERS 8-105?
This provision, found in the Nebraska Revised Statutes under the section for Banks and Banking, governs the employment of deputies, counsels, examiners, and other assistants by the director of the banking department. The director has the authority to hire individuals necessary to fulfill their duties as required by law. The employment of any person in the department is subject to section 49-1499.07. Deputies and financial institution examiners serve at the will of the director and receive salaries determined by the director and approved by the Governor based on their credentials.
Can you summarize NERS 8-106?
The director may adopt and promulgate rules and regulations for the governance of banks under his or her supervision as may in his or her judgment seem wise and expedient and which do not in any way conflict with any of the provisions of law. In adopting and promulgating such rules and regulations, the director shall consider generally recognized sound banking principles, the financial soundness of banks, competitive conditions, and general economic conditions.
Can you summarize NERS 8-107?
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, grants the department the authority to require bank officers to open and maintain specific books or accounts. The purpose of these books and accounts is to accurately record and conveniently track the transactions and accounts of the bank. If a bank refuses or neglects to open and keep the prescribed books or accounts, they may be subject to a penalty of ten dollars for each day of non-compliance.
Can you summarize NERS 8-108?
This legal document, governed by the Nebraska Revised Statutes, pertains to the examination of banks, financial institutions, holding companies, and bank subsidiaries. The director, deputy, or duly appointed examiner has the authority to thoroughly examine the books, papers, and affairs of these entities. They can administer oaths, examine officers, agents, and clerks under oath, and subpoena individuals to testify. The director also has the authority to examine and monitor these entities electronically.
Can you summarize NERS 8-109?
If any financial institution examiner has knowledge of the insolvency or unsafe condition of any financial institution chartered by the department, that there are bad or doubtful assets in any such financial institution, that any such financial institution or any of its officers has violated any law governing the conduct of the financial institution, or that it is unsafe and inexpedient to permit any such financial institution to continue business, and the financial institution examiner fails to immediately report such fact in writing over his or her signature to the director, he or she is guilty of a Class II misdemeanor and shall forfeit his or her office.
Can you summarize NERS 8-110?
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the requirements for banks to obtain fidelity bonds. According to the document, each bank is required to obtain a fidelity bond in an amount determined by the director of the department. The bond should be issued by an authorized insurer and should protect the bank from losses resulting from fraudulent or criminal acts committed by its officers or employees.
Can you summarize NERS 8-111?
The director may convey any real estate title which is vested in the department by operation of law or otherwise. Such conveyance shall be signed by the director, sealed with the seal of the department, and acknowledged by the director. Source: Laws 1925, c. 30, 7, p. 127; Laws 1929, c. 38, 20, p. 167; C.S.1929, 8-112; Laws 1933, c. 18, 10, p. 140; C.S.Supp.,1941, 8-112; R.S.1943, 8-109; Laws 1963, c.
Can you summarize NERS 8-112?
This legal document governs the records required, disclosures prohibited, and confidentiality of records by the director and anyone connected with the department, as well as financial institutions and other entities regulated by the department. The director is required to maintain proper books showing all acts, matters, and things done under the jurisdiction of the department. The name of any customer, including a depositor, debtor, beneficiary, member, or account holder, and the amount of any deposit, debt, or account holdings of any of them shall not be disclosed, except as necessary in the performance of official duty.
Can you summarize NERS 8-113?
This legal document governs the unauthorized use of the word bank or any derivative thereof in the State of Nebraska. It applies to individuals, firms, companies, corporations, or associations doing business in Nebraska, unless they are organized as a bank under the Nebraska Banking Act or the authority of the director or federal government, a digital asset depository that is not a digital asset depository institution, or as a building and loan association, savings and loan association, or savings bank under Chapter 8, article 3, or the authority of the federal government.
Can you summarize NERS 8-114?
This legal document governs the conduct of banks within the state of Nebraska. It specifies that conducting a bank within the state is only lawful if done through a corporation duly organized under the state’s laws. Corporations must comply with all provisions and requirements of the Nebraska Banking Act before receiving money upon deposit or conducting a bank. Violation of this law is considered a Class V misdemeanor for each day of the offense and may result in the appointment of a receiver to wind up the banking business.
Can you summarize NERS 8-115?
According to the Nebraska Revised Statutes, no corporation is allowed to conduct a bank or digital asset depository in the state of Nebraska without obtaining a charter. The charter must be obtained in accordance with the Nebraska Banking Act or the Nebraska Financial Innovation Act. This requirement ensures that corporations meet the necessary criteria and regulations before engaging in banking or digital asset depository activities in the state. The document does not specify any penalties for non-compliance or violations.
Can you summarize NERS 8-115.01?
This legal document outlines the procedures for obtaining a new bank charter and transferring a bank charter in Nebraska. When a corporation applies for a new bank charter, a public hearing is required, and notice of the application must be published in a legal newspaper. The director must consider the experience, character, and general fitness of the applicant, as well as the condition of the applicant’s financial institutions. If the bank charter is to be transferred to a new location, a hearing may be required based on the director’s discretion.
Can you summarize NERS 8-116?
This legal document, found in the Nebraska Revised Statutes under the section for Banks and Banking, governs the issuance of bank charters and the capital stock requirements for corporations applying for a bank charter. According to subsection (1) of this section, a bank charter cannot be issued unless the applying corporation has surplus and paid-up capital stock in an amount not less than the amount necessary for compliance with subsection (1) of section 8-702 for the insurance of deposits.
Can you summarize NERS 8-116.01?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, allows banks to issue and sell capital notes or debentures with the approval of the director. The issuance of these notes or debentures does not require any action from the bank’s stockholders. However, they are subordinate to the claims of depositors and may also be subordinated to the claims of other creditors. Before retiring or paying these notes or debentures, the bank must ensure that its sound capital assets are sufficient to at least equal its capital or capital stock, disregarding the notes or debentures to be retired.
Can you summarize NERS 8-117?
This legal document, governed by the Nebraska Revised Statutes, pertains to the process and requirements for obtaining a conditional bank charter. A conditional bank charter can be granted for a period of up to eighteen months and is specifically intended for the acquisition or potential acquisition of a troubled or failing financial institution located in Nebraska or with a branch in Nebraska. The document outlines the contents of the application for a conditional bank charter, including the proposed bank’s name, draft articles of incorporation, financial condition of stockholders, officers, and directors, available capital, and a preliminary business plan.
Can you summarize NERS 8-118?
(1) It shall be unlawful for any person for hire (a) to promote or attempt to promote the organization of a corporation to conduct the business of a bank in this state or (b) to sell the capital stock of such a corporation prior to the issuance of a charter to such corporation authorizing its operation as a bank. (2) Any person violating the provisions of this section is guilty of a Class II misdemeanor.
Can you summarize NERS 8-119?
This legal provision applies to corporations organized for conducting a bank under the laws of Nebraska. Before being granted a charter, such corporations must file a statement with the department, under oath, stating that no compensation has been paid or promised to any person for selling the stock of the corporation. Filing a false statement is considered a Class I misdemeanor. If a false statement is found after the charter has been delivered, the department may cancel the charter and appoint a receiver for the corporation.
Can you summarize NERS 8-120?
This legal document, sourced from the Nebraska Revised Statutes, governs the process of conducting, merging, or transferring a bank. It applies to corporations that are organized for conducting a bank or merging with an existing bank. The document outlines the requirements for submitting a complete detailed application, including the proposed bank’s name, copy of the articles of incorporation, names of stockholders, location of the bank, nature of the proposed banking business, proposed amounts of paid-up capital stock and surplus, and a statement regarding the payment of at least twenty percent of the stated amounts by the stockholders.
Can you summarize NERS 8-122?
This legal document governs the issuance of a charter to corporations applying to transact business as a bank in Nebraska. The document outlines the requirements and process for obtaining a charter, including the examination and approval of the application by the Director of Banking and Finance, investigation of the integrity and responsibility of the stockholders, directors, and officers of the corporation, and the determination of public necessity, convenience, and advantage. Upon meeting the requirements and paying the necessary fees, the department will issue a charter to the corporation.
Can you summarize NERS 8-124?
This legal document, governed by the Nebraska Revised Statutes under the section ‘BANKS AND BANKING’, pertains to the management and control of affairs and business of banks. It specifies that a bank should have a board of directors consisting of not less than five and not more than twenty-five members. The board of directors is responsible for selecting a president, who must also be a member of the board. The document further states that the board of directors should hold at least one regular meeting in each calendar quarter.
Can you summarize NERS 8-124.01?
At any time that a vacancy on the board of directors of a bank occurs, the bank shall, within thirty days, notify the department of the vacancy. Vacancies shall be filled within ninety days by appointment by the remaining directors, and any director so appointed shall serve until the next election of directors, except that if the vacancy created leaves a minimum of five directors, appointment shall be optional. When the vacancy has been filled, the bank shall make application to the department for approval of the director appointed in accordance with section 8-126.
Can you summarize NERS 8-125?
A full and complete record of the proceedings and business of all meetings of the board of directors shall be recorded in the bank’s minutes. Such record of the meetings shall show the gross earnings and disposition thereof by indicating expenses and taxes paid, worthless items charged off, depreciation in assets, amount carried to surplus fund, and amount of dividend, and shall also indicate the amount of undivided profits remaining. Published statements of assets and liabilities shall show for undivided profits only the net amount after deducting all expenses.
Can you summarize NERS 8-126?
This legal document governs the qualifications and approval process for bank directors, as well as the revocation of such approval. According to the document, a majority of the bank’s board of directors must have their residences in the state or within twenty-five miles of the bank’s main office. Efforts should be made to acquire directors from the county where the main office is located and from counties with branches of the bank.
Can you summarize NERS 8-127?
(1) Every bank shall cause to be kept at all times a full and correct list of the names and residences of all its stockholders, the number of shares held by each, and the amount of paid-up capital represented thereby. Such list shall be subject to the inspection of all stockholders of the bank during all business hours, and shall be kept in the business office where all stockholders may have ready access to it.
Can you summarize NERS 8-128?
This legal provision governs the process of increasing or decreasing the paid-in capital stock of banks. According to the provision, the stockholders of a bank, through a vote of those owning two-thirds of the capital stock, can authorize an officer of the bank to notify the department of the proposed increase or reduction of paid-in capital stock. In the case of a reduction, a notice stating the amount of the proposed reduction must be published for two weeks in a newspaper published and of general circulation in the county where the bank’s main office is located.
Can you summarize NERS 8-129?
Whenever the director deems it expedient, he or she may call a meeting of the stockholders of any bank by sending notice of such meeting to each stockholder five days previous thereto. All necessary expenses incurred in the giving of such notice shall be borne by the bank whose stockholders are required to convene. Source: Laws 1933, c. 18, 41, p. 157; C.S.Supp.,1941, 8-1,126; R.S.1943, 8-1,106; Laws 1963, c. 29, 29, p.
Can you summarize NERS 8-130?
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, authorizes any bank or trust company organized under the laws of Nebraska to become a member of the Federal Reserve Bank of Kansas City and the federal reserve system. As a member, the bank or trust company assumes certain liabilities and powers prescribed by the Federal Reserve Act and its amendments. The document states that while a member, the bank or trust company is subject to examination by the legally constituted authorities and must comply with all provisions of the Federal Reserve Act and regulations made by the Federal Reserve Board.
Can you summarize NERS 8-132?
This legal document governs the operations of banks and banking in Nebraska. It specifies that the available funds of a bank should consist of cash on hand and balances due from other solvent banks. The bank is prohibited from making new loans or dividends if its available funds or reserves are deemed deficient by the director. The department has the power to notify a bank if its available funds, reserves, or capital are deemed deficient or impaired, and the bank is required to make good such deficiencies within the directed time.
Can you summarize NERS 8-133?
This legal document governs the rate of interest, prohibited acts, penalties, and the pledge of letters of credit authorized in the context of banks. It allows banks to pay interest at any rate on deposits, with certain exceptions. Banks are prohibited from paying a greater rate of interest to officers, directors, principal stockholders, or employees than that paid to other depositors. Violators of this provision are guilty of a Class IV felony.
Can you summarize NERS 8-134?
Banks may, by agreement, provide that deposits received under agreement shall be repaid only on presentation of pass books and may require notice to be given before such deposits are repaid. Source: Laws 1963, c. 29, 34, p. 148.
Can you summarize NERS 8-135?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, establishes that all persons, regardless of age, can become depositors in any bank and have the same duties and liabilities regarding their deposits. Depositors can withdraw their deposits through check or other written instruments signed by the depositor, or through various electronic means such as preauthorized direct withdrawal, automatic teller machines, debit cards, transfers by telephone, networks including the Internet, or any electronic terminal or computer.
Can you summarize NERS 8-137?
No officer or employee of any bank shall certify any check drawn upon such bank unless the person, firm, or corporation drawing the check has on deposit with the bank at the time such check is certified an amount of credit, on the depositors’ ledger of such bank, subject to the payment of such check, equal to the amount specified in such check. The amount of such check shall not be recoverable from the payee or holder except in case of fraud.
Can you summarize NERS 8-138?
This legal document governs the acceptance and receipt of deposits by banks when they are insolvent. According to the document, no bank is allowed to accept or receive deposits when it is insolvent. If a bank receives or accepts deposits while insolvent, the officer, agent, or employee involved is guilty of a Class III felony. The document does not mention any exemptions. It is applicable to all banks and aims to prevent insolvent banks from accepting deposits.
Can you summarize NERS 8-139?
This legal document governs the approval of loans and investments by banks in Nebraska. It requires that no loan or investment be made by a bank without the approval of an active executive officer. The executive officers of banks must possess good moral character, known integrity, business experience and responsibility, and be capable of conducting the affairs of a bank on sound banking principles. Additionally, banks must apply for and obtain a license from the department for their active executive officers to act in such capacity, unless they elect for their active executive officers to be exempt from this requirement.
Can you summarize NERS 8-140?
Any financial institution chartered by the department that employs a mortgage loan originator, as defined in section 45-702, shall register such employee with the Nationwide Mortgage Licensing System and Registry, as defined in section 45-702, by furnishing the following information concerning the employee’s identity to the Nationwide Mortgage Licensing System and Registry: (1) Fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information, for a state and national criminal history background check; and (2) Personal history and experience, including authorization for the Nationwide Mortgage Licensing System and Registry to obtain information related to any administrative, civil, or criminal findings by any governmental jurisdiction.
Can you summarize NERS 8-141?
This legal document governs the limits on loans that banks can provide to corporations, limited liability companies, firms, and individuals. The limit is set at twenty-five percent of the paid-up capital, surplus, and capital notes and debentures or fifteen percent of the unimpaired capital and unimpaired surplus of the bank, whichever is greater. However, there are exceptions to these limitations. These exceptions include obligations secured by shipping documents or livestock, obligations secured by certain bonds or notes of the United States, obligations secured by negotiable warehouse receipts, and obligations secured by readily marketable collateral.
Can you summarize NERS 8-142?
This legal document, found in the Nebraska Revised Statutes under the section on BANKS AND BANKING, pertains to officers, employees, directors, or agents of any bank. It outlines the penalties for knowingly violating or permitting a violation of section 8-141. The severity of the penalty depends on the nature and impact of the violation. Violations resulting in the insolvency of the bank are classified as a Class IV felony. Violations resulting in a monetary loss to the bank of over twenty thousand dollars or exceeding the authorized limit by forty thousand dollars or more are classified as a Class I misdemeanor.
Can you summarize NERS 8-143?
This legal document governs the actions of directors of banks in Nebraska. If the directors knowingly violate or permit violations of section 8-141, the bank may face forfeiture of its rights, privileges, and franchises. Before the charter of the bank is declared forfeited, a court of competent jurisdiction must determine and adjudicate the violation. The Director of Banking and Finance may bring an action for this purpose. In case of a violation, directors who participated in or knowingly assented to the violation may be personally liable for all damages sustained by the bank, its shareholders, or any other person as a result of the violation.
Can you summarize NERS 8-143.01?
This section of the Nebraska Revised Statutes governs the extension of credit by banks to their executive officers, directors, principal shareholders, and related interests. It sets limits on the amount of credit that can be extended and requires approval by the board of directors for certain extensions. The section also allows for specific exemptions, such as credit for financing education or the purchase of a residence. Executive officers are required to make annual written reports on loans or indebtedness, or the board of directors may obtain credit reports.
Can you summarize NERS 8-144?
Any officer or employee of any bank who willfully and knowingly violates any provision of sections 8-141 to 8-143.01 shall be liable under his or her bond for any loss to the bank resulting therefrom. Source: Laws 1909, c. 10, 40, p. 86; R.S.1913, 319; Laws 1919, c. 190, tit. V, art. XVI, 40, p. 701; C.S.1922, 8020; C.S.1929, 8-159; R.S.1943, 8-153; Laws 1963, c. 29, 44, p. 152; Laws 1994, LB 611, 3; Laws 2017, LB140, 41.
Can you summarize NERS 8-145?
Any stockholder or director, officer, agent, or employee of any bank who, for the use or benefit of himself or herself or any person other than the bank, solicits, asks for, or receives or agrees to receive from any person any gift or compensation or reward or inducement of any kind for (1) procuring or endeavoring to procure any loan from such bank to any person, (2) procuring or endeavoring to procure the purchase by such bank from any person of any negotiable or nonnegotiable instrument of any kind by discount or otherwise, (3) procuring or endeavoring to procure the purchase by such bank from any person of any real or personal property of any kind, or (4) procuring or endeavoring to procure such bank to permit any person to overdraw his or her account with such bank, is guilty of a Class I misdemeanor.
Can you summarize NERS 8-147?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, sets forth regulations regarding the direct borrowing of banks, limitation on amounts of loans and investments, and the illegal transfer of assets. According to the document, the aggregate amount of direct borrowing of any bank should not exceed the amount of its paid-up capital, surplus, undivided profits, capital reserves, capital notes, and debentures, unless prior written permission is obtained from the director.
Can you summarize NERS 8-148?
This legal document governs the actions of banks in Nebraska. It prohibits banks from making loans or discounts on the security of their own capital stock or the capital stock of their holding company, purchasing such shares, or purchasing securities convertible into stock, unless it is necessary to prevent loss upon a debt previously contracted in good faith. Banks are required to sell or dispose of any stock purchased or acquired within six months, unless written approval for a longer holding period is obtained from the director.
Can you summarize NERS 8-148.01?
Any bank may invest not more than ten percent of its capital and surplus either in stock of a corporation operating a computer center or directly, alone or with others, in a computer center. With written approval of the director, such additional percentage of its capital and surplus may be so invested as the director shall approve. Such investment is not subject to the provisions of sections 8-148, 8-149, and 8-150.
Can you summarize NERS 8-148.02?
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, allows banks to subscribe to, invest in, buy, and own stock in agricultural credit corporations or livestock loan companies. These corporations and companies primarily provide short and intermediate term credit to farmers, ranchers, and entities engaged in farming and ranching activities, including the breeding, raising, fattening, or marketing of livestock. Banks are limited to obligating up to 35% of their paid-up capital, surplus, undivided profits, capital reserves, capital notes, and debentures for such purposes.
Can you summarize NERS 8-148.03?
Bonds of the State of Israel are hereby made securities in which banks, savings and loan associations, insurance companies, and credit unions may properly and legally invest funds. Source: Laws 1974, LB 845, 3.
Can you summarize NERS 8-148.04?
This legal document, found in the Nebraska Revised Statutes under the section ‘BANKS AND BANKING’, governs community development investments made by banks. It allows banks to make such investments directly or through purchasing equity interests or evidence of indebtedness of entities primarily engaged in community development investments. However, there are certain conditions that need to be satisfied. Firstly, the investment should not expose the bank to unlimited liability. Secondly, the aggregate investment under this subsection should not exceed fifteen percent of the bank’s capital and surplus.
Can you summarize NERS 8-148.05?
This legal provision, found in the Nebraska Revised Statutes under the section on BANKS AND BANKING, allows banks to engage in dealing, underwriting, and purchasing of qualified Canadian Government obligations. Banks are permitted to deal in these obligations to the same extent as they deal in obligations of the United States Government or general obligations of any state. The term ‘qualified Canadian Government obligation’ refers to any debt obligation backed by Canada or any Canadian province, with a comparable liability to obligations backed by the full faith and credit of the United States Government or any state thereof.
Can you summarize NERS 8-148.06?
Any bank may subscribe to, invest in, buy, own, and sell the common stock, obligations, and other securities of one or more bank subsidiaries organized under the laws of the State of Nebraska. A bank shall not obligate more than thirty-five percent of its paid-up capital stock, surplus, undivided profits, capital reserves, and capital notes and debentures for such purposes. An additional percentage of its paid-up capital stock, surplus, undivided profits, capital reserves, and capital notes and debentures may be invested with written approval of the director.
Can you summarize NERS 8-148.07?
A bank subsidiary shall engage in only those activities: (1) Prescribed under subdivision (6) of section 8-101.03; or (2) That its bank shareholder, shareholders, member, members, investor, or investors are authorized to perform under the laws of this state and shall engage in those activities only at locations in this state where the bank shareholder, shareholders, member, members, investor, or investors could be authorized to perform activities. Source: Laws 1995, LB 384, 3; Laws 2000, LB 932, 2; Laws 2017, LB140, 49; Laws 2022, LB707, 13.
Can you summarize NERS 8-148.08?
A bank subsidiary is subject to examination and regulation by the department to the same extent as its bank shareholder, shareholders, member, members, investor, or investors. Source: Laws 1995, LB 384, 4; Laws 2017, LB140, 50; Laws 2022, LB707, 14.
Can you summarize NERS 8-148.09?
This legal document, sourced from the Nebraska Revised Statutes, governs the authority of banks to subscribe to, invest in, buy, and own stock of other financial institutions. The document outlines the conditions under which such transactions are authorized, including mergers, consolidations, and asset acquisitions. The acquiring bank must obtain prior approval from the director, and in certain cases, the transaction must occur on the same day as the acquisition of shares.
Can you summarize NERS 8-148.10?
Any financial institution as defined in section 8-3003 other than a digital asset depository institution as defined in section 8-3003 may invest not more than ten percent of its capital and surplus either in stock of a corporation operating a digital asset depository institution or directly, alone, or with others, in a digital asset depository institution. With written approval of the director, such additional percentage of its capital and surplus may be so invested as the director shall approve.
Can you summarize NERS 8-149?
This legal document, governed by the Nebraska Revised Statutes, pertains to banks and their investment activities. It states that no bank can invest in bank premises or the stock, bonds, debentures, or other obligations of any corporation holding the premises without the written approval of the director. Additionally, banks are prohibited from making loans upon the security of the stock of such corporations if the total investments and loans exceed the bank’s paid-up capital stock, surplus, and capital notes and debentures.
Can you summarize NERS 8-150?
This legal document, governed by the Nebraska Revised Statutes under the section for Banks and Banking, pertains to the power of banks to purchase, hold, and convey real estate. Banks are allowed to acquire real estate through various means, such as pursuant to section 8-149, through debts owed to the bank, or through sales under judgments, decrees, deeds of trust, or mortgages. However, when acquiring real estate through sales, banks are prohibited from bidding more than the amount required to satisfy the judgments or decrees with costs.
Can you summarize NERS 8-1501?
For purposes of sections 8-1501 to 8-1505, unless the context otherwise requires: (1) Person means an individual, corporation, partnership, limited liability company, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or other form of entity not specifically listed in this subdivision; and (2) Control means to own directly or indirectly or to control in any manner twenty-five percent or more of the voting shares of any bank, trust company, or holding company or to control in any manner the election of the majority of directors of any bank, trust company, or holding company.
Can you summarize NERS 8-1502?
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the acquisition of control of state-chartered banks and trust companies. It requires any person acting personally or as an agent to provide sixty days’ notice to the Department of Banking and Finance before acquiring control of such institutions. The Director of Banking and Finance has thirty days to review the notice and may disapprove the proposed acquisition within that period.
Can you summarize NERS 8-1503?
Within ten days after receipt of notice of disapproval pursuant to section 8-1502, the acquiring party may request an agency hearing on the proposed acquisition. At such hearing, all issues shall be determined on the record pursuant to the administrative rules of procedure and the rules and regulations as may be issued by the Department of Banking and Finance in accordance with the Administrative Procedure Act. At the conclusion of such hearing, the Director of Banking and Finance shall by order approve or disapprove the proposed acquisition on the basis of the record made at such hearing.
Can you summarize NERS 8-1504?
This legal document governs the process of acquisition and applies to persons or entities making an acquisition. The document specifies the information that must be included in a notice filed for an acquisition. The required information includes the identity, personal history, business background, and experience of each person involved in the acquisition, as well as their material business activities and affiliations in the past five years. The notice must also include a statement of the assets and liabilities of the persons involved, the terms and conditions of the proposed acquisition, and the source and amount of funds or other consideration used or to be used in the acquisition.
Can you summarize NERS 8-1505?
The Director of Banking and Finance may disapprove any proposed acquisition if: (1) The financial condition of any acquiring person is such as might jeopardize the financial stability of the bank or trust company or prejudice the interests of the depositors of the bank or trust company; (2) The competence, experience, or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the depositors of the bank or trust company or in the interest of the public to permit such person to control the bank or trust company; or (3) Any acquiring person neglects, fails, or refuses to furnish the Director of Banking and Finance all the information required by him or her.
Can you summarize NERS 8-1506?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, outlines the powers of the Director of Banking and Finance in relation to failing financial institutions. The Director has the authority to take immediate action, without a hearing, to convert or merge the charter, ownership, assets, liabilities, or branches of a financial institution if it is determined to have impaired capital, unsafe or unauthorized operations, or if it endangers the interests of depositors or savers.
Can you summarize NERS 8-1511?
This legal document, Nebraska Revised Statutes » BANKS AND BANKING, governs various entities and aspects related to banks and banking in Nebraska. It applies to affiliated banks or thrift institutions, associations of banks or thrift institutions, banking corporations, qualifying associations, thrift institutions, and transaction card holders. The document defines terms such as affiliated bank or thrift institution, association of banks or thrift institutions, bank or banking corporation, qualifying association, thrift institution, and transaction card.
Can you summarize NERS 8-1512?
(1) Notwithstanding any other provisions of law and subject to the provisions of this section and to the approval of the Director of Banking and Finance, any bank or thrift institution may acquire and hold all or substantially all of the voting stock of one credit card bank located in this state when and so long as the credit card bank meets the conditions set forth in section 8-2401. (2) Sections 8-1511 to 8-1513 and 8-2401 to 8-2403 shall not be construed so as to limit the acquisition or ownership of a credit card bank to banks or thrift institutions.
Can you summarize NERS 8-1513?
This legal document governs the acquisition of voting stock of a credit card bank by a bank or thrift institution in Nebraska. It requires banks and thrift institutions to file an application with the Department of Banking and Finance for approval before making the acquisition. The application must contain specified information and acknowledge the applicant’s agreement to be bound by certain conditions. The director of Banking and Finance considers factors such as the financial and managerial resources of the bank or thrift institution, potential concentration of resources, competition, and the convenience and benefit to the public when deciding whether to approve the acquisition.
Can you summarize NERS 8-152?
A bank may make loans secured by real estate or may participate with other financial institutions in such loans whether such participation occurs at the inception of the loan or at any time after the loan was made. Source: Laws 1963, c. 29, 52, p. 156; Laws 1965, c. 28, 4, p. 202; Laws 1972, LB 1226, 1; Laws 1973, LB 164, 16; Laws 1974, LB 845, 2; Laws 1979, LB 220, 6; Laws 1982, LB 779, 3; Laws 1994, LB 979, 5; Laws 2017, LB140, 53.
Can you summarize NERS 8-153?
This legal document governs the requirements for checks, specifically regarding the preprinted information and the clearing process. All checks, except those sent to banks as special collection items, must have the magnetically encoded routing and transit symbol of the bank and either the name of the maker or the magnetically encoded account number of the maker. Checks drawn on any bank, except for special collection items or checks presented in person by the payee, must be cleared at par by the bank on which they are drawn.
Can you summarize NERS 8-157?
This legal document, part of the Nebraska Revised Statutes governing Banks and Banking, outlines the rules and powers related to branch banking and the Director of Banking and Finance. It states that the general business of every bank should be conducted at the specified place of business in its charter. However, with the approval of the director, banks located in Nebraska can establish and maintain an unlimited number of branches within the state.
Can you summarize NERS 8-157.01?
This legal document governs the establishment and maintenance of automatic teller machines (ATMs) for banking transactions. It allows establishing financial institutions to set up and operate ATMs for various banking transactions, such as deposits, withdrawals, fund transfers, and account inquiries. User financial institutions can access and use these ATMs by paying an automatic teller machine usage fee. The document ensures that ATMs are made available on a nondiscriminating basis for Nebraska customers of user financial institutions.
Can you summarize NERS 8-158?
Any bank may be appointed and shall have power to act, either by itself or jointly with any natural person or persons, as personal representative of the estate of any deceased person or as special administrator of the estate of any deceased person under the appointment of a court of record having jurisdiction of the estate of such deceased person. When a bank is so appointed and an oath is required to be made, whether in order to qualify or for any other purpose, the president, vice president, or secretary of the bank may, on behalf of the bank, make and subscribe to the required oath.
Can you summarize NERS 8-159?
Any bank, having adopted or amended its articles of incorporation to authorize the conduct of a trust business as defined in the Nebraska Trust Company Act, may be further chartered by the director to transact a trust company business in a trust department in connection with such bank. Source: Laws 1959, c. 19, 1, p. 143; Laws 1961, c. 14, 4, p. 107; R.R.S.1943, 8-1,118; Laws 1963, c. 29, 59, p.
Can you summarize NERS 8-160?
The director has the authority to issue to banks amendments to their charters of authority to transact trust business as defined in the Nebraska Trust Company Act and has general supervision and control over such trust department of banks. Source: Laws 1959, c. 19, 2, p. 143; Laws 1961, c. 14, 5, p. 108; R.R.S.1943, 8-1,119; Laws 1963, c. 29, 60, p. 159; Laws 1993, LB 81, 10; Laws 1998, LB 1321, 11; Laws 2017, LB140, 58.
Can you summarize NERS 8-1601?
The provided legal document content pertains to the Nebraska Revised Statutes governing banks and banking. It defines various terms related to banking and finance in the state of Nebraska. The document provides definitions for terms such as ‘bank,’ ‘bank holding company,’ ‘bankers bank,’ ‘department,’ ‘foreign bank holding company,’ ‘foreign bankers bank,’ ‘foreign state,’ and ‘owned substantially.’ These definitions are applicable to sections 8-1601 to 8-1605 of the Nebraska Revised Statutes. The document also includes the sources of these definitions, which are Laws 1986, LB 1123, 1; Laws 1999, LB 396, 15; Laws 2006, LB 876, 21.
Can you summarize NERS 8-1602?
A bankers bank may be formed with the approval of the department and subject to requirements and procedures for the issuance of a new bank charter or the transfer of an existing bank charter as provided in the Nebraska Banking Act. A bankers bank shall be a bank which is: (1) Insured by the Federal Deposit Insurance Corporation; (2) Owned substantially by other Nebraska banks, bank holding companies, foreign bank holding companies, or a combination of such entities; and (3) Directly and through all its subsidiaries engaged exclusively in providing services for other banks and their officers, directors, and employees.
Can you summarize NERS 8-1603?
A bankers bank shall be subject to the Nebraska Banking Act and any rules and regulations adopted and promulgated by the department. Source: Laws 1986, LB 1123, 3; Laws 1998, LB 1321, 73; Laws 2003, LB 217, 28. Cross References Nebraska Banking Act, see section 8-101.02.
Can you summarize NERS 8-1604?
A bankers bank may repurchase, for its own account, shares of its own capital stock, but the outstanding capital stock may not be reduced below the minimum required by law. Source: Laws 1986, LB 1123, 4.
Can you summarize NERS 8-1605?
A bank may subscribe to, invest in, buy, or own voting stock of one or more bankers banks, foreign bankers banks, bank holding companies, or foreign bank holding companies of such bankers bank or foreign bankers bank in an amount not to exceed five percent of any class of voting stock of each such bankers bank, foreign bankers bank, bank holding company, or foreign bank holding company of such bankers bank or foreign bankers bank.
Can you summarize NERS 8-161?
The director, before granting to any bank the right to operate a trust department, shall require such bank to make an application for amendment of its charter, setting forth such information as the director may require. If, upon investigation, the director is satisfied that the trust department of the bank requesting such amendment will be operated by officers of integrity and responsibility, the department shall, with such additional capital as the director shall require, issue to such bank an amendment to its charter, entitling it to operate a trust department and entitling it to transact the business provided for in the Nebraska Trust Company Act.
Can you summarize NERS 8-162?
The trust department of a bank when chartered under sections 8-159 to 8-161 shall be separate and apart from every other department of the bank and shall have all of the powers, duties, and obligations of a trust company provided in the Nebraska Trust Company Act. Source: Laws 1959, c. 19, 4, p. 144; Laws 1961, c. 14, 7, p. 108; R.R.S.1943, 8-1,121; Laws 1963, c. 29, 62, p. 159; Laws 1993, LB 81, 12; Laws 1998, LB 1321, 13.
Can you summarize NERS 8-162.01?
Any bank authorized to transact a trust company business in a trust department pursuant to sections 8-159 to 8-162 may conduct such trust company business at the office of any bank which is a subsidiary of the same bank holding company as the authorized bank. Source: Laws 1993, LB 81, 13.
Can you summarize NERS 8-162.02?
This legal document governs the handling of fiduciary accounts controlled by a bank’s trust department. It allows banks to deposit or have on deposit funds of a fiduciary account, unless prohibited by applicable law. The bank is required to set aside collateral as security for the funds that are awaiting investment or distribution. The collateral must be under the control of appropriate fiduciary officers and bank employees. The bank may maintain the investments off-premises if consistent with applicable law and if adequate safeguards and controls are in place.
Can you summarize NERS 8-163?
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the withdrawal of capital or surplus by banks. According to this provision, no bank is allowed to withdraw or permit the withdrawal of any part of its capital or surplus without written permission from the director. If the bank has sustained losses equal to or exceeding the retained net income, dividends cannot be made without the written permission of the director.
Can you summarize NERS 8-164?
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the declaration of dividends by the board of directors of any bank. The document outlines two conditions that must be met before dividends can be declared. Firstly, all bad debts that have been required to be charged off by either the board of directors or the department must have been charged off. Additionally, any debts due to the bank on which interest is past due and unpaid for a period of six months, unless they are well secured or in the process of collection, are considered bad debts.
Can you summarize NERS 8-165?
Any losses sustained by any bank in excess of its undivided profits shall be charged to its surplus fund. Its surplus fund shall thereafter be reimbursed from the earnings, and no dividends shall thereafter be declared or paid by any such bank, without the written permission of the director, until such surplus fund shall be fully restored to its former amount. Source: Laws 1923, c. 191, 38, p. 458; C.S.1929, 8-144; R.
Can you summarize NERS 8-166?
This legal document, governed by the Nebraska Revised Statutes, pertains to banks and banking. It requires every bank to submit at least two reports to the department each year. The reports must be in the prescribed form and certified as correct by specified individuals. Additionally, two members of the board of directors must also certify the reports. However, the director has the authority to waive this requirement if the bank files its reports electronically with the Federal Deposit Insurance Corporation, the Federal Reserve Board, or an electronic collection agent of the Federal Deposit Insurance Corporation or the Federal Reserve Board.
Can you summarize NERS 8-167?
This legal document pertains to the reporting requirements for banks to the department. It states that each report required by section 8-166 should exhibit in detail the resources and liabilities of the bank at the close of business on a specified past day. The report should be submitted to the department within thirty days or as required by the department after receiving a requisition for the report. The purpose of this requirement is to ensure a full statement of the transactions of the officers concerning the business done by them in their official capacities as officers and agents of the bank.
Can you summarize NERS 8-168?
A bank shall furnish special reports as may be required by the director to enable the department to obtain full and complete knowledge of the condition of the bank. Source: Laws 1909, c. 10, 19, p. 76; R.S.1913, 298; Laws 1919, c. 190, tit. V, art. XVI, 19, p. 693; C.S.1922, 8000; C.S.1929, 8-131; Laws 1933, c. 18, 21, p. 145; C.S.Supp.,1941, 8-131; R.S.1943, 8-133; Laws 1963, c. 29, 68, p.
Can you summarize NERS 8-169?
This provision, found in the Nebraska Revised Statutes under the BANKS AND BANKING section, applies to any bank that fails, neglects, or refuses to make or furnish any report or published statement required by the Nebraska Banking Act. In such cases, the bank is required to pay a penalty of fifty dollars for each day of failure, unless the director extends the filing time. The penalty is payable to the department.
Can you summarize NERS 8-170?
This legal provision governs the preservation and retention of records and files by banks in Nebraska. Banks are generally not required to preserve or keep their records or files for longer than six years after the first day of January of the year following the making or filing of such records or files. However, there are exceptions to this rule. Ledger sheets showing unpaid balances in favor of depositors must not be destroyed unless the bank has remitted such unpaid balances to the State Treasurer in accordance with the Uniform Disposition of Unclaimed Property Act.
Can you summarize NERS 8-171?
No liability shall accrue against any bank destroying any records or files in accordance with sections 8-170 to 8-174. In any cause or proceedings in which any such records or files may be called into question or be demanded of the bank or any officer or employee of the bank, a showing that such records or files have been destroyed in accordance with the terms of sections 8-170 to 8-174 shall be a sufficient excuse for the failure to produce such records or files.
Can you summarize NERS 8-173?
All causes of action against a bank based upon a claim or claims inconsistent with an entry or entries in any bank record or ledger, made in the regular course of business, shall accrue one year after the date of such entry or entries. No action founded upon such a cause shall be brought after the expiration of five years from the date of such accrual. Source: Laws 1949, c. 10, 4, p.
Can you summarize NERS 8-174?
Sections 8-170 to 8-174, so far as may be permitted by the laws of the United States, shall apply to the records and files of national banks. Source: Laws 1949, c. 10, 5, p. 72; R.R.S.1943, 8-1,115; Laws 1963, c. 29, 74, p. 163; Laws 2017, LB140, 71.
Can you summarize NERS 8-175?
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, pertains to any person who engages in certain fraudulent activities related to the books and records of a bank. The prohibited actions include subscribing to or making false statements or entries in the bank’s books, exhibiting false papers with the intent to deceive bank examiners, failing to make accurate entries in the bank’s records, mutilating or removing bank books or records without consent, and publishing false statements about the bank’s assets or liabilities.
Can you summarize NERS 8-177?
This legal provision, found in the Nebraska Revised Statutes under the section for Banks and Banking, governs the process of consolidation for banks in Nebraska. It states that a bank, in the process of winding up its business for the purpose of consolidating with another financial institution, may transfer its resources and liabilities to the institution with which it is consolidating. However, the consolidation requires the consent of the director. Additionally, the consolidation should not hinder any creditor in collecting their debt against the bank or financial institution, and the claim of any creditor should not be defeated by the consolidation.
Can you summarize NERS 8-178?
According to the Nebraska Revised Statutes, any national bank located and doing business within the State of Nebraska can convert into a state bank or merge/consolidate with a state bank. This conversion or merger requires a vote of at least two-thirds of the capital stock of the state bank. The resulting state bank must meet the requirements of state law for the formation of a new state bank. If the national bank conducts a trust company business within a trust department, the trust department to be converted must also meet the requirements of state law for the formation of a trust company business within a trust department of a state bank.
Can you summarize NERS 8-179?
This legal document governs the reorganization of a national bank as a state bank in Nebraska. It outlines the procedure for filing a statement with the department, which includes showing compliance with the laws of the United States and the state. The statement must also include specific information prescribed by sections 8-1901 to 8-1903, and if applicable, information prescribed by sections 8-159 to 8-162.01 for conducting trust company business within a trust department of the bank.
Can you summarize NERS 8-180?
Any state bank, without the approval of any state authority, may, upon a vote of the holders of at least two-thirds of its capital stock, convert into and merge or consolidate with a national bank as provided by federal law. Source: Laws 1951, c. 11, 1(3), p. 85; R.R.S.1943, 8-165.02; Laws 1963, c. 29, 80, p. 165; Laws 2017, LB140, 76.
Can you summarize NERS 8-181?
When a national bank has converted into or merged or consolidated with a state bank, or a state bank has converted into or merged or consolidated with a national bank, the resulting bank shall be considered the same business and corporate entity as the former bank or banks and as a continuation thereof, and the ownership and title to all properties and assets and the obligations and liabilities of the converting, merging, or consolidating banks shall automatically pass to and become the properties and assets and the obligations and liabilities of the resulting bank.
Can you summarize NERS 8-182?
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, pertains to the rights of stockholders in a state bank in the event of a conversion, merger, or consolidation with a national bank. If a stockholder votes against such a conversion, merger, or consolidation, they have the right to receive the value of their stock in cash from the assets of the state bank. To exercise this right, the stockholder must make a written demand to the resulting bank within thirty days after the effective date of the conversion, merger, or consolidation, and surrender their stock certificates.
Can you summarize NERS 8-183?
Without approval by the director, no asset shall be carried on the books of the bank resulting pursuant to section 8-181, when the resulting bank is a state bank, at a valuation higher than that on the books of the converting, merging, or consolidating bank at the time of the examination, by a state or national bank examiner, last occurring before the effective date of the conversion, merger, or consolidation. Source: Laws 1951, c.
Can you summarize NERS 8-183.01?
This legal document governs the conversion of state or federal savings associations to state banks in Nebraska. It states that any state or federal savings association, whether formed as a mutual association or a capital stock association, may apply to the director to convert to a state bank. The savings association seeking conversion must obtain approval of a plan of conversion by a two-thirds majority vote of the total number of directors authorized to vote.
Can you summarize NERS 8-183.02?
This legal document, governed by the Nebraska Revised Statutes, pertains to the plan of conversion for state or federal savings associations. According to the document, if the director approves a plan of conversion, it must be submitted for adoption to the members or shareholders of the converting savings association through a vote at a meeting. Prior to the meeting, a copy of the plan and an accurate summary plan description must be mailed to each eligible member or shareholder.
Can you summarize NERS 8-183.03?
This legal document governs the requirements for a savings association to convert to a state bank charter. To obtain a state bank charter, a savings association must meet the requirements of state law for forming a new state bank. A public hearing may be required if there is a substantive objection to the conversion or if the condition of the savings association warrants a hearing. If the savings association is a federal association, compliance with the conversion procedure prescribed by the laws of the United States must be demonstrated.
Can you summarize NERS 8-183.04?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, allows state or federal savings associations that were formed and operating as mutual savings associations as of July 15, 1998, to retain their mutual form of corporate organization upon conversion to a state bank. The converted savings association will have its members referred to as shareholders or stockholders, and the capital requirements will be as required for federal mutual savings associations.
Can you summarize NERS 8-183.05?
This legal document governs the issuance of a state bank charter to a converting savings association. Upon the issuance of the charter, the converting savings association continues its corporate existence and becomes a state bank. All property, rights, titles, interests, and assets of the converting savings association automatically vest in and remain the property of the converted savings association. The new state bank also succeeds to all the rights, obligations, and relations of the converting savings association.
Can you summarize NERS 8-184?
Whenever any bank shall desire to go into voluntary liquidation, it shall first obtain the written consent of the director who may, before granting such request, order a special examination of the affairs of such bank, for which the same fees may be collected as in regular examination. Source: Laws 1909, c. 10, 34, p. 83; R.S.1913, 313; Laws 1919, c. 190, tit. V, art. XVI, 34, p. 699; C.S.1922, 8014; C.
Can you summarize NERS 8-185?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, outlines the procedure for voluntary liquidation of a bank. According to the document, any bank can choose to liquidate by fully paying off all its depositors. The bank must file a certified statement with the department, confirming that all liabilities have been settled and providing the names of its stockholders along with the amount of stock held by each.
Can you summarize NERS 8-186?
This legal provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, pertains to the voluntary surrender of a bank’s affairs and assets to the Department of Banking and Finance. According to the provision, a bank can place itself under the control of the department by posting a notice on its door. Once the notice is posted or the department or a financial institution examiner takes possession of the bank, all of its assets immediately come under the possession of the department.
Can you summarize NERS 8-187?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, grants the Department of Banking and Finance the authority to take possession of the property and business of a bank under certain circumstances. The department can conduct the affairs of the bank and retain possession of all money, rights, credits, assets, and property belonging to the bank. The circumstances under which the department can take possession include situations where the bank’s capital is impaired, the bank is conducting business in an unsafe or unauthorized manner, the bank is endangering the interests of its depositors, or the bank fails to comply with reporting requirements or orders from the director.
Can you summarize NERS 8-188?
The director or any deputy, counsel, or examiner authorized by the director may, on behalf of the department, take possession of a bank by handing to the president, cashier, or any person in charge of the bank, a written notice that the bank is in the possession of the department. Source: Laws 1925, c. 30, 2, p. 123; C.S.1929, 8-183; Laws 1933, c. 18, 45, p. 159; C.S.Supp.,1941, 8-183; R.S.1943, 8-174; Laws 1963, c.
Can you summarize NERS 8-189?
Any officer, director, or employee of a bank who attempts to prevent the department from taking possession of such bank is guilty of a Class I misdemeanor. Source: Laws 1923, c. 191, 14, p. 445; C.S.1929, 8-184; Laws 1933, c. 18, 46, p. 159; C.S.Supp.,1941, 8-184; R.S.1943, 8-175; Laws 1963, c. 29, 89, p. 169; Laws 1977, LB 40, 52; Laws 2017, LB140, 86.
Can you summarize NERS 8-190?
This provision, found in the Nebraska Revised Statutes under the section for Banks and Banking, pertains to situations where a bank refuses or neglects to deliver possession of its affairs, assets, or property to the department or any appointed person. In such cases, the director of the department can apply to the district court for an order placing the department or the appointed person in charge of the bank’s affairs and property.
Can you summarize NERS 8-191?
This legal document, sourced from the Nebraska Revised Statutes, pertains to the possession of property and business of a bank by the department. Upon taking possession, the department is required to immediately notify all banks or trust companies holding or in possession of any assets of the bank. If a bank or trust company is notified or has knowledge of the department’s possession, they will not have a lien or charge for any payment, advance, or liability against the bank’s assets, unless the bank is continued as a going concern.
Can you summarize NERS 8-192?
Upon taking charge of any bank, the director shall cause to be made an inventory in triplicate of all the property, assets, and liabilities of the bank so far as the property, assets, and liabilities of the bank can be ascertained. One copy of the inventory shall be filed with the director, one copy of the inventory retained in the bank, and, after the declaration of insolvency of the bank as provided in section 8-194, one copy of the inventory shall be filed with the clerk of the district court of the county in which the main office of the bank is located.
Can you summarize NERS 8-193?
This legal document, sourced from the Nebraska Revised Statutes, pertains to the redelivery of possession of assets of insolvent banks to their officers, directors, stockholders, or owners. It states that if the aforementioned individuals provide a sufficient bond to the department, conditioned upon the full settlement of the bank’s liabilities within a specified time, and the bond is approved by the director, the department shall turn over all the assets to them.
Can you summarize NERS 8-194?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the determination and declaration of insolvency of banks in the state of Nebraska. When the director of the bank determines that a bank is insolvent and the stockholders or owners fail to restore solvency within the specified time and manner, or if the bank violates state laws, the director must make a written finding of the bank’s condition and declare it insolvent.
Can you summarize NERS 8-195?
This legal document pertains to insolvent banks and their interaction with the Department of Banking and Finance. If a bank deems itself aggrieved by the actions of the department, it can petition the district court to enjoin further proceedings. The court will then hear the allegations and proofs of the parties and determine the facts. If the bank can prove that it is solvent, conducting its business as provided by law, and not endangering the interests of its depositors and other creditors, and that the Director of Banking and Finance has acted arbitrarily and abused their discretion, the court may set aside the declaration of insolvency and enjoin the director from proceeding further.
Can you summarize NERS 8-196?
An appeal under section 8-195 shall operate as a stay of judgment of the district court, and no bond need be given if the appeal is taken by the director. If the appeal is taken by the bank, a bond shall be given as required by law for an appeal in civil cases. Source: Laws 1933, c. 18, 53, p. 162; Laws 1935, c. 16, 1, p. 89; C.S.Supp.,1941, 8-190; R.
Can you summarize NERS 8-197?
This legal document, part of the Nebraska Revised Statutes under the section on Banks and Banking, governs the liquidation process of insolvent banks. It outlines two methods of liquidation: (a) The Federal Deposit Insurance Corporation (FDIC) may accept the appointment as receiver or liquidating agent for insolvent banks whose deposits are insured by the FDIC. (b) If the bank is declared insolvent and its deposits are not insured by the FDIC, depositors and other creditors representing at least 51% of the deposits and claims have the right to liquidate the bank through liquidating trustees.
Can you summarize NERS 8-198?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, grants the department the authority to act as the receiver and liquidating agent for financial institutions chartered by the department. The department, subject to the supervision and control of the district court, can proceed to liquidate or reorganize such financial institutions in accordance with the Nebraska Banking Act. This provision does not constitute an unlawful delegation of judicial power to an executive department of government.
Can you summarize NERS 8-199?
This provision, found in the Nebraska Revised Statutes under the section for Banks and Banking, outlines the powers and privileges of the department when it is designated as the receiver for a financial institution chartered by the department. The department, acting through the director, has the authority to enforce debts and obligations owed to the financial institution or its creditors, shareholders, or owners. Additionally, the department can execute necessary instruments for the sale of property or settlement of obligations, subject to approval by the district court.
Can you summarize NERS 8-2103?
(1) A Nebraska state chartered bank may establish and maintain a branch or acquire a branch in any other state with the prior approval of the director and upon payment of the branch application fee set forth in section 8-602. (2) A Nebraska state chartered bank may engage in an interstate merger transaction in any other state in which it is the resulting bank and establish one or more branches in such other state with the prior approval of the director and upon payment of the merger and branch application fees set forth in section 8-602.
Can you summarize NERS 8-2104?
This legal document, governed by the Nebraska Revised Statutes, pertains to the establishment and maintenance of branches by out-of-state banks in Nebraska. It states that an out-of-state bank can establish and maintain a branch or acquire a branch in Nebraska by complying with the applicable requirements of the Nebraska Model Business Corporation Act. Additionally, an out-of-state bank can engage in an interstate merger transaction in Nebraska, resulting in the establishment of one or more branches.
Can you summarize NERS 8-2401?
This legal document outlines the formation and conditions for a credit card bank under the Nebraska Banking Act. To be formed under this act, a credit card bank must meet several conditions, including limitations on accepting certain types of deposits, restrictions on services provided, minimum capital stock and paid-in surplus requirements, employment or contracting obligations, limitations on the number of offices and processing centers, and operating in a manner that does not harm existing financial institutions.
Can you summarize NERS 8-2402?
The Department of Banking and Finance may grant a charter to transact the business of a credit card bank if the Director of Banking and Finance is satisfied that the applicant has met the conditions set forth in section 8-2401 and the Nebraska Banking Act as to the formation of a new bank. Source: Laws 2004, LB 999, 18. Cross References Nebraska Banking Act, see section 8-101.02.
Can you summarize NERS 8-2403?
A credit card bank shall be subject to the Interstate Branching and Merger Act, the Nebraska Bank Holding Company Act of 1995, the Nebraska Banking Act, and Chapter 8, articles 5, 6, 7, 8, 13, 14, 15, 16, 19, and 20, unless otherwise limited or excluded or the context otherwise requires. Source: Laws 2004, LB 999, 19; Laws 2012, LB963, 21. Cross References Interstate Branching and Merger Act, see section 8-2101.
Can you summarize NERS 8-2710?
Electronic instrument means a card or other tangible object for the transmission or payment of money that contains a microprocessor chip, magnetic strip, or other means for the storage of information, that is prefunded, and the value of which is decremented upon each use. Electronic instrument does not include a card or other tangible object that is redeemable by the issuer or its affiliates in goods or services of the issuer or its affiliates.
Can you summarize NERS 8-2718?
Outstanding payment instrument means any payment instrument issued by a licensee which has been sold in the United States directly by the licensee or any payment instrument issued by a licensee which has been sold by an authorized delegate of the licensee in the United States, which has been reported to the licensee as having been sold, and which has not yet been paid by or for the licensee. Source: Laws 2013, LB616, 18.
Can you summarize NERS 8-2719?
Payment instrument means any electronic or written check, draft, money order, travelers check, or other electronic or written instrument or order for the transmission or payment of money, sold or issued to one or more persons, whether or not such instrument is negotiable. Payment instrument does not include any credit card, any voucher, any letter of credit, or any instrument that is redeemable by the issuer or its affiliates in goods or services of the issuer or its affiliates.
Can you summarize NERS 8-345.01?
Nothing in section 8-157.01 shall prohibit building and loan associations as defined in sections 8-301 to 8-340.01 from establishing and operating new automatic teller machines for the purpose of transmitting savings and loan transactions. Source: Laws 1975, LB 508, 2; Laws 1993, LB 81, 53; Laws 2000, LB 932, 14; Laws 2003, LB 131, 6; Laws 2016, LB760, 4.
Can you summarize NERS 8-701?
For purposes of sections 8-701 to 8-709, banking institution means any bank, stock savings bank, mutual savings bank, building and loan association, digital asset depository institution under the Nebraska Financial Innovation Act, or savings and loan association, which is now or may hereafter be organized under the laws of this state. Source: Laws 1935, c. 8, 1, p. 72; C.S.Supp.,1941, 8-401; R.S.1943, 8-701; Laws 2003, LB 217, 15; Laws 2005, LB 533, 21; Laws 2017, LB140, 138; Laws 2021, LB649, 45.
Can you summarize NERS 8-702?
This section of the Nebraska Revised Statutes governs the requirements for banking institutions organized under the laws of Nebraska to obtain membership in the Federal Deposit Insurance Corporation (FDIC) and provide insurance for deposits. It specifies that before a charter is issued, a banking institution must enter into contracts and incur obligations necessary for FDIC membership. Banking institutions are allowed to take advantage of various benefits and privileges available to FDIC members.
Can you summarize NERS 8-703?
This legal provision authorizes the Federal Deposit Insurance Corporation (FDIC) to act as a receiver or liquidator for banking institutions that have closed due to their inability to meet depositor demands. The FDIC can accept the appointment as receiver or liquidator from the appropriate state authority. In such cases, the FDIC will possess all the powers and privileges provided by state laws for a receiver or liquidator of a banking institution, including the rights and duties towards depositors and other creditors.
Can you summarize NERS 8-704?
Whenever any banking institution shall have been closed as aforesaid, and the Federal Deposit Insurance Corporation shall pay or make available for payment the insured deposit liabilities of such closed institution, the corporation, whether or not it shall have become receiver or liquidator of such closed banking institution as herein provided, shall be subrogated to all rights against such closed banking institution of the owners of such deposits in the same manner and to the same extent as subrogation of the corporation is provided for in subsection (1) of section 12B of the Federal Reserve Act, as amended (being section 8, of the Banking Act of 1933) in the case of the closing of a national bank; Provided, that the rights of depositors and other creditors of such closed institution shall be determined in accordance with the applicable provisions of the laws of this state.
Can you summarize NERS 8-705?
This provision authorizes the Director of Banking and Finance in Nebraska to exercise discretion in accepting examinations and reports conducted by other regulatory agencies in lieu of conducting their own examinations of banking institutions. The Director may accept examinations conducted by the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Comptroller of the Currency, the Consumer Financial Protection Bureau, or a foreign state agency, provided a copy of the examination is furnished to the Director.
Can you summarize NERS 8-706?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, allows the Director of Banking and Finance to provide copies of examinations and reports of banking institutions to specified entities. The entities include the Federal Deposit Insurance Corporation, the Federal Reserve Board, the Comptroller of the Currency, the Consumer Financial Protection Bureau, and foreign state agencies, officials, and examiners. The Director is also required to disclose any information possessed by their office regarding the conditions or affairs of insured institutions.
Can you summarize NERS 8-707?
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the actions related to insolvent banks. It allows the Director of Banking and Finance or the receiver/liquidator of a closed banking institution to borrow from the Federal Deposit Insurance Corporation (FDIC) and provide the assets of the institution as security for the loan. However, if the FDIC is acting as the receiver or liquidator, a court order must be obtained before approving the loan.
Can you summarize NERS 8-708?
Upon the acceptance of the appointment of receiver or liquidator aforesaid by the Federal Deposit Insurance Corporation, the possession of and title to all the assets, business and property of such banking institution of every kind and nature shall pass to and vest in said corporation and without the execution of any instruments of conveyance, assignment, transfer or endorsement. Source: Laws 1935, c. 8, 8, p. 75; C.S.Supp.,1941, 8-408; R.S.1943, 8-708.
Can you summarize NERS 8-709?
Among its other powers, the Federal Deposit Insurance Corporation in the performance of its powers and duties as such receiver or liquidator, shall have the right and power upon the order of a court of record of competent jurisdiction to enforce the individual liability of the stockholders and directors of any such banking institution. Source: Laws 1935, c. 8, 9, p. 76; C.S.Supp.,1941, 8-409; R.S.1943, 8-709.
Can you summarize NERS 8-711?
Notwithstanding any more general or special law of the State of Nebraska to the contrary, banks, savings banks, trust companies and insurance companies are authorized (1) to make such loans and advances of credit, and purchases of obligations representing loans and advances of credit, as are eligible for insurance by the Federal Housing Administrator, and to obtain such insurance; and (2) to make such loans, secured by real property or leasehold, as the Federal Housing Administrator insures or makes a commitment to insure, and to obtain such insurance.
Can you summarize NERS 8-712?
It shall be lawful for banks, savings banks, trust companies, insurance companies, personal representatives, administrators, guardians, trustees, and other fiduciaries, the State of Nebraska and its political subdivisions, and institutions and agencies thereof, to invest their funds and the money in their custody or possession, eligible for investment, in bonds or notes secured by mortgages insured by the Federal Housing Administrator, in debentures issued by the Federal Housing Administrator, and in securities issued by national mortgage associations.
Can you summarize NERS 8-713?
No law of this state requiring security upon which loans or investments may be made, or prescribing the nature, amount or form of such security, or prescribing or limiting interest rates upon loans or investments, or prescribing or limiting the periods for which loans or investments may be made, shall be deemed to apply to loans or investments made pursuant to sections 8-711 and 8-712. Source: Laws 1935, c. 17, 3, p.
Can you summarize NERS 8-815?
This legal document, Nebraska Revised Statutes » BANKS AND BANKING, applies to the Department of Banking and Finance, banks and trust companies organized under the laws of Nebraska, national banking associations doing business in Nebraska, and national banking associations. It defines ‘Personal loan’ as a loan repayable in two or more installments within one hundred forty-five months, excluding loans with interest exceeding sixteen percent per annum. The definition of ‘Personal loan’ also includes loans for the purchase of mobile homes and loans or advances initiated by credit card or other transaction cards.
Can you summarize NERS 8-818?
Except as provided in section 8-820, no bank shall contract for or receive on or in connection with any personal loan a higher rate of interest than would otherwise be permitted by law, whether such rate is obtained by making charges on discounts without due allowance for partial repayments of principal, by taking deposits in lieu of repayments or by imposing fees or charges pretended to be for investigation, brokerage, service, other subterfuge or by any other device or means.
Can you summarize NERS 8-820?
This legal document, governed by the Nebraska Revised Statutes, pertains to banks and banking. It allows banks to contract for and receive charges at a rate not exceeding nineteen percent simple interest per year on personal loans. For loans initiated by credit card or other transaction cards, the interest rate can be any amount agreed upon by the parties. Banks acquired pursuant to specific sections may also charge commercially reasonable fees for service and use of credit cards or other transaction cards.
Can you summarize NERS 8-820.01?
This legal document, found in the Nebraska Revised Statutes under the section on BANKS AND BANKING, declares the public policy of the State of Nebraska regarding the federal most-favored-lender doctrine. It states that the bank credit card rate, as specified in section 8-820, should not be considered comparable or analogous to the small loan rate mentioned in sections 45-1024 and 45-1025. The Legislature recognizes that institutions making small loans and those administering bank credit cards are categorically different, as are the transactions carried out by these institutions.
Can you summarize NERS 8-821?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, outlines the additional charges that can be applied to personal loans. It specifies that apart from certain lawful fees, taxable costs in judicial proceedings, and premiums for insurance policies, no further charges can be contracted for or received. The insurance policies must be customary, reasonable, and not exceed standard rates. The document also allows for fees related to loan service costs, lost cards, returned checks, delinquency on the account, and other fees agreed upon in credit card or transaction card transactions.
Can you summarize NERS 8-822?
This legal document, found in the Nebraska Revised Statutes under the section for Banks and Banking, governs various aspects related to personal loans. It covers the method of computation for charges, stating that charges shall be computed by applying the rate charged to the outstanding principal balance for the number of days elapsed. It also allows charges to be computed as a percentage per month of unpaid principal balances at the time the loan is made, which may be included in scheduled installments.
Can you summarize NERS 8-823?
The following provisions shall apply to loans made under section 8-820: (1) With the exception of loans for mobile homes, every such loan shall be repayable within a period of one hundred forty-five months and may be prepaid in whole or in part at any time. One or more of the installments may be accelerated or deferred when the borrower’s chief source of income makes such arrangement necessary, if the note or contract so provides; (2) The bank shall give the borrower a receipt showing the date and amount of each payment made on account of any such loan; and (3) No bank shall take, in connection with any such loan, any confession of judgment, power of attorney to confess judgment, power of attorney to appear for a borrower in a judicial proceeding, or agreement to pay the costs of collection or the attorney’s fees.
Can you summarize NERS 8-826?
(1) The department shall: (a) Be responsible for obtaining proper administration of sections 8-815 to 8-829 and take or cause to be taken such lawful steps as may be necessary and appropriate for the enforcement thereof; and (b) Arrange for investigation and examination of the papers and records, pertaining to loans made under section 8-820, for the purpose of discovering violations of sections 8-815 to 8-829 or securing information lawfully required under it.
Can you summarize NERS 8-828?
Nothing contained in sections 8-815 to 8-826 shall be construed as preventing a bank from purchasing or discounting from established business concerns any commercial, negotiable or installment paper, or as preventing any such bank from accepting from, or requiring such persons selling or offering to discount such instruments to execute, contracts guaranteeing the ultimate collection of all of such items so sold or discounted or requiring such persons to assume the burden of making collections of the individual items so sold as agent of the bank.
Can you summarize NERS 8-829?
If a bank violates any provision of sections 8-820 to 8-823 in making or collecting any loan made under section 8-820, no charges of any kind shall be collected on such loan. If any charges have been collected, the bank shall forfeit to the borrower all interest collected on the loan involved and a sum equal thereto. The bank so offending shall be guilty of a Class V misdemeanor. Source: Laws 1965, c.
Can you summarize NERS 8-908?
Sections 8-908 to 8-918 shall be known and may be cited as the Nebraska Bank Holding Company Act of 1995. Source: Laws 1995, LB 384, 19; Laws 2010, LB890, 10.
Can you summarize NERS 8-909?
The Nebraska Bank Holding Company Act of 1995 governs banks, bank holding companies, and various types of organizations or entities involved in banking activities. The Act defines key terms such as ‘bank,’ ‘company,’ and ‘bank holding company.’ It establishes that a bank holding company is any company that directly or indirectly owns or controls twenty-five percent or more of the voting shares of a bank, controls the election of the majority of directors of a bank, or has twenty-five percent or more of the voting shares of a bank or bank holding company held by trustees for the benefit of its shareholders or members.
Can you summarize NERS 8-910?
This legal document, part of the Nebraska Revised Statutes governing banks and banking, prohibits certain actions related to the ownership or control of banks. It is unlawful for any action to be taken that causes a company to become a bank holding company, a bank to become a subsidiary of a bank holding company, a bank holding company to acquire more than twenty-five percent ownership or control of a bank, a bank holding company or subsidiary to acquire all or substantially all of a bank’s assets, or a bank holding company to merge or consolidate with another bank holding company.
Can you summarize NERS 8-911?
(1) Upon compliance with all other provisions of the Nebraska Bank Holding Company Act of 1995 and any other applicable law, an out-of-state bank holding company may acquire a bank or banks under the act only if the bank or banks to be acquired have been chartered for five years or more. (2) An out-of-state bank holding company shall not, directly or indirectly, form, charter, or establish a bank in Nebraska or cause a bank in Nebraska to be formed, chartered, or established unless (a) the bank is formed, chartered, or established solely for the purpose of acquiring all or substantially all of the assets of a bank which has been chartered for five years or more and (b) the bank does not open for business prior to such acquisition.
Can you summarize NERS 8-912?
Upon approval of the Federal Reserve Board and upon compliance with section 8-913, a bank holding company whose home state is Nebraska may own, acquire, or control a depository institution subsidiary in any foreign state. Source: Laws 1995, LB 384, 23.
Can you summarize NERS 8-913?
Every bank holding company shall register with the department within thirty days after the consummation of an action set forth in section 8-910 on forms provided by the department. The forms provided by the department shall include such information with respect to the financial condition, operations, management, and intercompany relationship of the bank holding company and its subsidiaries and related matters, as the director may deem necessary or appropriate to carry out the purposes of the Nebraska Bank Holding Company Act of 1995.
Can you summarize NERS 8-914?
The director may require reports made under oath to be filed in the department to keep it informed as to the operation of any bank holding company. Source: Laws 1995, LB 384, 25.
Can you summarize NERS 8-915?
This provision, found in the Nebraska Revised Statutes under the section on Banks and Banking, grants the director the authority to conduct examinations of bank holding companies with state-chartered bank subsidiaries and their subsidiaries. The cost of these examinations is to be assessed and paid for by the bank holding company. The director also has the discretion to accept reports of examination conducted by various regulatory entities, such as the Federal Reserve Board or the Comptroller of the Currency, in place of conducting their own examination.
Can you summarize NERS 8-916?
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the powers and limitations of bank subsidiaries of bank holding companies and their agency relationships with depository institutions. According to the document, bank subsidiaries are authorized to receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as agents for depository institutions, regardless of the location of the depository institution.
Can you summarize NERS 8-917?
The department may adopt and promulgate rules and regulations to administer and to carry out the purposes of the Nebraska Bank Holding Company Act of 1995. Source: Laws 1995, LB 384, 28.
Can you summarize NERS 8-918?
If the department, upon investigation, determines that any officer or director of a bank holding company which owns or controls a state-chartered bank is conducting the business of the bank holding company or the business of its subsidiary state-chartered bank or banks in an unsafe or unauthorized manner or is endangering the interest of the bank holding company or the interest of its subsidiary state-chartered bank or banks, the department shall have authority, after notice and opportunity for hearing, to do any or all of the following: (1) Remove such officer or director of the bank holding company from acting as an officer or director of the bank holding company; and (2) impose fines and order any other necessary corrective action against such officer or director pursuant to sections 8-1,134 to 8-1,139.
Can you summarize NERS 87-801?
Sections 87-801 to 87-808 shall be known and may be cited as the Financial Data Protection and Consumer Notification of Data Security Breach Act of 2006. Source: Laws 2006, LB 876, 1; Laws 2018, LB757, 6.
Can you summarize NERS Uniform Commercial Code 4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by federal reserve regulations, clearinghouse 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.
Can you summarize NERS Uniform Commercial Code 4-215?
This legal document, part of the Nebraska Uniform Commercial Code, governs the final payment of items by a payor bank, the process of provisional settlement, and the availability of funds for withdrawal. According to the document, 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 NERS Uniform Commercial Code 4-301?
This legal document, part of the Nebraska Uniform Commercial Code, outlines the procedures and requirements for payor banks regarding the settlement, revocation, and recovery of payment for demand items. If a payor bank settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt, it may revoke the settlement and recover the payment by returning the item or sending written notice of dishonor or nonpayment.
Can you summarize NERS Uniform Commercial Code 4-303?
This legal document, part of the Nebraska Uniform Commercial Code, governs the treatment of items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which these items may be charged or certified. It applies to payor banks and their customers. The document 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 right or duty to pay an item or charge the customer’s account if certain conditions are met.
Can you summarize NERS Uniform Commercial Code 4-401?
This legal document governs the ability of a bank to charge a customer’s account. According to the document, a bank may charge against the account of a customer for an item that is properly payable from that account, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank. The document also states that a customer is not liable for an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize NERS Uniform Commercial Code 4-403?
This provision, found in the Nebraska Revised Statutes under the Nebraska Uniform Commercial Code, grants customers or authorized persons the right to stop payment of any item drawn on their account or close the account. The order to stop payment or close the account must be provided to the bank in a timely manner, 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 NERS Uniform Commercial Code 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. Source: Laws 1963, c. 544, Art. IV, 4-404, p. 1830.
Can you summarize NERS Uniform Commercial Code 4-406?
This legal document, part of the Nebraska Uniform Commercial Code, outlines the duty of customers to discover and report unauthorized signatures or alterations on their bank statements. It requires banks to either return the paid items or provide sufficient information for customers to identify them. If the items are not returned, the bank must retain them or maintain legible copies for seven years. Customers are expected to promptly examine the statement or items and notify the bank if they discover any unauthorized payments.
Can you summarize NERS Uniform Commercial Code, Article 2A?
The Nebraska Uniform Commercial Code is a legal document that governs commercial transactions in the state of Nebraska. It applies to any transaction that creates a lease, regardless of form. The document provides definitions for various terms used in commercial transactions and establishes the rights and obligations of parties involved. It also outlines the circumstances under which a lessee can revoke acceptance of goods due to nonconformity or default by the lessor.
Can you summarize NERS Uniform Commercial Code, Article 4?
The legal document content provides comprehensive information on the Nebraska Uniform Commercial Code, specifically related to banking transactions. It covers various aspects such as the variation of provisions by agreement, the measure of damages, the action constituting ordinary care in relation to banks, definitions and an index of definitions, the responsibilities of collecting banks, transfer warranties, presentment warranties, encoding and retention warranties, security interests, the right of chargeback or refund, the final payment of items by a payor bank, the treatment of items subject to notice, stop-payment order, legal process, or setoff, the ability of a bank to charge a customer’s account, the liability of a payor bank for wrongful dishonor of an item, the right to stop payment or close an account, the handling of stale checks, the authority of a bank to accept, pay, or collect an item, the duty of customers to discover and report unauthorized signatures or alterations, the subrogation rights of a payor bank, the presentation of documentary drafts, and the storage, sale, or other dealing with goods in case of dishonor.
Can you summarize NERS Uniform Commercial Code, Article 4A?
The provided legal document content consists of multiple legal documents that are part of the Nebraska Revised Statutes and the Nebraska Uniform Commercial Code. These documents govern the rules and regulations related to payment orders, funds transfers, and the obligations and liabilities of various parties involved in the transfer of funds. The documents define and govern payment orders, which are instructions from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary.
Can you summarize NERS Uniform Commercial Code, Article 5?
The Nebraska Uniform Commercial Code governs commercial transactions in Nebraska, specifically focusing on letters of credit. It defines various terms related to letters of credit and establishes the rights and obligations of parties involved in such transactions. The document emphasizes the independence of rights and obligations of an issuer to a beneficiary or nominated person from the underlying contract or arrangement. It also outlines the requirements for the issuance, amendment, cancellation, and duration of letters of credit.
Can you summarize NERS Uniform Commercial Code, Article 9?
The provided legal document content is a part of the Nebraska Uniform Commercial Code, which governs commercial transactions in the state of Nebraska. It includes definitions of various terms used in the code, such as ‘accession’, ‘account’, ‘account debtor’, ‘agricultural lien’, ‘as-extracted collateral’, and many more. The document provides detailed explanations and interpretations of these terms, helping to establish a common understanding in legal matters related to commercial transactions. It does not specify any exemptions or penalties.
Can you summarize MTAR 2.59, Subchapter 1?
This legal document governs the semiannual assessments for banks, investment companies, and trust companies in Montana. The assessments are invoiced every June and December based on the institution’s total assets provided in its previous March and September call reports. The fee for the assessment is calculated based on the total assets of the institution multiplied by .0000375, plus a flat fee based on the total assets range. The assessment fee is due 30 days after each invoice date, or July 31 and January 31, whichever is later.
Can you summarize MTAR 2.59, Subchapter 10?
This legal document outlines the requirements and procedures for merging banks in Montana. It applies to individuals or entities seeking to merge one or more banks located in Montana or merge two or more banks doing business in the state. The document specifies the form and content of the merger application, including the need for confidential treatment of certain information. It also provides instructions for providing notice, listing directors and executive officers, and submitting required documents such as resolutions, financial statements, and proposed articles of merger and plan of merger.
Can you summarize MTAR 2.59, Subchapter 11?
This document outlines the review procedure for applications seeking approval to establish a new branch bank. The division responsible for processing these applications will prioritize them based on the order of receipt. Incomplete applications will be notified and will only be considered received when in complete form. The division may request additional information even if the application is considered complete. Factors considered for approval include the financial history and condition of the applicant, capital levels and structure, management experience, convenience and needs of the community, earnings prospects, and any other factors that could affect safety and soundness.
Can you summarize MTAR 2.59, Subchapter 16?
The provided legal document content outlines the approved investment options for banks in the state of Montana. It specifies that banks are allowed to invest without any dollar limit in certain securities, such as general services administration participation certificates, maritime administration bonds and notes, and Washington metropolitan area transit authority bonds. Additionally, banks are limited to investing 50% of their capital and surplus in securities such as Asian development bank bonds and notes, financing corporation bonds, Inter-American development bank bonds, resolution funding corporation bonds, Tennessee valley authority bonds, and world bank bonds and notes.
Can you summarize MTAR 2.59, Subchapter 9?
This legal document, part of the Administrative Rules of Montana, governs the establishment and operation of branch banks and loan production offices. It provides definitions for key terms used in the subchapter, such as ‘consolidate’, ‘customer’, ‘principal city’, ‘relocate’, and ‘short distance’. The document outlines the requirements for banks to provide written notice to the department at least thirty days prior to opening a loan production office. It also specifies that banks must give notice to customers if they desire to relocate or close a loan production office temporarily or permanently.
Can you summarize MTAR 2.59.101?
This document governs the reserve requirements for banks. In order to act as a reserve bank, a bank must have unimpaired paid-up capital and surplus of at least $1,000,000. The bank also needs to receive written approval from the department. Approved reserve banks must maintain a reserve in the amount required by Federal Reserve Board regulations, as well as an additional reserve balance equal to at least 10% of bank deposits.
Can you summarize MTAR 2.59.109?
This document governs loans made to managing officers, officers, directors, or principal shareholders of a bank. It applies to managing officers, officers, directors, employees, and principal shareholders of a bank. The document specifies that any loan made before October 1, 1993, and in compliance with state law at the time, is considered legal throughout its term unless renewed, modified (except for periodic interest rate adjustments), or the security for the loan is changed (except for agreed-upon substitutions or deletions at origination).
Can you summarize MTAR 2.59.504?
This rule has been repealed. History: 32-6-401 , MCA; IMP , 32-6-304 , MCA; NEW , 1994 MAR p. 1143, Eff. 4/29/94; TRANS , from Commerce, 2001 MAR p. 1178; REP , 2010 MAR p. 213, Eff. 1/29/10.
Can you summarize MTAR 2.60?
The provided legal document content covers various aspects related to the organization and operation of the state banking board in Montana. It outlines the application procedures for obtaining a certificate of authorization for a state-chartered bank, including the required forms, fees, and evidence to be presented. The document also provides procedural rules for the discovery and hearing processes related to banking applications and protests, incorporating the Attorney General’s model rules and allowing for prehearing discovery procedures.
Can you summarize MTAR 4.14.312?
(1) Any
bank, bank holding company, trust company, mortgage company, national banking
association, savings and loan association, credit union, life insurance
company, any state or federal governmental agency or instrumentality, any
entity authorized to make mortgage loans or secured loans in this or any other
person that obtains an authority bond under the program in connection with a
contract sale or loan to a beginning farmer/rancher is authorized to
participate in the program.
Can you summarize MTAR 42.38?
This legal document, part of the Administrative Rules of Montana, governs the handling of unclaimed property in Montana. It applies to various entities such as individuals, companies, corporations, financial institutions, partnerships, limited liability companies, cooperatives, business associations, courts, governmental entities, and political subdivisions. The document establishes key definitions, including ‘Finder’ and ‘Holder’. It also defines ‘Memorandum’ as various forms of communication between the holder and the owner regarding the unclaimed property.
Can you summarize 10 LARS Chapter 3?
These legal documents, part of the Louisiana Revised Statutes under the Commercial Laws section, provide a comprehensive framework for negotiable instruments. The first document defines various terms related to negotiable instruments and general provisions. It references definitions from other chapters and sections within this chapter. The second document governs the transfer of negotiable instruments, stating that an instrument is considered transferred when delivered with the intention of giving the recipient the right to enforce it.
Can you summarize 10 LARS Chapter 4-A?
These legal documents, part of the Louisiana Revised Statutes under Commercial Laws, govern various aspects of funds transfers. They provide definitions and regulations related to funds transfers, including the terms payment order, beneficiary, beneficiary’s bank, receiving bank, and sender. The documents establish rules for the time of receipt of payment orders and communications, and state that regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provisions.
Can you summarize 10 LARS Chapter 4?
The provided legal document content consists of provisions related to bank deposits and collections in the Louisiana Revised Statutes. These provisions govern the effect of the provisions in the Commercial Laws related to bank deposits and collections. They apply to banks, including savings banks, savings and loan associations, credit unions, and trust companies. The provisions state that the effect of the provisions can be varied by agreement between the parties, but the bank’s responsibility for lack of good faith or failure to exercise ordinary care cannot be disclaimed or limited in terms of damages.
Can you summarize 10 LARS Chapter 5?
This legal document, part of the Louisiana Revised Statutes, governs the use and operation of letters of credit. It defines various terms related to letters of credit, such as adviser, applicant, beneficiary, confirmor, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. The document also references definitions from other chapters and sections. It does not apply to individuals who make an engagement for personal, family, or household purposes.
Can you summarize 10 LARS Chapter 9?
The provided legal document content consists of various sections from the Louisiana Revised Statutes related to secured transactions. It governs the rules and regulations surrounding secured transactions in Louisiana. Secured transactions involve parties who enter into agreements where one party provides collateral to secure a debt or obligation owed to another party. The document includes definitions and an index of definitions for terms used in secured transactions, ensuring clarity and consistency in their interpretation.
Can you summarize 14 LARS Chapter 1, Part III, Subpart D?
These legal documents, part of the Louisiana Revised Statutes, cover various aspects of computer-related crimes and offenses against property. They define and provide penalties for offenses such as intellectual property destruction, unauthorized access to computer equipment or supplies, denial of computer user access, computer fraud, unauthorized use of a wireless router system, use of internet, virtual, street-level maps in criminal offenses, online impersonation, trespass against state computers, and unlawful deepfakes. The documents apply to individuals who commit these offenses and do not mention any specific exemptions.
Can you summarize 51 LARS Chapter 31?
The Louisiana Cybersecurity Information Sharing Act provides a framework for the permissive sharing of cybersecurity information under Louisiana law. The Act aims to facilitate the sharing of cyber threat indicators and defensive measure information while ensuring compliance with the federal Cybersecurity Information Sharing Act of 2015. The Act defines the terms ‘cyber threat indicator’ and ‘defensive measure information’ in accordance with the federal law. When sharing such information, individuals and entities are entitled to the legal protections and privileges provided by the federal Cybersecurity Information Sharing Act of 2015 and Louisiana Revised Statutes 51:2106.
Can you summarize 51 LARS Chapter 51?
The provided legal document content pertains to the Louisiana Revised Statutes governing the Trade and Commerce aspect of the state’s DATABASE SECURITY BREACH NOTIFICATION LAW. The document defines various terms related to the law, including ‘Agency’, ‘Breach of the security of the system’, ‘Person’, and ‘Personal information’. It specifies that personal information includes certain data elements such as social security number, driver’s license number, account number, credit or debit card number, passport number, and biometric data.
Can you summarize 6 LARS Chapter 19?
The provided legal document content pertains to the AUTOMATED TELLER MACHINES/NIGHT DEPOSITORY CUSTOMER SAFETY ACT under the Louisiana Revised Statutes. The act governs the use and operation of access facilities, including automated teller machines (ATMs) and night depositories. It defines various terms and applies to operators, including state or national banks, savings associations, credit unions, industrial loans companies, mutual savings banks, and other business entities that control an access facility or access area.
Can you summarize 6 LARS Chapter 3?
The provided legal document content pertains to the organization and operation of state banks in Louisiana. These documents govern various aspects such as definitions, requirements for incorporating and operating a state bank, powers and functions of state banks, amendment and restatement of articles, relation and liability of directors and officers, reserve requirements, sale and purchase of excess reserves, deposit accounts, safety deposit boxes, disclosure of financial records, and reimbursement of costs.
Can you summarize 6 LARS Chapter 5?
This legal document pertains to Louisiana state-chartered banks, savings banks, savings and loan associations, and their wholly owned operating subsidiaries. It allows these financial institutions to open loan production offices after providing written notice to the commissioner. The commissioner has forty-five days to object, and if no objection is raised, the financial institution can proceed with opening the loan production office. The commissioner is empowered to promulgate rules, regulations, filing procedures, instructions, and fees related to loan production offices.
Can you summarize 6 LARS Chapter 6, Part II?
The provided legal document governs bank holding companies in Louisiana. It declares the state’s policy to encourage effective competition among banking institutions by permitting bank holding companies to own or control one or more banking institutions in Louisiana. The document defines a bank holding company as any company that directly or indirectly owns, controls, or has the power to vote 25% or more of any class of voting shares of a bank.
Can you summarize 6 LARS Chapter 6?
This legal document governs the establishment and closure of branch offices by banks, savings banks, and savings and loan associations in Louisiana. It requires banks to obtain a certificate of authority from the commissioner before opening a branch office. The document outlines the criteria for granting a certificate of authority, including the financial history and condition of the applicant, capital structure, management, and community needs. It also allows banks to acquire a business engaging in banking powers and operate it as a branch with the approval of the certificate of authority.
Can you summarize 9 LARS Code Book II, Code Title XII, Chapter 2, Part XII?
This legal document governs identity theft in Louisiana. It allows victims of identity theft to file police reports with the Louisiana Department of Justice, office of the attorney general, or in the municipality or parish where they reside. Creditors who grant credit based on information obtained through identity theft must provide victims with application and transactional information necessary to undo the effects of the identity theft. The document also addresses security alerts, requiring persons receiving notification of a security alert to verify the consumer’s identity before lending money or extending credit.
Can you summarize 9 LARS Code Book II, Code Title XII, Chapter 2, Part XIX?
The College Campus Credit Card Solicitation Law governs the solicitation of credit cards on college campuses in Louisiana. It applies to institutions of postsecondary education, students under the age of twenty-one attending such institutions, and credit card issuers. The law aims to regulate the act of asking, enticing, or requesting students to read, review, or consider credit card application materials or complete credit card applications. Prior to engaging in solicitation, credit card issuers must register their intent with an appropriate official of the institution.
Can you summarize LARS 10.4-213?
This legal document governs the medium and time of settlement by a bank. It states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar provisions. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or as specified by the person receiving settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit, debit, or funds transfer.
Can you summarize LARS 10.4-215?
This legal document governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. According to the document, 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 LARS 10.4-301?
This legal document governs the collection of items by payor banks. It outlines the actions that a payor bank can take if it settles for a demand item and later wants to revoke the settlement. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return. Additionally, if a demand item is received by a payor bank for credit on its books, it can return the item or send notice of dishonor within a specified time limit.
Can you summarize LARS 10.4-303?
This provision, found in the Louisiana Revised Statutes under Commercial Laws, specifically in the section on BANK DEPOSITS AND COLLECTIONS, pertains to payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the bank, or setoff exercised by the bank, does not terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if certain conditions are met. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item under specific provisions, or reaching a cutoff hour for checks.
Can you summarize LARS 10.4-401?
This legal document, found in the Louisiana Revised Statutes, governs the relationship between a payor bank and its customers in the context of bank deposits and collections. According to the document, a bank has the authority to charge a customer’s account for an item that is properly payable from that account, 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 LARS 10.4-403?
This provision, found in the Louisiana Revised Statutes, governs the relationship between a payor bank and its customers. It grants customers the right to stop payment of any item drawn on their account or close the account by providing an order to the bank. The order must describe the item or account with reasonable certainty and be received by the bank in a timely manner. 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 LARS 10.4-404?
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. Added by Acts 1974, No. 92, 1, eff. Jan. 1, 1975; Acts 1993, No. 948, 10, eff. Jan. 1, 1994.
Can you summarize LARS 10.4-406?
This legal document, part of the Louisiana Revised Statutes, governs the relationship between a payor bank and its customers in the context of bank deposits and collections. It outlines the duties and responsibilities of the bank in providing statements of account and returning or making available the paid items to the customer. The document also specifies the customer’s duty to promptly examine the statement or items and report any unauthorized payment due to alteration or unauthorized signature.
Can you summarize LARS 14.220?
This legal document governs the offenses related to rented or leased motor vehicles in Louisiana. It applies to any person who rents or leases a motor vehicle. The document states that obtaining or retaining possession of a motor vehicle through false or fraudulent representation, concealment, pretense, personation, or other deceptive means is a felony offense. Additionally, willfully refusing to return the leased vehicle after the lease term has expired is also considered a felony offense.
Can you summarize LARS 14.67.11?
This legal document, found in the Louisiana Revised Statutes, specifically addresses credit card fraud committed by persons authorized to provide goods and services. The document defines key terms such as acquirer, cardholder, credit card, issuer, and provider. It prohibits providers from furnishing money, goods, services, or anything else of value upon presentation of a credit card obtained or retained in violation of this Section, or a credit card that the provider knows is forged or revoked.
Can you summarize LARS 14.67.13?
This legal document, found in the Louisiana Revised Statutes, specifically addresses the theft or criminal access of an automated teller machine (ATM). It defines theft of an ATM as the misappropriation or taking of an ATM belonging to another without consent, with the intent to permanently deprive the owner of the machine or its contents. Criminal access of an ATM refers to intentionally destroying, damaging, impairing, tampering with, or rendering an ATM inoperable, with the intent to steal currency or personal financial information.
Can you summarize LARS 14.67.16?
This legal document, part of the Louisiana Revised Statutes, specifically addresses the crime of identity theft. It defines key terms such as ‘caller identification system,’ ‘insert,’ ‘person,’ and ‘personal identifying information.’ Identity theft is described as the intentional use, possession, transfer, or attempted use of another person’s personal identifying information with fraudulent intent, without their authorization or consent, to obtain credit, money, goods, services, or anything else of value. The severity of the offense and corresponding penalties depend on the value of the obtained items and the age or disability status of the victim.
Can you summarize LARS 14.67.22?
This legal document, found in the Louisiana Revised Statutes, specifically addresses the fraudulent acquisition of a credit card. It defines a credit card as any instrument or device issued by an issuer for the use of a cardholder in obtaining money, goods, services, or anything of value on credit. The document prohibits making false statements about identity or that of any other person, firm, or corporation with the intent to procure the issuance of a credit card.
Can you summarize LARS 14.70?
A. False accounting is the intentional rendering of a financial statement of account which is known by the offender to be false, by anyone who is obliged to render an accounting by the law pertaining to civil matters. B. Whoever commits the crime of false accounting shall be fined not more than five hundred dollars or imprisoned for not more than six months, or both. Amended by Acts 1968, No. 647, 1; Acts 2014, No.
Can you summarize LARS 14.70.1?
This legal document pertains to the crime of Medicaid fraud in the state of Louisiana. It applies to any person who, with the intent to defraud the state or any person or entity through any medical assistance program, engages in certain fraudulent activities. These activities include presenting false or fraudulent claims for services or merchandise, knowingly submitting false information to obtain greater compensation, or knowingly submitting false information to obtain authorization for services or merchandise.
Can you summarize LARS 14.71?
This legal document governs the offense of issuing worthless checks in Louisiana. It applies to any person who issues a check, draft, or order for the payment of money upon any bank or other depository with the intent to defraud. The document specifies that the offender must know at the time of issuing that they do not have sufficient credit with the bank or depository for the payment of the check in full.
Can you summarize LARS 14.71.1?
This provision under the Louisiana Revised Statutes, specifically under the Criminal Law section, addresses bank fraud. It states that any individual who knowingly executes or attempts to execute a scheme or artifice to defraud a financial institution or obtain property owned by or under the custody or control of a financial institution through false or fraudulent means shall be subject to imprisonment, a fine, or both. In addition to the penalties, the convicted person must make full restitution to the victim and any other person who suffered a financial loss.
Can you summarize LARS 14.71.3?
This legal document, found in the Louisiana Revised Statutes, specifically addresses mortgage fraud in connection with residential mortgage lending activity. It prohibits certain actions, including employing a device, scheme, or artifice with intent to defraud, making untrue statements of material fact with intent to defraud, and receiving proceeds or other consideration knowing that they were obtained through a violation of this Section. Violators may face imprisonment for up to ten years, a fine of up to one hundred thousand dollars, and the obligation to make full restitution to the victim and any other person who suffered a financial loss.
Can you summarize LARS 6.289?
This legal document governs the borrowing of funds by executive officers, directors, and principal shareholders of state banks. It prohibits these individuals from borrowing funds, including lines of credit, directly or indirectly for themselves or any related entity, in an amount that exceeds the higher of twenty-five thousand dollars or five percent of the state bank’s unimpaired capital and unimpaired surplus. However, loans made in pursuance of a resolution of the board of directors passed prior to making the loan at a meeting at which the borrower was not present or participating are exempted.
Can you summarize 10 MERS Part 3, Chapter 202-A?
The provided legal document content governs the acceptance of negotiable instruments as payment in full or in part for goods or services. It states that no person accepting a negotiable instrument can require the payor to use a bank credit card as a form of identification if the payor does not possess a bank credit card. However, this section does not limit the other reasonable forms of identification a payee may require before accepting a negotiable instrument.
Can you summarize 10 MERS Part 3, Chapter 202-B?
The provided legal document content governs prohibited credit card practices involving providers of travel services. It applies to travel agents, consumers, and providers of travel services. When a consumer uses a credit card to obtain credit in a transaction with a travel agent, the provider of travel services may not impose a surcharge on or reduce commissions paid to the travel agent as a result of the use of the credit card, unless the provider of travel services is the issuer of the credit card.
Can you summarize 10 MERS Part 3, Chapter 202-D?
This legal document governs the printing of electronically printed credit card and debit card receipts. It applies to any person, firm, partnership, association, corporation, or limited liability company that accepts credit cards or debit cards for business transactions. The document prohibits printing more than the last 5 digits of the credit card or debit card account number or the expiration date on the receipt provided to the cardholder at the point of sale.
Can you summarize 10 MERS Part 3, Chapter 210-B?
This legal document governs rules, education, and compliance related to the regulation of trade and notice of risk to personal data. It applies to persons under the jurisdiction of the regulatory agencies of the Department of Professional and Financial Regulation, as well as all other persons. The appropriate state regulators within the Department of Professional and Financial Regulation and the Attorney General are responsible for adopting rules and undertaking reasonable efforts to inform individuals of their responsibilities under this chapter.
Can you summarize 10 MERS Section 1348?
This legal document outlines the requirements for notifying residents and other relevant parties in the state of Maine in the event of a security breach involving personal information. The document applies to information brokers, other persons, third-party entities, consumer reporting agencies, and state regulators. If an information broker or any other person becomes aware of a breach, they must conduct a reasonable and prompt investigation to determine the likelihood of misuse of personal information and provide notice to affected residents.
Can you summarize 10 MERS Section 1350-B?
A person who knows or reasonably believes that the person’s personal information has been misused in violation of Title 17A, section 905A may report the misuse and obtain a police report by contacting the local law enforcement agency that has jurisdiction over the person’s actual residence or place of business. That law enforcement agency shall make a police report of the matter and provide the complainant with a copy of that report.
Can you summarize 11 MERS Article 3-A?
The provided legal document content, part of the Maine Revised Statutes under the Uniform Commercial Code, covers various aspects of negotiable instruments. It provides guidelines and definitions related to negotiable instruments, including joint and several liability, conditions for payment, determination of payee, completion of incomplete instruments, contradictory terms, antedating and postdating of instruments, interest on instruments, place of payment, negotiation, transfer, and endorsement of negotiable instruments, declaration of loss and claim process for lost, destroyed, or stolen checks, enforcement, issuance, and transfer of negotiable instruments, conditions under which a person who is not in possession of an instrument may still be entitled to enforce it, requirements for proving the terms of the instrument and the right to enforce it, protection of the person required to pay the instrument against potential loss resulting from another person’s claim to enforce it, accord and satisfaction by use of an instrument, authenticity and authority of signatures on instruments, breach of fiduciary duty, rights and obligations of parties involved in the payment of negotiable instruments, defenses and claims in recoupment that can be raised by the obligor, determination of when an instrument becomes overdue, issuance and transfer of negotiable instruments, status of a holder in due course, and persons entitled to enforce negotiable instruments.
Can you summarize 11 MERS Article 4-A?
This legal document governs the time of receipt of payment orders and communications in funds transfers. It applies to receiving banks involved in funds transfers and allows them to establish cut-off times for the receipt and processing of payment orders and communications. Different cut-off times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds transfer business day.
Can you summarize 11 MERS Article 4?
The provided legal document content pertains to the general provisions and definitions related to bank deposits and collections under the Uniform Commercial Code in Maine. It covers the concept of electronic presentment, which allows the transmission of an image or information describing an item instead of physically delivering the item itself. The document defines various terms such as ‘agreement for electronic presentment’, ‘depositary bank’, ‘payor bank’, ‘intermediary bank’, ‘collecting bank’, and ‘presenting bank’.
Can you summarize 11 MERS Article 5-A?
These legal documents, part of the Maine Revised Statutes under the Uniform Commercial Code, govern various aspects of letters of credit. They cover the security interest of an issuer or nominated person in a document presented under a letter of credit, the liability of parties involved in letters of credit, subrogation rights of issuers, applicants, and nominated persons, the time limit for commencing actions related to letters of credit, the assignment of proceeds of a letter of credit, the transfer of drawing rights by operation of law, the transferability of letters of credit, warranties related to the presentation and honoring of letters of credit, remedies available in case of dishonor or breach, the rights and obligations of issuers, fraud and forgery in relation to letters of credit, and the issuance, amendment, cancellation, and duration of letters of credit.
Can you summarize 11 MERS Article 9-A?
The provided legal document content consists of three sections under the Maine Revised Statutes, specifically under the Uniform Commercial Code. The first section governs the duties of a secured party when the account debtor has been notified of an assignment. The second section outlines additional duties of a secured party who has control of collateral, including various actions to be taken within specific timeframes. The third section defines and outlines the requirements for requests related to accounting, collateral lists, and statements of account.
Can you summarize 11 MERS Section 4-211-A?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearinghouse rules, agreements, or similar provisions. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or as 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.
Can you summarize 11 MERS Section 4-213?
This legal document, part of the Maine Revised Statutes under the Uniform Commercial Code, pertains to the final payment of items by payor banks, the timing at which provisional debits and credits become final, and when certain credits become available 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.
Can you summarize 11 MERS Section 4-301?
This legal document, part of the Maine Revised Statutes under the Uniform Commercial Code, pertains to the collection of items by payor banks. It outlines the actions a payor bank can take in certain situations. If a payor bank settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt, it may revoke the settlement and recover the settlement by returning the item or sending written notice of dishonor or nonpayment.
Can you summarize 11 MERS Section 4-303?
This legal document, found in the Maine Revised Statutes under the Uniform Commercial Code, specifically pertains to the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the bank 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. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item under specific circumstances, or reaching a cutoff hour for checks.
Can you summarize 11 MERS Section 4-401?
This legal document, part of the Maine Revised Statutes, specifically addresses the relationship between a payor bank and its customer regarding bank deposits and collections. According to this document, a bank has the authority to charge a customer’s account for an item that is properly payable from that account, 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 11 MERS Section 4-403?
This provision, found in the Maine Revised Statutes under the Uniform Commercial Code, pertains to the rights of customers and authorized persons to stop payment of items drawn on a customer’s account or close the account. The customer or authorized person may issue an order to the bank to stop payment or close the account, providing a description of the item or account with reasonable certainty. The stop-payment order is effective for 6 months, but lapses after 14 calendar days if the original order was oral and not confirmed in writing.
Can you summarize 11 MERS Section 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 6 months after its date, but it may charge its customer’s account for a payment made thereafter in good faith.
Can you summarize 11 MERS Section 4-406?
This legal document, part of the Maine Revised Statutes under the Uniform Commercial Code, pertains to the relationship between a payor bank and its customer regarding bank deposits and collections. It outlines the customer’s duty to discover and report unauthorized signatures or alterations on items paid by the bank. The document states that the bank must either return the items paid or provide sufficient information in the statement of account for the customer to identify the items.
Can you summarize 14 MERS Part 7, Chapter 712?
This legal document governs the civil liability for bad checks in the state of Maine. It applies to individuals who have issued a check, draft, or order that has not been accepted for payment by the designated drawee bank. The document requires these individuals to be notified and provides a 10-day period for them to pay the amount of the check. If the payment is not made within the specified time, the individual may be liable for additional costs, including attorney’s fees, service costs, processing charges, interest, and a penalty not exceeding $150.
Can you summarize 17-A MERS Section 905-B?
This legal document governs the offense of misuse of a scanning device or a reencoder. It applies to any person who intentionally or knowingly uses a scanning device or a reencoder without permission from the authorized payment card user and with the intent to defraud or deceive. The document defines key terms such as ‘authorized payment card user,’ ‘payment card,’ ‘reencoder,’ and ‘scanning device.’ Misuse of a scanning device or a reencoder is classified as a Class D crime.
Can you summarize 32 MERS Chapter 80, Subchapter 3?
This legal document, part of the Maine Revised Statutes, governs the establishment and operation of cash-dispensing machines by nonbanks. It applies to operators of such machines. Violation of this subchapter or any rule adopted by the administrator, or engaging in unfair, unconscionable, or deceptive practices causing actual damage to a customer, can result in examination and investigation, a cease and desist order, a civil action with a civil penalty of up to $5,000, and revocation, suspension, or nonrenewal of the operator’s registration.
Can you summarize 9-A MERS Article 2, Part 7?
This legal document pertains to the Maine Consumer Credit Code and specifically addresses fraudulent practices related to finance charges and related provisions. It states that a person can be considered a lender subject to the requirements of this Article, even if they act as an agent or service provider for an entity exempt from the Article, under certain conditions. These conditions include holding the predominant economic interest in the loan, marketing or facilitating the loan while having the right to purchase it, or structuring the transaction to evade the requirements of the Article.
Can you summarize 9-A MERS Section 3-307?
With respect to a consumer credit sale or consumer lease, the creditor may not take a negotiable instrument, other than a currently dated check or a draft payable within 7 days of such sale or lease.
[PL 1981, c. 243, 18 (AMD).] SECTION HISTORY
PL 1973, c. 762, 1 (NEW). PL 1981, c. 243, 18,26 (AMD). PL 1981, c. 551, 3 (AMD).
Can you summarize 9-A MERS Section 3-308?
This document, part of the Maine Consumer Credit Code, regulates consumer credit transactions with multiple payments of principal. It prohibits creditors from contracting for or receiving payments of principal and interest under a schedule of payments where any one payment is not substantially equal to all other payments, or where the intervals between consecutive payments differ substantially. However, there are exceptions for consumers with seasonal or intermittent income, allowing for reduced or expanded payments or intervals based on expected income.
Can you summarize 9-B MERS Part 1, Chapter 14-A?
This legal document, part of the Maine Revised Statutes, governs the definition of business days for financial institutions. It specifies that business days exclude weekends and certain holidays such as New Year’s Day, Martin Luther King Jr. Day, Presidents Day, Patriot’s Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Indigenous Peoples Day, Veterans’ Day, Thanksgiving Day, and Christmas Day. If any of these holidays fall on a Sunday, the following Monday is also not considered a business day.
Can you summarize 9-B MERS Part 10, Chapter 101?
This legal document governs the requirements and criteria for obtaining approval from the superintendent for various actions related to the acquisition, control, and establishment of financial institutions and financial institution holding companies in Maine. It applies to persons or companies seeking to acquire control of a Maine financial institution, financial institutions, financial institution holding companies, foreign banks, and foreign bank holding companies. The document outlines specific actions that require approval, such as acquisitions of interests in financial institutions, establishment of subsidiaries, and engagement in closely related activities.
Can you summarize 9-B MERS Part 10, Chapter 105?
This legal document pertains to the corporate existence and powers of mutual holding companies, the reorganization of mutual financial institutions, and the formation of subsidiary universal banks. It specifies that upon the reorganization of a mutual financial institution, the legal existence of the institution continues as a mutual holding company. The mutual holding company must be governed by a board of corporators, who elect a board of directors. The document outlines the powers of a mutual holding company, including the ability to invest in the stock of a financial institution, acquire other financial institutions through merger, and exercise powers granted to mutual financial institutions under state laws.
Can you summarize 9-B MERS Part 12, Chapter 122?
This legal document governs merchant banks and covers various aspects such as disclosure requirements for loans or investments made by merchant banks, powers and limitations of merchant banks, asset pledge requirements, capital requirements, and organization and operation of merchant banks. Merchant banks are required to disclose the terms of loans or investments in certain situations. Holding companies of merchant banks are exempt from certain provisions unless they control financial institutions other than a merchant bank or a nondepository trust company.
Can you summarize 9-B MERS Part 12, Chapter 123?
The provided legal document content pertains to uninsured banks and their operations. It outlines various requirements and regulations for uninsured banks in Maine. The document mentions that uninsured banks must maintain reserves in accordance with section 422-A, and the superintendent has the authority to establish additional reserve requirements. The superintendent is also empowered to prescribe rules governing the activities of uninsured banks. The document further discusses the disclosure requirements for uninsured banks to inform depositors that their deposits are not insured by the FDIC.
Can you summarize 9-B MERS Part 3, Chapter 33?
The provided legal document content covers various aspects related to the organization and structure of financial institutions in the State of Maine. It includes regulations regarding the operating hours of branch offices, facilities, and walk-up or drive-up windows, as well as the establishment of interstate branches and satellite facilities. The document also addresses the investment in real estate by financial institutions, specifying the allowable investment limits. Additionally, it governs the relocation and closing of main offices, branches, and agency offices, requiring prior approval from the superintendent in most cases.
Can you summarize 9-B MERS Part 3, Chapter 34?
The provided legal document content covers various aspects of changing the corporate name and ownership structure of financial institutions in the state of Maine. It outlines the requirements and procedures for changing the name, obtaining approval from investors or mutual voters and the superintendent, and notifying the institution of the superintendent’s decision. The document also governs the conversion of ownership structure for equity financial institutions, outlining the procedure for conversion, approval by the governing body and investors, and the rights of investors not voting for the conversion plan.
Can you summarize 9-B MERS Part 3, Chapter 35?
This legal document governs the effect of mergers, consolidations, conversions, and acquisitions of financial institutions. It applies to financial institutions that are involved in such transactions. The document states that after the effective date of a merger, consolidation, conversion, or acquisition, the resulting institution may conduct business in accordance with the approved plan. The resulting institution is deemed to be a continuation of the participating or converting institution, and all property, rights, titles, interests, and assets of the participating or converting institution are vested in and continue to be the property of the resulting institution.
Can you summarize 9-B MERS Part 3, Chapter 36?
This legal document governs the voluntary liquidation of financial institutions. It provides the process for initiating liquidation proceedings when it is deemed inexpedient for the institution to continue its business. The governing body of the financial institution, along with the superintendent, may apply to the Superior Court for liquidation. Alternatively, depositors, members, or investors may file an application with the concurrence of the superintendent. Upon presentation of the application, the court may issue an injunction to restrict further payment of deposits.
Can you summarize 9-B MERS Part 4, Chapter 42?
The first document governs residential mortgage escrow accounts in Maine, specifying the requirements for establishing and maintaining such accounts, including the payment of dividends or interest to the mortgagor. The second document pertains to the written notice of withdrawal for savings deposits or accounts, allowing financial institutions to require depositors to provide advance notice before withdrawing funds. The third document covers various deposit or account transactions in financial institutions, including minor’s deposits, fiduciary deposits, joint deposits, and power of attorney over deposits.
Can you summarize 9-B MERS Section 1215?
This legal document pertains to holding companies of nondepository trust companies. If a holding company does not control financial institutions other than nondepository trust companies or merchant banks, it is not subject to the provisions of chapter 101, except for section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1. However, if the holding company does control financial institutions other than nondepository trust companies, the superintendent may examine the holding company, including its subsidiaries and affiliates, to determine the soundness and viability of the nondepository trust company.
Can you summarize 9-B MERS Section 1225?
This legal document pertains to merchant banks and governs the terms of loans and investments made by merchant banks. The document requires merchant banks to disclose the terms of loans or investments to the governing body of the merchant bank in certain situations. These situations include loans or investments made to individuals or entities who own 25% or more of the merchant bank’s common stock or similar equity capital, members of the governing body of the merchant bank, policy-making officers or managers of the merchant bank, or companies where 25% of the voting shares or other similar voting equity is owned by individuals or entities listed in the previous situations.
Can you summarize 9-B MERS Section 1226?
This legal document pertains to holding companies of merchant banks. If a holding company does not control financial institutions other than a merchant bank or a nondepository trust company, it is not subject to the provisions of chapter 101, except for section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1. The superintendent may examine the holding company, including its subsidiaries and affiliates, to determine the soundness and viability of the merchant bank.
Can you summarize 9-B MERS Section 1234?
An uninsured bank shall maintain reserves in accordance with section 422-A. The superintendent may establish by rule or order additional reserve requirements for uninsured banks.
[PL 1997, c. 398, Pt. J, 2 (NEW).] SECTION HISTORY
PL 1997, c. 398, J2 (NEW).
Can you summarize 9-B MERS Section 1236?
An uninsured bank may not engage in retail deposit activities. The superintendent shall define deposit activities that do not constitute retail deposit activities by rule, taking account of the size or nature of depositors and deposit accounts.
[PL 1997, c. 398, Pt. J, 2 (NEW).] SECTION HISTORY
PL 1997, c. 398, J2 (NEW).
Can you summarize 9-B MERS Section 1239?
This legal document pertains to holding companies of uninsured banks. If a holding company is not a financial institution holding company under chapter 101 due to controlling financial institutions other than a merchant bank, nondepository trust company, or uninsured bank, the superintendent may grant the holding company a waiver from the provisions of chapter 101. However, the superintendent cannot waive the requirements of section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1.
Can you summarize 9-B MERS Section 243-A?
This legal document governs the fees for and records of transactions made through electronic terminals. It applies to financial institutions authorized to do business in Maine and credit unions authorized to do business in Maine. According to the document, financial institutions may charge fees for the use of electronic terminals, including reasonable foreign transaction fees. The fees must be disclosed to customers either through signage or electronically during the transaction. Financial institutions may also charge their own customers a reasonable fee for the use of electronic terminals.
Can you summarize 9-B MERS Section 319?
This legal document provides special provisions for subsidiary banks of mutual holding companies. It states that a subsidiary bank established through a reorganization under chapter 105 must be organized as a corporation. Additionally, it requires the articles of incorporation of the subsidiary bank to be amended to provide for proportionate representation of minority stockholders on the board of directors. The representation should be based on the percentage of common stock owned by the minority stockholders relative to the total amount of common stock issued and outstanding.
Can you summarize 9-B MERS Section 465-A?
This section of the Maine Revised Statutes governs loans made by financial institutions to their principal stockholders, policy-making officers, directors, or any related interest of those persons. The section outlines the authorization, terms, and creditworthiness requirements for such loans. It also establishes limitations on the amount of loans that can be granted, requiring prior approval from the board of directors and abstention from interested parties during the voting process. The section further addresses lines of credit, liability for making loans in violation of the section, and the consequences of violations.
Can you summarize 75 MSCO Chapter 24, Credit Card Processing Hardware and Software?
This legal document, as per the Mississippi Code 1972, regulates the requirements for credit card processing hardware and software provided to retail merchants. It mandates that starting from January 1, 2011, all business entities and their agents must provide hardware or software that complies with the Fair and Accurate Credit Transactions Act of 2003. The provided hardware or software should not print more than the last five digits of the credit card or debit card account number, nor the expiration date of the card, on the receipt provided to the cardholder.
Can you summarize 75 MSCO Chapter 2A?
The provided legal document content falls under the Mississippi Code 1972, specifically the Uniform Commercial Code Leases section. It governs various aspects related to commercial leases in Mississippi. The document covers the formation and construction of lease contracts, including the requirements for enforceability under the statute of frauds. It also addresses the effect of lease contracts, establishing their enforceability and applicability to parties, purchasers of goods, and creditors. The document provides guidelines for the performance of lease contracts, including the right to demand assurance of due performance and the consequences of non-compliance.
Can you summarize 75 MSCO Chapter 3?
This legal document, Mississippi Code 1972, Regulation of Trade, Commerce and Investments, specifically focuses on the Uniform Commercial Code (UCC) provisions related to negotiable instruments. It outlines the changes made to Chapter 3 of the UCC by laws in 1992, which became effective on January 1, 1993. The document provides definitions and general provisions related to negotiable instruments, governing various parties involved in commercial transactions. It also establishes the concept of ordinary care for persons engaged in business and provides guidelines for banks processing instruments for collection or payment.
Can you summarize 75 MSCO Chapter 4?
The Uniform Commercial CodeBank Deposits and Collections is a legal document that governs the regulations and definitions related to bank deposits and collections. It applies specifically to banks and determines their legal responsibilities in handling items for presentment, payment, or collection. The document states that the liability of a bank is governed by the law of the place where the bank is located. It also clarifies that if there is a conflict between this document and other chapters of the law, this document governs Chapter 3, while Chapter 8 governs this document.
Can you summarize 75 MSCO Chapter 4A?
This legal document, part of the Mississippi Code 1972, falls under the Uniform Commercial CodeFunds Transfers. It governs the electronic transfer of money from one account to another through electronic means. The document provides definitions for various terms related to funds transfers and establishes rules and regulations for the execution and completion of such transfers. It applies to funds transfers defined in Section 75-4A-104, unless otherwise provided in Section 75-4A-108. The document does not mention any specific exemptions or penalties.
Can you summarize 75 MSCO Chapter 5?
This legal document, Mississippi Code 1972, Regulation of Trade, Commerce and Investments, governs the Uniform Commercial CodeRevised Article 5, specifically focusing on Letters of Credit. It provides definitions for various terms used in the chapter and outlines the obligations and responsibilities of issuers, applicants, beneficiaries, confirmers, advisers, nominated persons, and presenters in relation to letters of credit. The document also clarifies the requirements for a document to be considered valid under a letter of credit.
Can you summarize 75 MSCO Chapter 71, Article 5?
The Mississippi Securities Act of 2010 governs fraud and liabilities in connection with the offer, sale, or purchase of securities. It prohibits fraudulent conduct, including making untrue statements of material facts and engaging in acts that operate as fraud or deceit upon another person. The act provides historical context, judicial decisions, and the authority of the Secretary of State to enforce its provisions. It also addresses the filing requirement of sales and advertising literature related to securities or investment advice.
Can you summarize 75 MSCO Chapter 9?
The provided legal document, Mississippi Code 1972, Regulation of Trade, Commerce and Investments, specifically focuses on the Uniform Commercial CodeSecured Transactions. It governs the rules and regulations related to secured transactions, including the creation, perfection, and enforcement of security interests in personal property. The document applies to all parties involved in secured transactions, including creditors, debtors, and other interested parties. It provides guidelines for the creation, perfection, and enforcement of security interests in personal property, as well as covering various aspects such as agricultural liens, conditional sales, leases, real estate contracts, and the sale of accounts or chattel paper.
Can you summarize 81 MSCO Chapter 3?
This legal document, Mississippi Code 1972, governs the incorporation and organization of banks in the state of Mississippi. It mandates that every banking corporation organized under the laws of the state must include the words ‘bank’ or ‘banking’ in its name. However, corporations organized after the enactment of this law are prohibited from including certain words such as ‘banker,’ ‘bankers,’ ‘banking,’ or ’trust company’ in their name, unless their charter expressly limits them to the banking or trust business.
Can you summarize 81 MSCO Chapter 5?
This legal document contains general regulations related to banks and banking in Mississippi. It governs various entities including banking corporations, executive officers of banking corporations, the Commissioner of Banking and Consumer Finance, state banking corporations, board of directors of banking corporations, state banks, state-chartered banks, and Mississippi chartered or domiciled banks. The document prohibits banking corporations from participating in underwriting syndicates, except for bonds issued by governmental agencies. It also prohibits executive officers of banking corporations from owning stock in private banking houses engaged in underwriting securities.
Can you summarize 81 MSCO Chapter 7?
This legal document, Mississippi Code 1972 » Banks and Financial Institutions » Branch Banks, governs the establishment of branch banks in Mississippi. It outlines the application and procedure for establishing branch banks, including the requirement for obtaining a certificate from the commissioner indicating that the public convenience and necessity will be promoted by the branch bank. The document specifies that applications must be filed with the commissioner and include the necessary information and fees.
Can you summarize 81 MSCO Chapter 8?
The provided legal document content covers various aspects related to regional banking institutions in Mississippi. It includes definitions for terms such as ‘acquire’, ‘bank’, ‘banker’s bank’, ‘banking office’, ‘bank holding company’, ‘commissioner’, ‘control’, ‘department’, ‘deposits’, ‘Mississippi bank’, ‘Mississippi bank holding company’, ‘principal place of business’, ‘out-of-state bank holding company’, and ‘subsidiary’. The document governs the acquisition of a Mississippi bank or bank holding company by an out-of-state bank holding company, requiring approval from the commissioner.
Can you summarize 81 MSCO Chapter 9?
The legal documents provided cover a wide range of topics related to insolvent banks in Mississippi. They govern the restoration of impaired capital stock, transfers made in contemplation of insolvency, the process of closing insolvent banks, the conservation of assets and title, the sale of assets, the reopening of closed banks, the limitation on the custodial period, the appointment of a receiver, the surrender of assets, the bond requirements and compensation for directors, the appointment of the Federal Deposit Insurance Corporation as a receiver, the priority of claims for payment, the liquidation process of solvent banks, the depositors’ liquidation, the formation of a liquidating corporation, the exercise of discretion, the sale of assets by a liquidating corporation, the double liability of stockholders, and the compensation and expenses of receivers and attorneys.
Can you summarize 89 MSCO Chapter 12?
The provided legal document content pertains to the Uniform Disposition of Unclaimed Property Act in Mississippi. The Act applies to various entities including banking organizations, business associations, financial organizations, insurance corporations, holders, owners, persons, treasurers, and utilities. The Act provides procedures for the return of forfeited property in cases where the promptness requirement was not complied with, as well as for the disposal of property when the owners cannot be located.
Can you summarize 97 MSCO Chapter 45?
The provided legal document content covers various aspects of computer crimes, identity theft, cyberstalking, offenses against computer users, offenses against computer equipment or supplies, and offenses against intellectual property in Mississippi. It defines key terms related to these offenses and outlines the provisions and penalties associated with each offense. The document prohibits obtaining personal identity information without authorization, with the intent to unlawfully use that information for various purposes. It also prohibits accessing or causing to be accessed any computer, computer system, or computer network with the intent to defraud or obtain money, property, or services through false or fraudulent conduct.
Can you summarize MSCO 75-24-29?
This legal document, part of the Mississippi Code, requires any person conducting business in Mississippi and owning, licensing, or maintaining personal information of any resident of Mississippi to provide notice of a breach of security involving personal information to all affected individuals. The document defines terms such as ‘breach of security’ and ‘personal information’ and specifies the obligations of businesses in disclosing breaches and conducting investigations. It also outlines the methods of providing notice and allows for substitute notice under certain circumstances.
Can you summarize MSCO 75-4-205?
This legal document, as per the Mississippi Code 1972, governs the collection of items by depositary banks and collecting banks. According to the document, when a customer delivers an item to a depositary bank for collection, the depositary bank becomes a holder of the item at the time of receipt, regardless of whether the customer indorses the item. If the bank satisfies the other requirements of Section 75-3-302, it is considered a holder in due course.
Can you summarize MSCO 75-4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearinghouse 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 to receive 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.
Can you summarize MSCO 75-4-215?
This legal document, part of the Mississippi Code 1972, falls under the regulation of trade, commerce, and investments, specifically the Uniform Commercial CodeBank Deposits and Collections. It governs the final payment of an item by a payor bank, the timing at which provisional debits and credits become final, and when certain credits become available for withdrawal. The document 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 a provisional settlement within the permitted time.
Can you summarize MSCO 75-4-301?
This legal document, part of the Mississippi Code 1972, specifically focuses on the regulation of the collection of items by payor banks. It outlines the actions that a payor bank can take to revoke a settlement for a demand item, such as returning the item, returning an image of the item if agreed upon, or sending a record providing notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize MSCO 75-4-303?
This legal document, as part of the Mississippi Code 1972, falls under the regulation of trade, commerce, and investments, specifically the Uniform Commercial CodeBank Deposits and Collections. It pertains to the collection of items by payor banks. The document states 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.
Can you summarize MSCO 75-4-401?
This legal document, part of the Mississippi Code 1972, specifically falls under the Uniform Commercial CodeBank Deposits and Collections. It governs the relationship between a payor bank and its customer regarding the charging of the customer’s account. According to the document, a bank may charge a customer’s account for an item that is properly payable, even if it creates an overdraft. The item must be authorized by the customer and in accordance with any agreement between the customer and the bank.
Can you summarize MSCO 75-4-403?
This legal document, governed by the Mississippi Code 1972, specifically falls under the Regulation of Trade, Commerce and Investments and the Uniform Commercial CodeBank Deposits and Collections. It outlines the customer’s right to stop payment on any item drawn on their account or close the account by providing an order to the bank. The order must describe the item or account with reasonable certainty and be received in a timely manner to allow the bank to act on it.
Can you summarize MSCO 75-4-404?
According to Mississippi Code 1972, specifically the Uniform Commercial CodeBank Deposits and Collections, a bank is not obligated to pay a check presented more than six (6) months after its date, except for certified checks. However, the bank may charge the customer’s account for payment made in good faith after the six-month period. This provision aims to protect banks from the obligation to honor stale checks while still requiring them to exercise ordinary care in their dealings with customers.
Can you summarize MSCO 75-4-406?
This legal document governs the duty of bank customers to discover and report unauthorized signatures or alterations on their accounts. It applies to all bank customers and requires them to exercise reasonable promptness in examining their account statements and items to identify any unauthorized payments. If the customer fails to comply with this duty, the bank may be precluded from liability for the unauthorized signature or alteration. However, if the bank can prove that the customer’s failure to comply caused a loss, the loss may be allocated between the customer and the bank.
Can you summarize MSCO 81-5-28?
This section of the Mississippi Code 1972 governs bank holding companies, their definitions, and the control of banks. It defines key terms such as ‘bank,’ ‘bank holding company,’ ‘company,’ and ‘control.’ According to the section, a bank holding company is any company that meets the definition under the Federal Bank Holding Company Act of 1956. The Mississippi Commissioner of Banking and Consumer Finance has the power to enforce the prohibition of bank holding companies controlling banks.
Can you summarize MSCO 81-5-51?
This legal document governs the loans that state banks can provide to their directors and executive officers. It states that loans aggregating fifteen percent (15%) of the unimpaired capital and unimpaired surplus may be made to directors or executive officers, upon approval of a majority of all directors. The loan should be made on the same terms and conditions as other borrowers. Additionally, state banks can lend not more than twenty percent (20%) of the unimpaired capital and unimpaired surplus, less existing liabilities, when secured.
Can you summarize MSCO 81-5-71?
This provision, found in the Mississippi Code 1972, applies to officers, clerks, and employees of banks. It states that no bank employee shall certify a check unless the amount of the check is actually available in the drawer’s account. Any person who willfully violates this provision is guilty of a misdemeanor and may be fined up to one thousand dollars. When a check is certified, the amount is immediately charged to the drawer’s account and credited to the certified check account.
Can you summarize MSCO 81-8-3?
This legal document governs the acquisition of a Mississippi bank or bank holding company by an out-of-state bank holding company. The approval of the commissioner is required for such acquisitions. The commissioner’s approval is contingent upon several factors, including the continuous operation of the Mississippi bank or its subsidiary for more than five years, compliance with specified sections of the law, and the filing of necessary application documents with the commissioner.
Can you summarize MSCO 97-19-11?
This provision, found in the Mississippi Code 1972 under the Crimes section, pertains to the offense of procuring the issuance of a credit card through false statements. It states that any person who makes or causes to be made false statements in writing, with the intent that it be relied upon, for the purpose of obtaining a credit card, is guilty of a misdemeanor. The provision does not specify any exemptions.
Can you summarize MSCO 97-19-13?
This legal document, under the Mississippi Code 1972, specifically addresses credit card theft and related offenses. It states that anyone who takes a credit card without the cardholder’s consent, using methods such as larceny, embezzlement, false pretense, or extortion, is guilty of credit card theft. Additionally, anyone who receives a credit card with knowledge that it has been stolen, with the intent to use, sell, or transfer it to someone other than the issuer or cardholder, is also guilty of credit card theft.
Can you summarize MSCO 97-19-15?
Any person, who, with intent to defraud the issuer, a person or organization providing money, goods, property, services or anything else of value, or any other person, obtains control of a credit card as security for debt is guilty of a misdemeanor. HISTORY: Codes, 1942, 2148.7-05; Laws, 1968, ch. 345, 5, eff 60 days after passage (approved August 8, 1968). Cross References White-collar crime investigations, see 7-5-59. Unlawful to use credit card or credit card number, obtained or retained in violation of this section, to obtain a thing of value, see 97-19-21.
Can you summarize MSCO 97-19-17?
Every person who, with intent to defraud a purported cardholder, issuer, or a person or organization providing money, goods, property, services or anything else of value, falsely makes or alters or embosses a card purporting to be a credit card or other such credit device is guilty of credit card forgery. HISTORY: Codes, 1942, 2148.7-06; Laws, 1968, ch 345, 6, eff 60 days after passage (approved August 8, 1968). Cross References White-collar crime investigation, see 7-5-59.
Can you summarize MSCO 97-19-19?
Any person other than the cardholder or a person authorized by him, who, with intent to defraud the cardholder, issuer, or a person or organization providing money, goods, property, services, or anything else of value, signs a credit card, violates Sections 97-19-5 through 97-19-29. HISTORY: Codes, 1942, 2148.7-07; Laws, 1968, ch. 345, 7, eff 60 days after passage (approved August 8, 1968). Cross References White-collar crime investigation, see 7-5-59. Violation of this section as misdemeanor, and punishment therefor, see 97-19-29.
Can you summarize MSCO 97-19-21?
This legal document, part of the Mississippi Code 1972, falls under the Crimes section and specifically addresses the offense of using credit cards with intent to defraud. It is unlawful for any person to use a credit card obtained or retained in violation of specific sections or a forged credit card to obtain money, goods, property, services, or anything else of value. It is also unlawful to represent oneself as the holder of a specified card without consent, represent oneself as the holder of a card that has not been issued, or represent that one has been authorized to use a credit card or credit card number.
Can you summarize MSCO 97-19-23?
This legal provision applies to any person or agent authorized to provide money, goods, property, services, or anything else of value upon presentation of a credit card. It prohibits the furnishing of such value when the credit card has been obtained unlawfully or forged. Additionally, it is considered a violation if the person fails to provide the value that they represented in writing to have been furnished. Violation of this provision is considered a violation of Sections 97-19-5 through 97-19-29.
Can you summarize MSCO 97-19-25?
Any person other than the cardholder or one authorized by him possessing two (2) or more incomplete credit cards, with the intent to complete them without the consent of the issuer or the cardholder, or a person possessing, with knowledge of their character, machinery, plates, or any other contrivance designed to reproduce instruments purporting to be credit cards of an issuer who has not in fact consented to the preparation of such credit cards, is guilty of a misdemeanor.
Can you summarize MSCO 97-19-27?
Any person who receives money, goods, property, services, or anything else of value obtained in violation of Sections 97-19-5 through 97-19-29 and knowing or believing that it was so obtained violates said sections. HISTORY: Codes, 1942, 2148.7-11; Laws, 1968, ch. 345, 11, eff 60 days after passage (approved August 8, 1968). Cross References White-collar crime investigation, see 7-5-59. Violation of this section as misdemeanor, and punishment therefor, see 97-19-29. RESEARCH REFERENCES Am.
Can you summarize MSCO 97-19-29?
Except as otherwise provided in Section 97-19-21, any person who violates any of the provisions of Sections 97-19-5 through 97-19-29 or commits any of the offenses described therein shall be guilty of a misdemeanor and, upon conviction, shall be subject to a fine not to exceed One Thousand Dollars ($1,000.00), or to imprisonment for a term not to exceed one (1) year, or both. HISTORY: Codes, 1942, 2148.7-12; Laws, 1968, ch.
Can you summarize MSCO 97-19-31?
This legal document, found in the Mississippi Code 1972 under the Crimes section, prohibits the use of false, fictitious, counterfeit, or expired telephone numbers, credit numbers, or other credit devices to obtain credit, goods, property, or services. It is also unlawful to use someone else’s credit number or device without authorization or to use a revoked credit number or device. Additionally, using a credit number or device in connection with a fraudulent scheme with the intent to defraud the issuer is prohibited.
Can you summarize MSCO 97-19-32?
This section of the Mississippi Code 1972 governs the possession of scanning devices or reencoders without the permission of the cardholder, as well as the scanning or reencoding of credit card information with the intent to defraud the cardholder, the issuer, or a merchant. The section provides definitions for key terms such as ‘cardholder,’ ‘credit card,’ ‘issuer,’ ‘merchant,’ ‘reencoder,’ and ‘scanning device.’ It is unlawful for a person to possess a scanning device or reencoder without the permission of the cardholder and with the intent to defraud.
Can you summarize MSCO 97-19-41?
This legal provision, as specified in Section 97-19-39 of the Mississippi Code 1972, pertains to individuals who obtain money, personal property, or valuable things through false tokens with the intent to defraud. If the false token used is a promissory note or other negotiable evidence of debt, purportedly issued by a non-existent person, banking company, or moneyed corporation, the person convicted of such fraud shall be punished with imprisonment in the penitentiary for a maximum of seven years.
Can you summarize MSCO 97-19-47?
This legal provision, found in the Mississippi Code 1972 under the Crimes section, pertains to the officers, employees, and owners of banks or branch banks who receive deposits while knowing or having reason to believe that the bank or branch bank is insolvent. Such individuals are deemed guilty of a felony and can be punished with a fine not exceeding $1,000 or imprisonment in the state penitentiary for a period of not more than 2 years, nor less than 1 year, or both.
Can you summarize MSCO 97-19-55?
This legal document, governed by the Mississippi Code 1972, Crimes, False Pretenses and Cheats, prohibits any person with fraudulent intent from making, drawing, issuing, uttering, delivering, or authorizing any check, draft, electronically converted check, or electronic commercial debit to obtain money, delivery of other valuable property, services, the use of property or credit extended by any licensed gaming establishment drawn on any real or fictitious bank, corporation, firm or person. The document defines various terms such as ‘check’, ‘credit’, ’electronically converted check’, ’electronic commercial debit’, ‘payor’, ‘payee’, ‘payor bank’, and ‘payee bank’.
Can you summarize MSCO 97-19-57?
This legal document, as part of the Mississippi Code 1972, governs the making, drawing, issuing, uttering, delivering, or initiation of various payment methods such as checks, drafts, orders, electronically converted checks, or electronic commercial debit payments. It applies to the maker, drawer, or payor of the check or electronic fund transfer. The document establishes a presumption of intent to defraud and knowledge of insufficient funds if the payment is refused by the drawee and the maker, drawer, or payor fails to pay the amount due within fifteen days after receiving notice of non-payment.
Can you summarize MSCO 97-19-61?
This legal document pertains to the notice requirements for bad checks, electronically converted checks, and electronic commercial debits in Mississippi. It specifies that notice is not required in certain situations, such as when the drawee is located outside of Mississippi, when the drawer or payor is not a resident of Mississippi or has left the state, or when the drawer or payor did not have an account with the drawee or payor bank at the time of issuance or dishonor, or if payment is denied due to a closed account.
Can you summarize MSCO 97-19-62?
This legal document pertains to prosecutions or actions under Section 97-19-55 of the Mississippi Code 1972 related to bad checks, electronically converted checks, and electronic commercial debits. It establishes that a check, draft, order, or electronically converted check with the required information at the time of issuance, utterance, or delivery serves as prima facie evidence of the identity of the party issuing, uttering, or delivering the instrument and their authorization to draw upon the named account.
Can you summarize MSCO 97-19-63?
This legal document outlines the duties of drawees and payor’s banks in relation to the dishonor of checks, drafts, or other orders for payment of money, as well as electronically converted checks or electronic commercial debits. It states that drawees must provide a written, printed, or stamped reason for dishonor or refusal to pay on the check or attached to it. Failure to do so may be used as evidence of the making or uttering of the check and its proper dishonor.
Can you summarize MSCO 97-19-65?
Each making, drawing, issuing, uttering, delivering, or initiation of any such check, draft, order, electronically converted check, or electronic commercial debit as aforesaid shall constitute a separate offense. HISTORY: Codes, 1942, 2153-07; Laws, 1972, ch. 476, 7; Laws, 2015, ch. 323, 6, eff from and after July 1, 2015. Amendment Notes The 2015 amendment inserted or initiation and electronically converted check, or electronic commercial debit and made minor stylistic changes. Cross References District attorney authorized to assist in recovery and restitution from persons issuing bad checks, see 97-19-73.
Can you summarize MSCO 97-19-67?
This legal document, under Mississippi Code 1972, Crimes, False Pretenses and Cheats, governs the penalties and restitution for bad checks, electronically converted checks, and electronic commercial debits. Any person violating Section 97-19-55 may be subject to different penalties based on the offense. For the first offense involving checks less than $100.00, it is considered a misdemeanor punishable by a fine of $25.00 to $500.00, or imprisonment in the county jail for 5 to 6 months, or both.
Can you summarize MSCO 97-19-69?
This provision, found in the Mississippi Code 1972 under the Crimes section, states that any person, firm, or corporation causing the arrest of the drawer of bad checks, electronically converted checks, or electronic commercial debits shall not be criminally or civilly liable for false arrest or false imprisonment. The provision requires the existence of prima facie evidence of fraudulent intent and the giving of notice, if required, under Section 97-19-57. The history of the provision includes amendments in 1983 and 2015, which expanded its scope to include electronically converted checks and electronic commercial debits.
Can you summarize MSCO 97-19-7?
Sections 97-19-5 through 97-19-29 shall not be construed so as to preclude the applicability of any other provision of the criminal law of this state which presently applies or may in the future apply to any transaction which violates said sections, unless such provision is inconsistent with the terms of said sections. HISTORY: Codes, 1942, 2148.7-13; Laws, 1968, ch. 345, 13, eff 60 days after passage (approved August 8, 1968).
Can you summarize MSCO 97-19-75?
This legal document outlines the procedures for handling bad checks and restitution in Mississippi. It applies to individuals or entities who hold a check, draft, or order for payment that has been made in violation of Section 97-19-55 of the Mississippi Code. The document specifies that the holder of such a check may file a complaint with the district attorney, accompanied by the original check and a return receipt showing mailing of notice.
Can you summarize MSCO 97-19-77?
This legal document governs the accounting and distribution of monies received in relation to a bad check complaint. It applies to district attorneys, complainants, and accused individuals. The document allows district attorneys to use the collected monies for various purposes authorized under Section 25-31-8 of the Mississippi Code of 1972, as well as for law enforcement-related purposes. District attorneys are required to establish a clearing account in a state depository within their circuit court district to deposit monies received from an accused pursuant to a restitution agreement.
Can you summarize MSCO 97-19-81?
According to the Mississippi Code 1972, when a lender in Mississippi is paid by check to retire all or part of a loan or extension of credit, and the check is returned due to insufficient funds, the lender is authorized to add the actual amount of the fee or service charge resulting from the returned check, up to a maximum of $15, to the principal of the unpaid balance of the loan or extension of credit.
Can you summarize MSCO 97-19-85?
This legal document, as per the Mississippi Code 1972, addresses the fraudulent use of identity, Social Security number, credit card or debit card number, or other identifying information to obtain a thing of value. It applies to any person who makes or causes to be made false statements or representations regarding their own or another person’s identity or identifying information with the intent to fraudulently obtain goods, services, or any thing of value.
Can you summarize MSCO 97-19-9?
This legal document provides definitions for various terms related to credit cards. It defines ‘cardholder’ as the person or organization named on the face of a credit card, ‘credit card’ as any instrument or device issued by an issuer for obtaining money, goods, services, or anything else of value on credit, and ‘issuer’ as any business organization or financial institution that issues a credit card. The document also defines terms such as ’expired credit card’, ‘revoked credit card’, ‘incomplete credit card’, ‘falsely makes a credit card’, and ‘falsely embosses a credit card’.
Can you summarize MSCO 97-23-107?
This section of the Mississippi Code 1972 defines and establishes the offense of residential mortgage fraud. It outlines the elements of the offense, which include knowingly making deliberate misstatements, misrepresentations, or omissions during the mortgage lending process, using or facilitating the use of such misstatements, misrepresentations, or omissions, receiving proceeds from a violation, conspiring to violate the provisions, or filing a deed of trust with deliberate misstatements, misrepresentations, or omissions. The offense does not apply to information lawfully disclosed under federal disclosure laws.
Can you summarize MSCO 97-45-19?
This document governs the crime of identity theft in Mississippi. It prohibits any person from obtaining or attempting to obtain personal identity information of another person without authorization, with the intent to unlawfully use that information for various purposes such as obtaining financial credit, purchasing property, obtaining employment, accessing medical records, or committing illegal acts. Violation of this section is a felony punishable by imprisonment or a fine. However, if the violation involves an amount less than $250, it may be considered a misdemeanor.
Can you summarize MSCO 97-45-2?
This legal document pertains to identity theft and its investigation in Mississippi. It defines identity theft as crimes chargeable under specific provisions of law related to false information, fraud, and the fraudulent use of personal identity information. The Attorney General is granted the authority to issue and serve subpoenas to any person in control of designated documents for the purpose of identity theft investigations. The subpoenas require the named person to appear and deliver the documents to a specified location.
Can you summarize MSCO 97-45-27?
Any person whose name or other identification has been used without his consent or authorization by another person, with the use resulting in charges, an arrest record, or a conviction putatively on the record of the person whose name or other identification was appropriated, the person whose name or other identification has been used without his consent or authorization may file a petition for expunction of such charges or arrest record or conviction, or any of them, with any court which has jurisdiction over the matter.
Can you summarize MSCO 97-45-29?
This legal document, Mississippi Code 1972, governs the issue of identity theft. It outlines the process for individuals who have been victims of identity theft to obtain an ‘Identity Theft Passport’ from the Office of the Attorney General. If a person has obtained a court order to expunge charges, arrest records, or convictions falsely entered against them due to identity theft, they can submit a certified copy of the court order to the Attorney General, who may issue an ‘Identity Theft Passport’ verifying the entry of such order.
Can you summarize 11 CORS Article 101?
The provided legal document content pertains to the Colorado Banking Code, specifically Articles 101 to 109 and article 10.5 of the Colorado Revised Statutes. The code governs the business of all state banks in Colorado and aims to protect the public interest. The policy of the state of Colorado is to supervise and regulate state banks in a manner that preserves and promotes sound and constructive competition among financial services institutions, a dual federal and state banking system, the security of deposits, the safe and sound conduct of the business of state banks, and a statewide safe and sound banking system.
Can you summarize 11 CORS Article 102?
The provided legal document content covers various aspects of the Colorado Banking Code, including the designation of hearing officers for public hearings, examinations and examiner’s reports of state banks and related entities, reporting of code violations, retention and reproduction of bank records, establishment of fees and assessments for the division of banking, banking interests of division officers and employees, and the overall operations and regulations related to banks in the state of Colorado.
Can you summarize 11 CORS Article 103?
These legal documents, part of the Colorado Revised Statutes, cover various aspects related to the organization and corporate functions of state banks in Colorado. They govern the general corporate powers of state banks, including perpetual existence, contracting abilities, bylaws, and the power to elect officers and agents. The documents also address the capital requirements for state banks, ensuring capital adequacy and protecting depositors and the general public. They further outline the liability of shareholders in state banks, specifying their responsibility for the bank’s contracts and debts.
Can you summarize 11 CORS Article 104?
The provided legal document content pertains to the acquisition and control of banking institutions in the state of Colorado by bank holding companies or other companies. According to the document, no bank holding company or other company can acquire or control a banking institution in Colorado unless the institution accepts deposits that the depositor has a legal right to withdraw on demand and engages in the business of making commercial loans.
Can you summarize 11 CORS Article 105, Part 2?
The provided legal document content pertains to the practices related to electronic funds transfers by Colorado banks. It requires banks to provide their account holders with a receipt or record of each banking transaction initiated at a communications facility. These receipts or records serve as prima facie proof of the transactions and are admissible as evidence in legal actions. Banks must reflect all banking transactions made by the account holder at a communications facility in the statements of demand, savings, or loan accounts provided to the account holder.
Can you summarize 11 CORS Article 105, Part 5?
The provided legal document, part of the Colorado Banking Code, governs the rules and regulations regarding safe deposit boxes and safekeeping facilities. It applies to banks, trust companies, lessors of safe deposit boxes, and individuals or entities using safe deposit boxes or seeking safekeeping services. The document outlines that a bank may maintain and lease safe deposit boxes and accept property for safekeeping, provided it issues a receipt. Additionally, a bank may own stock in a safe deposit company located in the same community, not exceeding fifteen percent of its capital and surplus, with at least ninety percent of the stock owned by banks or trust companies.
Can you summarize 11 CORS Article 105?
This legal document governs branch banks and practices in the state of Colorado. It applies to state banks or state banks chartered in another jurisdiction. The document prohibits state banks or their agents from operating any facility, agency, or paying or receiving station that would constitute a branch, except for facilities authorized by the United States treasury department. The document also prohibits banks from engaging in certain business activities, such as issuing, underwriting, or promoting the sale of securities, unless specific exceptions apply.
Can you summarize 11 CORS Article 106?
The provided legal document content pertains to the fiduciary business of state banks in Colorado. It states that a state bank is prohibited from acting as a fiduciary, except as an escrow agent, unless it is authorized by its charter or amendments to exercise trust powers. A bank acting as a fiduciary is granted the same investment powers as an individual fiduciary under similar circumstances. Unless otherwise provided by statute, a bank acting as a fiduciary has the same rights, powers, privileges, and obligations as an individual fiduciary.
Can you summarize 11 CORS Article 107?
The provided legal document content pertains to criminal offenses related to financial institutions and banks under the Colorado Banking Code. It covers various offenses such as falsely acting as a bank, receiving deposits while insolvent, unlawful service as an officer or director, unlawful gratuity or compensation, unlawful concealment of transactions, embezzlement or misapplication of funds, and unlawful acts or omissions. The document applies to any person not authorized to carry on a banking business, state banks, officers, directors, employees, attorneys, agents, and affiliates.
Can you summarize 11 CORS Article 51, Part 5?
This legal document governs fraud and other prohibited conduct in connection with the offer, sale, or purchase of securities. It prohibits any person involved in these activities from employing fraudulent devices, making untrue statements of material facts, or engaging in acts that operate as fraud or deceit. The document also includes specific provisions related to custodians of funds or securities of a local government investment pool trust fund, investment advisers of such trust funds, broker-dealers or financial institutions acting in an advisory capacity to such trust funds, and persons who receive consideration for advising others on securities.
Can you summarize 18 CORS Article 5, Part 7?
Cross references: For obtaining a financial transaction device by false statements, see 18-5-209.
Can you summarize 18 CORS Article 5, Part 9?
This legal document, part of the Colorado Revised Statutes Criminal Code, governs offenses involving fraud, specifically identity theft and related offenses. It provides definitions for various terms used in this context and establishes a clear understanding of their meanings. The document defines identity theft as the knowing use or possession of another person’s personal identifying information, financial identifying information, or financial device without permission or lawful authority, with the intent to obtain cash, credit, property, services, or any other thing of value.
Can you summarize 18 CORS Article 5.5?
This legal document, part of the Colorado Revised Statutes Criminal Code, specifically addresses computer crime. It provides definitions for various terms related to computer crime and aims to establish a clear understanding of these terms within the context of computer crime. The document applies to individuals or entities involved in computer-related activities and provides a foundation for the interpretation and enforcement of computer crime laws in Colorado. It does not mention any specific exemptions or penalties for non-compliance or violation.
Can you summarize 38 CORS Article 10?
This legal document, found in the Colorado Revised Statutes, pertains to conveyances made with the intent to defraud prior or subsequent purchasers. It states that any conveyance of an estate or interest in lands, rents, or profits, as well as any charge upon lands or rents, created with the intent to defraud purchasers for a valuable consideration, shall be void against such purchasers. The document does not apply to cases involving equitable trusts.
Can you summarize 38 CORS Article 13?
The Revised Uniform Unclaimed Property Act under the Colorado Revised Statutes provides a comprehensive framework for the handling of unclaimed property in the state. It defines various terms related to unclaimed property and provides exemptions for certain types of property. The Act outlines the requirements for holders of unclaimed property to report the property to the administrator in a complete and accurate manner. It also specifies the procedures for sending notice to the apparent owner and the payment or delivery of property to the administrator.
Can you summarize 38 CORS Article 13?
The Unclaimed Property Act establishes the framework for the identification, reporting, and return of unclaimed property in Colorado. It applies to various individuals and entities, including banking organizations, business associations, financial organizations, insurance companies, utilities, and the public employees’ retirement association. The Act defines key terms such as ‘administrator’, ‘apparent owner’, and ‘holder’. It also includes definitions for specific types of property. The Act does not apply to certain exemptions, such as unclaimed capital credit payments held by cooperative electric associations and telephone cooperatives.
Can you summarize 4 CORS Article 3?
These legal documents, part of the Colorado Revised Statutes under the Uniform Commercial Code, govern the negotiation, transfer, endorsement, liability, discharge, payment, tender of payment, presentment, and enforcement of negotiable instruments in Colorado. They establish the legal framework for the proper transfer and endorsement of negotiable instruments, define the requirements for negotiation and endorsement, and provide examples of remitter transactions. The documents also address the liability of parties on negotiable instruments, including representatives signing on behalf of others, impostors, fictitious payees, and employers for fraudulent indorsements.
Can you summarize 4 CORS Article 4?
The provided legal document content pertains to the ‘Uniform Commercial Code - Bank Deposits and Collections’ under the Colorado Revised Statutes. It governs the rules and regulations related to bank deposits and collections, payor banks, collecting banks, customers, and documentary drafts. The document emphasizes the need for a uniform statement of rules to accommodate the changing needs and conditions of the bank collection process. It highlights the importance of automation and truncation in the check collection process to increase efficiency and reduce costs.
Can you summarize 4 CORS Article 4.5?
These legal documents, governed by Article 4A of the Colorado Revised Statutes under the Uniform Commercial Code, establish precise and detailed rules for funds transfers. They define funds transfers as specialized methods of payment, commonly known as wholesale wire transfers. The documents provide definitions for terms such as ‘payment order’ and ‘funds transfer’ and aim to assign responsibility, define behavioral norms, allocate risks, and establish limits on liability in funds transfers.
Can you summarize 4 CORS Article 5?
The legal document, known as the Uniform Commercial Code - Letters of Credit, provides a theoretical framework for the development of letters of credit in commercial transactions. It defines the unique characteristics of letters of credit and distinguishes them from other forms of assurance, contracts, and fiduciary engagements. The document 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.
Can you summarize 4 CORS Article 9?
The provided legal documents, governed by the Colorado Revised Statutes and the Uniform Commercial Code (UCC), address various aspects of secured transactions. They cover the creation, attachment, perfection, and enforcement of security interests in personal property and fixtures. The documents provide guidelines for creditors, debtors, banks, and other parties involved in secured transactions. They address the requirements for perfecting security interests, determining priority among conflicting security interests, and the rights and obligations of different parties in relation to collateral.
Can you summarize 5 CORS Article 3.7?
This legal document governs consumer credit solicitation protection in Colorado. It applies to solicitors who make firm offers of credit for lender credit cards or seller credit cards to consumers through mail solicitation. The document requires the solicitors to verify that the consumer accepting the offer is the same consumer to whom the offer was sent. The term ‘firm offer of credit’ is defined in accordance with 15 U.S.C. sec. 1681a (l).
Can you summarize 6 CORS Article 1, Part 13?
Editor’s note: Section 7(2) of chapter 483 (SB 21-190), Session Laws of Colorado 2021, provides that the act adding this part applies to conduct occurring on or after July 1, 2023.
Can you summarize CORS 11-105-301?
State banks that are subject to reserve provisions of the ‘Federal Reserve Act’ shall maintain such reserves against deposits as may be required by the ‘Federal Reserve Act’, but, in addition thereto, the banking board may by rule impose reserve requirements that it deems prudent and sound on said banks or on state banks not subject to reserve provisions of the ‘Federal Reserve Act’. Source: L. 2003: Entire article added with relocations, p.
Can you summarize CORS 11-107-102?
According to the Colorado Banking Code, it is a criminal offense for a state bank to receive any deposit while insolvent. This applies to state banks, as well as their officers, directors, and employees. If any of these individuals know or should know of the bank’s insolvency and still receive or authorize the receipt of a deposit, it is considered a violation. Additionally, if the bank or any person knowingly conceals or misstates material facts regarding the bank’s insolvency from the banking board, commissioner, or division of banking, it is also a violation.
Can you summarize CORS 11-53-107?
This legal document, part of the Colorado Revised Statutes, specifically addresses fraudulent conduct in relation to commodity contracts or commodity options. It prohibits any person, directly or indirectly involved in the purchase or sale of such contracts or options, from engaging in fraudulent activities. These activities include cheating or defrauding others, making false reports or statements, engaging in fraudulent transactions or practices, and misappropriating or converting the funds or property of others.
Can you summarize CORS 18-5-512?
This legal document governs the issuance and delivery of bad checks. It declares that the act of issuing and delivering a known bad check is harmful to the recipient and injurious to the community. The document defines ‘insufficient funds’ as not having a sufficient balance in an account with a bank or other drawee for the payment of a check or order. It states that a person commits a petty offense if they issue or pass a check or similar sight order for payment, knowing that they do not have sufficient funds in their account for the payment of the check or order, as well as all other outstanding checks or orders.
Can you summarize CORS 4-3-506?
This legal provision, found in the Colorado Revised Statutes under the Uniform Commercial Code, specifically addresses the recording of credit card or social security numbers on checks or other negotiable instruments. It prohibits any person from recording or requiring the maker of a check to record a credit card or social security number as identification or proof of creditworthiness. However, there are exceptions to this prohibition. It allows for the recording of a credit card number when a check or negotiable instrument is issued to pay the designated credit card.
Can you summarize CORS 4-4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by federal reserve regulations, clearing-house rules, agreements, or other similar provisions. 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.
Can you summarize CORS 4-4-215?
This legal document governs the final payment of items by payor banks, the process of provisional settlements, and the availability of funds for withdrawal. It applies to payor banks, presenting banks, collecting banks, and customers. The document specifies 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 becomes final. Provisional debits or credits for an item become final upon final payment of the item by the payor bank.
Can you summarize CORS 4-4-301?
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.
Can you summarize CORS 4-4-303?
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.
Can you summarize CORS 4-4-401?
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.
Can you summarize CORS 4-4-403?
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.
Can you summarize CORS 4-4-404?
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.
Can you summarize CORS 4-4-406?
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.
Can you summarize CORS 4-5-101?
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.
Can you summarize CORS 4-5-102?
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.
Can you summarize CORS 4-5-103?
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.
Can you summarize CORS 4-5-104?
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.
Can you summarize CORS 5-2-213?
This legal document, found in the Colorado Revised Statutes under the Consumer Credit Code, pertains to lender and seller credit cards issued by credit card banks or financial institutions in Colorado. According to this document, the finance charge for these credit cards, calculated using the actuarial method, must not exceed the amounts provided in section 5-2-201. Additionally, fees for minimum finance charges, annual charges, cash advances, return or dishonor of a check, delinquency, or exceeding the credit limit may be established by written agreement between the parties.
Can you summarize CORS 6-1-711?
This section of the Colorado Consumer Protection Act governs the restrictions on credit card receipts. It applies to persons that accept credit cards for the transaction of business. According to the section, such persons are prohibited from printing more than the last five digits of the credit card account number or the credit card expiration date, or both, on a credit card receipt. However, this restriction only applies to electronically printed receipts and does not apply to transactions where the credit card number is recorded by handwriting or by an imprint or copy of the credit card.
Can you summarize CORS 6-1-716?
This legal document outlines the security breach notification requirements for covered entities in Colorado. It defines key terms such as ‘biometric data,’ ‘covered entity,’ ‘determination that a security breach occurred,’ ’encrypted,’ ‘medical information,’ ’notice,’ ‘personal information,’ ‘security breach,’ and ’third-party service provider.’ The document specifies that covered entities must conduct a prompt investigation when they become aware of a potential security breach and provide notice to affected Colorado residents if misuse of personal information has occurred or is likely to occur.
Can you summarize Title 11 CORS, Banks and Industrial Banks?
The provided legal document content covers various aspects of the Colorado Revised Statutes related to financial institutions. It includes information on the liquidation procedure under the ‘Colorado Banking Code’, regulation and operation of industrial banks in Colorado, operations and management of trust companies and trust funds in Colorado, and establishment and operation of common trust funds. The liquidation procedure applies to entities involved in the liquidation of banks and industrial banks in Colorado, without any specific exemptions or penalties mentioned.
Can you summarize Title 11 CORS, U.S. Agency Obligations?
This legal document provides definitions for terms used in the context of financial institutions and obligations. It applies to individuals, corporations, business trusts, estates, partnerships, associations, or legal entities other than public bodies or officers. The document defines terms such as ‘Bank for cooperatives’, ‘Debenture’, ‘Federal intermediate credit bank’, ‘Funds’, ‘Person’, and ‘Public bodies or officers’. The document also governs the acceptance of United States currency by retail establishments in Colorado.
Can you summarize Title 38 CORS, Unclaimed Property?
The provided legal document, the Colorado Revised Statutes under the Property - Real and Personal section, outlines the rules for taking custody of property presumed abandoned under the Revised Uniform Unclaimed Property Act. The document grants the administrator the authority to take custody of such property if certain conditions are met. These conditions include the last-known address of the apparent owner being in this state or the records of the holder not reflecting the identity or last-known address of the apparent owner, but the administrator determining that the last-known address is in this state.
Can you summarize 11 DECO 903?
This legal document, part of the Delaware Criminal Code, governs the offense of unlawful use of a payment card. It applies to any person who uses or permits or encourages another to use a payment card for unauthorized purposes. Unlawful use of a payment card includes using a stolen, forged, or fictitious card, using a card without the owner’s authorization, using a revoked or canceled card, or using a card without authorization from the issuer.
Can you summarize 11 DECO Chapter 5, Subchapter III, Part H?
The provided legal document pertains to frauds on creditors. It states that a person is guilty of defrauding secured creditors if they destroy, remove, conceal, encumber, transfer, or otherwise deal with property subject to a security interest with the intent to defeat enforcement of that interest. This offense is classified as a class A misdemeanor. The document also discusses fraud in insolvency, which occurs when a person intends to defraud a creditor and is aware of the appointment of a receiver or other person administering property for the benefit of creditors, or the existence of a composition or liquidation for the benefit of creditors.
Can you summarize 11 DECO Chapter 5, Subchapter III, Part K?
This legal document governs offenses involving property in the context of computer-related offenses in Delaware. It applies to any person, including natural persons, corporations, trusts, partnerships, incorporated or unincorporated associations, and any other legal or governmental entity. The document defines key terms related to computer-related offenses and outlines specific actions that constitute offenses such as unauthorized access to a computer system, theft of computer services, interruption of computer services, misuse of computer system information, and destruction of computer equipment.
Can you summarize 5 DECO 135?
This provision, found in the Delaware Code under the State Banking Agencies section, grants the State Bank Commissioner the authority to authorize banks and trust companies under their jurisdiction to implement certain measures. These measures include extending the payment period for time accounts with withdrawal notices, postponing the payment of a portion of demand account deposits, and receiving new deposits that are segregated from existing deposits. The new deposits must be invested in liquid assets approved by the Commissioner to ensure sufficient funds are available for withdrawal requests.
Can you summarize 5 DECO 772?
Any bank or resulting bank (as defined in 795 of this title) may install or operate 1 or more automated service branches in this State without approval of, or notice to, the Commissioner. 68 Del. Laws, c. 303,
13;
69 Del. Laws, c. 165,
16;
71 Del. Laws, c. 19,
24-26;
74 Del. Laws, c. 210,
1-3;
Can you summarize 5 DECO 907?
This legal document governs the reserve requirements for banks, trust companies, and savings banks. It defines demand deposits as deposits payable within 30 days and time deposits as deposits payable after 30 days. Every bank, trust company, or savings bank is required to maintain reserves based on the average aggregate of its demand deposits and time deposits. Reserves can be maintained in cash or net balances payable on demand with approved banking institutions.
Can you summarize 5 DECO 916?
This section of the Delaware Code governs the business of banks and trust companies. Specifically, it pertains to the preference of funds held on deposit by banks and trust companies when acting as executor, administrator, guardian, trustee, or in any other fiduciary capacity for an estate. According to this section, the liability of the bank or trust company to the estate entitled to the funds is considered a preferred claim superior to all unsecured claims of other creditors, including depositors of the institution.
Can you summarize 5 DECO 920?
This legal document, found in the Delaware Code under the Banking section, specifically addresses the acceptance of deposits by minors. It states that banks, savings banks, savings institutions, and trust companies in Delaware are allowed to receive money on deposit from or in the name of any minor. The deposited money is held for the benefit of the minor depositor, who has the same rights as an adult depositor. The minor can make drafts or withdrawals from their deposits, and the deposits, along with any dividends and interest, can be paid to the person in whose name the deposit was made or upon their written order.
Can you summarize 5 DECO 922?
Banks, trust companies, savings banks, and savings societies may pay out deposits of decedents, without requiring letters of administration to be issued upon the estates of such decedents, when and as provided by 2306 and 2307 of Title 12. Code 1915,
2115;
Code 1935,
2269;
5 Del. C. 1953,
922;
Can you summarize 5 DECO 923?
When a deposit in any bank, trust company, savings bank or other banking institution in this State, is made in the name of 2 or more persons, deliverable or payable to either, or to their survivor or survivors, the deposit, or any part thereof, or the increase thereof, may be delivered or paid to either of the persons, or to the survivor or survivors, in due course of business. 28 Del.
Can you summarize 5 DECO 924?
This legal document, governed by the Delaware Code, specifically the section on Regulations Governing Business of Banks and Trust Companies, provides definitions and regulations for bank deposit accounts in trust form. The document defines terms such as ‘beneficiary’ and ‘depositor’ and specifies the conditions for establishing and maintaining trust accounts. It states that there should be no more than one beneficiary per trust account, unless otherwise provided by the respective banking organization’s agreements, rules, or regulations.
Can you summarize 5 DECO 926?
Whenever a receiver has been appointed by the Court of Chancery for a bank or trust company in this State and the Federal Deposit Insurance Corporation pays or makes available for payment to the receiver the insured deposit liabilities of the closed institution, the Federal Deposit Insurance Corporation shall be subrogated to all the rights against the closed institution of the owners of the insured deposits in the same manner and to the same extent as if the owners had lawfully assigned to the Federal Deposit Insurance Corporation so much or such of their deposits as the Federal Deposit Insurance Corporation has paid or is ready to pay to the receiver.
Can you summarize 5 DECO 937?
(a) Financial institutions that delay availability shall review their policies and consider reducing the delay periods to the extent possible, consistent with prudent business practices. (b) Financial institutions shall disclose to depositors in an effective manner as to their delayed availability policies. (c) Financial institutions shall refrain from imposing unnecessary delays on all checks, particularly on social security and other government checks, deposited into established accounts beyond the time required to receive credit for the checks.
Can you summarize 5 DECO 939?
(a) For purposes of this section, fiduciary shall have the same meaning as in 3301(d) of Title 12. (b) If a negotiable instrument is drawn upon the account of a principal in a bank by a fiduciary who is empowered to draw upon the principals account, the bank is authorized to pay such instrument without being liable to the principal for the application of the funds. (c) If any negotiable instrument payable or endorsed to a fiduciary as such is endorsed by a fiduciary, or if any negotiable instrument payable or endorsed to a principal is endorsed by a fiduciary empowered to endorse such instrument on behalf of the principal, the endorsee is not bound to inquire whether the fiduciary is committing a breach of its obligation as fiduciary by endorsing or delivering the instrument, and is not liable for the application of the funds.
Can you summarize 5 DECO 947?
This legal document governs the offering and extension of credit under a revolving credit plan in connection with a demand deposit account or other transaction account maintained by the borrower with the bank. It states that any charges customarily imposed by the bank on the demand deposit or transaction account may continue to be imposed on the account without specific reference in the agreement governing the revolving credit plan. If the balance in the account is insufficient to pay such a charge, it may be charged to the borrower’s account under the plan as a loan.
Can you summarize 5 DECO Chapter 11?
These legal documents govern the taxation of banking organizations, trust companies, and federal savings banks in Delaware. They outline the requirements for paying franchise tax on taxable income and provide an option for organizations to pay an alternative franchise tax. The documents also cover the assessment and taxation of out-of-state banks and foreign banks maintaining branches in Delaware. They specify the filing requirements, penalties for non-compliance, and the process for reviewing and correcting tax assessments.
Can you summarize 5 DECO Chapter 12?
The provided legal document content pertains to the Bank Ownership and Participation in Export Trading Company Act. It states that banks regulated under this chapter are allowed to invest or participate in the capital and financing of export trade companies, as defined and permitted by federal law (15 U.S.C. 4001 et seq). The banks can engage in these activities directly or indirectly through contractual arrangements, subsidiary companies, or affiliate companies owned or controlled alone or together with other persons, as permitted by law.
Can you summarize 5 DECO Chapter 15?
This legal document governs the powers, conditions, and prohibitions for credit card institutions formed under the Delaware Code. These institutions are limited to engaging in credit card operations and accepting deposits of money. The document outlines the powers that these corporations can exercise, including the ability to sue and be sued, hold and purchase property, borrow money, accept deposits, engage in credit card operations, and own subsidiary corporations. However, there are limitations on the powers of credit card institutions, such as not being able to act as a fiduciary, make commercial loans for business purposes, accept demand deposits, or engage in prohibited businesses.
Can you summarize 5 DECO Chapter 16?
The provided legal document content pertains to the establishment and creation of savings banks in the state of Delaware. It specifies that savings banks shall be organized under and in accordance with the chapter mentioned. The document states that provisions relating to capital stock or stockholders of a savings bank do not apply to a savings bank without capital stock. It further mentions that every corporation created under this chapter is subject to and entitled to the benefit of the Delaware Code, including provisions that apply generally to banks and other general statutes regulating banks, trust companies, and corporations established under Title 8, as long as they are not inconsistent with the express provisions of this chapter.
Can you summarize 5 DECO Chapter 23?
This legal document, known as ‘The Sale of Checks Act’, governs the sale of checks and transmission of money in Delaware. It applies to individuals, partnerships, associations, joint stock associations, and corporations, with the exception of the United States government or the government of Delaware. The document defines key terms and introduces the term ‘accelerated mortgage payment provider’. It requires anyone engaging in the business of selling checks or transmitting money to obtain a license.
Can you summarize 5 DECO Chapter 7?
The provided legal document content covers various aspects of the authorized agency activities of banks in Delaware, the merger or consolidation of Delaware banks with out-of-state banks, the merger, consolidation, or conversion of national and state banks or trust companies, the organization and powers of Limited Purpose Trust Companies in Delaware, the general powers of corporations organized under the Delaware Corporation Law for State Banks and Trust Companies, the formation of a bank or trust company in Delaware, internal corporate affairs, management of corporations, stockholders’ meetings, capital stock requirements, payment of corporate debts, declaration of dividends, amendment of charters, certificates of incorporation, certificates of formation, or articles of association, acquisition or sale of assets, assumption of liabilities, consolidation, and merger of banks and trust companies, and the establishment of banks and trust companies, savings banks, and national banks in the state.
Can you summarize 5 DECO Chapter 8?
This legal document governs the acquisition of interests in banking institutions and bank holding companies in Delaware. It applies to bank holding companies, corporations intending to become a Delaware bank holding company, out-of-state savings institutions, out-of-state savings and loan holding companies, out-of-state bank holding companies, and out-of-state bank holding company subsidiaries. The document outlines the requirements and procedures for acquiring or retaining ownership or control of Delaware institutions. It establishes the application process, which includes filing an application with the Commissioner for approval and providing specified information.
Can you summarize 5 DECO Chapter 9, Subchapter II?
This legal document, part of the Delaware Code, governs the business of banks and trust companies in Delaware, specifically related to Bank Revolving Credit. It provides definitions for terms such as ‘Bank’, ‘Borrower’, ‘Individual borrower’, ‘Revolving credit plan’, ‘Purchases’, ‘Loans’, ‘Credit device’, and ‘Outstanding unpaid indebtedness’. The document allows banks to offer and extend credit to borrowers under a revolving credit plan, charging periodic interest, interest charges, and other permitted charges.
Can you summarize 5 DECO Chapter 9?
The legal document provides regulations and requirements for conducting banking business in Delaware. It covers various aspects such as the issuance of certificates to corporations, reporting obligations to the State Bank Commissioner, reserve requirements, limitations on loans and investments, restrictions on pledging or hypothecating assets, retirement pensions for employees, and provisions related to fiduciary accounts, insurance, and raffles. The document applies to banks, trust companies, savings banks, savings societies, national banks, out-of-state banks with branch offices in Delaware, federal savings associations, and other entities engaged in banking or fiduciary activities in Delaware.
Can you summarize 5 DECO Part I?
The provided legal document content pertains to the state banking agencies in Delaware. It governs the operations, regulations, and oversight of these agencies. The document does not mention any specific exemptions or penalties. State banking agencies in Delaware are responsible for supervising and regulating banks and other financial institutions within the state. They ensure compliance with state banking laws, protect consumers, and maintain the stability and integrity of the banking system.
Can you summarize 6 DECO 12B-102?
This legal document, part of the Delaware Code, requires any person conducting business in Delaware and owning or licensing computerized data containing personal information to provide notice of any breach of security to affected residents of the state. The notice must be given without unreasonable delay but not later than 60 days after the breach is determined, unless certain exceptions apply. If the breach affects more than 500 Delaware residents, the person must also notify the Attorney General.
Can you summarize 6 DECO 4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar provisions. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or as 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.
Can you summarize 6 DECO 4-215?
This legal document, part of the Delaware Code, specifically the Uniform Commercial Code under the section of Bank Deposits and Collections, pertains to the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. It outlines that 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 6 DECO 4-301?
This legal document, part of the Delaware Code, specifically the Uniform Commercial Code under the section of Bank Deposits and Collections, pertains to payor banks. It outlines the procedures and conditions for the settlement, revocation, and recovery of payment for demand items. If a payor bank settles for a demand item, it has the option to revoke the settlement and recover the payment by either returning the item or sending written notice of dishonor or nonpayment.
Can you summarize 6 DECO 4-303?
This legal document, part of the Delaware Code, specifically falls under the Commerce and Trade section, more specifically the Uniform Commercial Code. It pertains to the collection of items by payor banks. The document states 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.
Can you summarize 6 DECO 4-401?
This legal document, found in the Delaware Code, specifically in the Commerce and Trade section under the Uniform Commercial Code, pertains to the relationship between a payor bank and its customer. It outlines the circumstances under which a bank may charge a customer’s account. According to the document, a bank can 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 aligns with any agreement between the customer and the bank.
Can you summarize 6 DECO 4-403?
This legal document, part of the Delaware Code, specifically the Uniform Commercial Code, pertains to the relationship between a payor bank and its customer regarding bank deposits and collections. 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.
Can you summarize 6 DECO 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 customers account for a payment made thereafter in good faith. 5A Del. C. 1953,
4-404;
55 Del. Laws, c. 349;
70 Del. Laws, c. 86,
4;
Can you summarize 6 DECO 4-406?
This legal document, found in the Delaware Code under the section on Bank Deposits and Collections, pertains to the relationship between a payor bank and its customer. It outlines the customer’s duty to discover and report any unauthorized signature or alteration on their account. The document states that when a bank provides a statement of account to the customer, it must either return the paid items or provide sufficient information in the statement for the customer to identify the items.
Can you summarize 6 DECO Article 2A?
The provided legal document content pertains to lease contracts under the Uniform Commercial Code in Delaware. It governs the performance of lease contracts and addresses various aspects such as repudiation, substitution, excuse, material or indefinite delays, justified allocations, transfer of interests and rights, creation of express warranties, exclusion or modification of warranties, insurable interest, flexibility to substitute goods, risk of loss, default, allocation of risk of loss, effect of casualty, subsequent leases, sale or sublease of goods, priority of liens, and rights of lessors and lessees when goods become fixtures or accessions.
Can you summarize 6 DECO Article 3?
The provided legal document content covers various aspects related to negotiable instruments under the Uniform Commercial Code in Delaware. These documents govern the payment, discharge, tender, and enforcement of negotiable instruments. They specify that an instrument is considered paid when payment is made by or on behalf of a party obliged to pay the instrument to a person entitled to enforce it. The documents also address the concept of tender of payment and its effects on the obligation of an indorser or accommodation party.
Can you summarize 6 DECO Article 4?
The legal documents reviewed pertain to Bank Deposits and Collections under the Delaware Code, specifically the Uniform Commercial Code. These documents outline the relationship between a payor bank and its customer, including the circumstances under which a bank may charge a customer’s account and the bank’s liability for wrongful dishonor of an item. They also address the customer’s right to stop payment or close their account and the customer’s duty to report unauthorized signatures or alterations.
Can you summarize 6 DECO Article 4A?
The provided legal document content covers various aspects related to funds transfers. It states that the rights and obligations of a party to a funds transfer can be varied by agreement, and defines ‘funds-transfer system rule’ as a rule governing the transmission of payment orders or rights and obligations between banks involved in a funds transfer. The document also addresses creditor process served on a receiving bank and setoff by a beneficiary’s bank, specifying the actions and obligations of the banks in such situations.
Can you summarize 6 DECO Article 5?
This legal document, part of the Delaware Code, specifically governs the rules and regulations related to Letters of Credit. It defines various terms such as Adviser, Applicant, Beneficiary, Confirmer, Dishonor, Document, Good faith, Honor, Issuer, Letter of credit, Nominated person, Presentation, Presenter, Record, and Successor of a beneficiary. The document provides detailed definitions for each term and clarifies their roles and responsibilities in the context of Letters of Credit. It also references definitions from other articles that apply to this Article.
Can you summarize 6 DECO Article 9?
These legal documents provide transition provisions for security interests under the Uniform Commercial Code (UCC) Article 9. They state that a security interest that is already perfected before the effective date of this Act will remain perfected under the amended Article 9 if the applicable requirements for attachment and perfection are satisfied without further action. However, if the security interest is already perfected but the applicable requirements for perfection under the amended Article 9 are not satisfied at the effective date, the security interest will only remain perfected if the applicable requirements are satisfied within one year after the effective date.
Can you summarize 6 DECO Chapter 12B?
The legal document, part of the Delaware Code, governs computer security breaches and defines key terms related to breaches of security. It applies to any person who conducts business in Delaware and owns, licenses, or maintains computerized data containing personal information. The document requires such persons to implement and maintain reasonable procedures and practices to prevent the unauthorized acquisition, use, modification, disclosure, or destruction of personal information. The document defines ‘breach of security’ as the unauthorized acquisition of computerized data compromising the security, confidentiality, or integrity of personal information.
Can you summarize 6 DECO Chapter 12C?
The provided legal document governs online and personal privacy protection, specifically targeting operators of internet websites, online or cloud computing services, online applications, or mobile applications directed to children. It prohibits the marketing or advertising of certain products or services to children and the use, disclosure, or compilation of personal information of a child for marketing or advertising purposes. The document provides exemptions for the incidental placement of products or services embedded in non-marketing content and for commercial entities that sell a variety of consumer products with book service sales not exceeding 2 percent of their total annual gross sales of consumer products in the United States.
Can you summarize 6 DECO Chapter 13A?
This legal document, part of the Delaware Code, governs actions relating to the dishonor of checks, drafts, or orders for the payment of money. It applies to drawers of such checks, drafts, or orders. In an action against a drawer, the plaintiff may recover the amount of the dishonored check, draft, or order, plus court costs. Additionally, damages can be claimed: $50 for the first instance of dishonor within 1 year, and triple the amount of the check, draft, or order for subsequent instances within 1 year of a previous dishonored item, not exceeding $250.
Can you summarize DCCO 22-3223?
This legal document, part of the Code of the District of Columbia, specifically addresses credit card fraud. It defines a credit card as an instrument or device issued for the cardholder to obtain or pay for property or services. The document outlines various actions that constitute credit card fraud, including using a credit card without consent, using a revoked or cancelled credit card, using a falsified or altered credit card, misrepresenting oneself as a credit card holder, or using a credit card issued to an employee or contractor for personal purposes.
Can you summarize DCCO 28-3807?
(a) In a consumer credit sale, no seller shall take or otherwise arrange for the consumer to sign an instrument, except a check, payable to order or to bearer as evidence of the credit obligation of the consumer. (b) Any holder of an instrument prohibited by subsection (a) of this section 28-3807, if he takes it with knowledge of a violation of this section, takes it subject to all claims and defenses of the consumer up to the amount owing on the transaction total at the time of the assignment.
Can you summarize DCCO 28:4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or other similar means. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or a specified bank.
Can you summarize DCCO 28:4-215?
This legal document, part of the Uniform Commercial Code, governs the final payment of an item by a payor bank, the timing of when provisional debits and credits become final, and when certain credits become available for withdrawal. It defines when an item is finally paid by a payor bank, including payment in cash, settlement without the right to revoke, and failure to revoke a provisional settlement within the permitted time.
Can you summarize DCCO 28:4-301?
This legal document, part of the Uniform Commercial Code, specifically addresses the actions and responsibilities of payor banks in relation to the settlement and return of demand items. It allows payor banks to revoke settlement and recover the settlement amount if certain conditions are met, such as returning the item or providing notice of dishonor or nonpayment. The document also establishes the time of dishonor and provides guidelines for returning items.
Can you summarize DCCO 28:4-303?
This legal document, part of the Uniform Commercial Code, specifically addresses the actions and responsibilities 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 right or duty to pay an item or charge the customer’s account if certain conditions are met.
Can you summarize DCCO 28:4-401?
This legal document, part of the Uniform Commercial Code, governs the circumstances under which a bank may charge a customer’s account. According to the document, a bank may charge against the customer’s account 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. The document also states that a customer is not liable for an overdraft if they did not sign the item or benefit from its proceeds.
Can you summarize DCCO 28:4-403?
This legal document, part of 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 authorized person can issue an order to the bank to stop payment or close the account, providing a description of the item or account with reasonable certainty. A stop-payment order is effective for 6 months, but if the original order was oral and not confirmed in writing within 14 days, it lapses.
Can you summarize DCCO 28:4-404?
According to the Code of the District of Columbia, a bank is not obligated to pay a check presented more than 6 months after its date, except for certified checks. However, the bank may charge the customer’s account for a payment made in good faith after the 6-month period. This provision aligns with banking and commercial practice, as checks outstanding for longer than 6 months are considered stale. The bank has the option to pay such checks, especially if it knows that the drawer wants payment.
Can you summarize DCCO 28:4-406?
This legal document, part of the Uniform Commercial Code, outlines the duties and responsibilities of customers and banks regarding the discovery and reporting of unauthorized signatures or alterations in commercial transactions. According to the document, banks must provide customers with statements of account that sufficiently identify the items paid, and customers must promptly examine these statements or items to determine if any unauthorized payments have occurred. If the customer fails to report unauthorized signatures or alterations within a reasonable time, they may be precluded from asserting these claims against the bank.
Can you summarize DCCO 31-106.01?
This legal document establishes the position of the Student Loan Ombudsman within the Department of Insurance, Securities, and Banking. The Ombudsman is appointed by the Commissioner of the Department and must be a District resident with experience in consumer finance, including student loan servicing and debt collection. The Ombudsman’s responsibilities include assisting in the enforcement of licensing provisions, receiving and resolving complaints from student loan borrowers, compiling and analyzing data on borrower complaints, providing information to borrowers about their rights and responsibilities, monitoring actions taken by loan servicers, making recommendations to the Commissioner, analyzing and monitoring laws and regulations related to student loan borrowers, reviewing borrower loan history upon request, establishing an education course for borrowers, developing a borrower bill of rights, conducting examinations of loan servicers, and submitting an annual report on activities.
Can you summarize DCCO 31-106.02?
This document establishes the licensure and reporting requirements for student loan servicers operating in the District of Columbia. It states that no person or entity can operate as a student loan servicer without obtaining a Student Loan Servicer (SLS) license, except for certain exempt entities such as banks, credit unions, and educational institutions. The document outlines the application process for obtaining an SLS license, including the submission of a completed application, audited financial statements, and a surety bond.
Can you summarize DCCO Title 26, Chapter 1?
This legal document governs the supervision and regulation of banking institutions in the District of Columbia. It requires savings banks, savings companies, trust companies, and other banking institutions operating in the District of Columbia to make reports to the Comptroller of the Currency and publish them. Failure to comply with these reporting obligations may result in penalties, and the Comptroller of the Currency has the power to take possession of any bank or company if necessary.
Can you summarize DCCO Title 26, Chapter 14?
The Universal Bank Certification Act of 2000 governs the process of Universal Bank Certification in the District of Columbia. It provides definitions for various terms related to Universal Bank Certification and does not mention any specific exemptions or penalties. The Act allows a universal bank to operate under its existing articles of incorporation and bylaws or under subsequently amended articles of incorporation and bylaws that align with the provisions and purposes of the relevant chapter.
Can you summarize DCCO Title 26, Chapter 1A?
The provided legal document content pertains to the regulation of Automated Teller Machines (ATMs) in the District of Columbia. It covers definitions of various terms related to ATMs, including ‘access area’, ‘access device’, ‘automated teller machine’, ‘bank’, ‘customer’, and more. The document specifies that ATMs include stationary or mobile unattended devices used for banking transactions, but excludes devices used solely for check guarantee or check authorization, or for cash transactions on a person-to-person basis.
Can you summarize DCCO Title 26, Chapter 8A?
This legal document governs the application process for obtaining a merchant bank charter. It applies to individuals or entities described in 26-833.09(a) who wish to apply for a merchant bank charter. The document outlines the requirements and conditions that must be met in order for the Commissioner to approve the application. These include the applicant’s authorization to act as a financial institution, good standing with the Department and appropriate financial institutions agencies, adequate capitalization, absence of significant weaknesses, compliance with applicable regulations and rules, and agreement to comply with orders and conditions imposed by the Commissioner.
Can you summarize DCCO Title 28, Article 2A?
The Uniform Commercial CodeLeases is a legal document that governs the leasing of goods under the Uniform Commercial Code in the District of Columbia. It provides definitions and an index of definitions related to leases and aims to resolve significant issues related to leases of goods. The document addresses the warranties made by lessors to lessees and the remedies available to lessors and lessees in case of default. It incorporates provisions from the Article on Sales and the Article on Secured Transactions.
Can you summarize DCCO Title 28, Article 3?
The provided legal document content consists of multiple legal documents that govern various aspects of negotiable instruments under the Uniform Commercial Code. These documents provide guidelines and regulations for the discharge, payment, and tender of payment for negotiable instruments, as well as the concepts of presentment, dishonor, and notice of dishonor. They also cover the liability of parties involved in negotiable instruments and the enforcement of instruments. Additionally, the documents govern the negotiation, transfer, and indorsement of negotiable instruments, providing definitions and guidelines for determining their characteristics, payment terms, and payee.
Can you summarize DCCO Title 28, Article 4?
The provided legal document content covers various aspects of the actions and responsibilities of payor banks, collecting banks, and customers in relation to the settlement and return of demand items. It also addresses the authority of payor or collecting banks to accept, pay, or collect items and account for proceeds of collection. Additionally, it outlines the customer’s right to stop payment on any item drawn on their account or close the account.
Can you summarize DCCO Title 28, Article 4A?
This legal document, known as Article 4A, governs funds transfers, specifically a specialized method of payment referred to as a funds transfer or wholesale wire transfer. It applies to parties involved in funds transfers, including banks, intermediaries, originators, and beneficiaries. The purpose of Article 4A is to establish precise and detailed rules that assign responsibility, define behavioral norms, allocate risks, and establish limits on liability in funds transfers. The rules aim to provide certainty for parties involved in funds transfers, allowing them to predict and manage risks effectively.
Can you summarize DCCO Title 28, Article 5?
This legal document, known as the Uniform Commercial CodeLetters of Credit, governs the use and legal nature of letters of credit in commercial transactions. It sets a theoretical framework for the development of letters of credit and aims to preserve procedural flexibility to accommodate their efficient use. The document defines the characteristics of letters of credit and their legal consequences, distinguishing them from other forms of assurance such as guarantees, performance bonds, and insurance policies, as well as ordinary contracts, fiduciary engagements, and escrow arrangements.
Can you summarize DCCO Title 28, Article 9?
These legal documents cover various aspects related to secured transactions and rights of third parties. They govern the transition provisions for the 2012 amendments to the Uniform Commercial Code’s Secured Transactions, treatment of security interests and financing statements, remedies for non-compliance, duties and operations of filing offices, alienability of debtor’s rights in collateral, perfection and priority of security interests, effectiveness of security agreements, regulation of security interests in personal property and fixtures, and the applicability of Article 9 of the Uniform Commercial Code to transactions involving security interests.
Can you summarize DCCO Title 28, Chapter 31?
The provided legal document content pertains to fraudulent conveyances in the context of commercial transactions. It governs the actions of debtors and creditors involved in such transactions. The document defines various terms related to this subject matter and provides exemptions for certain types of property. However, it does not specify any penalties for non-compliance or violation of its provisions.
Can you summarize DCCO Title 28, Chapter 31A?
The provided legal document governs the civil recovery for dishonored checks by merchants. It applies to any person who, with intent to defraud, makes, draws, utters, or delivers a dishonored check, draft, order, or other instrument for the payment of money for goods or services upon any bank or other depository. The person liable under this section is required to pay the face amount of the dishonored check, draft, order, or other instrument for payment of money to the merchant.
Can you summarize DCCO Title 28, Chapter 35?
The Statute of Frauds is a legal provision that requires certain types of contracts to be in writing and signed in order to be enforceable. It applies to contracts or transactions involving real estate, promises to answer for the debt or obligation of another person, agreements made upon consideration of marriage, and contracts that are not to be performed within one year from the making thereof. The statute aims to prevent fraudulent claims and ensure that important agreements are properly documented.
Can you summarize DCCO Title 28, Chapter 37?
This legal document governs revolving credit accounts in the District of Columbia. It applies to sellers or financial institutions and buyers involved in such transactions. The document defines various terms and provides provisions related to credit service charges. It allows sellers or financial institutions to contract for the payment of a credit service charge, which should not exceed the maximum amount specified in the document. The credit service charge can be made in each billing cycle and can be computed based on the outstanding balance using different methods.
Can you summarize DCCO Title 31, Chapter 1, SubChapter I?
The provided legal document content covers various aspects related to the establishment, organization, and operation of the Department of Insurance, Securities, and Banking in the District of Columbia. It defines key positions within the Department and clarifies terms related to the District of Columbia Banking Code, Insurance Bureau, Licensee, Securities and Banking Bureau, Student education loan, Student loan borrower, Student loan servicer, and SLS license. The document establishes the Department as a cabinet level agency under the supervision of the Commissioner.
Can you summarize DCCO Title 31, Chapter 7?
The provided legal document content covers various aspects related to mutual holding companies in the District of Columbia. They govern the formation of mutual holding companies by domestic mutual insurance companies, the reorganization and merger of policyholder membership interests, the incorporation and amendment of articles of incorporation for mutual insurance holding companies, the rehabilitation and liquidation of mutual insurance holding companies, the regulation of mutual insurance holding companies and their activities, the limitations of actions related to acts taken under the subchapter on Holding Companies, and mergers and acquisitions involving mutual insurance holding companies.
Can you summarize DCCO Title 41, Chapter 1?
This legal document, repealed on March 5, 1981, governed the disposition of unclaimed property in the District of Columbia. It was repealed by D.C. Law 3-160, 101 and later by D.C. Law 24-45, 7094(a). The document was previously codified as 42-201 in the 1981 Ed. It is worth noting that the duties and functions of the Unclaimed Property Unit in the Department of Finance and Revenue, established under the District of Columbia Uniform Disposition of Unclaimed Property Act, were transferred to the Office of the District of Columbia Controller within the office of Financial Management, as per Reorganization Plan No.
Can you summarize 18.2 VACV Chapter 6, Article 4?
The provided legal document content pertains to crimes involving fraud, specifically the issuance of bad checks with the intent to defraud. It establishes that any person who knowingly makes, draws, utters, or delivers a check, draft, or order for payment of money upon a bank or other depository without sufficient funds or credit shall be guilty of larceny. The severity of the offense depends on the aggregate represented value of the checks, drafts, or orders.
Can you summarize 18.2 VACV Chapter 6, Article 5?
This legal document governs the breach of personal information notification in the Commonwealth of Virginia. It applies to individuals or entities that own or license computerized data containing personal information. The document defines ‘breach of the security of the system’ as the unauthorized access and acquisition of unencrypted and unredacted computerized data compromising the security or confidentiality of personal information. It requires the disclosure of any breach to the Office of the Attorney General and affected residents without unreasonable delay.
Can you summarize 18.2 VACV Chapter 6, Article 6?
The provided legal document content covers various crimes involving fraud, credit card forgery, credit card or credit card number theft, credit card fraud, and criminal possession of credit card forgery devices. It specifies the penalties for each offense, which can range from Class 1 misdemeanor to Class 6 felony, depending on the specific offense and the value of the fraudulent transactions. The documents define terms related to these crimes and provide provisions for their prosecution.
Can you summarize 55.1 VACV Chapter 25?
The Virginia Disposition of Unclaimed Property Act governs the treatment of bank deposits and funds in financial organizations in the state of Virginia. It establishes that certain types of deposits and funds are presumed abandoned unless certain conditions are met within five years. The Act also outlines exemptions for deposits made for the benefit of infants and prohibits banking or financial organizations from imposing service charges or ceasing interest accrual on dormant or inactive accounts.
Can you summarize 58.1 VACV Chapter 12?
The provided legal document content pertains to the Bank Franchise Tax in the Commonwealth of Virginia. It outlines the requirements and procedures for filing tax returns, computing net capital, and making tax payments for banks. The document specifies that banks failing to comply with the provisions of this chapter may be subject to a penalty of five percent of the tax due. However, if the failure is due to providential or other good cause, the return and payment of tax may be accepted without the penalty.
Can you summarize 59.1 VACV Chapter 35?
The Personal Information Privacy Act is a legal document that governs the restricted use of social security numbers in the Commonwealth of Virginia. It prohibits certain actions related to social security numbers, such as intentionally communicating another individual’s social security number to the general public, printing social security numbers on access cards, requiring the use of social security numbers to access websites without additional authentication, and sending mailings that display or reveal social security numbers.
Can you summarize 6.2 VACV Chapter 4, Article 3?
This legal document pertains to the mailing of application forms or preapproved written solicitations for open-end credit card accounts to consumers in the Commonwealth of Virginia. It requires that such forms or solicitations contain or be accompanied by a disclosure that satisfies the initial disclosure requirements of Consumer Financial Protection Bureau Regulation Z. The document also provides exemptions for application forms or solicitations included in certain publications and for credit cards issued by telephone companies regulated by the Commission.
Can you summarize 6.2 VACV Chapter 7?
This legal document pertains to the Code of Virginia, specifically the section on Acquisitions of Interests in Financial Institutions. It establishes a regulatory framework for the acquisition of interests in financial institutions and financial institution holding companies in Virginia. The document outlines the requirements for submitting a complete application and the investigation period that follows. The Commission conducts an investigation to determine the impact of the proposed acquisition on the safety and soundness of the applicant and the financial institution involved.
Can you summarize 6.2 VACV Chapter 8, Article 11?
The provided legal document content covers three main aspects. Firstly, it states that any bank may pay the balance on deposit to the credit of a deceased person or a person under disability to their personal representative, curator, conservator, or committee upon presentation of a letter of qualification issued by an appropriate court. This transfer relieves the bank from liability for the deposit. Secondly, it allows convicts serving a sentence of one year or longer, with the written consent of the Director of the Department of Corrections, to have a bank account.
Can you summarize 6.2 VACV Chapter 8?
The provided legal document content covers three main areas: reserve requirements for banks, practice of giving preference to depositors or creditors, and perfection of security interests in banks. In terms of reserve requirements, every bank is required to maintain a reserve related to its demand deposits and time deposits. The reserve for demand deposits consists of actual cash on hand and balances payable on demand, due from other solvent banks. The reserve for time deposits also consists of actual cash on hand and balances payable on demand due from other solvent banks, with the option to hold up to 100 percent of the reserve in the form of short maturity general obligations of the United States.
Can you summarize 8.3A VACV Part 1?
This legal document, part of the Code of Virginia’s Commercial Code Negotiable Instruments, provides definitions and guidelines for determining the person to whom an instrument is payable. It states that the person to whom an instrument is initially payable is determined by the intent of the person signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer, even if that person is identified in the instrument by a name or other identification that is not their own.
Can you summarize 8.3A VACV Part 2?
This legal document, found in the Code of Virginia under the Commercial Code Negotiable Instruments, governs the use of restrictive endorsements on negotiable instruments. It states that an endorsement limiting payment to a particular person or prohibiting further transfer or negotiation of the instrument is not effective to prevent such actions. Additionally, an endorsement stating a condition for the right of the endorsee to receive payment does not affect the endorsee’s right to enforce the instrument.
Can you summarize 8.3A VACV Part 3?
These legal documents, found in the Code of Virginia under the Commercial Code Negotiable Instruments, cover various aspects related to negotiable instruments. They govern the procedures and requirements for claimants who have lost, destroyed, or had their cashier’s check, teller’s check, or certified check stolen. They also address the effect of different types of instruments on the obligations for which they are taken, the enforcement of lost, destroyed, or stolen instruments, the proof of signatures and the status as a holder in due course, the breach of fiduciary duty, the conditions under which an instrument is considered issued or transferred for value, the defenses and claims in recoupment that apply to the enforcement of obligations related to negotiable instruments, and the determination of when an instrument becomes overdue.
Can you summarize 8.3A VACV Part 4?
The provided legal document content covers various aspects of negotiable instruments, including conversion, payment or acceptance of drafts, signing of instruments for accommodation, transfer warranties, alteration of instruments, acceptance of drafts and certified checks, refusal to pay cashier’s checks, teller’s checks, and certified checks, obligation of the acceptor of a draft, assignment of instruments, obligation of the drawer, obligation of an endorser when an instrument is dishonored, and presentment warranties. These documents apply to a wide range of parties involved in the negotiation, payment, and acceptance of negotiable instruments, such as banks, representatives, employers, employees, signers, issuers, endorsers, payees, holders in due course, and warrantors.
Can you summarize 8.3A VACV Part 5?
This legal document, part of the Code of Virginia’s Commercial Code Negotiable Instruments, provides guidelines for determining dishonor of negotiable instruments. It allows certain documents to be admitted as evidence of dishonor and create a presumption of dishonor and notice of dishonor. The document also defines a protest as a certificate of dishonor made by authorized individuals and specifies its requirements. Another document governs the excusal of presentment for payment or acceptance of an instrument, as well as the excusal of notice of dishonor.
Can you summarize 8.3A VACV Part 6?
This section of the Code of Virginia, specifically the Commercial Code Negotiable Instruments, governs the discharge of endorsers and accommodation parties. It clarifies that the discharge of a party’s obligation to pay an instrument does not discharge the obligation of an endorser or accommodation party with a right of recourse against the discharged party. The section also outlines the circumstances under which an extension of the due date or a material modification of the obligation can discharge an endorser or accommodation party, provided that loss is proven.
Can you summarize 8.4A VACV Part 1?
The ‘Commercial Code Funds Transfers’ document governs the time of receipt of payment orders and communications in funds transfers in the state of Virginia. It applies to receiving banks and senders of payment orders. The document establishes rules for determining the time of receipt, including the use of applicable notice receipt rules. Receiving banks have the authority to establish cut-off times for the receipt and processing of payment orders and communications.
Can you summarize 8.4A VACV Part 2?
This legal document governs the cancellation and amendment of payment orders in funds transfers. It applies to senders and receiving banks involved in such transfers. The document outlines the requirements for effective cancellation or amendment of a payment order, including the need for verification through a security procedure or agreement from the bank. It also specifies that cancellation or amendment is not effective after acceptance of the payment order, unless the receiving bank agrees or a funds-transfer system rule allows it.
Can you summarize 8.4A VACV Part 3?
This legal document governs the erroneous execution of payment orders in the context of funds transfers. It outlines the entitlements and obligations of receiving banks, senders of payment orders, and beneficiaries of payment orders in case of errors. If a receiving bank executes a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order amount and may recover the excess payment from the beneficiary.
Can you summarize 8.4A VACV Part 4?
This legal document governs the payment by a beneficiary’s bank to the beneficiary in the context of funds transfers. It outlines the conditions under which the beneficiary’s bank fulfills its obligation to the beneficiary. Payment occurs when the beneficiary is notified of the right to withdraw the credit, when the bank lawfully applies the credit to a debt of the beneficiary, or when funds with respect to the order are otherwise made available to the beneficiary by the bank.
Can you summarize 8.4A VACV Part 5?
These legal documents, part of the Code of Virginia’s Commercial Code Funds Transfers, cover various aspects related to funds transfers. They govern the choice of law in funds transfers, stating that the rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction where the receiving bank is located. Similarly, the rights and obligations between the beneficiary’s bank and the beneficiary are governed by the law of the jurisdiction where the beneficiary’s bank is located.
Can you summarize 8.9A VACV Part 1?
The legal document titled ‘Sufficiency of description’ provides guidelines for the identification and description of personal or real property in secured transactions. It states that a description of the property is considered sufficient if it reasonably identifies what is described. The document provides examples of reasonable identification methods, such as specific listing, category, type of collateral defined in the Uniform Commercial Code, quantity, computational or allocational formula or procedure, or any other method that objectively determines the identity of the collateral.
Can you summarize 8.9A VACV Part 2?
The provided legal document content covers various aspects of secured transactions and security interests. It discusses the attachment and effectiveness of security interests in the purchase or delivery of financial assets through securities intermediaries. It outlines the conditions under which security interests attach to a person’s security entitlement or to a delivered security or financial asset. These security interests secure the respective obligations to pay for the financial asset or delivery.
Can you summarize 8.9A VACV Part 3?
The provided legal document content covers various aspects of secured transactions and the priority of security interests. It discusses the perfection and priority of security interests in deposit accounts, goods covered by a certificate of title, collateral, investment property, agricultural liens on farm products, and other specific types of collateral. The local law of the relevant jurisdiction governs the perfection, effect, and priority of security interests. The documents provide guidelines for determining the applicable law and the methods of perfection, such as filing, control, possession, and notification.
Can you summarize 8.9A VACV Part 5?
The provided legal document governs the duties and operation of the filing office in relation to the acknowledgment of filing written records and other records, communication of requested information, medium for communicating information, timeliness of filing office performance, and public availability of records. The filing office is required to provide an acknowledgment of the filing to the person who files a written record, either by sending an image of the record with the assigned number and filing date and time, or by noting the information on a copy of the record and sending it to the person.
Can you summarize 8.9A VACV Part 6?
The provided legal document content pertains to the default and enforcement of security interest in secured transactions. It covers various aspects such as waiver of disposition notification, waiver of mandatory disposition, waiver of redemption right, redemption of collateral, acceptance of collateral in satisfaction of obligation, notification of disposition of collateral, application of proceeds of disposition, rights and duties of secondary obligor, collection and enforcement actions, application of proceeds of collection or enforcement, calculation of surplus or deficiency, default in connection with an agricultural lien, rights and duties of debtors, obligors, and secured parties, agreed standards, notification of disposition, effects of disposition, possession and rendering equipment unusable, and notification requirements.
Can you summarize 8.9A VACV Part 8?
These legal documents pertain to the Code of Virginia, specifically the Commercial Code Secured Transactions. They address the continuation of the effectiveness of financing statements, the priority of conflicting claims to collateral, and the amendment of pre-effective-date financing statements. The documents specify that the relative priorities of conflicting claims to collateral are determined based on whether they were established before or after July 1, 2013. A security interest that is unperfected before July 1, 2013, can become perfected if the applicable requirements for perfection are satisfied.
Can you summarize Title 8.2A VACV?
The provided legal document is part of the Code of Virginia and focuses on the Commercial Code governing leases. It provides definitions for various terms used in lease contracts and applies to any transaction that creates a lease. The document also includes definitions from other titles that are applicable to this title. The document covers various aspects of lease contracts, including insurance and proceeds, risk of loss, warranties, modification and rescission, express warranties, extension of benefit, revocability of offers, identification of goods, formation of lease contracts, seals, terms of agreement, and the Statute of Frauds.
Can you summarize Title 8.4 VACV?
These legal documents, part of the Code of Virginia’s Commercial Code Bank Deposits and Collections, provide definitions for various terms used in the title. They cover various aspects of the payment and settlement process, security interests, warranties, and responsibilities of banks involved in the collection and return of items. The documents govern the final payment of an item by a payor bank, the timing at which provisional debits and credits become final, and the availability of certain credits for withdrawal.
Can you summarize VACV 18.2-186?
This section of the Code of Virginia addresses the crime of making false statements to obtain property or credit. It states that any person who knowingly makes or causes to be made materially false statements in writing, with the intention of procuring personal property, cash, a loan, credit, or other financial benefits, shall be guilty of a Class 1 misdemeanor. Additionally, any person who, with intent to defraud, obtains such benefits based on a false statement shall be guilty of grand larceny if the value obtained is $1,000 or more, or petit larceny if the value is less than $1,000.
Can you summarize VACV 18.2-186.2?
Any person who (i) knowingly makes or causes to be made either directly or indirectly or through any agent or agency, any false statement in writing with the intent that it shall be relied upon, or fails to disclose any material fact concerning the financial means or ability to pay of himself or of any other person for whom he is acting, for the purpose of procuring aid and benefits available under any local, state or federally funded housing assistance program, or (ii) knowingly fails to disclose a change in circumstances in order to obtain or continue to receive under any such program aid or benefits to which he is not entitled or who knowingly aids and abets another person in the commission of any such act is guilty of a Class 1 misdemeanor.
Can you summarize VACV 18.2-186.3:1?
This legal document governs the reporting and handling of identity theft cases by consumers, consumer reporting agencies, and law enforcement agencies. It states that consumers may report identity theft to the law enforcement agency in their jurisdiction and provides provisions for consumer reporting agencies to block the reporting of any information on the consumer’s credit report that resulted from a violation of 18.2-186.3. The document also allows consumer reporting agencies to decline or rescind a block of consumer information under certain circumstances.
Can you summarize VACV 18.2-186.3?
This section of the Code of Virginia governs identity theft. It prohibits any person from obtaining, recording, or accessing identifying information without authorization or permission, with the intent to defraud. Identifying information includes various personal data such as name, date of birth, social security number, driver’s license number, and more. Violations of this section are punishable as a Class 1 misdemeanor, but certain circumstances can lead to higher penalties, including felony charges.
Can you summarize VACV 18.2-186.4:1?
This legal document governs the internet publication of personal information of certain public officials in the Commonwealth of Virginia. It applies to public officials, including law-enforcement officers and attorneys for the Commonwealth. The document prohibits the Commonwealth from publishing the personal information of any public official if a court has ordered that the information is prohibited from publication and the official has made a written demand accompanied by the court order.
Can you summarize VACV 18.2-186.6?
This legal document governs the breach of personal information notification in the Commonwealth of Virginia. It applies to individuals or entities that own or license computerized data containing personal information. The document defines ‘breach of the security of the system’ as the unauthorized access and acquisition of unencrypted and unredacted computerized data compromising the security or confidentiality of personal information. It requires the disclosure of any breach to the Office of the Attorney General and affected residents without unreasonable delay.
Can you summarize VACV 6.2-832?
This legal document governs the establishment and operation of automated teller machines (ATMs), cash-dispensing machines, and similar electronic or computer terminals by banks in the Commonwealth of Virginia. According to the document, no application or approval from the Commission is required for a bank to establish or operate such machines or terminals, regardless of their location or the services they provide. Virginia state banks and out-of-state banks are allowed to establish and operate these machines and terminals in the Commonwealth, as long as they comply with all applicable Commonwealth and federal laws and regulations.
Can you summarize VACV 6.2-876?
A. The maximum amount of loans and other extensions of credit a bank may make to any of its executive officers or directors, and the conditions and procedures for approval of such extensions of credit, shall be governed by Federal Reserve Board Regulation O, 12 C.F.R. Part 215, whether or not the bank is a member of the Federal Reserve System. B. The aggregate amount of a bank’s extensions of credit to its executive officers or directors, and their interests, shall not be excessive.
Can you summarize VACV 6.2-883?
This legal document, found in the Code of Virginia under the section for Financial Institutions and Services, pertains to banks operating in the Commonwealth. It grants banks the authority to accept drafts or bills of exchange drawn upon them by their customers, with a time limit not exceeding six months. Additionally, banks are allowed to issue letters of credit, subject to terms and conditions determined by the bank, which authorize the holders to draw drafts upon the bank or its correspondent.
Can you summarize VACV 6.2-942?
Any officer, employee, agent, or director of a bank who (i) certifies a check drawn on such bank and willfully fails forthwith to charge the amount thereof against the account of the drawer thereof or (ii) willfully certifies a check drawn on such bank when the drawer of such check does not have on deposit with the bank the amount of money subject to the payment of such check, is guilty of a Class 1 misdemeanor.
Can you summarize VACV 6.2-945?
This legal provision, found in the Code of Virginia under the section governing Banks, pertains to any officer, director, or employee of a bank or broker. It states that if such an individual knowingly takes and receives a deposit from any person while being aware that the bank or broker is insolvent, they are guilty of embezzlement. The penalty for embezzlement under this section is a fine of double the amount received and a prison term of not less than one nor more than three years, as determined by the jury.
Can you summarize VACV 8.4-211.1?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, 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.
Can you summarize VACV 8.4-213?
This legal document, part of the Code of Virginia’s Commercial Code - Bank Deposits and Collections, governs the final payment of an item by a payor bank, 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 provisionally settled and not revoked within the permitted time.
Can you summarize VACV 8.4-301?
This legal document, part of the Code of Virginia’s Commercial Code - Bank Deposits and Collections, governs the actions and responsibilities of payor banks in relation to demand items. It outlines the conditions under which a payor bank can settle for a demand item, the rights of the payor bank to revoke the settlement and recover the payment, and the time limits and procedures for returning items or sending notice of dishonor.
Can you summarize VACV 8.4-303?
This legal document, part of the Commercial Code Bank Deposits and Collections under the Code of Virginia, governs the treatment of items subject to notice, stop-payment order, legal process, or setoff by payor banks. It specifies that any knowledge, notice, stop-payment order, or legal process received or served by the 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.
Can you summarize VACV 8.4-401?
This legal document governs the circumstances under which a bank may charge a customer’s account. According to the document, a bank can 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. The customer is not liable for an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize VACV 8.4-403?
This legal document, part of the Code of Virginia’s Commercial Code Bank Deposits and Collections, governs the customer’s right to stop payment and the burden of proof of loss. According to the document, a customer or any person authorized to draw on the account can 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 six-month periods.
Can you summarize VACV 8.4-404?
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. Code 1950, 6-72; 1964, c. 219.
Can you summarize VACV 8.4-406?
This legal document, part of the Code of Virginia’s Commercial Code 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 person retaining them must maintain the capacity to furnish legible copies for seven years.
Can you summarize VACV 8.5A-101?
This title may be cited as Uniform Commercial Code–Letters of Credit (1995). 1997, c. 343.
Can you summarize VACV 8.5A-102?
This legal document, part of the Code of Virginia, specifically focuses on the Uniform Commercial Code Letters of Credit. It provides definitions for various terms used in the context of letters of credit, such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. The document also references definitions from other titles that apply to this title.
Can you summarize VACV 8.5A-103?
This legal document, titled ‘Uniform Commercial Code Letters of Credit’, governs letters of credit and certain rights and obligations that arise from transactions involving letters of credit. It applies to parties involved in such transactions. The document allows for variations by agreement or provision, except for specific subsections and where prohibited by other sections. No specific penalties are mentioned in this document.
Can you summarize VACV 8.5A-104?
A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (i) by a signature or (ii) in accordance with the agreement of the parties or the standard practice referred to in 8.5A-108(e). 1997, c. 343.
Can you summarize VACV 8.5A-105?
Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. 1997, c. 343.
Can you summarize VACV 8.5A-106?
This legal document governs the issuance, amendment, cancellation, and duration of letters of credit under the Uniform Commercial Code. According to the document, a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. The document states that a letter of credit is revocable only if it explicitly provides for revocation. Amendments or cancellations to a letter of credit do not affect the rights and obligations of the beneficiary, applicant, confirmer, and issuer unless they have consented or the letter of credit allows for amendment or cancellation without consent.
Can you summarize VACV 8.5A-107?
This legal document, part of the Code of Virginia, specifically deals with the Uniform Commercial Code (UCC) provisions related to Letters of Credit. It outlines the rights and obligations of different parties involved in letters of credit transactions. A confirmer, who directly obligates themselves on a letter of credit, assumes the rights and obligations of an issuer to the extent of their confirmation. A nominated person who is not a confirmer is not obligated to honor or provide value for a presentation.
Can you summarize VACV 8.5A-108?
This legal document governs the rights and obligations of issuers of letters of credit. It specifies that an issuer must honor a presentation that strictly complies with the terms and conditions of the letter of credit, unless otherwise agreed with the applicant. The issuer has a reasonable time to honor the presentation, accept a draft, or give notice of discrepancies. The issuer is precluded from asserting any discrepancy if timely notice is not given.
Can you summarize VACV 8.5A-109?
This legal document pertains to the Uniform Commercial Code Letters of Credit in the Code of Virginia. It outlines the conditions under which a presentation made in compliance with the terms and conditions of a letter of credit should be honored, even if a required document is forged or materially fraudulent. The issuer is obligated to honor the presentation if demanded by certain parties who have given value in good faith and without notice of forgery or material fraud.
Can you summarize VACV 8.5A-110?
(a) If its presentation is honored, the beneficiary warrants: (1) to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in 8.5A-109(a); and (2) to the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit. (b) The warranties in subsection (a) are in addition to warranties arising under Titles 8.
Can you summarize VACV 8.5A-112?
(a) Except as otherwise provided in 8.5A-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. (b) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if: (1) the transfer would violate applicable law; or (2) the transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in 8.
Can you summarize VACV 8.5A-113?
This legal document governs the transfer of drawing rights by operation of law under the Uniform Commercial Code Letters of Credit. It outlines the rights and obligations of successors of beneficiaries, issuers, confirmer, and nominated persons. A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. Alternatively, a successor may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary.
Can you summarize VACV 8.5A-114?
This section of the Code of Virginia, specifically the Uniform Commercial Code Letters of Credit, governs the assignment of proceeds of a letter of credit. It defines the term ‘proceeds of a letter of credit’ as the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The section allows a beneficiary to assign its right to part or all of the proceeds of a letter of credit, contingent upon compliance with the terms and conditions of the letter of credit.
Can you summarize VACV 8.5A-115?
An action to enforce a right or obligation arising under this title must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party’s lack of knowledge of the breach. 1997, c. 343.
Can you summarize VACV 8.5A-116?
This legal document governs the liability of issuers, nominated persons, or advisers for their actions or omissions in relation to letters of credit. The liability is determined based on the law of the jurisdiction chosen by an agreement between the parties or by the law of the jurisdiction where the person is located. Customary rules and practices, such as the Uniform Customs and Practice for Documentary Credits, may also apply. In case of conflict between this document and other titles of the law, this document takes precedence.
Can you summarize VACV 8.5A-117?
This legal document, part of the Code of Virginia’s Uniform Commercial Code - Letters of Credit, governs the subrogation rights of issuers, applicants, and nominated persons in relation to letters of credit transactions. According to the document, when an issuer honors a beneficiary’s presentation, the issuer is subrogated to the rights of the beneficiary and the applicant as if the issuer were a secondary obligor of the underlying obligation owed to them.
Can you summarize VACV 8.5A-117.1?
This legal document pertains to the security interest of an issuer or nominated person in a document presented under a letter of credit. The issuer or nominated person has a security interest to the extent that they honor or give value for the presentation. The security interest continues until the issuer or nominated person has been reimbursed or has otherwise recovered the value given. The security interest is subject to Title 8.
Can you summarize VACV 8.5A-118?
This title applies to a letter of credit that is issued on or after January 1, 1998. This title does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before January 1, 1998. A transaction arising out of or associated with a letter of credit that was issued before January 1, 1998, and the rights, obligations, and interests flowing from that transaction are governed by Title 8.
Can you summarize UTCO 13-44-201?
(1) Any person who conducts business in the state and maintains personal information shall implement and maintain reasonable procedures to:
(a) prevent unlawful use or disclosure of personal information collected or maintained in the regular course of business; and (b) destroy, or arrange for the destruction of, records containing personal information that are not to be retained by the person. (2) The destruction of records under Subsection (1)(b) shall be by:
(a) shredding; (b) erasing; or (c) otherwise modifying the personal information to make the information indecipherable.
Can you summarize UTCO 13-44-202?
This legal document, part of the Protection of Personal Information Act in the Utah Code, requires persons who own or license computerized data containing personal information of Utah residents to conduct a reasonable and prompt investigation when they become aware of a breach of system security. If the investigation reveals that personal information has been or is likely to be misused for identity theft or fraud, the person must provide notification to each affected Utah resident.
Can you summarize UTCO 13-44-301?
This legal document pertains to the enforcement of the Protection of Personal Information Act. The attorney general is authorized to enforce the provisions of this act. There is no private right of action created by this act, but existing private rights of action under other laws, such as contract or tort, are not affected. Violators of this act may be subject to civil penalties, with a maximum penalty of $2,500 for violations concerning a specific consumer and $100,000 in the aggregate for related violations concerning multiple consumers.
Can you summarize UTCO 7-1-703?
This legal document, under the Financial Institutions Act, imposes restrictions on the acquisition of institutions and holding companies subject to the jurisdiction of the department. Unless prior written approval is obtained from the commissioner, a person may not acquire control of a depository institution or depository institution holding company, vote the stock acquired in violation, acquire assets or deposit liabilities, cause a depository institution to become a subsidiary of a holding company, cause a person other than an individual to become a holding company, acquire voting or nonvoting securities exceeding 20% of authorized voting securities, or merge or consolidate with a depository institution or holding company.
Can you summarize UTCO 7-1-712?
Any financial institution authorized to do business in this state may acquire an office of any other financial institution located in this state upon obtaining the prior written approval of the commissioner in the manner provided in Section 7-1-708 for the establishment of a branch.
Amended by Chapter 1, 1986 General Session
Can you summarize UTCO 7-1-807?
Every check, draft, order, or other like instrument printed for a customer of any institution issuing transaction accounts in the state as part of a series after the effective date of this act shall have on its face the name and address of the account holder, the month and year the account was opened, and the number of the check, draft, order, or other like instrument in unbroken, sequential, numerical order, beginning with the number 101, except for initial deposits to open a new account or in case of lost or stolen checks when a limited supply of unnumbered counterchecks may be issued.
Can you summarize UTCO 7-3-22?
All certificates or evidences of deposit made by the proper officers of any bank bind the bank with or without its corporate seal affixed. No bank shall issue any bill, note, or certificate intended to circulate as money.
Enacted by Chapter 16, 1981 General Session
Can you summarize UTCO 7-3-24?
It shall be unlawful for any bank to certify any check drawn upon the bank unless the person drawing the check has on deposit with the bank at the time the check is certified an amount of money equal to the amount specified in the check.
Enacted by Chapter 16, 1981 General Session
Can you summarize UTCO 7-3-3?
This legal document defines the term ‘banking business’ and outlines the criteria for a person to be considered a bank subject to the provisions of the Financial Institutions Act. A person conducting a banking business must be authorized under the laws of this state, another state, the United States, the District of Columbia, or a territory of the United States to accept deposits from the public and conduct other authorized business activities.
Can you summarize UTCO 7-3-36?
A bank may lend its funds or extend credit to any executive officer or director of the bank or to any person who directly or indirectly owns, controls, or has the power to vote 10% or more of any class of voting securities of the bank only in the manner and to the extent that the commissioner may prescribe by regulation. Any limitations imposed by the commissioner under this section may not be more restrictive than those prescribed by regulations issued by the bank’s federal supervisory or insuring agency.
Can you summarize UTCO 7-8-16?
This legal document governs the registration of industrial bank holding companies in Utah. Industrial bank holding companies are required to register with the department by filing a registration statement that includes information about their officers and directors, financial condition, and authorization to transact business in the state. The document also specifies that forming an industrial bank holding company requires authorization from the commissioner and registration with the department. However, certain exemptions from registration are provided for bank holding companies or savings and loan holding companies subject to federal regulation, persons that own or control voting shares of an industrial bank or holding company acquired in connection with the underwriting of securities for a period of 120 days or less, persons exempt from the jurisdiction of the department under Section 7-1-502, and persons exempted in writing by the commissioner or by rule.
Can you summarize UTCO 70A-4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by Federal Reserve regulations, circulars, clearinghouse 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 a specified bank. 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.
Can you summarize UTCO 70A-4-215?
This legal document governs the final payment of an item by a payor bank. It outlines the conditions under which an item is considered finally paid, including when the payor bank pays the item in cash, settles for the item without the right to revoke the settlement, or makes a provisional settlement and fails to revoke it within the permitted time. The document also explains that if provisional settlement does not become final, the item is not considered finally paid.
Can you summarize UTCO 70A-4-301?
This legal document governs the actions and responsibilities of payor banks in the collection of items. It outlines the conditions under which a payor bank can settle for a demand item and the rights of the payor bank to revoke the settlement and recover the payment. The document specifies that a payor bank can return the item or send written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize UTCO 70A-4-303?
This legal document, found in the Utah Code under the Uniform Commercial Code - Bank Deposits and Collections, specifically addresses the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by the bank does not 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.
Can you summarize UTCO 70A-4-401?
This legal document, found in the Utah Code under the Uniform 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 from that account, 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 UTCO 70A-4-403?
This legal document, found in the Utah Code under the Uniform Commercial Code - Bank Deposits and Collections, pertains to the customer’s right to stop payment on any item drawn on their account or close the account. The customer or any authorized person may issue an order to the bank to stop payment or close the account, providing a clear description of the item or account. A stop-payment order is effective for six months, but if the original order was oral and not confirmed in writing within 14 calendar days, it lapses.
Can you summarize UTCO 70A-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.
Enacted by Chapter 154, 1965 General Session
Can you summarize UTCO 70A-4-406?
This legal document, found in the Utah Code under the Uniform Commercial Code - Bank Deposits and Collections, specifically addresses the relationship between a payor bank and its customer. It outlines the duties and responsibilities of both parties regarding the discovery and reporting of unauthorized signatures or alterations on items. The document states that a bank must either return the paid items to the customer or provide sufficient information in the statement of account for the customer to identify the items.
Can you summarize UTCO 76-6-506.2?
This section of the Utah Criminal Code governs the unlawful use of financial transaction cards. It applies to individuals who knowingly use a revoked, expired, stolen, or fraudulently obtained financial transaction card, or use a financial transaction card with the intent to defraud. The section outlines various actions that constitute unlawful use, including using a card to obtain credit, goods, property, or services, exceeding an authorized credit line, or presenting counterfeit or fictitious credit card sales drafts.
Can you summarize UTCO Title 13, Chapter 21?
The Credit Services Organizations Act, part of the Utah Code’s Commerce and Trade section, governs the rights and obligations of buyers and credit services organizations in Utah. It prohibits buyers from waiving any part of the chapter and considers any attempt by a credit services organization to have a buyer waive rights as a violation. The Act provides exemptions for certain entities, including authorized lenders, depository institutions, licensed real estate brokers, licensed attorneys, registered broker-dealers, credit reporting agencies, and registered debt-management service providers.
Can you summarize UTCO Title 13, Chapter 38a?
The provided legal document content pertains to the Financial Transaction Card Protection Act, specifically the General Provisions section. This act governs the use of financial transaction cards, which include various types such as credit cards, debit cards, and bank services cards. The act prohibits printing more than the last five digits of the financial transaction card account number or the financial transaction card expiration date on the card receipt. These requirements apply only to electronically printed receipts and do not apply to transactions where the initial means of recording the card number is by handwriting or an imprint/copy of the card.
Can you summarize UTCO Title 13, Chapter 44, Part 1?
The Protection of Personal Information Act governs the security and confidentiality of personal information. It defines ‘breach of system security’ as the unauthorized acquisition of computerized data compromising the security, confidentiality, or integrity of personal information. However, it excludes the acquisition of personal information by an employee or agent of the person possessing unencrypted computerized data, unless used for an unlawful purpose or disclosed in an unauthorized manner. The Act defines ‘consumer’ as a natural person and ‘financial institution’ as per the definition in 15 U.
Can you summarize UTCO Title 13, Chapter 44?
The Protection of Personal Information Act, part of the Utah Code, governs the security and confidentiality of personal information. It requires persons who own or license computerized data containing personal information of Utah residents to conduct a reasonable and prompt investigation when they become aware of a breach of system security. If the investigation reveals that personal information has been or is likely to be misused for identity theft or fraud, the person must provide notification to each affected Utah resident.
Can you summarize UTCO Title 67, Chapter 4a?
The Revised Uniform Unclaimed Property Act in Utah governs various aspects related to unclaimed property. It covers the agreement to locate property of apparent owners held by administrators, the confidentiality and security of information related to unclaimed property, the enforcement of obligations by the administrator, the reporting requirements for unclaimed property, the judicial remedies available to putative holders, the creation and management of the Unclaimed Property Fund, the sale of property by the administrator, the payment or delivery of property to the administrator, the sending of notice to the apparent owner of property presumed abandoned, the rules for taking custody of property presumed abandoned, the definition of various terms under the Revised Uniform Unclaimed Property Act, and the indication of apparent owner interest in property under the Act.
Can you summarize UTCO Title 7, Chapter 15?
The provided legal document content consists of two sections. The first section governs the notice requirements for dishonored instruments, specifically checks. It applies to issuers of dishonored checks and defines ’notice’ as notice given to the issuer of a check either orally or in writing. The document provides guidelines for giving written notice, including the presumption of notice when properly deposited in the United States mail. It also mentions that holders exempt under Subsection 7-15-1(9) are exempt from this notice requirement.
Can you summarize UTCO Title 7, Chapter 16a?
The provided legal document content covers three main areas. Firstly, it outlines the notification requirements for operators of automated teller machines (ATMs) in Utah. Operators must provide notice to the department before operating, relocating, or discontinuing the operation of an ATM. Failure to provide the required notice may result in enforcement actions by the commissioner. However, this requirement does not apply to ATMs located at the main office or a branch of a depository institution authorized to do business in Utah.
Can you summarize UTCO Title 7, Chapter 19?
The provided legal document governs the transfer of assets, business, and property in the context of supervisory mergers or acquisitions. It applies to institutions or other persons who receive such transfers. The document specifies that the transferee shall take the assets, business, and property free and clear of liens, claims, and encumbrances that have been avoided or disallowed by the commissioner, except for those expressly assumed by the transferee. It also states that only the liabilities, claims, and obligations expressly assumed by the transferee shall be transferred.
Can you summarize UTCO Title 7, Chapter 3?
This legal document, part of the Utah Code’s Financial Institutions Act, specifically pertains to banks. It governs the powers, rights, and privileges of banking corporations, as well as their other business activities. It applies to banks that are chartered under this chapter. The document specifies that a bank chartered under this chapter can be a domestic corporation under the Utah Revised Business Corporation Act or a limited liability company under the Utah Revised Uniform Limited Liability Company Act.
Can you summarize UTCO Title 70A, Chapter 2a?
The provided legal document content covers various aspects of lease contracts and transactions involving goods. The first document governs the rights of lessors and lessees when goods become accessions or fixtures. The second document addresses the special rights of creditors of lessors and sellers in possession of goods subject to a lease contract or a contract for sale. The third document governs the sale or sublease of goods by a lessee.
Can you summarize UTCO Title 70A, Chapter 3?
The provided legal document content consists of various sections from the Utah Code, specifically the Uniform Commercial Code - Negotiable Instruments. These sections cover a range of topics related to negotiable instruments, including the discharge of indorsers and accommodation parties, tender of payment, payment of instruments, dishonor of negotiable instruments, excusal of presentment for payment or acceptance, excusal of notice of dishonor, requirements for giving notice of dishonor, determination of dishonor, presentment of negotiable instruments, transfer, negotiation, and indorsement of negotiable instruments, claim for lost, destroyed, or stolen cashier’s check, teller’s check, or certified check, and statute of limitations for obligations and actions related to negotiable instruments.
Can you summarize UTCO Title 70A, Chapter 4?
The provided legal document content consists of multiple documents under the Uniform Commercial Code - Bank Deposits and Collections in the Utah Code. These documents govern various aspects of bank deposits and collections. The first document focuses on the responsibility of a bank when presenting documentary drafts. It states that a bank presenting a documentary draft must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment, otherwise, only on payment.
Can you summarize UTCO Title 70A, Chapter 4a?
These legal documents, found in the Utah Code under the Uniform Commercial Code - Funds Transfers, cover various aspects related to funds transfers. The first document governs the choice of law in funds transfers, stating that the law of the jurisdiction where the receiving bank is located generally governs the rights and obligations between the parties involved. The second document addresses the payment made by an originator to a beneficiary in a funds transfer, specifying the conditions for discharge of obligations and the rights of the originator and beneficiary.
Can you summarize UTCO Title 70A, Chapter 5?
The legal document reviewed governs the issuance, amendment, cancellation, and duration of letters of credit. It applies to issuers, beneficiaries, applicants, and confirmers of letters of credit. The document states that a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or to the beneficiary. The document also specifies that a letter of credit is revocable only if it explicitly provides for revocation.
Can you summarize UTCO Title 70A, Chapter 9a?
The provided legal document content pertains to the transition provisions for the 2010 Amendments to the Uniform Commercial Code - Secured Transactions in the state of Utah. It specifies the effectiveness of actions taken before and after the effective date of Laws of Utah 2013, Chapter 225. The document explains that if the relative priorities of conflicting claims to collateral were established before Laws of Utah 2013, Chapter 225 takes effect, the chapter as it existed before amendment determines priority.
Can you summarize 13 VTST 1816?
This legal document governs the possession or use of credit card skimming devices and re-encoders. It applies to any person who knowingly possesses a scanning device or uses it to access, read, obtain, memorize, or store information encoded on a payment card without permission. It also applies to any person who knowingly possesses a re-encoder or uses it to place encoded information on a payment card or any electronic medium without permission.
Can you summarize 27 VTST Chapter 18?
The provided legal document content pertains to the Vermont Statutes related to unclaimed property. It governs the rules and regulations for the implementation and administration of unclaimed property in Vermont. The document provides definitions for various terms used in the Vermont Statutes and addresses the presumption of abandonment for unclaimed property, reporting requirements for holders, notice to apparent owners, expiration of periods of limitation, sale of property by the Administrator, administration of property, delivery of property held by the Administrator in the name of a deceased owner, allowance of claims for property, recovery of property from the Administrator, transfer of property to another state, reporting requirements for the Administrator, contracting policies and standards for examinations, examination of records, confidentiality and security of information, determination of liability and putative holder remedies, civil penalties for certain actions or omissions, agreements between apparent owners and asset locators, and the promotion of uniformity of the law among states.
Can you summarize 8 VTST 10302?
This section of the Vermont Statutes governs the disclosure requirements and other obligations for owners of automated teller machines (ATMs) or other remote service units, including cash dispensing machines, located or employed in the state. The owners are required to prominently and conspicuously disclose their identity, address, and telephone number, as well as the availability of consumer assistance, on or at the location of each machine or on the first screen.
Can you summarize 8 VTST 10505?
No depository institution or credit union shall assess a returned check charge or similar charge against a depositor for the costs of processing a check received by that depositor and returned for nonsufficient funds by the institution upon which it was drawn. (Added 1999, No. 153 (Adj. Sess.), 2, eff. Jan. 1, 2001; amended 2001, No. 73 (Adj. Sess.), 1, eff. Feb. 2, 2002.)
Can you summarize 8 VTST 14110?
This legal document governs the duties of executive officers, directors, and persons who control principal equity interests in financial institutions. It applies to executive officers, directors, and holders of principal equity interest of a Vermont or state financial institution subject to the laws of this State. The document requires compliance with the standards for member banks established by Regulation O of the Federal Reserve Board. It prohibits officers, directors, or employees of a financial institution from corruptly soliciting or accepting any fee, present, benefit, or commission from borrowers, applicants for a loan, or anyone negotiating securities at the financial institution.
Can you summarize 8 VTST Chapter 200, Subchapter 3?
The provided legal document content governs the disclosure requirements and other obligations for owners of automated teller machines (ATMs) or other remote service units, including cash dispensing machines, located or employed in the state of Vermont. The owners are required to prominently and conspicuously disclose their identity, address, and telephone number, as well as the availability of consumer assistance, on or at the location of each machine or on the first screen.
Can you summarize 8 VTST Chapter 205?
The provided legal document governs the establishment and maintenance of branches by Vermont financial institutions. It states that Vermont financial institutions are not allowed to establish or maintain any branch in the state for the general transaction of its business without the approval of the Commissioner. The Commissioner will approve the application for a branch if it meets the general good of the state, as determined under section 11703 of the title.
Can you summarize 8 VTST Chapter 210?
These legal documents govern various aspects of mutual holding companies and reorganized financial institutions in Vermont. The first document focuses on the issuance of capital stock and debentures by reorganized savings financial institutions, specifically applying to mutual holding company subsidiary financial institutions. It allows for the issuance of voting common stock to persons other than the mutual holding company, with depositors having the opportunity to participate in the offering. Nonvoting stock, preferred stock, or capital debentures can also be issued to the mutual holding company or any person other than the mutual holding company.
Can you summarize 9 VTST 2430?
This chapter governs the protection of personal information in the state of Vermont. It defines various terms related to the collection, sale, and licensing of personal information. The chapter establishes the concept of ‘brokered personal information’ and ‘data broker’ and outlines the elements that constitute brokered personal information. It also defines ‘business’ and ‘consumer’ in the context of this chapter. The chapter further defines ‘data collector’ and ’encryption’ and provides examples of activities that do not qualify a business as a data broker.
Can you summarize 9 VTST 2435?
The Security Breach Notice Act requires data collectors to notify consumers of a security breach involving personally identifiable information or login credentials. The notice must be provided in the most expedient time possible and without unreasonable delay, but not later than 45 days after the discovery or notification of the breach. Data collectors that do not own or license the information must notify the owner or licensee of the breach. The Act also requires data collectors to provide notice of the breach to the Attorney General or the Department of Financial Regulation, depending on the entity’s regulatory status.
Can you summarize 9 VTST Chapter 105?
This legal document, part of the Vermont Statutes on Commerce and Trade, governs credit card transactions. It applies to persons involved in credit card transactions, including cardholders, card issuers, and law enforcement officers. The document defines key terms used in credit card transactions and establishes provisions related to the unauthorized use of credit cards, possession of credit cards issued to another, and obtaining money or property through fraudulent means. Violations of the provisions can result in fines and imprisonment, depending on the value of the obtained money, property, services, or other things of value.
Can you summarize 9 VTST Chapter 21?
The Negotiable Instruments Act is a legal framework that governs the use and transfer of negotiable instruments in Vermont. It applies to parties involved in the creation, negotiation, and enforcement of negotiable instruments, such as promissory notes, bills of exchange, and cheques. The Act does not apply to non-negotiable instruments, such as contracts or non-transferable documents. While the Act does not specify specific penalties for non-compliance or violation of its provisions, parties may seek legal remedies and damages through civil litigation.
Can you summarize 9 VTST Chapter 57?
The provided legal document content pertains to the remedies available to a creditor in an action for relief against a transfer or obligation. It discusses the various remedies that a creditor may obtain, including avoidance of the transfer or obligation, attachment or provisional remedy against the asset transferred or other property of the transferee, injunction against further disposition by the debtor or transferee, appointment of a receiver, or any other relief as required by the circumstances.
Can you summarize 9 VTST Chapter 62?
The provided legal document content covers various aspects of the protection of personal information. The acquisition and use of brokered personal information is prohibited through fraudulent means and for certain purposes such as stalking, harassment, fraud, and unlawful discrimination. The Security Breach Notice Act requires data collectors to notify consumers in the event of a security breach involving personally identifiable information or login credentials. The Social Security Number Protection Act prohibits the communication or availability of Social Security numbers to the general public and imposes restrictions on their use.
Can you summarize 9 VTST Chapter 63, Subchapter 4?
This legal document governs the prevention of credit card company unfair business practices under the Vermont Statutes. It applies to electronic payment systems and merchants in Vermont. Entities acting exclusively as agents, processors, or members that are not electronic payment systems are exempt from these penalties. The penalties for violations include reimbursement of fines to affected merchants, a civil penalty of $10,000.00 per fine levied, and the ability for merchants to maintain a civil action for damages or equitable relief.
Can you summarize 9 VTST Chapter 63, Subchapter 9?
This legal document, added in 2018, falls under the Commerce and Trade section of the Vermont Statutes and specifically addresses consumer protection in credit card terminal finance leases. It requires persons who solicit finance leases for credit card terminals to accurately disclose their relationship to the owners, lessors, service providers, and financiers of the terminals. The document also mandates the disclosure of whether oral statements made during solicitation are included in the lease terms and enforceable.
Can you summarize 9A VTST 4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that 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 to receive settlement.
Can you summarize 9A VTST 4-215?
This legal document, part of the Vermont Statutes Uniform Commercial Code, pertains to the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of 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 provisionally settled and not revoked within the permitted time.
Can you summarize 9A VTST 4-301?
This legal document, part of the Vermont Statutes Uniform Commercial Code, specifically addresses the actions and responsibilities of payor banks in relation to demand items. It states that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, it has the right to revoke the settlement and recover the settlement amount. This can be done by either returning the item or sending written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize 9A VTST 4-303?
This legal document, part of the Vermont Statutes’ Uniform Commercial Code section on BANK DEPOSITS AND COLLECTIONS, governs the treatment of items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which these items may be charged or certified. It specifies 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 the 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.
Can you summarize 9A VTST 4-401?
This legal document, part of the Vermont Statutes Uniform Commercial Code, governs bank deposits and collections. It outlines the circumstances under which a bank may charge a customer’s account. 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.
Can you summarize 9A VTST 4-403?
This legal document, part of the Vermont 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 9A VTST 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. (Added 1993, No. 158 (Adj. Sess.), 13, eff. Jan. 1, 1995.)
Can you summarize 9A VTST 4-406?
This legal document, part of the Vermont Statutes Uniform Commercial Code, specifically addresses the duty of customers to discover and report unauthorized signatures or alterations. It outlines the responsibilities of banks in returning items shown as paid on a statement of accounts or providing sufficient information for customers to identify paid items. The document also emphasizes the importance of prompt examination of statements or items by customers to identify unauthorized payments.
Can you summarize 9A VTST Article 2A?
This legal document, part of the Vermont Statutes Uniform Commercial Code on Leases, governs the exclusion or modification of warranties in lease contracts. It provides guidelines on the creation and negation of express warranties, as well as the exclusion or modification of implied warranties of merchantability and fitness. The document states that language excluding or modifying warranties must be in writing and conspicuous. It also outlines circumstances where implied warranties may be excluded, such as when the lessee has examined the goods or when there is a course of dealing, course of performance, or usage of trade.
Can you summarize 9A VTST Article 3?
This legal document, part of the Vermont Statutes Uniform Commercial Code, specifically addresses the procedures and rights related to lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. It defines key terms such as ‘check’ and ‘claimant’ and outlines the requirements for asserting a claim to the amount of a check. The document also establishes the enforceability of the claim and the obligations of the obligated bank. It further addresses the obligations of the claimant if the check is paid or dishonored when presented for payment by a person with rights of a holder in due course.
Can you summarize 9A VTST Article 4?
The legal documents provided govern various aspects of bank deposits and collections. They cover the responsibilities and liabilities of banks, customers, and other parties involved in these processes. The documents address the encoding and retention of information on items, warranties related to electronic presentment, the treatment of items subject to notice, stop-payment orders, legal process, or setoff, and the order in which these items may be charged or certified. They also outline the rights and obligations of payor banks, collecting banks, and depositary banks, as well as the process of presentment and settlement.
Can you summarize 9A VTST Article 4A?
The legal document, part of the Vermont Statutes’ Uniform Commercial Code, governs various aspects of funds transfers. It establishes rules and regulations regarding the rights and obligations of senders, receiving banks, and beneficiary’s banks in funds transfers. The document covers topics such as the governing law, interest rates, refund of payments, preclusion of customer objections, court restraints, charging of sender’s account, treatment of creditor process, payment to beneficiaries, payment of sender’s obligations, liability of receiving banks, erroneous execution of payment orders, acceptance and rejection of payment orders, cancellation and amendment of payment orders, treatment of payment orders received by beneficiary’s banks, authorization and verification of payment orders, unenforceability of certain verified payment orders, third-party communication systems, security procedures, relationship with the Electronic Fund Transfer Act, definitions of terms, time of receipt of payment orders, and applicability of the article to funds transfers.
Can you summarize 9A VTST Article 5?
The provided legal document content covers various aspects related to letters of credit. It governs the security interest of an issuer or nominated person in a document presented under a letter of credit, the liability of issuers, nominated persons, and advisers, the assignment of proceeds of a letter of credit, the transfer of drawing rights, remedies in cases of wrongful dishonor or repudiation, subrogation rights of issuers, applicants, and nominated persons, the transferability of the right to draw or demand performance under a letter of credit, warranties of the beneficiary, the handling of fraud and forgery, the issuance, amendment, cancellation, and duration of letters of credit, the rights and obligations of issuers, confirmers, and advisers, definitions related to letters of credit, and the choice of law and forum.
Can you summarize 9A VTST Article 9?
These legal documents pertain to secured transactions under the Uniform Commercial Code in Vermont. They cover various aspects such as the priority of conflicting claims to collateral, continuation of effectiveness of financing statements, perfection of security interests, and amendment of pre-effective-date financing statements. The documents provide guidelines for secured parties, debtors, obligors, and persons holding a security interest or lien on collateral. They specify the requirements for filing financing statements, the duration and effectiveness of financing statements, the process of amending financing statements, and the termination of financing statements.
Can you summarize Financial institutions - Chapters 706-722 > Administration and Enforcement of Banking Laws Generally?
The provided legal document contains definitions and terms used in the Bank Act. It applies to financial institutions, banks, and customers. The document defines various terms such as ‘access area’, ‘access device’, ‘acquisition transaction’, ‘automated teller machine (ATM)’, ‘banking business’, ‘banking day’, ‘branch’, and many more. It also clarifies the exemptions from the definition of ‘banking business’, which include depositing money in escrow or with an agent, credit unions, accepting deposits in connection with purchasing or leasing property or services.
Can you summarize Financial institutions - Chapters 706-722 > Bank Holding Companies; Financial Holding Companies?
These legal documents pertain to the establishment of financial holding companies or bank holding companies in Oregon, the acquisition or merger of Oregon stock banks, the reorganization process to form Oregon stock savings banks controlled by mutual financial holding companies or mutual bank holding companies, the acquisition and holding of stock in insurance producer corporations by financial and bank holding companies, and the sharing of financial and credit information between holding companies and controlled companies.
Can you summarize Financial institutions - Chapters 706-722 > Branch Banking; Automated Teller Machines?
The legal documents reviewed pertain to the establishment and operation of branches by banking institutions within or outside the state of Oregon, as well as the compliance requirements for operators of ATMs and night deposit facilities. For banking institutions, the documents outline the process of filing a notice with the Director of the Department of Consumer and Business Services before establishing a branch, including details such as the institution’s name, proposed location, and date of operation.
Can you summarize Financial institutions - Chapters 706-722 > Organization to Conduct Banking Business; Stockholders, Directors and Officers?
The provided legal document content covers various aspects of the organization and operation of an Oregon bank as a limited liability company, the conduct of banking business in Oregon, the initial paid-in capital requirement for institutions or Oregon stock savings banks, the application and approval process for organizing a banking institution in Oregon, the corporate name of a banking institution, the execution and submission of articles of incorporation for the establishment of an institution or Oregon stock savings bank, the issuance of a charter for financial institutions conducting banking business in Oregon, the grounds for refusing authority to organize a banking business, the service of process on institutions or Oregon stock savings banks in Oregon, the issuance of fractional shares and scrip by institutions or Oregon stock savings banks, the creation and issuance of share options by institutions or Oregon stock savings banks, the payment requirements and considerations for the issuance of stock certificates by institutions or Oregon stock savings banks, the closure of stock transfer books and the determination of shareholders for various purposes, the requirements for annual and special stockholder meetings and the notice of orders for financial institutions conducting banking business in Oregon and stock savings banks in Oregon, the ability to take action without a meeting, the waiver of notice by shareholders, and the creation of a list of shareholders entitled to vote at meetings or adjournments.
Can you summarize ORRS 165.055?
The provided legal document pertains to the offense of fraudulent use of a credit card. It states that a person commits this crime if they use a credit card with the intent to injure or defraud, knowing that the card is stolen, forged, revoked, canceled, or unauthorized by the issuer or the cardholder. The document defines a credit card as any instrument that represents an undertaking to pay for property or services.
Can you summarize ORRS 165.065?
This section of the Oregon Revised Statutes governs the offense of negotiating a bad check. It applies to any person who makes, draws, or utters a check or similar sight order for the payment of money, knowing that it will not be honored by the drawee. If the check or order is not postdated, it is considered prima facie evidence of knowledge that it will not be honored if the drawer has no account with the drawee at the time of drawing or uttering, or if payment is refused by the drawee for lack of funds within 30 days after the date of utterance and the drawer fails to make good within 10 days after receiving notice of refusal.
Can you summarize ORRS 60.364?
(1) Except as provided by subsection (3) of this section, a corporation may not
lend money to or guarantee the obligation of a director of the corporation
unless: (a)
The particular loan or guarantee is approved by a majority of the votes
represented by the outstanding voting shares of all classes, voting as a single
voting group, excluding the votes of shares owned by or voted under the control
of the benefited director; or (b)
The corporations board of directors determines that the loan or guarantee benefits
the corporation and either approves the specific loan or guarantee or a general
plan authorizing the loans and guarantees.
Can you summarize ORRS 646A.200?
As used in ORS 646A.202 and
646A.204: (1)
Credit card has the meaning given that term in ORS 646A.212. (2)
Debit card has the meaning given debit instrument in 15 U.S.C. 1693n. [Formerly
646.886]
Can you summarize ORRS 646A.202?
A person may not sell, lease or rent a payment
processing system that provides a customer receipt that shows more information
about a customer than the customers name and five digits of the customers
credit or debit card number. [Formerly 646.887]
Can you summarize ORRS 646A.204?
(1) In a credit or debit card transaction with a customer, a person may not
create a customer receipt that shows more information about a customer than the
customers name and five digits of the customers credit or debit card number. (2)
A person that creates or retains a copy of a receipt containing more
information about a customer than the customers name and five digits of the
customers credit or debit card number shall shred, incinerate or otherwise
destroy the copy on or before the sooner of: (a)
The date the image of the copy is transferred onto microfilm or microfiche; or (b)
Thirty-six months after the date of the transaction that created the copy.
Can you summarize ORRS 646A.206?
The Attorney General may adopt rules under ORS chapter 183 to carry out the
provisions of ORS 646A.200, 646A.202 and 646A.204. [Formerly 646.889] (Numbers,
Expiration Dates or Personal Information in Credit or Debit Card Transactions)
Can you summarize ORRS 646A.210?
This legal document prohibits the requirement of providing a credit card number or expiration date as a condition for accepting a check or share draft, unless the credit is issued by the person requiring the information. However, there are exceptions to this prohibition. These exceptions include requesting a credit card for creditworthiness or additional identification, recording credit card information as a security deposit, recording credit card information when the card issuer guarantees checks or share drafts, requesting and recording personal information of a person offering payment by check, and verifying the signature, name, and expiration date on a credit card.
Can you summarize ORRS 646A.212?
As used in ORS 646A.210 and 646A.214, credit card
has the meaning given that term under the federal Consumer Credit Protection
Act (P.L. 90-321, 82 Stat. 146, 15 U.S.C. 1602). [Formerly 646.893]
Can you summarize ORRS 646A.214?
This section of the Oregon Revised Statutes governs the verification of identity in credit or debit card transactions. It allows merchants to require personal information, other than what appears on the face of the card, for the purpose of verifying the cardholder’s identity. However, the merchant is prohibited from writing this information on the transaction form. The section does not prevent a merchant from requesting and keeping written information necessary for shipping, delivery, installation, or warranty purposes, if provided voluntarily by the cardholder.
Can you summarize ORRS 646A.220?
This legal document governs the disclosure requirements for credit card solicitations. It applies to credit card issuers and individuals who receive credit card solicitations. The document mandates that every solicitation for a credit card must disclose certain information, including the applicable annual percentage rate, any charges that could be imposed, membership or participation fees, and any time period for repaying credit without incurring a finance charge. The document also provides definitions for terms such as ‘card issuer,’ ‘credit card,’ ‘credit,’ ‘annual percentage rate,’ and ‘finance charge.
Can you summarize ORRS 646A.222?
This section of the Oregon Revised Statutes governs charge card solicitations and the required disclosures. It defines a charge card as a credit device that does not accrue finance charges and does not provide automatic access to credit repayable in installments. The solicitation must clearly and conspicuously disclose the annual fees and other charges applicable to the charge card. The section provides definitions for terms such as ‘charge card,’ ‘reasonable time,’ and ‘solicitation.
Can you summarize ORRS 646A.230?
This legal document pertains to actions that can be taken by the Attorney General or a district attorney in the state of Oregon to prevent and restrain violations of specific sections of the Oregon Revised Statutes related to trade practices. The document allows the Attorney General or district attorney to bring an action against a person who violates ORS 646A.202, 646A.204, 646A.220, or 646A.222. Civil penalties of up to $1,000 per violation can be sought, and the circuit court retains jurisdiction to consider requests for civil penalties.
Can you summarize ORRS 646A.232?
A person who is in compliance with the
requirements of the Fair Credit and Charge Card Disclosure Act, (Public Law
100-583), shall also be considered in compliance with the requirements of ORS
646A.220 and 646A.222. [Formerly 646.901] (Extension
of Credit)
Can you summarize ORRS 646A.240?
In evaluating applications for extensions of credit, a creditor may not: (1)
Treat an applicants obligation to pay child support more adversely than the
creditor treats or would treat another obligation for the same amount, terms
and duration as the child support obligation; or (2)
Deny an application solely because the applicant used the applicants business
address instead of the applicants residential address if a law of this state
or a local government ordinance permits the applicant to use a business address
in lieu of a residential address.
Can you summarize ORRS 646A.242?
As used in ORS 646A.240 to 646A.244, creditor means a person who, in the
ordinary course of the persons business, regularly permits debtors to defer
payment of their debts, or to incur debt and defer the payment thereof, and in
either case, to pay the same with a finance charge or in more than four
installments. [Formerly 646.863]
Can you summarize ORRS 646A.244?
This legal document pertains to a cause of action for the violation of ORS 646A.240. It grants a person who is adversely affected by a creditor’s violation the right to recover compensatory damages and seek an injunction to prevent further violations. If damages are awarded or an injunction is granted, the person is entitled to reasonable attorney fees at trial and on appeal, along with costs and necessary disbursements. However, the creditor may be exempt from liability if they can demonstrate that the violation was unintentional and resulted from a bona fide error, despite maintaining procedures to avoid such errors.
Can you summarize ORRS 646A.280?
As used in ORS 646A.280 to 646A.290: (1)
Invoice means a document containing an itemized list of previously ordered
goods or services and an amount or amounts of money owed by the recipient of
the document. (2)
Recipient means the person to whom an invoice or simulated invoice is
uttered. (3)
Simulated invoice means a document containing an itemized list of unordered
goods or services and an amount or amounts of money to be paid by the recipient
of the document.
Can you summarize ORRS 646A.282?
It is unlawful for any person to utter a
simulated invoice if: (1)
A reasonable recipient could, under all the circumstances of its receipt,
mistake the simulated invoice for an invoice; or (2)
The person knows or reasonably should know that a recipient could mistake the
simulated invoice for an invoice. [Formerly 646.293]
Can you summarize ORRS 646A.284?
This legal document pertains to the cause of action by the Attorney General against any person who violates ORS 646A.282. If the Attorney General prevails, the court will enter judgment against the defendant. The judgment will include three times the amount stated in the simulated invoice or $500 for each simulated invoice uttered in this state. Additionally, the court may order the defendant to restore any moneys deprived from any person due to the violation and ensure cessation of the conduct.
Can you summarize ORRS 646A.286?
(1) A recipient
of a simulated invoice who has suffered any ascertainable loss as a result
shall have a cause of action against any person who violates ORS 646A.282. (2)
If the recipient prevails, the court shall enter judgment against the defendant
for: (a)
The greater of: (A)
Three times the amount stated in the simulated invoice received; or (B)
$500 for each simulated invoice received; (b)
Such orders or judgments as may be necessary to restore to the recipient any
moneys of which the recipient was deprived by any conduct in violation of ORS
646A.
Can you summarize ORRS 646A.288?
In any action
brought under ORS 646A.284 or 646A.286, the following presumptions apply: (1)
A simulated invoice that has been paid by five or more persons could be
mistaken for an invoice by a reasonable recipient. (2)
A person knows that a simulated invoice uttered simultaneously with a copy of a
publication or portion of a publication previously ordered by the recipient
from a person other than the person uttering the simulated invoice could be
mistaken for an invoice by a reasonable recipient.
Can you summarize ORRS 646A.290?
(1) The provisions of ORS 646A.280 to
646A.290 shall be liberally construed to effectuate its remedial purposes. (2)
The remedy provided by ORS 646A.280 to 646A.290 is in addition to any other
remedy, civil or criminal, that may be available under any other provision of
law. Claims based on remedies available under other provisions of law may be
joined in an action under ORS 646A.280 to 646A.290 or may be asserted in a
separate action.
Can you summarize ORRS 646A.292?
It is the intent of the Legislative Assembly to end the practice of ongoing
charging of consumer credit or debit cards or third party payment accounts
without the consumers explicit consent for ongoing shipments of a product or
ongoing deliveries of service. [2011 c.509 1]
Can you summarize ORRS 646A.293?
ORS 646A.293 and 646A.295 pertain to automatic renewal and continuous service plans or arrangements. The definitions provided in the section include ‘automatic renewal,’ ‘clear and conspicuous,’ ‘consumer,’ ‘continuous service,’ ‘offer terms,’ and ‘person.’ The provisions require clear and conspicuous disclosures in offer terms, including information about cancellation, recurring charges, length of the term, and minimum purchase obligation. The term ‘person’ is defined as per ORS 646.605. The statutes aim to protect consumers by ensuring transparency and disclosure in automatic renewal and continuous service agreements.
Can you summarize ORRS 646A.295?
This legal document, part of the Oregon Revised Statutes, specifically addresses the requirements and prohibitions related to automatic renewal or continuous service offers made to consumers in the state of Oregon. It prohibits certain actions such as failing to present the offer terms clearly, charging the consumer without obtaining consent, and failing to provide an acknowledgment with cancellation information. The document also outlines requirements for providing cancellation mechanisms and notifying consumers of material changes.
Can you summarize ORRS 646A.600?
ORS 646A.600 to 646A.628 shall be known as the Oregon Consumer Information
Protection Act. [2007 c.759 1; 2019 c.180 1]
Can you summarize ORRS 646A.602?
This document provides definitions for terms used in ORS 646A.600 to 646A.628, which pertain to trade practices and regulations in Oregon. It defines key terms such as ‘breach of security,’ ‘consumer,’ ‘consumer report,’ ‘covered entity,’ ‘debt,’ ’encryption,’ ’extension of credit,’ ‘identity theft,’ ‘identity theft declaration,’ ‘person,’ ‘personal information,’ ‘proper identification,’ ‘protected consumer,’ ‘protective record,’ ‘redacted,’ ‘representative,’ ‘security freeze,’ and ‘vendor.’ The document also clarifies the scope and application of these terms.
Can you summarize ORRS 646A.604?
This legal document governs the breach of security notification requirements for covered entities and vendors. It applies to covered entities and vendors who experience a breach of security or receive notice of a breach of security. The covered entity must notify the consumer whose personal information is affected by the breach, as well as the Attorney General if the number of affected consumers exceeds 250. Vendors must notify the covered entity with which they have a contract within 10 days of discovering or having reason to believe a breach of security occurred.
Can you summarize ORRS 646A.606?
This legal document governs the process of placing a security freeze on consumer reports or protective records. Consumers or representatives can request a security freeze by submitting a written request to a designated address or through a secure electronic method provided by the consumer reporting agency. If the consumer or protected consumer has been a victim of identity theft or reported a theft of personal information, they may include supporting documents such as a police report.
Can you summarize ORRS 646A.608?
This legal document, part of the Oregon Revised Statutes, pertains to consumer reporting agencies. It governs the process of placing a security freeze on a consumer report, creating a protective record, and the use and release of information. The document outlines the requirements for consumer reporting agencies to place a security freeze within five business days of receiving a consumer’s request and proper identification. If a consumer report does not exist, a protective record must be created.
Can you summarize ORRS 646A.610?
A consumer reporting agency may not charge a consumer a fee or collect from a
consumer any money or item of value for: (1)
Placing, temporarily lifting or removing a security freeze on the consumers
consumer report. (2)
Creating or deleting a protective record. (3)
Placing or removing a security freeze on a protective record for a protected
consumer. (4)
Replacing a lost personal identification number, password or similar device the
consumer reporting agency previously provided to the consumer.
Can you summarize ORRS 646A.612?
This legal document governs the conditions for lifting or removing a security freeze placed on a consumer report. It applies to consumer reporting agencies. According to the document, a consumer reporting agency shall temporarily lift or remove a security freeze upon a consumer’s request. The agency may also lift or remove a security freeze if it was placed due to a material misrepresentation of fact by the consumer or their representative.
Can you summarize ORRS 646A.614?
This legal document outlines the exemptions and exceptions to the use of consumer reports or protective records. It specifies that the provisions do not apply to certain entities such as persons reviewing accounts or collecting financial obligations, entities acting pursuant to court orders or warrants, governmental entities or law enforcement agencies investigating fraud or collecting taxes, and entities providing credit file monitoring subscription services. The document also mentions exemptions for prescreening, providing consumer reports upon request, setting or adjusting insurance rates, facilitating extension of credit, child support agencies, and screening applicants for residential dwelling units.
Can you summarize ORRS 646A.616?
If a third party
requests access to a consumer report on which a security freeze is in effect,
the request is in connection with an application for credit or any other use,
the consumer does not allow the consumers consumer report to be accessed for
that period of time, and the third party cannot obtain the consumer report
through ORS 646A.614, the third party may treat the application as incomplete. [2007
c.
Can you summarize ORRS 646A.618?
This legal document governs the prohibition on changes to consumer credit reports subject to a security freeze. Consumer reporting agencies are prohibited from changing official information in a consumer credit report, such as name, date of birth, Social Security number, and address, without sending a written confirmation to the consumer. However, technical modifications of official information do not require written confirmation. In the case of an address change, the written confirmation must be sent to both the new and former addresses.
Can you summarize ORRS 646A.620?
This legal document prohibits the printing, displaying, or posting of a consumer’s Social Security number without their consent. It applies to any person and covers various situations such as printing Social Security numbers on mail, cards, or publicly displaying them. However, there are exemptions to this prohibition, including situations where the collection, use, or release of a Social Security number is required by state or federal law or rule. Additionally, the use or printing of a Social Security number for internal verification or administrative purposes or to enforce a judgment or court order is allowed.
Can you summarize ORRS 646A.622?
This legal document requires covered entities and vendors to develop, implement, and maintain reasonable safeguards to protect the security, confidentiality, and integrity of personal information. The safeguards should also cover the disposal of personal information. Compliance with this requirement can be achieved by following state or federal laws that provide greater protection to personal information, complying with regulations under the Gramm-Leach-Bliley Act and the Health Insurance Portability and Accountability Act, or implementing an information security program.
Can you summarize ORRS 646A.624?
This legal document governs the powers of the Director of the Department of Consumer and Business Services in relation to violations of ORS 646A.600 to 646A.628. The Director is authorized to conduct investigations, require written statements, administer oaths, subpoena witnesses, and obtain relevant documents. Failure to comply with a subpoena or refusal to testify may result in contempt proceedings. If the Director has reason to believe a violation has occurred, they may issue an order to cease and desist or require compensation to injured consumers.
Can you summarize ORRS 646A.626?
In accordance with ORS chapter 183, the Director of the Department of Consumer
and Business Services may adopt rules for the purpose of carrying out the
provisions of ORS 646A.600 to 646A.628. [2007 c.759 14]
Can you summarize ORRS 646A.628?
According to this legal document, the Director of the Department of Consumer and Business Services has the authority to allocate moneys derived from various statutes to implement ORS 646A.600 to 646A.628. The specific statutes mentioned include ORS 86A.095 to 86A.198, 86A.990, 86A.992, 650.005 to 650.100, 697.005 to 697.095, 697.602 to 697.842, 705.350, 717.200 to 717.320, 731.804, and ORS chapters 59, 645, 706 to 716, 723, 725, and 726. The purpose of this allocation is to implement the provisions of ORS 646A.
Can you summarize ORRS 646A.808?
This section of the Oregon Revised Statutes governs the act of obtaining personal information by false representation via electronic media. It prohibits any person from using electronic means to solicit, request, or induce another person to provide personal information by falsely representing themselves as a third person, without the third person’s knowledge, authorization, and consent. However, this prohibition does not apply to law enforcement officers or agencies performing their official duties, or individuals authorized by law to conduct lawful investigations.
Can you summarize ORRS 709.280?
This section of the Oregon Revised Statutes governs loans made by trust companies to directors, officers, employees, or affiliates. It prohibits trust companies from making loans to these individuals or entities from their trust funds, unless specifically authorized by the terms of the trust. Additionally, officers, directors, or employees of a trust company are prohibited from knowingly violating this section or aiding others in doing so. However, the section allows trust companies to maintain time or demand deposits of their trust funds in an affiliate that is a bank or extranational institution, as long as certain requirements are met.
Can you summarize ORRS 74.2080?
This legal document, governed by the Oregon Revised Statutes, specifically the Commercial Transactions - Chapters 71-84 under the Business Organizations, Commercial Code, Bank Deposits and Collections, addresses presentment warranties, remedies, defenses, payment of dishonored drafts, warranty disclaimer, and the accrual of warranty claims. It outlines the obligations and warranties of drawees, warrantors, and persons making payment or accepting drafts. The document establishes that the person obtaining payment or acceptance of an unaccepted draft warrants to the drawee that they are entitled to enforce the draft, the draft has not been altered, the signature of the drawer is authorized, and the creation of the draft was authorized by the drawer.
Can you summarize ORRS 74.2130?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearing house rules, agreements, or similar provisions. 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.
Can you summarize ORRS 74.2150?
This legal document governs the final payment of an item by a payor bank, as well as the timing of when provisional debits and credits become final and when certain credits become available for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, and collecting banks. 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 provisionally settled and not revoked within the permitted time.
Can you summarize ORRS 74.3010?
This legal document, governed by the Oregon Revised Statutes, specifically Chapter 74.3010 of the Commercial Transactions - Bank Deposits and Collections, outlines the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. According to the document, if a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, it has the right to revoke the settlement and recover the settlement under certain conditions.
Can you summarize ORRS 74.3030?
This legal document, found in the Oregon Revised Statutes under the Commercial Transactions section of the Business Organizations, Commercial Code, pertains to bank deposits and collections. It governs the actions and responsibilities of payor banks and their customers regarding items subject to notice, stop payment order, legal process, or setoff. The document specifies 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 right or duty to pay an item or charge the customer’s account if certain conditions are met.
Can you summarize ORRS 74.4010?
This legal document, found in the Oregon Revised Statutes, specifically in the Business Organizations, Commercial Code, Commercial Transactions - Chapters 71-84, governs the rules regarding bank deposits and collections. It outlines the circumstances under which a bank may charge a customer’s account, even if it results in an overdraft. The document states that an item is properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank.
Can you summarize ORRS 74.4030?
This legal document, governed by the Oregon Revised Statutes, specifically the Commercial Transactions - Chapters 71-84, Bank Deposits and Collections, outlines the customer’s right to stop payment and the duration of a stop payment order. A customer or any person authorized to draw on the account can 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, but if the original order was oral and not confirmed in writing within 14 calendar days, it lapses.
Can you summarize ORRS 74.4040?
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 customers account for a payment made thereafter in good
faith. [1961 c.726 74.4040]
Can you summarize ORRS 74.4060?
This legal document, part of the Oregon Revised Statutes, specifically pertains to the area of Bank Deposits and Collections within the Commercial Transactions - Chapters 71-84. It outlines the responsibilities and obligations of banks and their customers regarding the handling of statements of account and payment of items. The document states that banks must either return or provide sufficient information to customers regarding the items paid, and if the items are not returned, the bank must retain them or maintain legible copies for a period of seven years.
Can you summarize ORRS Chapter 706?
This legal document pertains to the administration and enforcement of banking laws in Oregon. It establishes the responsibilities of the Director of the Department of Consumer and Business Services in receiving and filing reports required by the Bank Act. The document also governs the confidentiality of reports, records, and compliance review documents related to financial institutions. It outlines the authority of the Director to conduct examinations of banking institutions and non-Oregon institutions to assess their condition, resources, and compliance with laws.
Can you summarize ORRS Chapter 714?
The provided legal document content covers two main areas: the establishment and operation of branches by banking institutions within or outside the state of Oregon, and the use of automated teller machines (ATMs) and night deposit facilities. For the establishment of branches, banking institutions must file a notice with the Director of the Department of Consumer and Business Services at least 30 days before establishing a branch, providing details such as the institution’s name, proposed location, and start date of operations.
Can you summarize ORRS Chapter 72A?
This legal document, part of the Oregon Revised Statutes, specifically governs leases in commercial transactions. It provides definitions for various terms used in the context of lease contracts and references other definitions applicable to this chapter. The document also outlines the rights and obligations of lessors and lessees, including the duties of a merchant lessee regarding rightfully rejected goods. It addresses the remedies available to lessees in case of default or breach of warranty, as well as the determination of damages based on market rent.
Can you summarize ORRS Chapter 73?
This legal document, as defined in the Oregon Revised Statutes, governs negotiable instruments, conversion of instruments, presentment, dishonor of notes and unaccepted drafts, obligations of indorsers and drawers, excusal of presentment and notice of dishonor, evidence of dishonor, discharge of obligations, payment of negotiable instruments, tender of payment, and discharge of indorsers and accommodation parties. It provides definitions for various terms used in the Oregon Revised Statutes related to negotiable instruments in commercial transactions.
Can you summarize ORRS Chapter 74?
This legal document, part of the Oregon Revised Statutes, specifically governs bank deposits and collections in commercial transactions. It provides definitions for various terms used in this chapter and clarifies the scope of control. The document outlines the responsibilities and obligations of collecting banks in the collection of items, including the exercise of ordinary care and the handling of items for presentment, payment, collection, or return. It also addresses the warranties provided by customers and collecting banks when transferring an item and receiving settlement or other consideration.
Can you summarize ORRS Chapter 74A?
This legal document, part of the Oregon Revised Statutes, specifically Chapter 71-84 on Commercial Transactions, governs payment orders in commercial transactions. It provides definitions for key terms such as ‘beneficiary,’ ‘beneficiary’s bank,’ ‘payment order,’ ‘receiving bank,’ and ‘sender.’ A payment order is an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not state any condition for payment other than the time of payment, and the receiving bank is reimbursed by debiting an account of the sender.
Can you summarize ORRS Chapter 75?
This legal document, part of the Oregon Revised Statutes, specifically governs the use and operation of Letters of Credit in commercial transactions. It provides definitions for various terms used in the context of Letters of Credit and outlines the obligations and responsibilities of different parties involved, including issuers, applicants, beneficiaries, confirmer, advisers, nominated persons, and presenters. The document does not apply to individuals who make an engagement for personal, family, or household purposes.
Can you summarize ORRS Chapter 79?
The provided legal document content includes information related to secured transactions, specifically under the Oregon Revised Statutes and the Uniform Commercial Code. It covers definitions and an index of definitions related to secured transactions, as well as the scope and application of these terms. The document also addresses specific topics such as purchase-money security interests, the control of electronic chattel paper, the control of certificated securities and commodity contracts, the control of letter-of-credit rights, sufficiency of description in relation to collateral, the effectiveness of security agreements, attachment and enforceability of security interests, after-acquired collateral, debtor’s rights in collateral, and the rights and duties of secured parties.
Can you summarize ORRS Chapter 98?
This legal document, found in the Oregon Revised Statutes, specifically addresses the rights and duties of individuals who find money or goods valued at $250 or more when the owner is unknown. According to the document, the finder must give written notice of the finding to the county clerk within 10 days and publish a notice in a newspaper of general circulation in the county for two consecutive weeks. The notice should include a general description of the money or goods found, the finder’s name and address, and the final date before which the goods may be claimed.
Can you summarize 16 SCCL Chapter 13, Article 2?
The Personal Financial Security Act, part of the South Carolina Code of Laws under the Crimes and Offenses section, governs financial identity fraud, identity fraud, and the printing of credit and debit card numbers on sales receipts. Financial identity fraud involves the unauthorized appropriation of another individual’s financial resources, while identity fraud involves using another individual’s identifying information to obtain employment or avoid identification by law enforcement or governmental agencies. The Act defines ‘personal identifying information’ to include sensitive data such as social security numbers and driver’s license numbers.
Can you summarize 16 SCCL Chapter 14?
The provided legal document content is a part of the South Carolina Code of Laws, specifically the Crimes and Offenses section, pertaining to the FINANCIAL TRANSACTION CARD CRIME ACT. This act governs the use and misuse of financial transaction cards in South Carolina. It covers offenses such as financial transaction card theft, forgery, and fraud. The act defines various actions that constitute these offenses, including taking, obtaining, or withholding a financial transaction card without consent, falsely making or embossing a financial transaction card, and using a card obtained fraudulently or with intent to defraud.
Can you summarize 27 SCCL Chapter 18?
This section of the South Carolina Code of Laws, specifically the Uniform Unclaimed Property Act, governs the cooperation between the administrator and other states regarding the sharing of information, changing of rules, and enforcement of the chapter. The administrator is authorized to enter into agreements with other states to exchange information needed for auditing or determining unclaimed property. The administrator may also require the reporting of information to comply with these agreements.
Can you summarize 32 SCCL Chapter 3?
This legal document, as stated in the South Carolina Code of Laws, specifically in the Contracts and Agents section, pertains to agreements that are required to be in writing and signed. It outlines five scenarios where no action can be brought unless the agreement or a memorandum or note thereof is in writing and signed by the party to be charged or an authorized person. These scenarios include charging an executor or administrator for damages, charging a person for the debt or default of another, charging a person for an agreement made in consideration of marriage, charging a person for a contract or sale of lands or any interest in them, and charging a person for an agreement not to be performed within one year.
Can you summarize 34 SCCL Chapter 13?
The legal document content provided covers various aspects related to bank loans and investments. It includes provisions governing the establishment and operations of bank service corporations, allowing banks to invest in such corporations up to a limit of ten percent of the bank’s capital and surplus. The document also allows banking institutions or trust companies to invest in or lend money on the security of various types of bonds and debentures related to farm loans, with specific eligible securities mentioned.
Can you summarize 34 SCCL Chapter 15?
This legal document, as per the South Carolina Code of Laws, governs the authority of a banking corporation or trust company to act as a fiduciary. The document specifies that a banking corporation or trust company authorized under this chapter to act as a fiduciary shall not be liable as a partner for acting as trustee of a partnership interest for minor beneficiaries, except to the extent of the assets in the trust.
Can you summarize 34 SCCL Chapter 21?
The legal documents found in the South Carolina Code of Laws pertain to trust institutions administering common trust funds. These documents outline the requirements for conducting an annual audit of the common trust fund, including the preparation of a financial report based on the audit. The financial report should include a list of investments, details of purchases and sales, income and disbursements, and any investments in default. The report must be filed with the appropriate regulatory authority and provided to account holders.
Can you summarize 34 SCCL Chapter 25, Article 1?
The provided legal document, known as the South Carolina Banking and Branching Efficiency Act of 1996, governs the acquisitions of banks by bank holding companies in South Carolina. It grants the board the authority to promulgate regulations, enter into agreements with other bank supervisory agencies or affiliated organizations, accept reports of examination or investigation from other agencies, enter into contracts with other agencies for examiner services, conduct joint examinations or enforcement actions, and assess supervisory and examination fees.
Can you summarize 34 SCCL Chapter 25?
The SOUTH CAROLINA BANKING AND BRANCHING EFFICIENCY ACT OF 1996 governs the establishment, maintenance, and operation of branches by South Carolina state banks in states other than South Carolina through interstate merger transactions. It requires South Carolina state banks to obtain prior approval from the board before engaging in an interstate merger transaction. The bank must file an application, pay the prescribed fee, and comply with the applicable provisions of the South Carolina Business Corporation Act of 1988.
Can you summarize 34 SCCL Chapter 3, Article 9?
This section of the South Carolina Code of Laws governs the relationship between banking institutions and the Federal Deposit Insurance Corporation (FDIC) in the event of closure. It allows the Commissioner of Banking or the receiver/liquidator of a closed institution, with the permission of the Commissioner of Banking, to borrow from the FDIC and provide assets of the institution as security for a loan. However, when the FDIC is acting as the receiver or liquidator, approval from a court of record is required for such a loan.
Can you summarize 34 SCCL Chapter 3?
The provided legal document content covers various aspects of banking and financial institutions in South Carolina. It governs the consolidation or merger of banks and trust companies, outlining the rights, powers, and duties transferred in such transactions. It also governs the relationship between banking institutions and the FDIC in the event of closure, allowing borrowing from the FDIC and sale of assets to the FDIC under certain conditions. The document further governs the copying and reproducing of bank records, making the reproduced records admissible in evidence.
Can you summarize 34 SCCL Chapter 33?
The provided legal document content pertains to the regulation of banker’s banks in South Carolina. It states that up to fifteen percent of a bank’s capital accounts may be invested in the capital stock of a banker’s bank, with a limitation that no purchase of stock may result in acquiring more than five percent of any class of voting securities of the banker’s bank. The State Board of Financial Institutions has the authority to exempt a banker’s bank from certain provisions of Title 34 of the 1976 Code if it determines that the exemption would not jeopardize the public welfare or any financial institution.
Can you summarize 34 SCCL Chapter 5?
These legal documents, found in the South Carolina Code of Laws, pertain to the management of banks by conservators, the liquidation of insolvent banks, and the reorganization of banks under conservatorship. The documents outline the powers and duties of conservators, including the possession of bank assets, the conservation of bank assets, and the exercise of rights and obligations similar to receivers of insolvent banks. The documents also specify the process for liquidating a bank, subject to rules and regulations prescribed by the Board.
Can you summarize 34 SCCL Chapter 7?
The provided legal document pertains to the reorganization and reopening of insolvent banks in South Carolina. It states that any bank placed in the hands of the State Board of Bank Control, except for banks that have been adjudged insolvent in court, may reopen and operate as a going banking institution with the consent of two-thirds of the depositors in number and amount holding deposits in excess of ten dollars. These depositors must agree in writing to an extension of payment of unsecured creditors for a period not exceeding five years.
Can you summarize 34 SCCL Chapter 9?
The provided legal document content pertains to the regulation of bank capital and capital stock in the state of South Carolina. It outlines various requirements and provisions related to the capitalization of banking institutions. The document states that the term ‘capital’ includes outstanding capital notes and debentures issued by banking institutions. It further explains that the capital stock of a banking institution is considered unimpaired when the amount of capital notes and debentures represented by cash or sound assets exceeds the impairment determined by the Commissioner of Banking.
Can you summarize 35 SCCL Chapter 1, Article 5?
This legal document, part of the South Carolina Uniform Securities Act of 2005, governs civil liability, criminal penalties, and prohibited conduct in relation to the sale or purchase of securities. It applies to purchasers, sellers, and recipients of investment advice regarding securities. The document outlines conditions for maintaining an action under Section 35-1-509, including the offer of information about liability, purchaser’s rights, and necessary financial or other information to correct misrepresentations or omissions.
Can you summarize 36 SCCL Chapter 2A?
The provided legal document content pertains to the South Carolina Code of Laws, specifically the Commercial Code - Leases section. It governs lease contracts and applies to individuals and entities involved in lease contracts. The document addresses various aspects of lease contracts, including unconscionability, waiver or renunciation of claims, choice of law and judicial forum, compliance with certificate of title statutes, and conflicts between the Commercial Code and other statutes or decisions.
Can you summarize 36 SCCL Chapter 3?
The provided legal document content pertains to the Commercial Code - Negotiable Instruments in the South Carolina Code of Laws. It covers various aspects related to negotiable instruments, such as drafts in a set, the effect of an instrument on the obligation for which it is given, notice to third parties, lost, destroyed, or stolen instruments, and instruments not payable to order or to bearer. The document does not specify any exemptions or penalties for non-compliance or violation of its provisions.
Can you summarize 36 SCCL Chapter 4?
The provided legal document content covers various aspects of bank deposits and collections in South Carolina. It governs the responsibilities of presenting banks in case of dishonor of a documentary draft, including the authority to store, sell, or deal with the goods represented by the draft in a reasonable manner. The presenting bank also has a lien upon the goods or their proceeds to cover its reasonable expenses. The document outlines the obligations of presenting banks in case of dishonor, including seeking instructions, notifying the transferor, and providing the results of efforts to ascertain the reasons for dishonor.
Can you summarize 36 SCCL Chapter 4A?
This legal document governs the rights and obligations in funds transfers. It specifies that the rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction where the receiving bank is located. Similarly, the rights and obligations between the beneficiary’s bank and the beneficiary are governed by the law of the jurisdiction where the beneficiary’s bank is located. The issue of when payment is made in a funds transfer is governed by the law of the jurisdiction where the beneficiary’s bank is located.
Can you summarize 36 SCCL Chapter 5?
The South Carolina Code of Laws - Commercial Code - Letters of Credit governs various aspects related to letters of credit. It applies to parties involved in transactions related to letters of credit, including issuers, beneficiaries, nominated persons, and applicants. The documents cover topics such as security interests, subrogation rights, liability, assignment of proceeds, transfer of drawing rights, transferability, remedies, warranties, handling of presentations, rights and obligations of issuers, confirmers, nominated persons, and advisers, and issuance, amendment, cancellation, and duration of letters of credit.
Can you summarize 36 SCCL Chapter 9?
These legal documents pertain to the South Carolina Code of Laws, specifically the Commercial Code - Secured Transactions. They cover various aspects related to pre-effective-date financing statements, continuation of effectiveness of financing statements, effectiveness of actions taken before the effective date of the act, and perfection of security interests before the effective date of the act. The documents provide guidance on the priority of conflicting claims to collateral, the filing of financing statements, and the continuation of effectiveness of financing statements.
Can you summarize 37 SCCL Chapter 2, Part 3?
The first document governs the disclosure requirements for credit sales of purchaser-occupied manufactured homes in South Carolina. It mandates that sellers provide an estimate of the required disclosures at least two days before the consummation of the transaction. The second document outlines the disclosure and advertising requirements for motor vehicle sales or leases. It specifies the guidelines for print and broadcast advertisements and prohibits false, deceptive, or misleading advertising practices. The third document governs the charging of closing fees in motor vehicle sales or lease transactions by motor vehicle dealers.
Can you summarize 37 SCCL Chapter 2?
The provided legal document content includes various documents from the South Carolina Consumer Protection Code. These documents govern Consumer Rental-Purchase Agreements, Credit Sales, Home Solicitation Sales, Limitations on Agreements and Practices in Consumer Credit Sales and Consumer Leases, Disclosure Requirements for Credit Sales of Purchaser-Occupied Manufactured Homes, Disclosure and Advertising Requirements for Motor Vehicle Sales or Leases, Charging of Closing Fees in Motor Vehicle Sales or Lease Transactions by Motor Vehicle Dealers, Disclosures for Seller Card Plans, Obligations of Cosigners, Comakers, Guarantors, Indorsers, Sureties, and Similar Parties in Consumer Credit Sales, Receipts, Statements of Account, and Evidence of Payment in Consumer Credit Sales, Rebate upon Prepayment in Consumer Credit Sales, and Definitions in Credit Sales Transactions.
Can you summarize SCCL 16-13-10?
This section of the South Carolina Code of Laws governs the offense of forgery. It is unlawful for any person to falsely make, forge, or counterfeit any writing or instrument of writing, or to utter or publish as true any false, forged, or counterfeited writing or instrument of writing. It is also illegal to falsely make, forge, counterfeit, alter, change, deface, or erase any record or plat of land. Any person who violates these provisions with the intention to defraud another person is guilty of forgery.
Can you summarize SCCL 16-13-35?
Notwithstanding any other provision of law, in any criminal prosecution where a credit card currently in force is the subject of a larceny, the value of the same shall be prima facie presumed to be greater than fifty dollars. As used in this section ‘credit card’ shall mean an identification card, credit number, credit device or other credit document issued to a person by a business organization which permits such person to purchase or obtain goods, property or services on the credit of such organization.
Can you summarize SCCL 34-11-100?
After prosecution is initiated as provided in this chapter, the payment of a dishonored check, draft or order shall not constitute a defense or grounds for dismissal of charges brought under this chapter, but such payment may be considered in mitigation of the sentence by the trial judge or magistrate. HISTORY: 1962 Code Section 8-178.1; 1970 (56) 2053.
Can you summarize SCCL 34-11-120?
It shall be the duty of the person drawing a postdated check to notify, in writing, the bank or trust company upon which such check is drawn, giving a complete description thereof, including the name of the payee, the date, the number and amount thereof; otherwise, the bank or trust company shall not be liable for erroneously paying such check. HISTORY: 1982 Act No. 290.
Can you summarize SCCL 34-11-60?
This legal document governs the act of drawing and uttering fraudulent checks, drafts, or other written orders. It applies to any person who engages in such fraudulent activities on a bank or depository with the intent to defraud. The document prohibits the issuance of checks or drafts without having an account or sufficient funds to cover the payment. It also addresses the requirements for establishing prima facie evidence in prosecutions or actions related to fraudulent checks.
Can you summarize SCCL 34-11-80?
It shall be unlawful for any person with intent to defraud to stop payment on any check, draft or other written order on any bank or depository for the payment of money or its equivalent when such check, draft or other written order was given to obtain money, credit, goods or services; provided, that such money, credit, goods or services were as represented at the time of the issuance of any check, draft or written order.
Can you summarize SCCL 34-13-80?
Directors and officers of any bank incorporated under the laws of this State, members of their families, and entities with which they are associated, may borrow or obtain credit from the bank in the same manner and under the same terms and conditions that directors and officers, members of their families, and entities with which they are associated, of any national bank are permitted to borrow or obtain credit from the national bank as provided by law.
Can you summarize SCCL 34-13-90?
A person who violates the provisions of Section 34-13-80 is guilty of a felony and, upon conviction, must be fined in the discretion of the court or imprisoned not more than ten years, or both. HISTORY: 1962 Code Section 8-229; 1952 Code Section 8-229; 1942 Code Section 7874-1; 1932 Code Section 1361; Cr. C. ‘22 Section 258; Cr. C. ‘12 Section 296; Cr. C. ‘02 Section 218; 1897 (21) 463; 1984 Act No.
Can you summarize SCCL 34-5-30?
Nothing contained in this chapter shall be construed to prevent the Board from appointing the Federal Deposit Insurance Corporation conservator or receiver of any closed bank and the Board may in its discretion so appoint the Federal Deposit Insurance Corporation as conservator or receiver of any closed bank as provided for under the terms of Section 264, Title 12, United States Code Annotated (49 Statute 684) and the provisions of Section 34-3-630.
Can you summarize SCCL 34-5-70?
While such bank is in the hands of a conservator the Board may require the conservator to set aside and make available for withdrawal by depositors and payment to other creditors, on a ratable basis, such amounts as in the opinion of the Board may safely be used for this purpose. HISTORY: 1962 Code Section 8-287; 1952 Code Section 8-287; 1942 Code Section 7829-7; 1936 (39) 1484.
Can you summarize SCCL 34-5-80?
The Board may, in its discretion, but only if local conditions render it advisable, permit the conservator to receive deposits. But deposits received while the bank is in the hands of a conservator shall not be subject to any limitation as to payment or withdrawal and such deposits shall be segregated and shall not be used to liquidate any indebtedness of such bank existing at the time that a conservator was appointed for it or any subsequent indebtedness incurred for the purpose of liquidating any indebtedness of such bank existing at the time such conservator was appointed.
Can you summarize SCCL 34-7-20?
Any such reorganization plan may authorize the reduction of the claims of depositors and unsecured creditors, postpone the payment thereof or provide for such payment in installments as will appear to be to the best interest of the parties interested. In any such plan all claims or demands of the same class shall be treated alike. HISTORY: 1962 Code Section 8-312; 1952 Code Section 8-312; 1942 Code Section 7874; 1932 (37) 1183.
Can you summarize SCCL 35-1-504?
(a) Except as otherwise provided in subsection (b), a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record relating to a security or investment advice regarding securities, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter.
Can you summarize SCCL 36-4-213?
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.
Can you summarize SCCL 36-4-215?
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.
Can you summarize SCCL 36-4-301?
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.
Can you summarize SCCL 36-4-303?
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.
Can you summarize SCCL 36-4-401?
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.
Can you summarize SCCL 36-4-403?
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.
Can you summarize SCCL 36-4-404?
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: 1962 Code Section 10.4-404; 1966 (54) 2716; 2008 Act No. 204, Section 3, eff July 1, 2008.
Can you summarize SCCL 36-4-406?
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.
Can you summarize SCCL 37-2-301?
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.
Can you summarize SCCL 37-5-303?
(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.
Can you summarize SCCL 39-1-90?
This section of the South Carolina Code of Laws applies to persons conducting business in South Carolina who own or license computerized data or other data containing personal identifying information. It requires the disclosure of a breach of security of the data to affected residents in a timely manner. The notification may be delayed if it impedes a criminal investigation, but must be made once the investigation is no longer compromised.
Can you summarize Chapter 19.200 WARC?
This section of the Revised Code of Washington, under the category of BUSINESS REGULATIONSMISCELLANEOUS » Automated financial transactions, governs the restrictions on credit and debit card receipts. It applies to persons that accept credit or debit cards for the transaction of business. The legislature finds that credit and debit cards are important tools for consumers but can be fraudulently used by unscrupulous persons. To protect consumers, this section limits the information that can appear on a card receipt.
Can you summarize Chapter 19.255 WARC?
This legal document, part of the Revised Code of Washington, governs the notice of security breaches related to personal information. It applies to persons or businesses that maintain personal information. A breach of the security of the system is defined as the unauthorized acquisition of data compromising the security, confidentiality, or integrity of personal information. The document requires the disclosure of breaches to residents of the state whose personal information was acquired by an unauthorized person.
Can you summarize Chapter 19.395 WARC?
The provided legal document content governs the reporting and assistance requirements for financial institutions that issue payment cards. It mandates that these institutions must list a phone number on their website for cardholders and merchants to report suspected incidents of fraud or stolen payment cards. Additionally, they are required to have employees or contractors available during business hours to provide assistance regarding such incidents. The use of automated systems is not allowed as a substitute for live assistance.
Can you summarize Chapter 48.31B WARC?
The Insurer Holding Company Act, governed by the Revised Code of Washington, applies to various entities such as insurers, fraternal benefit societies, health care service contractors, health maintenance organizations, self-funded multiple employer welfare arrangements, and persons in the process of organizing to become insurers or related entities. The act defines key terms and provides criteria for determining an internationally active insurance group. It governs the ability of domestic insurers to organize or acquire subsidiaries, outlines authorized investments, and allows investments in subsidiaries engaged in the ownership and management of authorized assets.
Can you summarize Chapter 62A.2A WARC?
The provided legal document content consists of two sections: RCW 62A.2A-102 and RCW 62A.2A-103. RCW 62A.2A-102 outlines the scope of application for Article 2A of the Uniform Commercial Code (UCC) in the state of Washington. It applies to any transaction, regardless of form, that creates a lease. The document also addresses the application of this Article in the case of hybrid leases, where the lease-of-goods aspects may or may not predominate.
Can you summarize Chapter 62A.3 WARC?
This legal document, part of the Revised Code of Washington under the Uniform Commercial Code, governs the transfer of negotiable instruments. It outlines the conditions for a valid transfer, including delivery by a person other than the issuer for the purpose of granting the right to enforce the instrument. The document states that the transferee acquires the transferor’s rights to enforce the instrument, including holder in due course status, unless the transferee engaged in fraud or illegality affecting the instrument.
Can you summarize Chapter 62A.4 WARC?
This legal document, part of the Revised Code of Washington under the Uniform Commercial Code, governs the relationship between banks, customers, depository and collecting banks, and payor banks in the context of bank deposits and collections. It outlines the responsibilities and obligations of these entities in handling items, presenting drafts, settling for items, sending notices of dishonor or non-payment, and notifying of loss or delay in transit. The document also addresses the ability of banks to charge customers’ accounts, the time limits for actions and notices, and the liability of banks for the insolvency or default of other banks or persons.
Can you summarize Chapter 62A.4A WARC?
The provided legal document content covers various provisions related to funds transfers under the Uniform Commercial Code in the Revised Code of Washington. It addresses the definitions and meanings of terms related to payment orders in funds transfers, the authorization and verification of payment orders, the unenforceability of certain verified payment orders, the refund of payment and the duty of the customer to report unauthorized payment orders, the issue and acceptance of payment orders, the cancellation and amendment of payment orders, the liability of receiving banks for breach of agreement, the obligations of receiving banks in the execution of payment orders, the payment obligations between senders and receiving banks in funds transfer transactions, the variation of rights and obligations in a funds transfer by agreement, the process of creditor process served on a receiving bank, setoff by a beneficiary’s bank, the rate of interest for payment orders issued to a receiving bank, and the governing law for rights and obligations between the sender and receiving bank, beneficiary’s bank and beneficiary, and when payment is made in a funds transfer.
Can you summarize Chapter 62A.5 WARC?
This legal document, part of the Revised Code of Washington under the Uniform Commercial Code, governs the use and operation of letters of credit. It provides definitions for various terms used in relation to letters of credit and applies to parties involved in letter of credit transactions. The document establishes the framework and terminology for understanding and conducting transactions involving letters of credit.
Can you summarize Chapter 62A.9A WARC?
The provided legal document content consists of three sections of the Revised Code of Washington that govern secured transactions and the rights and duties of the parties involved. The first section, RCW 62A.9A-207, outlines the rights and duties of a secured party who has possession or control of collateral. The second section, RCW 62A.9A-208, governs the additional duties of a secured party who has control of collateral. The third section, RCW 62A.
Can you summarize Chapter 63.29 WARC?
The legal documents reviewed pertain to the Uniform Unclaimed Property Act in the state of Washington. They cover a wide range of topics related to abandoned property, including the presumption of abandonment, reporting requirements, payment or delivery of abandoned property, public sale of abandoned property, examination of records, refund or return of property, and other related procedures. The documents apply to various entities, including holders of abandoned property, banking organizations, financial organizations, business associations, utility companies, insurance companies, fiduciaries, courts, state and local governments, and individuals or entities involved in transactions with abandoned property.
Can you summarize Title 30A WARC?
The provided legal document content pertains to the merger, consolidation, and conversion of state and national banks under the Washington Commercial Bank Act. It defines key terms such as ‘merging bank’, ‘converting bank’, ‘merger’, and ‘resulting bank’. The document outlines the requirements for approving a merger agreement, including the contents of the agreement and the approval process by the board of directors and the director. It also discusses the rights of dissenting shareholders in the context of a merger, consolidation, or conversion, including the process for determining the value of their shares.
Can you summarize WARC 30A.12.060?
This legal document, part of the Revised Code of Washington under the Washington Commercial Bank Act, governs the ability of banks to make loans to their officers and employees. It allows banks to make loans to employees and officers, purchase or acquire their obligations or debts, and set limits on the total value of loans and obligations for officers. The document specifies that loans or obligations should not exceed a certain percentage of the bank’s capital and unimpaired surplus or a specified amount, unless authorized by a majority vote of the board of directors.
Can you summarize WARC 30A.12.070?
This provision, found in the Revised Code of Washington under the Washington Commercial Bank Act, pertains to banks and their directors, officers, and stockholders. It allows a director to require a bank to seek their approval for loans or discounts made to directors, officers, or the directors/officers of the bank’s holding company, as well as to any corporation, copartnership, or association in which the director has a financial interest. The director can request information about the desirability and safety of such loans or discounts, as well as the financial condition of the borrower and any collateral offered as security.
Can you summarize WARC 30A.12.120?
No corporation doing a trust business shall make any loan to any officer, or employee from its trust funds, nor shall it permit any officer, or employee to become indebted to it in any way out of its trust funds. Every officer, director, or employee of any such corporation, who knowingly violates this section, or who aids or abets any other person in any such violation, is guilty of a class B felony punishable according to chapter 9A.
Can you summarize WARC 30A.16.010?
No director, officer, agent or employee of any bank shall certify a check unless the amount thereof actually stands to the credit of the drawer on the books of such corporation and when certified must be charged to the account of the drawer. Every violation of this provision shall be a gross misdemeanor. Any such check so certified by a duly authorized person shall be a good and valid obligation of the bank in the hands of an innocent holder.
Can you summarize WARC 30B.04.070?
This section of the Revised Code of Washington, specifically under the Washington Trust Institutions Act, establishes limits on loans and extensions of credit by state trust companies to insiders and affiliates. State trust companies are prohibited from making loans or extensions of credit to any person, except in relation to nonfiduciary corporate funds and subject to the provisions outlined in this section. Loans or leases to insiders are only permitted to the extent allowed for state banks under federal reserve board regulation O.
Can you summarize WARC 62A.4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. 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, 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, check, credit or debit to an account, or funds transfer.
Can you summarize WARC 62A.4-215?
This legal document, part of the Revised Code of Washington under the Uniform Commercial Code, pertains to the final payment of items by payor banks and the timing of when provisional debits and credits become final. It also addresses when certain credits become available for withdrawal. The document outlines the conditions under which an item is considered finally paid by a payor bank, including cash payment, settlement without the right to revoke, or failure to revoke a provisional settlement within the permitted time.
Can you summarize WARC 62A.4-301?
This legal document, part of the Revised Code of Washington’s Uniform Commercial Code, specifically addresses the collection of items by payor banks. It outlines the actions a payor bank can take if it settles for a demand item presented before midnight of the banking day of receipt. The payor bank has the option to revoke the settlement and recover the settlement if it returns the item or sends written notice of dishonor or nonpayment.
Can you summarize WARC 62A.4-303?
This legal document, part of the Revised Code of Washington’s Uniform Commercial Code, pertains to the collection of items by payor banks. It states 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.
Can you summarize WARC 62A.4-401?
This legal document, part of the Revised Code of Washington, specifically addresses the relationship between a payor bank and its customer regarding bank deposits and collections. It outlines the circumstances under which a bank may charge a customer’s account, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and aligns with any customer-bank agreement. The document also states that a customer is not liable for an overdraft if they neither signed the item nor benefited from its proceeds.
Can you summarize WARC 62A.4-403?
This legal document, part of the Revised Code of Washington’s Uniform Commercial Code, governs the relationship between a payor bank and its customer in the context of bank deposits and collections. 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.
Can you summarize WARC 62A.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. [1965 ex.s. c 157 4-404. Cf. former RCW 30.16.050; 1955 c 33 30.16.050; prior: 1923 c 114 1, part, and 5; RRS 3252-1, part, and 3252-5.
Can you summarize WARC 62A.4-406?
This legal document, part of the Revised Code of Washington, specifically addresses the relationship between a payor bank and its customer in the context of bank deposits and collections. It outlines the duties and responsibilities of the bank in providing statements of account to the customer, including the requirement to return or make available the items paid, copies of the items paid, or sufficient information in the statement of account to allow the customer to identify the items paid.
Can you summarize WARC 63.14.090?
This legal document governs the collection of delinquency or collection charges, including attorney’s fees and court costs, for retail installment contracts, retail charge agreements, and lender credit card agreements. The charges must be reasonable and can only be collected if the contract, charge agreement, or credit card agreement allows for it. Attorney’s fees can only be recovered if the collection is referred to an attorney who is not a salaried employee of the holder.
Can you summarize WARC 63.14.125?
A lender credit card agreement may not contain any provision for a security interest in real or personal property or fixtures of the buyer to secure payment of performance of the buyer’s obligation under the lender credit card agreement. [ 1984 c 280 4.]
Can you summarize WARC 63.14.130?
This legal document governs retail installment contracts, retail charge agreements, and lender credit card agreements in the context of retail installment sales of goods and services. It states that the service charge agreed upon in the contract should include all charges related to investigating and making the installment contract or charge agreement, as well as the privilege of making installment payments. No other fees or charges are allowed, except for specific exemptions such as vehicle dealer administrative fees or documentary service fees.
Can you summarize WARC 63.14.150?
No provision of a retail installment contract, retail charge agreement, or lender credit card agreement is valid by which the buyer agrees not to assert against the seller or against an assignee a claim or defense arising out of the sale, or by which the buyer agrees to submit to suit in a county other than the county where the buyer signed the contract or where the buyer resides or has his or her principal place of business.
Can you summarize WARC 63.14.151?
Any retail installment contract, retail charge agreement, or lender credit card agreement that complies with the disclosure requirements of Title I of the federal consumer protection act (82 Stat. 146, 15 U.S.C. 1601) which is also known as the truth in lending act, as of the date upon which said retail installment contract, revolving charge agreement, or lender credit card agreement is executed, shall be deemed to comply with the disclosure provisions of chapter 63.
Can you summarize WARC 63.14.165?
A financial institution credit card is a card or device issued under an arrangement pursuant to which the issuing financial institution gives to a cardholder residing in this state the privilege of obtaining credit from the issuer or other persons in purchasing or leasing property or services, obtaining loans, or otherwise, and the issuer of which is not principally engaged in the business of selling goods. Except as provided in RCW 63.
Can you summarize WARC 63.14.167?
This legal document governs the application of credit to the account of an obligor in lender credit card or financial institution credit card transactions. If a seller accepts a return of goods or forgives a debit for services, credit shall be applied to the obligor’s account. The seller is required to transmit a statement to the card issuer within seven working days, and the card issuer must credit the obligor’s account within three working days upon receipt of the credit statement.
Can you summarize WARC 9A.56.060?
This legal document, part of the Revised Code of Washington, specifically addresses the unlawful issuance of checks or drafts. It applies to any person who makes, draws, utters, or delivers a check or draft on a bank or other depository for the payment of money. The document outlines the penalties for such unlawful issuance, with amounts greater than seven hundred fifty dollars being classified as a class C felony, and amounts of seven hundred fifty dollars or less being classified as a gross misdemeanor.
Can you summarize WARC 9A.56.290?
This section of the Revised Code of Washington governs the crime of unlawful factoring of credit card or payment card transactions. It outlines various actions that constitute unlawful factoring, including using scanning devices or reencoders without permission to access or transfer information encoded on a payment card, presenting fraudulent credit card or payment card transaction records to a financial institution, and causing others to engage in such conduct. The section also specifies that normal transactions conducted by certain travel agents are exempt from being considered factoring.
Can you summarize WIST 134.15?
This legal document, found under the Wisconsin Statutes, Regulation of Trade, Miscellaneous trade regulations, governs the issuance, payment, passing, and receipt of unauthorized paper as money or equivalent for money. It applies to individuals who knowingly engage in such activities, as well as to body corporates and their officers, stockholders, directors, or agents who engage in these activities within the state. The document specifies that any paper resembling bank paper circulating as money or banking currency must be expressly authorized by positive law and redeemable in lawful money of the United States or current gold or silver coin.
Can you summarize WIST 134.16?
Any officer, director, stockholder, cashier, teller, manager, messenger, clerk or agent of any bank, banking, exchange, brokerage or deposit company, corporation or institution, or of any person, company or corporation engaged in whole or in part in banking, brokerage, exchange or deposit business in any way, or any person engaged in such business in whole or in part, who shall accept or receive, on deposit, or for safekeeping, or to loan, from any person any money, or any bills, notes or other paper circulating as money, or any notes, drafts, bills of exchange, bank checks or other commercial paper for safekeeping or for collection, when he or she knows or has good reason to know that such bank, company or corporation or that such person is unsafe or insolvent is guilty of a Class F felony.
Can you summarize WIST 134.19?
This provision, found in the Wisconsin Statutes under the Regulation of Trade section, pertains to any person, whether as principal, agent, or attorney, who engages in fraud on exemption laws. Specifically, it prohibits the sending or causing to be sent out of the state any claim for debt with the intent to deprive a bona fide resident of Wisconsin of their rights under the state’s exemption laws. This is done for the purpose of collecting the debt through attachment, garnishment, or other mesne process.
Can you summarize WIST 134.85?
(1) In this section: (a) Automated teller machine’ means any electronic information processing device located in this state that accepts or dispenses cash in connection with a credit, deposit, or other account. Automated teller machine’ does not include a device that is used solely to facilitate check guarantees or check authorizations, or that is used in connection with the acceptance or dispensing of cash on a person-to-person basis. (b) Foreign account’ means an account with a financial institution located outside the United States.
Can you summarize WIST 134.98?
This legal document, under the Wisconsin Statutes, Regulation of Trade, Miscellaneous trade regulations, governs the notice requirements for unauthorized acquisition of personal information. It applies to entities conducting business in Wisconsin, entities licensing personal information in Wisconsin, entities maintaining depository accounts for Wisconsin residents, and entities lending money to Wisconsin residents. The document outlines definitions for key terms such as ’entity’, ’name’, ‘personal information’, and ‘publicly available information’. It requires entities to make reasonable efforts to notify individuals whose personal information has been acquired without authorization.
Can you summarize WIST 138.05?
This legal document sets the maximum rate for loans or forbearances of money, goods, or things in action. It prohibits any person, directly or indirectly, from contracting for or receiving any greater sum or value for a loan or forbearance than the specified rates. The maximum rates are $12 upon $100 for one year for loans with declining principal balance, $6 upon $100 for one year for loans with substantially equal weekly or monthly installments, and the rate set forth in the first category for other types of installment loans.
Can you summarize WIST 214.16?
(1) An in-state savings bank holding company may do any of the following: (a) Acquire direct or indirect ownership or control of voting shares of one or more regional institutions or regional holding companies or acquire an interest in, or some or all of the assets of, one or more regional institutions or regional holding companies. (b) Merge with one or more regional holding companies. (2) An in-state savings bank holding company proposing any action under sub.
Can you summarize WIST 221.0303?
This legal document pertains to customer bank communications terminals. It defines a customer bank communications terminal as a facility through which customers and banks can engage in banking transactions. It includes all necessary equipment for the terminal’s functioning. The document allows banks to acquire, place, and operate customer bank communications terminals at locations other than their main or branch offices, subject to rules established by the division. The terminals must be available for use by any state or national bank and designated customers on a nondiscriminatory basis.
Can you summarize WIST 221.0304?
A bank may take and receive personal property from any person for safekeeping and storage and may rent out the use of safes or other receptacles upon its premises upon such compensation as may be agreed upon. The bank has a lien for its charges on any property taken or received by it for safekeeping. If the lien is not paid within 2 years after the date the charges accrue, or if the property taken or received by the bank is not called for within 2 years after the date the charges accrue, the bank may sell the property at public auction.
Can you summarize WIST 221.0625?
This legal document governs loans to officers and directors of a bank. A bank is prohibited from lending an amount to any officer or director that exceeds the higher of $25,000 or 5 percent of the bank’s capital without prior approval of the bank’s board of directors. Prior approval is also required when a loan aggregated with all other extensions of credit to the officer or director exceeds $500,000. Violation of this section by an officer or director of a bank is considered a Class F felony.
Can you summarize WIST 224.07?
Checks drawn on any bank or trust company, organized under the laws of this state, shall be cleared at par by the bank or trust company on which they are drawn. Any bank or trust company, or officer or employee thereof, who violates the provisions of this section shall be guilty of a misdemeanor and punished as provided in s. 939.61.
Can you summarize WIST 404.213?
This legal document, part of the Wisconsin Statutes Uniform Commercial Code, provides guidelines for settlement by a bank. The medium and time of settlement can be prescribed by federal reserve regulations, clearinghouse rules, agreements, or other similar means. In the absence of such prescription, the medium of settlement is cash or credit to an account in a federal reserve bank or a specified bank. The time of settlement varies depending on the method used, such as tender of settlement by cash, check, credit or debit to an account, or funds transfer.
Can you summarize WIST 404.215?
This legal document, part of the Wisconsin Statutes’ Uniform Commercial Code, specifically focuses on bank deposits and collections. It outlines the conditions under which an item is considered finally paid by a payer bank, including cash payment, settlement without the right to revoke, or failure to revoke provisional settlement within the permitted time. The document also explains that if provisional settlement does not become final, the item is not considered finally paid.
Can you summarize WIST 404.301?
This legal document, part of the Wisconsin Statutes’ Uniform Commercial Code, specifically focuses on bank deposits and collections. It outlines the procedures and rights related to the settlement, revocation, and recovery of payments made by payer banks for demand items. The document allows payer banks to revoke settlements and recover payments if certain conditions are met, such as returning the item or sending written notice of dishonor. It also grants payer banks the ability to return demand items or send notice of dishonor if received for credit on their books.
Can you summarize WIST 404.303?
This legal document, part of the Wisconsin Statutes, specifically falls under the Uniform Commercial Code governing bank deposits and collections. It outlines the circumstances under which knowledge, notice, stop-payment orders, or legal processes received by a payer bank will not terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account. The document specifies the order in which items may be charged or certified, including the conditions under which the bank accepts or certifies the item, pays the item in cash, settles for the item, becomes accountable for the amount of the item, or establishes a cutoff hour for checks.
Can you summarize WIST 404.401?
This legal document, part of the Wisconsin Statutes Uniform Commercial Code, governs the charging of a customer’s account by a bank. According to this document, a bank may charge against the account of a customer for an item that is properly payable from that account, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank.
Can you summarize WIST 404.403?
This legal document, part of the Wisconsin Statutes, specifically falls under the Uniform Commercial Code Bank Deposits and Collections. It grants customers or any person authorized to draw on the account the right to stop payment of any item drawn on the customer’s account or close the account. The order to stop payment or close the account must be received by the bank in a timely manner to allow the bank to act on it.
Can you summarize WIST 404.404?
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 6 months after its date, but it may charge its customer’s account for a payment made thereafter in good faith.
Can you summarize WIST 404.406?
This legal document, part of the Wisconsin Statutes Uniform Commercial Code, specifically addresses the duty of customers and banks regarding the discovery and reporting of 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 promptly examine the statement or items to determine if any payment was unauthorized due to an alteration or unauthorized signature.
Can you summarize WIST 943.202?
This section of the Wisconsin Statutes, under the Criminal Code, addresses the unauthorized use or possession of a credit card scanner. It defines key terms such as ‘access,’ ‘credit card,’ ‘reencoder,’ and ‘scanning device.’ Possession of a reencoder or scanning device with the intent to violate specific sections or access unauthorized credit card information is a Class I felony. Possession with intent to transfer or use such devices for unauthorized purposes is a Class H felony.
Can you summarize WIST 943.24?
This legal document, found in the Wisconsin Statutes under the Criminal Code, addresses the issue of worthless checks. It states that anyone who issues a check or other order for payment, with the intention that it will not be paid, is guilty of a Class A misdemeanor if the amount is up to $2,500. If the amount is over $2,500 or if multiple checks totaling over $2,500 are issued within a 90-day period, the person is guilty of a Class I felony.
Can you summarize WIST Chapter 177?
The provided legal document content pertains to the Uniform Unclaimed Property Act. This act governs the handling of unclaimed property by persons or entities holding such property. The document provides definitions for various terms used in the act, including ‘administrator’, ‘apparent owner’, ‘attorney general’, ‘banking organization’, ‘business association’, ‘domicile’, ‘financial organization’, ‘holder’, ‘insurance company’, ‘intangible property’, ’last-known address’, ‘owner’, ‘person’, ‘state’, ‘U.S. savings bond’, and ‘utility’. The document also includes a historical note and an annotation regarding the applicability of the act to uncashed worker’s compensation benefits checks.
Can you summarize WIST Chapter 221?
The provided legal document content consists of excerpts from the Wisconsin Statutes governing state banks. It covers various aspects such as the application process for organizing a bank, the powers granted to incorporators, the temporary organization of a proposed bank, reserve requirements, filing requirements for articles of incorporation, proposed bylaws and shareholder lists, commencement of business, issuance of charters, amendment of articles of incorporation and bylaws, authorization and issuance of stock, issuance of preferred stock, reorganization of national banks as state banks, and conversion of credit unions to state banks.
Can you summarize WIST Chapter 222?
The ‘Wisconsin universal bank law’ governs universal banks, which are financial institutions that have been issued a certificate of authority. The law defines the term ‘capital’ for a universal bank and provides definitions for related terms such as ‘deposit insurance corporation’ and ‘division’. Universal banks organized as savings banks, savings and loan associations, or banks remain subject to all the requirements, duties, and liabilities of their respective types. However, in case of a conflict, this law takes precedence.
Can you summarize WIST Chapter 224 Subchapter I?
The provided legal document content covers various aspects of banking and financial institutions provisions in Wisconsin. It defines the activities that constitute doing a banking business, including the soliciting, receiving, or accepting of money on deposit. It specifies that a person, partnership, association, or corporation must be regularly organized and chartered as a national bank, state bank, or trust company bank to engage in a banking business. Violations of this requirement can result in fines or imprisonment.
Can you summarize WIST Chapter 403?
This legal document, part of the Wisconsin Statutes Uniform Commercial Code, specifically focuses on negotiable instruments. It provides definitions for various terms related to negotiable instruments and establishes the meanings of terms used in other sections of the Uniform Commercial Code that are applicable to negotiable instruments. The document outlines the characteristics of negotiable instruments, including the absence of any other undertakings or instructions beyond the payment of money. It also allows for certain additional provisions, such as collateral, confession of judgment, or waiver of certain laws.
Can you summarize WIST Chapter 404?
The provided legal document pertains to the Uniform Commercial Code (UCC) in Wisconsin, specifically focusing on bank deposits and collections. It states that the provisions of this chapter 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 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 WIST Chapter 405?
This chapter of the Wisconsin Statutes governs the rules and regulations related to letters of credit under the Uniform Commercial Code. It defines various terms such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. The chapter provides detailed explanations of these terms and their roles in the context of letters of credit. It also references definitions from other chapters that are applicable to this chapter.
Can you summarize WIST Chapter 409?
The provided legal document content covers various aspects related to secured transactions, assignment of rights, discharge of obligations, and lease agreements under the Wisconsin Statutes Uniform Commercial Code. The documents govern the alienability of a debtor’s rights in collateral, enforceability of agreements between account debtors and assignors, rights acquired by assignees, discharge of account debtors, creation/enforcement of security interests in lease agreements, restrictions on the assignment of promissory notes, health-care-insurance receivables, general intangibles, and letter-of-credit rights.
Can you summarize WIST Chapter 410?
These legal documents, part of the Wisconsin Statutes under the Uniform Commercial Code (UCC) - funds transfers, cover various aspects of funds transfers. The first document provides definitions for terms related to payment orders and clarifies the conditions for separate payment orders. It also mentions the supremacy of regulations and operating circulars of the Federal Reserve System over inconsistent provisions. The second document focuses on the authorization and verification of payment orders, including the role of security procedures and the commercial reasonableness of such procedures.
Can you summarize FLCL 215.322?
This legal document, found in the Florida Statutes under the section of Taxation and Finance, governs the acceptance of credit cards, charge cards, debit cards, or electronic funds transfers by state agencies, units of local government, and the judicial branch. The intent of the Legislature is to encourage these entities to make their goods, services, and information more convenient to the public by accepting these types of payments. The Chief Financial Officer has the authority to approve the acceptance of such payments, and rules are established for the establishment and acceptance of these payment methods.
Can you summarize FLCL 501.011?
This section of the Florida Statutes governs the mailing or delivery of credit cards in the state. It prohibits financial institutions, retail merchants, and other persons from mailing or delivering credit cards, with exceptions for cards sent in response to a request or application, or as replacements for previously issued cards. Violation of this section constitutes a misdemeanor of the second degree, punishable as provided in s. 775.082 or s. 775.
Can you summarize FLCL 501.0113?
When unsolicited goods are delivered to a person, the person may refuse delivery of the goods, or, if the goods are delivered, the person is not obligated to return the goods to the sender. If unsolicited goods are either addressed to or intended for the recipient, they shall be deemed a gift and the recipient may use or dispose of them in any manner without obligation to the sender. History. s.
Can you summarize FLCL 501.0115?
This legal document prohibits producers, refiners, and their subsidiaries from distributing credit cards intended for the purchase of motor fuel, goods, or services from retail service stations unless the credit card is valid for purchases of all motor fuel at each retail service station. It also prohibits including any restrictions on credit card sales in franchise agreements with retail service stations that are not equally applicable to sales of all types of motor fuels.
Can you summarize FLCL 501.0117?
This legal document prohibits sellers or lessors from imposing a surcharge on buyers or lessees who choose to use a credit card for payment instead of cash, check, or similar means. The prohibition applies if the seller or lessor accepts payment by credit card. A surcharge refers to any additional amount imposed by the seller or lessor at the time of the transaction that increases the charge to the buyer or lessee for using a credit card.
Can you summarize FLCL 501.0118?
This section of the Florida Statutes governs the restrictions on information printed on receipts for payment-card transactions. It applies to merchants who accept payment cards for the transaction of business. The section prohibits merchants from printing more than the last five digits of the payment card’s account number or the payment card’s expiration date on a receipt provided to the cardholder. The restrictions apply to electronically printed receipts using a cash register or other machine or device.
Can you summarize FLCL 501.171?
This legal document, part of the Florida Statutes, regulates the security of confidential personal information. It defines terms such as ‘breach of security,’ ‘covered entity,’ ‘customer records,’ ‘data in electronic form,’ ‘department,’ ‘governmental entity,’ ‘personal information,’ and ’third-party agent.’ The document requires covered entities, governmental entities, and third-party agents to take reasonable measures to protect and secure data in electronic form containing personal information. It also establishes notice requirements for breaches of security affecting 500 or more individuals, including providing notice to the Department of Legal Affairs and affected individuals.
Can you summarize FLCL 517.301?
This section of the Florida Statutes, specifically under the Regulation of Trade, Commerce, Investments, and Solicitations, governs fraudulent transactions and the falsification or concealment of facts in relation to investment advice and the offer, sale, or purchase of any investment or security. It is unlawful and a violation of the provisions of this chapter for any person involved in these activities to employ any device, scheme, or artifice to defraud, obtain money or property through untrue statements or omissions of material facts, or engage in any transaction, practice, or course of business that operates or would operate as a fraud or deceit upon a person.
Can you summarize FLCL 517.302?
This legal document pertains to the regulation of securities transactions in Florida. It establishes criminal penalties for violations of the provisions outlined in this chapter. Individuals or entities who violate this chapter may be charged with a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. If a person obtains money or property exceeding $50,000 from five or more persons, it is considered a felony of the first degree.
Can you summarize FLCL 655.005?
This legal document provides definitions for various terms used in the financial institutions codes. It applies to a wide range of financial institutions, including state or federal savings or thrift associations, banks, trust companies, international bank agencies, credit unions, and more. The document does not mention any specific exemptions or penalties. Its purpose is to establish clear and consistent definitions for the terms used in the financial institutions codes, ensuring accurate interpretation and application of the laws governing financial institutions.
Can you summarize FLCL 655.059?
This legal document governs the access to books and records, confidentiality, and penalties for disclosure in the context of financial institutions. The books and records of a financial institution are confidential and can only be inspected and examined by authorized entities such as the office, federal or state instrumentality or agency, or the home-country supervisor of an international banking corporation or international trust entity. However, certain books and records pertaining to customer deposit, investment, custodial, and trust accounts are not disclosed to the home-country supervisor.
Can you summarize FLCL 655.55?
This legal document, governed by the Florida Statutes, applies to deposits in and contracts relating to extensions of credit made by a deposit or lending institution located in the state of Florida. It specifies that the law of Florida governs all aspects, including the validity and effect, of any deposit account in a branch or office in Florida, regardless of the citizenship, residence, location, or domicile of any other party to the contract or agreement governing such deposit account.
Can you summarize FLCL 655.77?
Deposits made by a minor, or made in the minors name by other than a court-appointed guardian, may be withdrawn by the minor in the absence of an agreement to the contrary made between the institution and the depositor at the time the account is opened. In case of any such agreement, such moneys, until the minors disabilities are removed, may be withdrawn by the person or persons designated in such agreement.
Can you summarize FLCL 655.78?
This provision, found in the Florida Statutes under the section on Banks and Banking, applies to deposit accounts in the names of two or more persons. Unless otherwise specified in a contract or agreement, the account can be paid to any of the account holders or to the guardian of an incompetent account holder. The check or order for payment to any account holder or guardian is considered a valid release of the institution’s obligation for the transferred funds.
Can you summarize FLCL 655.79?
This section of the Florida Statutes governs the vesting of rights, title, interest, and claims in deposit accounts held in the names of two or more persons upon the death of any one of them. Unless otherwise specified in writing, the presumption is that upon the death of one account holder, all rights and interests in the account vest in the surviving person or persons. This presumption can only be overcome by proof of fraud, undue influence, or clear and convincing evidence of a contrary intent.
Can you summarize FLCL 655.825?
(1) Because deposits in trust are also accounts with a pay-on-death designation as described in s. 655.82, it is the intent of the Legislature that the provisions of s. 655.82 shall apply to and govern deposits in trust. References to former s. 655.81 in any depository agreement shall be interpreted after the effective date of this act as references to s. 655.82. (2) This section shall take effect July 1, 2001, and shall apply to deposits made to a depository account created after December 31, 1994.
Can you summarize FLCL 655.83?
This provision, found in the Florida Statutes under the section on Financial Institutions Generally, pertains to adverse claims made to a deposit or fiduciary account held by a financial institution. The provision states that simply notifying the institution of an adverse claim does not require the institution to recognize the claimant. The adverse claimant must either obtain a restraining order, injunction, or other appropriate process from a court of competent jurisdiction, with the person to whose credit the account stands being made a party and served with process, or provide a bond indemnifying the institution from any liability, loss, damage, costs, and expenses if the institution acts on the adverse claim.
Can you summarize FLCL 655.85?
If a check is forwarded or presented to a financial institution for payment, except when presented by the payee in person, the paying institution or remitting institution shall settle the amount of the check at par, at its option, in money or in exchange drawn on its reserve agent or agents in the City of New York or in any reserve city within the Sixth Federal Reserve District. The term at par applies only to the settlement of checks between collecting and paying or remitting institutions and does not apply to, or prohibit an institution from, deducting from the face amount of the check drawn on it a fee for paying the check if the check is presented to the institution by the payee in person.
Can you summarize FLCL 655.86?
It is the duty of the person drawing a postdated check to notify, in writing, the separate office or branch of the institution upon which such check is drawn, giving a complete description thereof, including the name of the payee, the date, the number, and the amount thereof; otherwise, the institution is not liable for paying such check. History. s. 54, ch. 92-303.
Can you summarize FLCL 655.954?
This legal document, found in the Florida Statutes under the section ‘BANKS AND BANKING’ and ‘FINANCIAL INSTITUTIONS GENERALLY’, grants financial institutions the power to provide loans or extensions of credit to individuals through credit cards or overdraft financing arrangements. The financial institution can charge interest on the outstanding amount based on a written agreement between the institution and the borrower. The credit card agreement can modify the terms and conditions of the credit card account, provided that the borrower receives prior written notice of the modifications.
Can you summarize FLCL 655.966?
This legal document governs the ability of operators or owners of automated teller machines (ATMs) in the state of Florida to charge an access fee or surcharge to customers using those machines. The fee or surcharge must be disclosed in compliance with 12 C.F.R. part 205. The document also states that an agreement to operate or share an ATM may not prohibit the operator or owner from charging an access fee or surcharge to customers using an account from an international banking corporation, as long as it is not prohibited under state or federal law.
Can you summarize FLCL 658.48?
This section of the Florida Statutes governs the loans and extensions of credit made by state banks. It sets limitations and provisions for such loans. A bank may extend credit to any person up to 15 percent of its capital accounts for unsecured loans and lines of credit, and up to 25 percent of its capital accounts for fully secured loans and lines of credit. However, when loans consist of both secured and unsecured portions, the secured and unsecured portions together may not exceed 25 percent and 15 percent of the capital accounts, respectively.
Can you summarize FLCL 658.995?
The Credit Card Bank Act is a section of the Florida Statutes that governs the issuance and use of credit cards by domestic lenders and credit card banks. The Act defines key terms such as ‘credit card’ and ‘credit card account’. It allows domestic lenders, foreign lenders, and business organizations to organize, own, and control credit card banks, subject to certain conditions and approval from the office. Credit card banks are limited to engaging in activities related to soliciting, processing, and making loans through credit card accounts.
Can you summarize FLCL 674.2131?
This legal document governs the medium and time of settlement by a bank. It applies to banks involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, clearinghouse 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.
Can you summarize FLCL 674.215?
This section of the Florida Statutes, specifically under the Uniform Commercial Code: Bank Deposits and Collections, pertains to the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. 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 FLCL 674.301?
This section of the Florida Statutes, specifically under the Uniform Commercial Code: Bank Deposits and Collections, pertains to the collection of items by payor banks. It outlines the procedures and conditions under which a payor bank can settle for a demand item, revoke the settlement, and recover the settlement. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize FLCL 674.303?
This section of the Florida Statutes, specifically under the Uniform Commercial Code: Bank Deposits and Collections, pertains to the collection of items by payor banks. It states that any knowledge, notice, stop-payment order, or legal process received by a payor bank does not 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 the item 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.
Can you summarize FLCL 674.401?
This legal document, found in the Florida Statutes under the Uniform Commercial Code, specifically addresses the relationship between a payor bank and its customer regarding bank deposits and collections. According to this document, a bank has the authority to charge a customer’s account for an item that is properly payable from that account, 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 FLCL 674.403?
This legal document, found in the Florida Statutes under the Uniform Commercial Code, specifically addresses the relationship between a customer and a payor bank in the context of bank deposits and collections. 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 a written order to the bank. The stop-payment order is effective for 6 months and can be renewed for additional 6-month periods.
Can you summarize FLCL 674.404?
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 6 months after its date; but it may charge its customers account for a payment made thereafter in good faith. History. s. 1, ch. 65-254; s. 41, ch. 92-82. Note. s. 4-404, U.C.C.; supersedes s. 659.31.
Can you summarize FLCL 674.406?
This legal document, found in the Florida Statutes under the Uniform 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 a statement of account or items to a customer, the customer must promptly examine them to determine if any payment was unauthorized due to an alteration or unauthorized signature. If the customer should have reasonably discovered the unauthorized payment based on the provided statement or items, they must promptly notify the bank.
Can you summarize FLCL 817.803?
This legal document pertains to credit counseling services in Florida. It specifies exceptions to the regulations mentioned in the document. The exceptions include debt management or credit counseling services provided in the practice of law in Florida, persons who engage in debt adjustment, and specific entities and their subsidiaries. The exempted entities include The Federal National Mortgage Association, The Federal Home Loan Mortgage Corporation, The Florida Housing Finance Corporation, regulated and supervised banks, trust companies, savings and loan associations, credit unions, credit card banks, savings banks, consumer reporting agencies, and subsidiaries or affiliates of bank holding companies.
Can you summarize FLCL 832.05?
This section of the Florida Statutes addresses the issue of giving worthless checks, drafts, bills of exchange, debit card orders, and other orders on banks without sufficient funds or credit. It is unlawful for any person, firm, or corporation to draw, make, utter, issue, or deliver such checks, drafts, or orders, or to use debit cards for payment, knowing that there are insufficient funds or credit to cover them. However, there are exemptions for checks when the payee or holder has knowledge or reason to believe that the drawer did not have sufficient funds, and for postdated checks.
Can you summarize FLCL 832.062?
This legal document governs the prosecution for worthless checks, drafts, debit card orders, or electronic funds transfers made to pay any tax or associated amount administered by the Department of Revenue. It applies to any person, firm, or corporation. However, there are exemptions where this section does not apply, such as when the Department of Revenue is aware or notified in advance that the drawer, sender, or receiver does not have sufficient funds.
Can you summarize FLCL 832.075?
This section of the Florida Statutes prohibits the requirement of credit card information as a condition of accepting a check or share draft. It is also prohibited to record a credit card number or expiration date in connection with the sale of goods or services paid by check or share draft, or in connection with the acceptance of a check or share draft. Violation of this section is considered a noncriminal violation punishable by fines.
Can you summarize FLCL Chapter 560, Part II?
This legal document, part of the Florida Statutes, regulates payment instruments and funds transmission by money services businesses. It applies to licensees under this part and authorized vendors. The document outlines various requirements for licensees and authorized vendors, including filing information with the office, entering into a written contract, reporting theft or loss, displaying a notice to the public, remitting amounts owed, holding funds in trust, not commingling funds, accounting for funds, consenting to examination or investigation, adhering to applicable laws and rules, and providing necessary information or disclosure.
Can you summarize FLCL Chapter 655?
The provided legal document governs the regulation of financial institutions in Florida. It applies to all state-authorized or state-chartered financial institutions. The document aims to ensure the safe and sound conduct of financial institution businesses, conserve their assets, maintain public confidence, protect the interests of the public, depositors, and creditors, and promote competition among financial institutions. It also aims to facilitate effective customer service, economic progress, and welfare, while allowing financial institution management to exercise business judgment within the framework of the codes.
Can you summarize FLCL Chapter 658?
The provided legal document content covers various aspects related to the formation, operation, and regulation of banks and trust companies in the state of Florida. It includes definitions of key terms, criteria for chartering, requirements for filing applications, investigation procedures, approval processes, requirements for articles of incorporation, stock subscriptions, organizational procedures, opening and conducting business, establishment of branches and facilities, control and ownership regulations, acquisition of control, international banking corporations, interstate branching, application of the Florida Business Corporation Act, annual meetings, requirements for directors and officers, issuance and sale of capital stock, share options and warrants, changes in capital, declaration of dividends and surplus, insurance of deposits, access to bank records, merger and consolidation procedures, loans and extensions of credit, audit charges, commodity loans, limits of indebtedness, depositories of public moneys, investment powers and limitations, fees and assessments, appointment of receivers or liquidators, powers and duties of receivers, voluntary liquidation, transfers in contemplation of insolvency, and credit card banks.
Can you summarize FLCL Chapter 670?
The provided legal document is part of the Florida Statutes under the Uniform Commercial Code: Funds Transfers. It governs payment orders in the context of funds transfers and provides definitions for key terms used in the chapter. The chapter applies to funds transfers defined in section 670.104, except for those governed by the Electronic Fund Transfer Act. The document defines terms such as ‘beneficiary,’ ‘beneficiary’s bank,’ ‘payment order,’ ‘receiving bank,’ and ‘sender.
Can you summarize FLCL Chapter 673?
The provided legal document content pertains to the Uniform Commercial Code: Negotiable Instruments under the Florida Statutes. It covers various aspects related to negotiable instruments, including definitions, provisions, transfer and negotiation, enforcement, liability of parties, dishonor, and discharge and payment. The documents define terms used in negotiable instruments and clarify their application to specific types of instruments. They also provide guidelines for determining the person to whom an instrument is payable, the conditions for an unconditional promise or order, payment in foreign money, and the terms prevailing in case of contradictory terms in an instrument.
Can you summarize FLCL Chapter 674?
This legal document, found in the Florida Statutes under the Uniform Commercial Code: Bank Deposits and Collections, pertains to the variation by agreement, measure of damages, and action constituting ordinary care in banking transactions. It states that while the provisions of this chapter can be varied by agreement, a bank’s responsibility for lack of good faith or failure to exercise ordinary care cannot be disclaimed or limited in terms of damages.
Can you summarize FLCL Chapter 675?
This chapter of the Florida Statutes governs letters of credit and certain rights and obligations arising from transactions involving letters of credit. It applies to parties involved in such transactions. The chapter allows for the variation of its effect by agreement or provision, except for certain subsections and provisions. However, obligations prescribed by this chapter cannot be varied by a term in an agreement or undertaking that generally excuses liability or limits remedies for failure to perform obligations.
Can you summarize FLCL Chapter 679?
The provided legal document content pertains to the Uniform Commercial Code: Secured Transactions in the state of Florida. It includes definitions and rules regarding purchase-money security interests, the application of payments, control of various types of assets, and the sufficiency of collateral descriptions. The document applies to creditors, debtors, banks, commodity intermediaries, and other entities involved in secured transactions in Florida. It provides guidelines and regulations for determining purchase-money security interests, control of various types of assets, and the sufficiency of collateral descriptions.
Can you summarize FLCL Chapter 817, Part II?
The provided legal document content is part of the Florida Statutes and specifically addresses credit card crimes. It establishes a legal framework for identifying and prosecuting fraudulent practices involving credit cards. The document provides definitions for various terms related to credit cards and outlines offenses such as theft, forgery, unlawful possession, and fraudulent use of credit cards. It specifies the penalties for these offenses based on the number of violations and the value of the obtained items.
Can you summarize FLCL Chapter 832?
These legal documents govern various violations involving checks and drafts in the state of Florida. They cover the act of stopping payment on a check, draft, or written order used to secure farm or grove products, the offense of stopping payment with intent to defraud, giving worthless checks, drafts, bills of exchange, debit card orders, and other orders on banks without sufficient funds or credit, issuing worthless checks or drafts to county tax collectors, and issuing worthless checks, drafts, debit card orders, or electronic funds transfers to pay any tax or associated amount administered by the Department of Revenue.
Can you summarize HIRS 412:14-100?
An owner or operator of an automated teller machine may assess a
transaction fee on any person for use of that machine who uses a card or other
access device for an account that is located within or without the United
States. Agreements to operate or share an automated
teller machine may not prohibit, limit, or restrict the right of the owner or
operator of the automated teller machine to charge a person a transaction fee.
Can you summarize HIRS 412:3-202?
This legal document outlines the additional information that an applicant for the organization of a Hawaii financial institution, which will be a subsidiary of a holding company, must provide to the commissioner. The required information includes a certificate of proper organization for the holding company if it is a corporation, details of existing and proposed affiliates and subsidiaries, biographical information for executive officers and directors, shareholder information, proposed capital plan and stock solicitation plan, articles of incorporation and bylaws of the holding company, evidence of financial ability and experience, employment agreements for executive officers, and any other information requested by the commissioner.
Can you summarize HIRS 412:4-109?
This provision, found in the Hawaii Revised Statutes under the Code of Financial Institutions, pertains to deposit account holders and financial institutions. It states that when a deposit account holder authorizes another person to draw checks, make transfers, or withdrawals from the account, the financial institution can presume that any such action made by the authorized person, in accordance with the account contract, is authorized by the account holder. The authority granted by the account holder to the financial institution is not revoked or terminated by the death, disability, or incapacity of the account holder, as long as the financial institution acts in good faith without knowledge of such circumstances.
Can you summarize HIRS 412:4-110?
It shall be lawful for any
financial institution to refuse to pay any check, draft, order of transfer or
withdrawal, or order drawn upon it when the officers or employees of the
financial institution in good faith have reason to believe that the person
signing or indorsing the instrument is or was so under the influence of
alcohol, drugs or other intoxicating substances as to make it doubtful whether
the person is or was at the time of signing or indorsing the instrument capable
of intelligently transacting business; and no action at law or equity may be
maintained against the financial institution or its officers or employees on
account of any refusal pursuant to this section.
Can you summarize HIRS 412:5-303?
No bank shall make any
loan or extension of credit in violation of section 18(j) of the Federal
Deposit Insurance Act, 12 U.S.C. 1828(j) or, if the bank is a member of the
Federal Reserve System, in violation of sections 22(g), 22(h), 23A or 23B of
the Federal Reserve Act, 12 U.S.C. 375a, 375b, 371c and 371c1. [L
1993, c 350, pt of 1]
Can you summarize HIRS 412:5-306?
A
bank may deposit any of its funds with (1) a federal reserve bank or a federal
home loan bank in any amount, or (2) another depository institution, provided
that the net deposits in any one depository institution does not exceed
twenty-five per cent of the bank’s capital and surplus, unless otherwise
permitted by federal law. In this section, ’net deposits in any one
depository institution’ means the sum of (1) balances, other than demand balances,
due from the institution and (2) demand balances due from the institution, less
any demand balances due to that institution if that office of the institution
in which the deposit is made is located in the United States.
Can you summarize HIRS 476-27?
When, in violation of the terms of the contract
the buyer, maliciously or with intent to defraud, injures, destroys, or
conceals the goods, or, without the consent of the seller, maliciously or with
intent to defraud, removes the goods from the island in which the goods were
first kept for use by the buyer after the sale, or to which with the consent of
the seller the goods have been removed, or sells, mortgages, or otherwise
disposes of the goods under claim of full ownership, the buyer shall be fined not
more than $500 or imprisoned not more than one year, or both.
Can you summarize HIRS 476-29?
This legal document governs the advertising practices related to credit sales of goods or services primarily for personal, family, or household purposes. It applies to any person who advertises for such credit sales under an open-end credit plan or a contract providing for the extension of closed-end credit. The document specifies the information that must be included in the advertisements, such as minimum charges, annual percentage rate, membership fees, down payment amount, repayment terms, and finance charges.
Can you summarize HIRS 478-11.5?
This legal document, part of the Hawaii Revised Statutes, governs credit card plans and agreements. It applies to credit card issuers and customers who are residents of Hawaii. The document outlines the information that must be provided in every solicitation and application for a credit card plan, including the initial interest rate, any fees or charges, and the date interest begins to accrue. It also addresses annual fees, minimum charges, and the due date for charges incurred with a charge card.
Can you summarize HIRS 480E-9?
This legal document, governed by the Hawaii Revised Statutes under the Mortgage Rescue Fraud Prevention Act, pertains to distressed property leases. It requires distressed property leases to be in writing and fully disclose the rights and obligations of the distressed property lessor and lessee, the exact terms and duration of the lease, and the compensation received by the distressed property lessor. Distressed property lessees are entitled to all rights under the landlord-tenant law of the State, and the lease must not provide them with fewer rights than those provided by the State’s landlord-tenant law.
Can you summarize HIRS 490:3-312?
This section of the Hawaii Revised Statutes, specifically under the Uniform Commercial Code, pertains to the enforcement of lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. It defines key terms such as ‘check’ (which includes cashier’s checks, teller’s checks, and certified checks), ‘claimant’ (a person claiming the right to receive the amount of a lost, destroyed, or stolen check), and ‘declaration of loss’ (a written statement under penalty of perjury regarding the loss of a check).
Can you summarize HIRS 490:3-506?
This legal document pertains to actions against individuals who have made a dishonored check, draft, or order for the payment of money. The plaintiff in such cases may recover damages equal to $100 or triple the amount of the check, draft, or order, whichever is greater, not exceeding $500 more than the amount of the check, draft, or order. To be eligible for damages, the plaintiff must have made a written demand for payment at least ten days before commencing the action, and the defendant must have failed to tender the demanded amount.
Can you summarize HIRS 490:3-506.5?
The payee or a holder in due course of any check, draft, or order for the
payment of money that has been dishonored for lack of funds or credit to pay
the check, draft, or order or because the maker has no account with the drawee
shall be allowed to assess the maker a service charge of not more than $30. [L
1999, c 48, 1; am L 2006, c 206, 1; am L 2010, c 39, 1]
Can you summarize HIRS 490:4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, 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, and the time of settlement depends on the method of tender of settlement.
Can you summarize HIRS 490:4-215?
This legal document, part of the Hawaii Revised Statutes under the Uniform Commercial Code, pertains to the final payment of items by payor banks and the conditions under which provisional debits and credits become final. It also addresses when certain credits become available for withdrawal. The document 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.
Can you summarize HIRS 490:4-301?
This legal document, part of the Hawaii Revised Statutes under the Uniform Commercial Code, specifically addresses 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. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize HIRS 490:4-303?
This legal document, part of the Hawaii Revised Statutes, falls under the Uniform Commercial Code and specifically pertains to the collection of items by payor banks. It states 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.
Can you summarize HIRS 490:4-401?
This legal document, found in the Hawaii Revised Statutes, specifically in the Uniform Commercial Code under the section on 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 from that account, 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 HIRS 490:4-403?
This legal document, part of the Hawaii Revised Statutes, specifically falls under the Uniform Commercial Code governing 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.
Can you summarize HIRS 490:4-404?
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. [L 1965, c 208,
4-404; HRS 490:4-404; ree L 1991, c 118, pt of 4]
Can you summarize HIRS 490:4-406?
This legal document, part of the Hawaii Revised Statutes, specifically addresses the relationship between a payor bank and its customer in the context of bank deposits and collections. It outlines the duties and responsibilities of the bank and the customer regarding the handling of items paid and the provision of statements of account. The document requires the bank to either return the items paid or provide sufficient information in the statement of account for the customer to identify the items.
Can you summarize HIRS 708-839.7?
(1) A person commits the offense of identity theft in the
second degree if that person makes or causes to be made, either directly or
indirectly, a transmission of any personal information of another by any oral
statement, any written statement, or any statement conveyed by any electronic
means, with the intent to commit the offense of theft in the second degree from
any person or entity. (2) Identity theft in the second degree is a
class B felony.
Can you summarize HIRS 708-839.8?
This legal document pertains to the offense of identity theft in the third degree. It applies to any person who makes or causes to be made a transmission of any personal information of another with the intent to commit theft in the third or fourth degree. The offense does not require impersonation of a person, only the transmission of personal information with the intent to commit the specified theft offense. Identity theft in the third degree is classified as a class C felony.
Can you summarize HIRS 708-872?
This legal document, found in the Hawaii Revised Statutes, specifically in the section on Offenses Against Property Rights under the Hawaii Penal Code, addresses the offense of falsifying business records. The document defines the offense as making or causing a false entry, altering or destroying a true entry, omitting to make a true entry, or preventing the making of a true entry in the business records of an enterprise with the intent to defraud.
Can you summarize HIRS Chapter 412, Article 11?
This legal document governs the registration, reporting, and examination requirements for financial institution holding companies in Hawaii. It mandates that financial institution holding companies must register with the commissioner within 180 days of becoming a holding company or after the enactment of this article, whichever is later. The registration must include information regarding the financial condition, operation, management, inter-company relationships, and other relevant matters as deemed necessary by the commissioner. The commissioner is authorized to adopt rules to administer and carry out the registration and reporting procedures.
Can you summarize HIRS Chapter 412, Article 5?
The provided legal document content pertains to the operation of banks in the state of Hawaii. It defines the term ‘bank’ and prohibits any person from engaging in activities that require a charter to operate as a bank, unless they are a corporation incorporated in Hawaii and possess the necessary charter. The document grants banks the authority to solicit, accept, and hold deposits, engage in activities incidental to banking, and enjoy the rights, powers, and privileges of a corporation organized under the laws of Hawaii.
Can you summarize HIRS Chapter 476?
This legal document, part of the Hawaii Revised Statutes, governs credit sales. It applies to credit buyers and credit sellers involved in the sale of goods, services, or both, through credit sale contracts. The document provides definitions for various terms, including ‘annual percentage rate’, ‘cash price’, ‘closed-end credit’, ‘credit buyer’, ‘credit sale’, ‘credit sale contract’, ‘credit seller’, ‘finance charge’, ‘goods’, ‘open-end credit’, ‘person’, ‘prepaid finance charge’, ‘principal balance’, ‘services’, ’total of payments’, and ’total sale price’.
Can you summarize HIRS Chapter 480E?
The Mortgage Rescue Fraud Prevention Act, part of the Hawaii Revised Statutes, aims to protect Hawaii consumers from individuals who offer services claiming to provide relief from mortgage loan obligations or other liens or encumbrances on their properties. The act seeks to safeguard consumers facing foreclosures, liens, or encumbrances who may be in desperate financial situations. It requires persons offering assistance to provide full and complete disclosure of their services in written contracts and grants consumers the right to cancel the contract at any time before all services have been performed.
Can you summarize HIRS Chapter 485A, Part V?
This legal document, part of the Hawaii Revised Statutes, specifically addresses fraud and liabilities in relation to the offer, sale, or purchase of securities. It prohibits various fraudulent activities, including employing schemes to defraud, making untrue statements or omitting material facts, engaging in fraudulent acts or practices, issuing misleading advertising materials, making false claims of approval or endorsement by the commissioner, and failing to file advertising materials with the commissioner. However, certain exemptions apply to advertising matter related to federal covered securities.
Can you summarize HIRS Chapter 487N?
This legal document, governed by the Hawaii Revised Statutes, addresses the security breach of personal information. It applies to businesses, financial institutions, entities involved in records destruction, and government agencies. A security breach occurs when there is unauthorized access to and acquisition of unencrypted or unredacted records or data containing personal information, which creates a risk of harm to a person. However, the good faith acquisition of personal information by an employee or agent of the business for a legitimate purpose is not considered a security breach, as long as it is not used unlawfully or disclosed without authorization.
Can you summarize HIRS Chapter 490, Article 2A?
The provided legal document content discusses the effectiveness and enforceability of lease contracts under the Uniform Commercial Code in the Hawaii Revised Statutes. It provides definitions for various terms related to lease contracts and references definitions from other articles of the Uniform Commercial Code. The document states that lease contracts are generally effective and enforceable according to their terms between the parties, against purchasers of the goods, and against creditors of the parties.
Can you summarize HIRS Chapter 490, Article 3?
The legal documents reviewed are part of the Hawaii Revised Statutes under the Uniform Commercial Code (UCC) and govern various aspects of negotiable instruments. They establish the definitions and requirements for negotiable instruments, including checks, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit. The documents also address the transfer of instruments, granting the transferee the same rights as the transferor, unless the transferee engaged in fraud or illegality. They clarify the negotiation of instruments, the liability of parties, and the concept of presentment, including the requirements for effective presentment and the dishonor of negotiable instruments.
Can you summarize HIRS Chapter 490, Article 4?
This legal document, part of the Hawaii Revised Statutes under the Uniform Commercial Code, governs bank deposits and collections. It establishes the standards and responsibilities for banks, customers, and other parties involved in the process. The document covers various aspects such as the liability of banks for action or nonaction with respect to an item, the variation by agreement and measure of damages, the definition of terms used in the context of bank deposits and collections, the relationship between collecting banks and the provisional status of credits, the responsibilities of collecting banks in presenting items and settling for items, the transfer warranties related to the collection of items, the actions and procedures of payor banks in revoking settlements and returning items, the authority of banks to charge customer accounts for properly payable items, and the responsibility of banks when presenting documentary drafts for collection.
Can you summarize HIRS Chapter 490, Article 4A?
These legal documents, part of the Hawaii Revised Statutes under the Uniform Commercial Code, govern funds transfers. They define the term ‘payment order’ and provide definitions for various entities involved in funds transfers. The documents establish rules for the time of receipt of payment orders and communications in funds transfers, including the treatment of payment orders and communications received after cut-off times or on non-funds-transfer business days. They also address the issue and acceptance of payment orders, including the authorization and effectiveness of payment orders received by receiving banks.
Can you summarize HIRS Chapter 490, Article 5?
This legal document pertains to the provisions of the Uniform Commercial Code related to letters of credit. It defines various terms used in the context of letters of credit and outlines the rights and obligations of different parties involved in letters of credit transactions. The document specifies that a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or to the beneficiary.
Can you summarize HIRS Chapter 490, Article 9?
The provided legal document content covers various aspects of secured transactions under the Uniform Commercial Code (UCC). It includes definitions of terms used in secured transactions, rules for the effectiveness and attachment of security agreements, perfection, effect, and priority of security interests, rights of third parties, filing and effectiveness of financing statements, default and enforcement of security interest, and transition and application of security interests. The documents provide clarity on the terminology and concepts used in secured transactions and establish rules and procedures for parties involved in such transactions.
Can you summarize HIRS Chapter 523A, Part I?
The provided legal document content pertains to the definitions section of the Uniform Unclaimed Property Act Section. It defines various terms used in the act, including ‘Administrator’, ‘Apparent owner’, ‘Business association’, ‘Domicile’, ‘Financial organization’, ‘Holder’, ‘Insurance company’, ‘Mineral’, ‘Mineral proceeds’, ‘Money order’, ‘Owner’, ‘Person’, ‘Property’, ‘Record’, ‘State’, and ‘Utility’. The definitions clarify the meaning of these terms within the context of the act. The document applies to individuals and entities holding unclaimed property.
Can you summarize HIRS Chapter 708, Part VI?
The provided legal document pertains to forgery and related offenses under the Hawaii Penal Code. It defines terms related to forgery and provides definitions for various types of forged instruments. The document specifies the elements and classifications of forgery offenses in the first, second, and third degrees, as well as criminal possession of a forgery device. It also addresses the offense of criminal simulation, negotiating a worthless negotiable instrument, obtaining a signature by deception, and suppressing a testamentary or recordable instrument.
Can you summarize HIRS Chapter 708, Part X?
The provided legal document covers various offenses related to credit card fraud. It includes the offense of fraudulent use of a credit card, which encompasses using, attempting to use, or conspiring to use a credit card obtained or retained in violation of certain sections, as well as using a forged, expired, or revoked credit card. It also covers obtaining or attempting to obtain money, goods, services, or anything else of value by misrepresenting oneself as the cardholder or by using a credit card number without the cardholder’s consent.
Can you summarize RIGL 11-49-4?
This section of the State of Rhode Island General Laws, specifically the Credit Card Crime Act, governs the fraudulent use of credit cards. It prohibits any person from using a credit card obtained or retained in violation of the law, or using a credit card that they know is forged, expired, or revoked. Additionally, it is a violation to obtain money, goods, services, or anything else of value by misrepresenting oneself as the cardholder without their consent or by claiming to hold a card that has not been issued.
Can you summarize RIGL 11-49.3-4?
The Identity Theft Protection Act of 2015, under the State of Rhode Island General Laws, requires municipal agencies, state agencies, and persons that handle personal information to provide notification of any disclosure of personal information or breach of security that poses a significant risk of identity theft to Rhode Island residents. The notification must be made within 45 calendar days after confirmation of the breach and the ability to ascertain the required information.
Can you summarize RIGL 11-49.3-5?
(a) Each reckless violation of this chapter is a civil violation for which a penalty of not more than one hundred dollars ($100) per record may be adjudged against a defendant. (b) Each knowing and willful violation of this chapter is a civil violation for which a penalty of not more than two hundred dollars ($200) per record may be adjudged against a defendant. (c) Whenever the attorney general has reason to believe that a violation of this chapter has occurred and that proceedings would be in the public interest, the attorney general may bring an action in the name of the state against the business or person in violation.
Can you summarize RIGL 11-49.3-6?
This section of the State of Rhode Island General Laws, specifically the Identity Theft Protection Act of 2015, governs the security breach notification requirements for municipal agencies, state agencies, and persons. It states that these entities can be deemed in compliance with the notification requirements if they maintain their own security breach procedures as part of an information security policy and notify affected individuals in the event of a breach. Alternatively, compliance can be achieved by following the rules, regulations, procedures, or guidelines established by the primary or functional regulator.
Can you summarize RIGL 6A-4-213?
This section of the State of Rhode Island General Laws governs the medium and time of settlement by a bank. The medium and time of settlement may be prescribed by federal reserve regulations or circulars, clearing-house rules, or agreement. 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 to receive settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit or debit to an account, or funds transfer.
Can you summarize RIGL 6A-4-215?
This section of the State of Rhode Island General Laws, specifically the Uniform Commercial Code under the Bank Deposits and Collections section, pertains to the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of 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.
Can you summarize RIGL 6A-4-301?
This section of the State of Rhode Island General Laws, specifically the Uniform Commercial Code, pertains to payor banks and their responsibilities in the collection of items. It outlines the actions a payor bank can take if it settles for a demand item and later wishes to revoke the settlement. The payor bank has the option to return the item or send written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize RIGL 6A-4-303?
This section of the State of Rhode Island General Laws, specifically the Uniform Commercial Code under the Bank Deposits and Collections section, pertains to the collection of items by payor banks. 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 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.
Can you summarize RIGL 6A-4-401?
This section of the State of Rhode Island General Laws, specifically the Uniform Commercial Code, Bank Deposits and Collections, governs the relationship between a payor bank and its customer. According to this section, 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.
Can you summarize RIGL 6A-4-403?
This section of the State of Rhode Island General Laws, specifically the Uniform Commercial Code, Bank Deposits and Collections, governs the relationship between a payor bank and its customer. It outlines the customer’s right to stop payment of any item drawn on their 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 six-month periods.
Can you summarize RIGL 6A-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 customers account for a payment made thereafter in good faith. History of Section. P.L. 2000, ch. 238, 4; P.L. 2000, ch. 421, 4.
Can you summarize RIGL 6A-4-406?
This legal document, part of the State of Rhode Island General Laws, specifically addresses the duty of customers to discover and report unauthorized signatures or alterations in bank transactions. 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 alteration or unauthorized signature.
Can you summarize RIGL Title 19, Chapter 10?
The provided legal document content pertains to the voluntary liquidation process for financial institutions and credit unions in the State of Rhode Island. The document outlines the procedures and duties related to the advertisement and payment of unclaimed deposits and dividends in financial institutions or credit unions. It requires the receiver, officer, or agent of the financial institution or credit union to provide the general treasurer with a list of unclaimed deposits and dividends, along with the names of the parties entitled to them.
Can you summarize RIGL Title 19, Chapter 12?
The provided legal document content pertains to receivership proceedings under the State of Rhode Island General Laws related to financial institutions and credit unions. It covers various aspects such as the finality and enforceability of court orders or judgments in receivership proceedings, the presumption of good faith for certain actions taken by members of the governing body or officers, the severability of provisions, the court’s power to shorten time for scheduling hearings and giving notice, the validity of agreements that may diminish or defeat the interest of a financial institution or credit union, the rights and powers of a receiver, the automatic stay upon appointment of a receiver, additional powers granted to a receiver, the payment of priority claims, the priority of claims in a receivership proceeding, the priority of claims in a receivership or conservatorship involving insured financial institutions or credit unions, legislative findings related to banking emergencies, the employment of clerical assistance by a receiver, the appointment of a receiver and its effects, the schedule of property to be made by the president or treasurer, and the court’s power to grant injunctions against financial institutions or credit unions.
Can you summarize RIGL Title 19, Chapter 13?
This provision, found in the State of Rhode Island General Laws under the section on Banking Emergencies, governs the treatment of cash deposits received by regulated institutions after an order has been issued by the director to suspend or restrict currency withdrawals. Under this provision, these cash deposits, referred to as ’new cash deposits’, are not subject to any limitations or restrictions imposed by the order. Instead, they must be segregated and held or invested solely to meet the liability associated with these new cash deposits.
Can you summarize RIGL Title 19, Chapter 6?
The provided legal document content consists of two sections of the State of Rhode Island General Laws. The first section governs the examination powers of the director or the director’s designee in relation to Rhode Island bank-holding companies and their deposit-taking subsidiaries. The director or designee has the authority to conduct examinations of these entities whenever deemed necessary. The examination powers and authority granted to the director or designee are the same as those for the examination of regulated institutions.
Can you summarize RIGL Title 19, Chapter 8?
The provided legal document content pertains to the Depository Change in Control Act under the State of Rhode Island General Laws. This act governs the process and requirements for acquiring a regulated financial institution. The application for acquisition must include information such as the personal history, business background, and experience of the acquiring person, including any pending legal proceedings or criminal convictions. It also requires the disclosure of financial statements, details of the proposed acquisition, the source and amount of funds used, and any plans or proposals for major changes in the institution’s business or management.
Can you summarize RIGL Title 33, Chapter 21.1?
The legal document content covers various aspects related to unclaimed intangible and tangible property in the State of Rhode Island. It defines key terms used in the chapter and specifies the entities to which the chapter applies. The documents outline the presumption of abandonment for different types of property, such as unpaid wages, checks, drafts, and similar instruments issued by banking and financial organizations, intangible property, uncashed vendor checks, property held by the state, property held by agents and fiduciaries, property held by courts or other government entities, property held by insurance companies, property held by business associations, property held by utilities, and property held in safe deposit boxes or repositories.
Can you summarize RIGL Title 44, Chapter 14?
The provided legal document content pertains to the taxation of banks in the State of Rhode Island. It covers various aspects such as the examination and correction of tax returns, the authority of the tax administrator to examine books and records, the penalties for failure to file a return or pay tax, the apportionment and allocation of income for taxation purposes, the taxation of banking institutions in Rhode Island, the deduction of ordinary and necessary expenses, the collection of tax and penalties, the filing of claims for refund, the due date for tax payment, the determination of tax in case of failure to file a return, the calculation of the property factor, the enforcement of summons, the definition of gross income, the annual tax payment by national banking associations, the requirement to render statements and make returns, the calculation of the receipts factor, the filing of supplemental returns, the determination of gains or losses from the sale or disposition of securities, the penalties for false or fraudulent returns, the confidentiality of tax information, the calculation of the payroll factor, the requirement to file a return, the right to appeal administrative orders or decisions, the calculation of the property factor, the assessment of excise tax, the exclusion of certain dividends from net income, and the limitations on assessment or collection of tax.
Can you summarize RIGL Title 44, Chapter 15?
These legal documents govern the taxation of bank deposits in Rhode Island. The tax is imposed on banking institutions and credit unions based on their total deposits. The tax rate is six and ninety-five one hundredths cents ($.0695) for banking institutions with total deposits exceeding one hundred fifty million dollars ($150,000,000), and six and one-quarter cents ($.0625) for banking institutions with total deposits of one hundred fifty million dollars ($150,000,000) or less.
Can you summarize RIGL Title 6, Chapter 26.1?
This legal document governs the amendment of agreements in credit card lending in Rhode Island. It allows credit card lenders to amend the agreement at any time and in any respect, including changing terms, rates of interest, fees, collateral requirements, and other matters. The amendment may apply to all outstanding, unpaid indebtedness in the borrower’s account. If an amendment increases the interest rates, the lender must provide a written notice to the borrower at least fifteen days before the effective date of the amendment.
Can you summarize RIGL Title 6, Chapter 30?
The provided legal document content governs the printing of accounting numbers on credit card receipts. It applies to providers of credit cards and cardholders. The document prohibits providers from printing or reproducing more than the last five digits or characters of the credit card account number and the credit card expiration date on receipts provided to the cardholder. However, this restriction does not apply to transactions where the only means of recording the credit card account number is by handwriting or imprint of the card.
Can you summarize RIGL Title 6, Chapter 42?
This legal document provides the form and requirements for a notice of dishonor for dishonored checks. It applies to holders, makers, and drawers of dishonored checks. The notice must include specific information such as the date, issuer’s name and address, check or instrument number, date of the check, and the bank or financial institution on which the check was drawn. The notice informs the recipient that the check has been returned unpaid and provides a deadline of thirty (30) days to pay the amount in full.
Can you summarize RIGL Title 6, Chapter 48?
The Consumer Empowerment and Identity Theft Prevention Act of 2006, part of the State of Rhode Island General Laws, governs consumer protection, social security number protection, and the process of placing a security freeze on a consumer’s credit report. It imposes requirements on any person regarding consumer protection and establishes penalties for non-compliance. The act prohibits intentional communication or public availability of an individual’s social security number, printing of social security numbers on access cards, transmission of social security numbers over the Internet without secure connection or encryption, use of social security numbers as the sole means to access websites, and printing of social security numbers on mailed materials, except when required by state or federal law.
Can you summarize RIGL Title 6A, Chapter 3?
The provided legal document content pertains to the discharge and payment, dishonor, liability, enforcement, and negotiation of negotiable instruments under the State of Rhode Island General Laws, specifically under the Uniform Commercial Code and Negotiable Instruments. These documents govern the rights and obligations of parties involved in the transfer, acceptance, and issuance of negotiable instruments, as well as the enforcement of such instruments. They provide guidelines for the discharge of obligations, the dishonor of instruments, and the liability of parties in relation to negotiable instruments.
Can you summarize RIGL Title 6A, Chapter 4?
The provided legal document content covers various aspects of bank deposits and collections. It governs the responsibility of a bank when presenting a documentary draft, including the delivery of documents to the drawee, seeking instructions in case of dishonor, and following reasonable instructions regarding the goods represented by the documents. It also addresses the relationship between a payor bank and its customer, covering rights, subrogation, duty to discover and report unauthorized signatures or alterations, authority to accept, pay, or collect items or accounts, wrongful dishonor, liability for damages, determination of account balance, charging a customer’s account, and the customer’s right to stop payment or close the account.
Can you summarize RIGL Title 6A, Chapter 4.1?
These legal documents, part of the State of Rhode Island General Laws, specifically the Uniform Commercial Code, govern various aspects related to funds transfers. They establish the rights and obligations between the sender of a payment order and the receiving bank, as well as between the beneficiary’s bank and the beneficiary. The law of the jurisdiction where the receiving bank is located governs these rights and obligations, unless the parties have made an agreement selecting the law of a particular jurisdiction.
Can you summarize RIGL Title 6A, Chapter 5?
The provided legal document content pertains to the State of Rhode Island General Laws under the Uniform Commercial Code, specifically governing Letters of Credit. It covers various aspects related to letters of credit, including security interests, liability, subrogation rights, enforcement of rights and obligations, fraud and forgery, transfer of drawing rights, remedies, rights and obligations of issuers, assignment of proceeds, issuance and amendment of letters of credit, and definitions of key terms.
Can you summarize RIGL Title 6A, Chapter 9?
The provided legal document content covers various aspects of secured transactions under the Uniform Commercial Code in the State of Rhode Island. It addresses the continuation of the effectiveness of financing statements, remedies for noncompliance with provisions, actions involving deficiency or surplus, duties and operation of the filing office, assignment of letter-of-credit rights, promissory notes, health-care insurance receivables, general intangibles, creation or enforcement of security interests in leasehold interests or lessor’s residual interest, rights acquired by an assignee, claims and defenses against an assignee, enforceability of agreements between account debtor and assignor, rights of a bank in relation to agreements, security interests, and set-off against a deposit account, requests for accounting, requests regarding a list of collateral, and requests regarding a statement of account, control and description of investment property, purchase-money security interests, and definitions for secured transactions.
Can you summarize 13 AZRS Chapter 21?
These legal documents cover various aspects of credit card fraud, including credit card transaction record theft, fraud committed by a person authorized to provide goods or services, possession of machinery, plate or other contrivance or incomplete credit card, fraudulent use of a credit card, and false statement as to financial condition or identity. The documents specify the classification of offenses and penalties based on the value involved. They also provide definitions for terms related to credit card fraud.
Can you summarize 13 AZRS Chapter 22?
This legal document contains definitions related to BUSINESS AND COMMERCIAL FRAUDS under the Arizona Revised Statutes Criminal Code. It provides definitions for terms such as ‘adulterated,’ ‘fiduciary,’ ‘financial institution,’ ‘insolvent,’ ‘mislabeled,’ ‘misleading statement,’ and ‘security interest.’ The document applies to individuals and organizations involved in fraudulent activities. It does not specify any exemptions. The penalties for violating the provisions of this chapter are not specified. This document serves as a reference for understanding the legal definitions and concepts related to BUSINESS AND COMMERCIAL FRAUDS in Arizona.
Can you summarize 18 AZRS Chapter 5, Article 4?
This legal document governs the notification requirements for security system breaches in Arizona. It applies to persons conducting business in the state who own, maintain, or license unencrypted and unredacted computerized personal information. The document defines various terms related to network security breaches, encryption, personal information, and security incidents. It specifies that certain entities like the department of public safety, county sheriff’s departments, municipal police departments, prosecution agencies, and courts are exempt from the definitions and terms mentioned in this document.
Can you summarize 20 AZRS Chapter 2, Article 8.1?
These legal documents pertain to the establishment and operation of mutual holding companies in the insurance industry. They outline the process and requirements for the reorganization and conversion of domestic mutual insurers into mutual holding companies. The documents cover various aspects such as the rights and obligations of members, governance of member meetings, and the approval process for a plan of reorganization. They specify that a mutual holding company is not considered an insurer, except for specific sections that apply to them as if they were a domestic mutual insurer.
Can you summarize 44 AZRS Chapter 12, Article 13?
The provided legal document content consists of multiple sections of the Arizona Revised Statutes governing trade and commerce, specifically addressing fraud in the purchase or sale of securities, liability for false registration statements, liability for untrue statements or omissions in prospectus or oral communication, liability of controlling persons in relation to sales of securities, and restrictions on dealers, salesmen, agents, and persons associated with them in soliciting or accepting remuneration for assisting an attorney in obtaining representation in private actions arising under securities laws.
Can you summarize 44 AZRS Chapter 13, Article 9?
The provided legal document content governs fraud in the provision of investment advisory services in the state of Arizona. It applies to any person involved in a transaction or transactions within or from Arizona that involve the provision of investment advisory services. The document prohibits fraudulent practices such as employing devices, schemes, or artifices to defraud, making untrue statements of material fact, misrepresenting professional qualifications, or engaging in any transaction, practice, or course of business that operates as a fraud or deceit.
Can you summarize 44 AZRS Chapter 23?
The provided legal document content pertains to dishonored check fees governed by the Arizona Revised Statutes. It applies to persons involved in check transactions, including financial institutions, drawers, makers, payees, and holders. The document defines key terms such as ‘check,’ ‘draft,’ ‘drawer,’ ‘financial institution,’ ‘holder,’ ‘maker,’ ‘order,’ and ‘payee.’ There are no exemptions mentioned in the document. Penalties for dishonored checks may include payment of the amount of the check, court costs, reasonable attorney fees, and a service charge not exceeding $25 or 5% of the face amount of the check, whichever is greater.
Can you summarize 44 AZRS Chapter 3?
The Revised Arizona Unclaimed Property Act governs the handling, reporting, and recovery of unclaimed property in the state of Arizona. It applies to individuals, business associations, financial organizations, estates, trusts, governments, governmental subdivisions, agencies, instrumentalities, and any other legal or commercial entities. The Act defines various terms to ensure clarity and consistency in its application. It specifies exemptions for certain types of property. The Act outlines the requirements for filing reports, the examination of records, and the public sale of abandoned property.
Can you summarize 44 AZRS Chapter 35?
This legal document, part of the Arizona Revised Statutes on Trade and Commerce, specifically focuses on credit card agreements. It defines various terms related to credit cards, such as ‘authorized user,’ ‘cardholder,’ ‘charges,’ ‘credit card,’ ‘credit card account,’ ‘credit card agreement,’ ‘creditor,’ ‘financial institution,’ and ‘issuer.’ The document applies to cardholders, authorized users, creditors, issuers, and financial institutions. It governs the terms and conditions that regulate the use of credit card accounts.
Can you summarize 47 AZRS Chapter 2A?
The provided legal document content pertains to lease contracts governed by the Arizona Revised Statutes under the Uniform Commercial Code. It covers various aspects of lease contracts, including the risk of loss, warranties, rights and remedies of lessors and lessees, and the allocation of responsibilities and obligations. The documents outline the conditions under which the risk of loss passes to the lessee, the rights and remedies available to the lessor in case of default or breach of the lease contract, and the obligations of the parties regarding warranties and insurance.
Can you summarize 47 AZRS Chapter 3?
The provided legal document content covers various aspects of negotiable instruments under the Uniform Commercial Code section on Negotiable Instruments in the Arizona Revised Statutes. It includes rules and regulations regarding restrictive indorsements, special and blank indorsements, and the transfer of negotiable instruments. The document also addresses evidence of dishonor, excused presentment and notice of dishonor, and the discharge of indorsers and accommodation parties. It provides clarity and consistency in the creation, enforcement, and payment of negotiable instruments, ensuring the rights and obligations of the parties involved.
Can you summarize 47 AZRS Chapter 4?
These legal documents, part of the Arizona Revised Statutes under the Uniform Commercial Code, cover various aspects of bank deposits and collections. They govern the handling of items in cases of insolvency and preference, the final payment of items by payor banks, the right of charge-back or refund, the medium and time of settlement by a bank, presentment warranties, the security interest of a collecting bank in items, transfer warranties, the responsibilities of collecting banks in the collection and return of items, and the status of a collecting bank as an agent and the provisional status of credits.
Can you summarize 47 AZRS Chapter 4A?
The provided legal document governs the time of receipt of a payment order or communication cancelling or amending a payment order in the context of funds transfers. It applies to receiving banks involved in funds transfers. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day.
Can you summarize 47 AZRS Chapter 5?
These legal documents cover various aspects of letters of credit, including the security interest of an issuer or nominated person, subrogation rights of parties involved, liability of issuers, nominated persons, and advisers, assignment of proceeds, transfer of drawing rights, transferability of the right to draw or demand performance, remedies available, warranties of the beneficiary, handling of fraud and forgery issues, rights and obligations of an issuer, rights and obligations of different parties involved, issuance, amendment, cancellation, and duration of letters of credit, and definitions and regulations related to letters of credit.
Can you summarize 47 AZRS Chapter 9?
The provided legal document content pertains to the Arizona Revised Statutes, specifically the Uniform Commercial Code (UCC) provisions on secured transactions. It governs the rules and regulations surrounding secured transactions, which involve the creation and enforcement of security interests in personal property or fixtures. The document highlights that a security interest arising under specific sections of the law is subject to this chapter, even if certain requirements have not been satisfied.
Can you summarize 6 AZRS Chapter 2, Article 4?
The provided legal document governs the payment of deposits in trust for bank accounts. It applies to trustees and beneficiaries of bank deposits. According to the document, bank deposits made in the name of one or more persons as trustees for designated beneficiaries shall be held as a trust account. The trustees have the authority to change the designated beneficiaries during their lifetime by providing a written direction accepted by the bank.
Can you summarize 6 AZRS Chapter 2, Article 6?
The provided legal document, governed by the Arizona Revised Statutes, pertains to the form of reserves and limitations for banks and financial institutions. It outlines the components of legal reserves, which include cash, cash items in the process of collection payable immediately, unpledged obligations of the United States maturing within six months, net deposit balances with each reserve depository in this state, and net deposit balances with each out-of-state reserve depository.
Can you summarize AZRS 13-2203?
A. A person commits false advertising if, in connection with the promotion of the sale of property or services, such person recklessly causes to be made or makes a false or misleading statement in any advertisement. B. False advertising is a class 1 misdemeanor.
Can you summarize AZRS 13-2208?
A. A person commits usury by knowingly engaging in or directly or indirectly providing financing for the business of making loans at a higher rate of interest or consideration than authorized by law. B. Usury is a class 1 misdemeanor.
Can you summarize AZRS 13-2316.02?
This section of the Arizona Revised Statutes, specifically within the Criminal Code, addresses the unauthorized release of proprietary or confidential computer security information. It prohibits any person from communicating, releasing, or publishing such information without the authorization of its owner or operator. There are exemptions to this section, including the release of warnings or information about security measures or defects that are not specific to a particular computer, system, or network, the release of security information among authorized users or notification to the owner or operator of a perceived security threat, and the release of security information in connection with research, development, and testing that is not specific to a particular computer, system, or network.
Can you summarize AZRS 13-2320?
This section of the Arizona Revised Statutes, specifically under the Criminal Code, addresses residential mortgage fraud. It defines residential mortgage fraud as the intentional act of making deliberate misstatements, misrepresentations, or material omissions during the mortgage lending process, or facilitating their use, which are relied upon by mortgage lenders, borrowers, or other parties involved in the process. It also includes receiving proceeds or other monies from a residential mortgage loan that the person knows resulted from such fraudulent acts, as well as filing or causing to be filed residential mortgage loan documents containing deliberate misstatements, misrepresentations, or material omissions.
Can you summarize AZRS 47-4213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by federal reserve regulations, clearing-house rules, agreements, or similar provisions. 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.
Can you summarize AZRS 47-4215?
This legal document, part of the Arizona Revised Statutes under the Uniform Commercial Code, governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, collecting banks, and customers. The document specifies 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 provisionally settled and not revoked within the permitted time.
Can you summarize AZRS 47-4301?
This legal document, part of the Arizona Revised Statutes under the Uniform Commercial Code, governs the actions and responsibilities of payor banks regarding deferred posting, recovery of payment by return of items, time of dishonor, and return of items. It specifies that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, it may revoke the settlement and recover the settlement by returning the item or sending written notice of dishonor or nonpayment.
Can you summarize AZRS 47-4303?
This legal document, found in the Arizona Revised Statutes under the Uniform Commercial Code section on BANK DEPOSITS AND COLLECTIONS, specifies the circumstances under which knowledge, notice, stop-payment orders, legal processes, or setoffs received by a payor bank will not terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account. The document outlines that if any of these actions are received or served after certain events occur, such as the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching a cutoff hour for checks, the bank’s obligations remain unaffected.
Can you summarize AZRS 47-4401?
This legal document governs the circumstances under which a bank may charge a customer’s account. According to the document, 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. However, a customer is not liable for the amount of an overdraft if they did not sign the item or benefit from its proceeds.
Can you summarize AZRS 47-4403?
This provision, found in the Arizona Revised Statutes under the Uniform Commercial Code, grants customers or authorized persons the right to stop payment of any item drawn on their account or close the account. The order to stop payment or close the account must be provided to the bank in a timely manner, 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 AZRS 47-4404?
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.
Can you summarize AZRS 47-4406?
This legal document, part of the Arizona Revised Statutes, specifically falls under the Uniform Commercial Code governing bank deposits and collections. It outlines the duties and responsibilities of both banks and customers regarding the discovery and reporting of 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 for a period of seven years.
Can you summarize AZRS 6-134?
Any person who knowingly makes, circulates or transmits to another a false statement or rumor, written, printed or by word of mouth, which is, directly or by inference, derogatory of the financial condition or solvency of any bank, savings and loan association or credit union is guilty of a class 2 misdemeanor.
Can you summarize AZRS 6-190?
This legal document, part of the Arizona Revised Statutes, governs the establishment and operation of bank offices. It states that a bank may establish banking offices anywhere in the world with the authorization of the deputy director, subject to prescribed conditions. The application for a banking office must be in writing and supported by the necessary information and records. The deputy director will grant the application based on the standards prescribed for issuing a banking permit.
Can you summarize AZRS 6-193?
This legal document, found in the Arizona Revised Statutes, specifically in the section related to bank organization and regulation, outlines the powers of subsidiaries of banks and nonbank subsidiaries of holding companies. According to the document, these subsidiaries have the authority to engage in various activities. They can deal in and underwrite obligations issued or guaranteed by states, political subdivisions, or agencies. They can also organize, operate, and control investment companies, as defined in the investment company act of 1940, and underwrite, deal in, sell, and distribute securities of such investment companies.
Can you summarize AZRS 6-328?
This legal document governs the acquisition of financial institutions in Arizona. It states that neither an out-of-state financial institution nor an in-state financial institution can acquire another out-of-state or in-state financial institution if certain conditions exist. These conditions include the resulting institution or affiliation controlling thirty percent or more of the bank deposits held in the state, or if one of the institutions involved in the acquisition already controls thirty percent or more of the bank deposits.
Can you summarize AZRS 6-329?
A. Except as prescribed by subsection B of this section, a person shall not establish or operate a deposit production office or similar office in this state for the purpose of soliciting deposits or similar evidence of indebtedness or participation interests in indebtedness. B. This section does not apply to activities conducted at the main office or a branch of an affiliated financial institution that is acting as an agent as prescribed by section 6-184.
Can you summarize AZRS 6-353?
A. No bank shall make any loan to any of its own directors, officers or employees that shall cause the outstanding loans of the bank to such person to exceed one percent of the capital account of the bank unless the loan is expressly authorized by the board of directors with any interested director taking no part in such vote. Any loan in violation of this subsection shall be payable on demand to the extent required to bring the loan into compliance with this subsection.
Can you summarize AZRS 6-384?
Cash held by a bank as fiduciary may be deposited to the credit of the bank as such fiduciary on time or demand account with itself or with any other bank the deposits of which are insured by the federal deposit insurance corporation. Unless otherwise provided by the writing creating the trust, if such funds are deposited with itself the bank shall secure such deposits with securities described in section 6-352, subsection D, paragraph 2, or other security approved by the deputy director for the purpose, in the amount of the deposit, subject to section 6-245, subsection C.
Can you summarize AZRS 6-394?
A. No person may own or control a financial institution and at the same time have an interest in an insurer that directly or indirectly insures or purports to insure the deposit accounts of the financial institution. B. No insurer of the deposit accounts of a financial institution other than a federal insurance corporation shall have and maintain assets and reserves equaling less than fifty per cent of the withdrawal accounts or investment certificates of the insured financial institution.
Can you summarize AZRS 6-395.02?
If the court grants the application for receivership of a bank it shall first tender the appointment as receiver to the federal deposit insurance corporation, which is authorized to qualify and act without bond. If the corporation accepts the appointment it shall have all of the powers, privileges and duties as such receiver provided by the laws of this state except insofar as such powers, privileges and duties are in conflict with the provisions of the federal deposit insurance act as amended, which act shall control.
Can you summarize AZRS 6-395.03?
The federal deposit insurance corporation may pay out and acquire the insured deposit liabilities of a bank notwithstanding the possession by the deputy director or the pendency of receivership proceedings and for such purposes shall have the use of the facilities and records of the bank. The federal deposit insurance corporation and its directors, officers, agents and employees, the deputy director and the receiver and the respective agents and employees of each, shall be free from liability to the bank, its directors, stockholders and creditors, for or on account of any action authorized by this section.
Can you summarize AZRS 6-395.04?
The federal deposit insurance corporation shall be subrogated to the rights of depositors upon payment of their claims to the extent required by the law of the United States as a condition of the authority to insure deposits or make such payment.
Can you summarize AZRS 6-639?
A licensee may not hold a person responsible for any loan amount that is incurred as a result of a violation of section 13-2008, 13-2009, 13-2010 or 13-2310. Within thirty days after a licensee is aware that a loan is a result of a violation of section 13-2008, 13-2009, 13-2010 or 13-2310, the licensee shall immediately correct any derogatory credit information that is reported to a consumer reporting agency as defined in section 44-1691 and that is the result of the violation.
Can you summarize 205 ILCS 10?
The Illinois Bank Holding Company Act of 1957 governs various actions related to bank holding companies and Illinois banks. It allows bank holding companies to operate within the state while protecting the independence of unit banks. The Act prohibits actions that would cause a company to become a bank holding company with respect to any Illinois bank or cause an Illinois bank to become a subsidiary of a bank holding company.
Can you summarize 205 ILCS 5?
The Illinois Banking Act is a comprehensive set of laws that govern banking activities in the state of Illinois. It covers various aspects such as the formation and powers of banks, capital requirements, stock provisions, mergers and conversions, loan limits, and other related matters. The Act applies to banks, trust companies, financial institutions, and other entities engaged in banking activities in Illinois. It does not specify any exemptions or penalties. The Act provides definitions for various terms used throughout the Act, which help clarify the scope and application of its provisions.
Can you summarize 205 ILCS 5/37?
This section of the Illinois Banking Act, specifically Section 37, governs loans to officers and loans on and purchases of a state bank’s own stock. It prohibits state banks from making loans or extensions of credit in excess of certain limits to its president, vice presidents, salaried officers or employees, directors, or corporations or firms controlled by them, without prior approval from the board of directors. Additionally, state banks are not allowed to make loans or discounts on the security of their own capital stock, preferred stock, debentures, or evidences of debt that are convertible into capital stock or are junior or subordinate in right of payment to deposit or other liabilities of the bank.
Can you summarize 205 ILCS 605?
The Consumer Deposit Account Act, as defined in the Illinois Compiled Statutes, governs the establishment and maintenance of consumer-deposit accounts by natural persons with a financial institution. A consumer-deposit account refers to a demand or other similar deposit account operated primarily for personal, family, or household purposes. The Act defines a financial institution as any bank subject to the Illinois Banking Act, including out-of-state banks, savings banks subject to the Savings Bank Act, savings and loan associations subject to the Illinois Savings and Loan Act of 1985, and federally chartered commercial banks, savings banks, or savings and loan associations operated in Illinois under the laws of the United States.
Can you summarize 205 ILCS 605/2?
(205 ILCS 605/2) (from Ch. 17, par. 502) Sec. 2. Identification and numbering of consumer - deposit account. For all consumer-deposit accounts
opened after January 1, 1982, all new checks, drafts, or orders drawn on
financial institution accounts shall clearly display on the face of each check,
draft, or order a number. Each check, draft,
or similar order shall be numbered consecutively. This
Section shall not apply to temporary checks, drafts, or orders of withdrawal
provided by financial institutions upon the opening of a consumer deposit
account.
Can you summarize 205 ILCS 610?
The Illinois Banking Emergencies Act, found under the Illinois Compiled Statutes, provides guidelines and procedures for handling emergencies that may disrupt the normal operations of banks and pose threats to their safety and security. The Act defines key terms such as ‘Commissioner’ and ‘Bank’ and clarifies the roles and responsibilities of designated ‘Officers’ in carrying out the provisions of the Act. It establishes the ‘Division of Banking’ as the regulatory authority.
Can you summarize 205 ILCS 616?
The provided legal document is the Electronic Fund Transfer Act under the Illinois Compiled Statutes. It defines various terms related to electronic fund transfers and applies to financial institutions, sellers of goods and services, issuers, and networks involved in electronic fund transfers. The Act does not specify any exemptions or penalties for non-compliance or violation of its provisions.
Can you summarize 205 ILCS 630?
The Promissory Note and Bank Holiday Act is a legal document that governs bank holidays and the closure of banks in the State of Illinois. It outlines the legal holidays upon which a bank may choose to remain closed, including New Year’s Day, Martin Luther King Jr.’s birthday, Presidents Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans’ Day, Thanksgiving Day, and Christmas Day. Additionally, banks are allowed to select one additional day of the week to remain closed on a regular basis, subject to certain requirements.
Can you summarize 205 ILCS 695?
The Illinois Automated Teller Machine Security Act, also known as the Automated Teller Machine Security Act, is a legal document that governs the security and operation of automated teller machines (ATMs) in the state of Illinois. The Act applies to financial institutions, operators of ATMs, and customers. It defines various terms related to ATMs, such as ‘access area,’ ‘access device,’ and ‘automated teller machine.’ The Act establishes requirements for defined parking areas, which are areas adjacent to ATMs used for customer parking during the hours of darkness.
Can you summarize 205 ILCS 700?
The Adverse Claims to Deposit Accounts Act, also known as the Adverse Claims to Deposit Accounts Act, is a law in the state of Illinois that governs the recognition of adverse claims to, or adverse claims of authority to control, deposit accounts held by financial institutions. The Act provides definitions for various terms used in the Act, such as ‘financial institution’, ‘deposit account’, ‘depositor’, and ‘person’. It clarifies that the rights of a person with respect to a deposit account under other acts and provisions are not affected by this Act.
Can you summarize 205 ILCS 710?
The provided legal document content is from the Banking on Illinois Act. This Act aims to create a favorable environment for banks to commence and operate their businesses in Illinois. It emphasizes the importance of a strong, profitable, and competitive banking industry in the state, which contributes to the economic strength and general welfare of Illinois. The Act recognizes the impact of the removal of geographic restrictions in federal banking laws and state laws, leading to the creation of community banks and interstate bank mergers.
Can you summarize 720 ILCS 5/17-1?
This legal document, known as Section 17-1 of the Criminal Code of 2012 under the Illinois Compiled Statutes, governs deceptive practices, bad checks, and bank-related fraud. It applies to any person who commits deceptive practices, issues bad checks, or engages in bank-related fraud. The document outlines various actions that constitute deceptive practices, such as causing another person to execute a document disposing of property or incurring a pecuniary obligation through deception or threat, knowingly receiving deposits in an insolvent financial institution, or making false or deceptive statements to promote the sale of property or services.
Can you summarize 720 ILCS 5/Art. 17, Subdiv. 25?
The legal document provides regulations and penalties for various offenses related to credit and debit card fraud in the state of Illinois. It covers offenses such as making false statements to procure credit or debit cards, possessing lost or mislaid cards, selling cards without consent, using cards with intent to defraud, possessing incomplete cards, furnishing items of value with intent to defraud, and failing to furnish items of value. The penalties for these offenses range from Class A misdemeanors to Class 3 or 4 felonies, depending on the specific offense and the value involved.
Can you summarize 765 ILCS 940?
The Mortgage Rescue Fraud Act, governed by the Illinois Compiled Statutes, regulates the activities of distressed property consultants and distressed property purchasers. It defines ‘distressed property’ and ‘distressed property consultant’ and exempts certain entities and individuals from the definition of a distressed property consultant. The Act requires distressed property consultant contracts to be in writing and fully disclose the nature of the consultant’s services and compensation terms. It also mandates the inclusion of a notice informing property owners of the consultant’s limitations and the owner’s right to cancel the transaction.
Can you summarize 810 ILCS 5/3-409?
This section of the Illinois Compiled Statutes, specifically the Uniform Commercial Code, governs the acceptance of drafts and certified checks. Acceptance refers to the drawee’s agreement to pay a draft as presented, which must be written on the draft and can consist of the drawee’s signature alone. Acceptance can be made at any time and becomes effective upon notification or delivery of the accepted draft. The section also clarifies that a draft can be accepted even if it lacks the drawer’s signature, is incomplete, overdue, or has been dishonored.
Can you summarize 810 ILCS 5/4-213?
This section of the Illinois Compiled Statutes, specifically the Uniform Commercial Code, governs the medium and time of settlement by a bank. The settlement can be prescribed by Federal Reserve regulations, clearing-house rules, agreements, or similar means. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve Bank or as specified by the person receiving settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit, debit, or funds transfer.
Can you summarize 810 ILCS 5/4-215?
This legal document, Section 4-215 of the Illinois Compiled Statutes, falls under the Uniform Commercial Code and specifically governs the final payment of items by payor banks, provisional debits and credits becoming final, and the availability of 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 provisionally settled and not revoked within the permitted time.
Can you summarize 810 ILCS 5/4-301?
This section of the Illinois Compiled Statutes, specifically the Uniform Commercial Code, governs the collection of items by payor banks. It outlines the procedures and requirements for payor banks when settling for demand items, such as returning the item or sending notice of dishonor or nonpayment. The section also specifies the time limits and methods for returning items or sending notice of dishonor. Additionally, it defines the time of dishonor for items and provides guidelines for returning items presented through a clearing-house or in other cases.
Can you summarize 810 ILCS 5/4-303?
This section of the Illinois Compiled Statutes, specifically the Uniform Commercial Code, governs the collection of items by payor banks. It outlines the circumstances under which knowledge, notice, stop-payment orders, legal processes, or setoffs received by a payor bank do not terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account. The section specifies the order in which items may be charged or certified and provides criteria for when the bank becomes accountable for the amount of the item.
Can you summarize 810 ILCS 5/4-401?
This section of the Illinois Compiled Statutes, specifically Section 4-401, governs the relationship between a payor bank and its customer in the context of bank deposits and collections. It outlines the circumstances under which a bank may charge a customer’s account, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank.
Can you summarize 810 ILCS 5/4-403?
This section of the Illinois Compiled Statutes, specifically the Uniform Commercial Code, governs the relationship between a payor bank and its customer in the context of bank deposits and collections. It grants the customer the right to stop payment of any item drawn on their account or close the account by providing an order to the bank. The stop-payment order is effective for 6 months, but lapses after 14 calendar days if the original order was oral and not confirmed in writing.
Can you summarize 810 ILCS 5/4-404?
(810 ILCS 5/4-404) (from Ch. 26, par. 4-404) Sec. 4-404. Bank
not obligated to pay check more than six months old. 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 6
months after its date, but it may charge its customer’s account for a
payment made thereafter in good faith. (Source: Laws 1961, p.
Can you summarize 810 ILCS 5/4-406?
This legal document, Section 4-406 of the Illinois Compiled Statutes, 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 the bank and the customer regarding unauthorized signatures or alterations on items. The bank is required to provide the customer with a statement of account that either returns the paid items or provides sufficient information for the customer to identify the items paid.
Can you summarize 810 ILCS 5/Art. 2A?
This legal document, Section 2A-103 of the Illinois Compiled Statutes, falls under the Uniform Commercial Code and specifically governs leases. It provides definitions for various terms used in the context of lease contracts. Some of the key definitions include ‘buyer in ordinary course of business’, ‘cancellation’, ‘commercial unit’, ‘conforming goods’, ‘consumer lease’, ‘fault’, ‘finance lease’, ‘goods’, ‘installment lease contract’, ’lease’, ’lease agreement’, ’lease contract’, ’leasehold interest’, ’lessee’, ’lessee in ordinary course of business’, ’lessor’, ’lessor’s residual interest’, ’lien’, ’lot’, ‘merchant lessee’, ‘present value’, ‘purchase’, ‘sublease’, ‘supplier’, ‘supply contract’, and ’termination’.
Can you summarize 810 ILCS 5/Art. 3?
The provided legal document content pertains to the negotiation, transfer, and endorsement of negotiable instruments under the Illinois Compiled Statutes, specifically the Uniform Commercial Code. It defines the process of transferring an instrument and the rights acquired by the transferee. The document states that negotiation occurs when a person other than the issuer transfers possession of the instrument to another person, who becomes the holder. If the instrument is payable to an identified person, negotiation requires transfer of possession and endorsement by the holder.
Can you summarize 810 ILCS 5/Art. 4?
These legal documents, part of the Illinois Compiled Statutes and specifically the Uniform Commercial Code, govern various aspects of bank deposits and collections. They establish the liability of banks for actions or non-actions with respect to items, define terms used in the context of bank deposits and collections, outline the responsibilities of collecting banks, and provide guidelines for the transfer and presentment of items. The documents also address the security interest of collecting banks, the determination of value, the settlement process, charge-back or refund rights, liability of collecting banks, and the return of items.
Can you summarize 810 ILCS 5/Art. 4A?
The provided legal document content, which falls under the Uniform Commercial Code, governs payment orders in funds transfers. It defines key terms related to payment orders and funds transfers, outlines the requirements for a valid payment order, and provides definitions for various terms used in the context of funds transfers. The documents also address the execution of sender’s payment orders by receiving banks, the obligations and liabilities of receiving banks, and the reporting of erroneously executed payment orders.
Can you summarize 810 ILCS 5/Art. 5?
This legal document, Section 5-102 of the Uniform Commercial Code under the Illinois Compiled Statutes, provides definitions for various terms related to letters of credit. It defines terms such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. The document also references definitions from other articles within the Uniform Commercial Code. It does not specify any exemptions or penalties.
Can you summarize 810 ILCS 5/Art. 9?
The provided legal document content consists of sections from the Illinois Compiled Statutes, specifically the Uniform Commercial Code (UCC), governing secured transactions. The sections cover definitions and index of definitions for Article 9, which applies to individuals and organizations involved in secured transactions. It defines terms such as ‘accession’, ‘account’, ‘account debtor’, ‘chattel paper’, ‘collateral’, ‘consumer goods’, and others, providing clarity on their scope and applicability. Another section focuses on purchase-money security interests, outlining the criteria for a security interest to be considered a purchase-money security interest, treatment of purchase-money security interests in software and consignor’s inventory, and the application of payments in non-consumer-goods transactions.
Can you summarize 815 ILCS 115?
The Actions to Enforce Payment Act governs the inclusion of persons severally liable upon bills of exchange or promissory notes in the same suit at the option of the plaintiff. Judgment rendered in such a suit shall be without prejudice to the rights of the several defendants as between themselves. In any suit mentioned in the Act, a separate judgment may be entered by default against any defendant or defendants severally liable who have been duly served with summons.
Can you summarize 815 ILCS 130?
The Revolving Charge Billing Act, also known as the Illinois Compiled Statutes 130/0.01, regulates the billing practices for retail customers who have made a purchase under a revolving charge account. According to Section 1 of the Act, any bill, memorandum, or statement of account sent to a retail customer must prominently display both the total balance owing on the account and the monthly payment due. It should also include the annual percentage rate of the total finance charge, interest charge, and other charges, as well as the payment due date or period to avoid additional interest charges or other fees.
Can you summarize 815 ILCS 140?
The Credit Card Issuance Act, outlined in the Illinois Compiled Statutes, regulates the use and acceptance of credit cards in purchase and sale transactions. It defines a credit card as a card that can be used to obtain money, goods, services, or anything else of value on credit. The Act specifically excludes debit cards and negotiable instruments as defined in the Uniform Commercial Code. It also defines a merchant credit card agreement as a written agreement between a seller and the issuer of a credit card, which obligates the seller to accept credit cards.
Can you summarize 815 ILCS 145?
The Credit Card Liability Act, also known as the Credit Card Liability Act, is a legal document in Illinois that governs the liability of individuals who have credit cards issued in their name without their request or application. According to the Act, a person is not liable to the issuer of the card for any purchases made or amounts owing unless they have indicated their acceptance of the card through signing, using the card, or permitting its use by another.
Can you summarize 815 ILCS 150?
The Unsolicited Credit Card Act of 1977, also known as the Illinois Compiled Statutes 815 ILCS 150/1, defines key terms related to credit cards and establishes regulations for their use. The Act applies to financial institutions, including banks, insurance companies, credit unions, savings and loan associations, investment trusts, and other depositories of money or medium of savings or collective investment. It also applies to cardholders who use credit cards to obtain money, goods, services, or anything else of value on credit or in consideration of an undertaking or guaranty by the issuer of the payment of a check drawn by the cardholder.
Can you summarize 815 ILCS 505?
The Consumer Fraud and Deceptive Business Practices Act is a legal document that governs the advertising, offering for sale, sale, or distribution of services and any property, tangible or intangible, real, personal or mixed, that directly or indirectly affects the people of Illinois. The Act applies to sellers and individuals involved in chain referral sales techniques or pyramid sales schemes. It defines various terms such as ‘advertisement’, ‘merchandise’, ‘person’, ‘sale’, ‘consumer’, ’trade’, ‘commerce’, and ‘pyramid sales scheme’.
Can you summarize 815 ILCS 530?
The Personal Information Protection Act, as defined in the Illinois Compiled Statutes, governs the handling, collection, dissemination, and dealing with nonpublic personal information by data collectors. It applies to government agencies, public and private universities, corporations, financial institutions, retail operators, and other entities. The Act defines ‘breach of the security of the system data’ as the unauthorized acquisition of computerized data compromising the security, confidentiality, or integrity of personal information. It excludes good faith acquisition of personal information by an employee or agent of the data collector for a legitimate purpose, as long as it is not used for an unrelated purpose or subject to further unauthorized disclosure.
Can you summarize 815 ILCS 530/10?
This section of the Illinois Compiled Statutes, specifically the Personal Information Protection Act, outlines the requirements for data collectors in Illinois regarding the notification of breaches of personal information. It mandates that data collectors who own or license personal information of Illinois residents must notify the affected residents of any breach of the security of the data system. The notification should be made as soon as possible and without unreasonable delay.
Can you summarize 815 ILCS 530/5?
The Personal Information Protection Act, as defined in the Illinois Compiled Statutes, governs the handling, collection, dissemination, and dealing with nonpublic personal information by data collectors. Data collectors include government agencies, public and private universities, corporations, financial institutions, retail operators, and other entities. The Act defines ‘breach of the security of the system data’ as the unauthorized acquisition of computerized data compromising the security, confidentiality, or integrity of personal information. However, it excludes good faith acquisition of personal information by an employee or agent of the data collector for a legitimate purpose, as long as it is not used for an unrelated purpose or subject to further unauthorized disclosure.
Can you summarize WYST 13-10-104?
This provision under Wyoming Statutes governs the wrongful certification, issuance, or delivery of instruments, preferences, or borrowing by individuals associated with financial institutions. It applies to owners, directors, officers, agents, and employees of financial institutions. The provision states that willfully certifying a check without sufficient funds is a misdemeanor punishable by a fine not exceeding $1,000. Issuing or delivering any certificate of deposit, drawing checks, drafts or bills of exchange, making acceptances, or signing certain financial instruments without board approval is a felony punishable by imprisonment for a period ranging from 1 to 20 years.
Can you summarize WYST 13-3-102?
No bank shall loan any of its funds to executive officers, directors or to any person owning or controlling ten percent (10%) or more of the bank’s or its bank holding company’s voting ownership interests, or to any person in which any of the executive officers, directors or owners or controllers are interested except upon the written application of the person and then only with the prior approval of a majority of the board of directors.
Can you summarize WYST 13-3-602?
The amount of any check certified shall immediately be charged to the drawer’s account and credited to a certified check account from which the check is payable.
Can you summarize WYST 13-3-603?
Any bank may refuse to pay any check, draft or order upon it if the officers or owners of the bank have reason to believe that the person signing or endorsing the instrument is or was so under the influence of alcohol or drugs as to make it doubtful whether the person is or was capable of transacting business at the time of signing or endorsing the instrument. No cause of action accrues against the bank by reason of the refusal of a bank or officer to pay an instrument under this section.
Can you summarize WYST 34.1-4-213?
This legal document governs the medium and time of settlement by a bank. It applies to banks involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, 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 to receive settlement.
Can you summarize WYST 34.1-4-215?
This legal document governs the final payment of items by payor banks, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, collecting banks, and customers. 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 provisionally settled and not revoked within the permitted time.
Can you summarize WYST 34.1-4-301?
This legal document governs the actions and responsibilities of payor banks in relation to the settlement, recovery, and dishonor of demand items. If a payor bank settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt, it has the option to revoke the settlement and recover the settlement amount. This can be done by returning the item or sending written notice of dishonor or nonpayment if the item is unavailable for return.
Can you summarize WYST 34.1-4-303?
This provision, found in the Wyoming Statutes under the Uniform Commercial Code, specifically in the section on Bank Deposits and Collections, pertains to the collection of items by payor banks. 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 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.
Can you summarize WYST 34.1-4-401?
This legal document governs the relationship between a payor bank and its customer. It states that a bank may 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 in accordance with any agreement between the customer and the bank. The customer is not liable for the amount of an overdraft if they did not sign the item or benefit from its proceeds.
Can you summarize WYST 34.1-4-403?
This provision, found in the Wyoming Statutes under the Uniform Commercial Code, governs a customer’s right to stop payment of any item drawn on their account or close the account. The customer or any authorized person may 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 before taking any action on the item. 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 WYST 34.1-4-404?
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 (6) months after its date, but it may charge its customer’s account for a payment made thereafter in good faith.
Can you summarize WYST 34.1-4-406?
This legal document, part of the Wyoming Statutes’ Uniform Commercial Code, specifically addresses the duty of customers to discover and report unauthorized signatures or alterations in bank transactions. According to the document, banks are required to either return or provide sufficient information about paid items in a customer’s statement of account. If the items are not returned, the bank must retain them or maintain legible copies for seven years. Customers are expected to promptly examine the statement or items and notify the bank if they discover any unauthorized payments due to alterations or unauthorized signatures.
Can you summarize WYST 40-12-501?
This legal document pertains to consumer protection in relation to credit freeze reports in the state of Wyoming. It defines various terms such as ‘breach of the security of the data system’, ‘consumer’, ‘consumer reporting agency’, ‘credit report’, ‘creditor’, ‘financial institution’, ‘personal identifying information’, ‘redact’, ‘security freeze’, and ‘substitute notice’. The document specifies that the breach of the security of the data system refers to the unauthorized acquisition of personal identifying information that compromises its security, confidentiality, or integrity and causes loss or injury to a resident of Wyoming.
Can you summarize WYST 40-12-502?
This legal document governs the obligations of individuals or commercial entities conducting business in Wyoming that own or license computerized data containing personal identifying information about a resident of Wyoming. When a breach of the security system occurs, the entity must conduct a reasonable and prompt investigation to determine the likelihood of misuse of personal identifying information. If misuse has occurred or is reasonably likely to occur, the entity must provide notice to the affected Wyoming resident as soon as possible.
Can you summarize WYST 40-14-235?
(a) This part applies to consumer credit sales and consumer leases. (b) The administrator may seek an appropriate remedy, penalty, action or license revocation or suspension as provided in articles 5 and 6 of this chapter against a person licensed under this act for a violation of 10 U.S.C. 987 or any rule promulgated that is authorized by that section.
Can you summarize WYST 6-3-602?
The provided legal document pertains to the offense of forgery in Wyoming. It states that a person is guilty of forgery if they alter any writing of another without authority, make, complete, execute, authenticate, issue, or transfer any writing that purports to be the act of another who did not authorize it, or utter any writing that they know to be forged. Forgery is a felony punishable by imprisonment for up to ten (10) years, a fine of up to ten thousand dollars ($10,000.
Can you summarize WYST 6-3-607?
This legal document, part of the Wyoming Statutes, specifically addresses the offense of defrauding creditors. It applies to mortgagors of property or debtors who have given a security interest in property. The document outlines three actions that constitute defrauding creditors: transferring or concealing the property in derogation of the mortgagee’s or secured party’s interest, removing the property from the jurisdiction without obtaining written consent, or changing, altering, removing, substituting, mutilating, covering up, or defacing any identifying characteristic of the property.
Can you summarize WYST 6-3-702?
This provision, found in the Wyoming Statutes under Offenses Against Property, specifically addresses fraud by check. It states that any person who knowingly issues a check without sufficient funds or credit commits fraud by check. The penalties for fraud by check depend on the amount involved. If the fraudulent check is for less than $1,000, it is considered a misdemeanor punishable by imprisonment for up to 6 months, a fine of up to $750, or both.
Can you summarize WYST 6-3-703?
This provision, found in the Wyoming Statutes under the section for offenses against property, specifically addresses check fraud. It establishes prima facie evidence of intent that a person issuing a check or other order for the payment of money did not intend for it to be paid. There are three circumstances that serve as prima facie evidence of such intent: (i) the person did not have an account with the drawee at the time of issuance, (ii) the person did not have sufficient funds with the drawee at the time of issuance and failed to pay the check or order within five days of receiving notice of nonpayment or dishonor, or (iii) when presentment was made in a reasonable time, the issuer did not have sufficient funds with the drawee and failed to pay the check or order within five days of receiving notice of nonpayment or dishonor.
Can you summarize WYST 6-3-705?
This provision governs the liability of drawees for releasing information to payees, holders, or officials, as well as the liability of persons committing fraud to holders. Drawees are not civilly or criminally liable for releasing certain information upon written request, such as the status of the account and the current addresses and telephone numbers of the drawer. Drawees are also not liable for releasing certain information to law enforcement or prosecuting officials who are investigating a complaint against the drawer.
Can you summarize WYST Title 13, Chapter 1?
The provided legal document content covers various aspects of Wyoming’s banking and finance laws. It includes the powers and duties of the state banking commissioner, the creation and operation of the state banking board, regulations for remote electronic banking facilities, disclosures related to checking accounts, operating hours of banks, requirements for various financial institutions and entities authorized to do business in the state, regulations for open banking, and the protection of vulnerable adults.
Can you summarize WYST Title 13, Chapter 10?
The provided legal document content pertains to administrative enforcement actions related to banks, banking, and finance in Wyoming. It covers various aspects such as the enforcement of provisions, issuance of cease and desist orders, temporary cease and desist orders, removal of officers or directors, temporary suspension of officers or directors, and assessment of civil penalties. The document outlines the process for enforcing the provisions through informal actions, joint enforcement with federal regulatory agencies, and the issuance of cease and desist orders after notice and opportunity for hearing.
Can you summarize WYST Title 13, Chapter 11?
The provided legal document content pertains to the deposit of funds in the context of Wyoming Statutes related to banks, banking, and finance. It states that all fees, costs, compensation, and expenses required to be paid to the state banking commissioner, as provided under this title or any rule promulgated under this title, and not otherwise designated for deposit, shall be deposited by the state banking commissioner with the state treasurer.
Can you summarize WYST Title 13, Chapter 2?
The provided legal document content governs the organization of banks in Wyoming, specifically focusing on the election, term, vacancies, and number of directors. It outlines the requirements for the management of banks, including the adoption and amendment of bylaws, the oath and financial statement requirements for directors, the duration of office for directors, the timing and process of annual elections, the removal of directors, and the filling of vacancies. The document also covers the reporting requirements for directors, including the submission of detailed reports and the maintenance of minutes.
Can you summarize WYST Title 13, Chapter 3?
The provided legal document content covers various aspects of banking operations in Wyoming. It governs the inspection of banks, associated fees, retention of business records, limitations on individual indebtedness, accounting practices, acquisition of real estate, investment of assets, borrowing activities, establishment and operation of operating subsidiaries, fidelity bond requirements, loaning funds to executive officers and directors, and preference to depositors or creditors. The documents apply to all banks operating in Wyoming.
Can you summarize WYST Title 13, Chapter 4?
The provided legal document content covers various aspects of the reorganization and liquidation of banks, appointment and duties of a conservator, insolvency and reorganization of banks, change of location for banks within Wyoming, amendment of articles of incorporation for banks, and merger, conversion, and change in place of business of banks. The documents outline the process and requirements for the payment of stockholders, termination of conservatorship, distribution of assets, and the powers and duties of the state banking commissioner in the reorganization and liquidation of banks.
Can you summarize WYST Title 13, Chapter 9?
This legal document governs the acquisitions of banks by bank holding companies in Wyoming. It sets forth the conditions under which a company may acquire a Wyoming bank or a Wyoming bank holding company. The document defines the term ‘acquire’ and outlines various actions that constitute an acquisition, including mergers, ownership or control of voting ownership interests, and acquisition of assets. It provides definitions for terms such as ‘affiliate’, ‘bank’, ‘bank supervisory agency’, ‘branch’, ‘company’, ‘control’, ‘deposit’, ‘foreign bank holding company’, ‘home state supervisor’, ‘insured depository institution’, ‘out-of-state bank holding company’, ‘principal place of business’, ‘state’, ‘Wyoming bank’, and ‘Wyoming bank holding company’.
Can you summarize WYST Title 34, Chapter 21, Article 5?
The provided legal document content pertains to the topic of Letters of Credit. Letters of Credit are financial instruments commonly used in international trade to facilitate secure payment between buyers and sellers. The document likely contains information on the definition and purpose of letters of credit, the roles and responsibilities of the parties involved, the process of issuing and utilizing letters of credit, and the legal implications and requirements associated with their use.
Can you summarize WYST Title 34, Chapter 24?
The Wyoming Uniform Unclaimed Property Act governs the treatment of abandoned or unclaimed property in the state. It applies to various entities, including individuals, business associations, government entities, and more. The act defines terms such as ‘administrator’, ‘apparent owner’, ‘attorney general’, and ‘holder’. It covers different types of property, including intangible property, mineral proceeds, bank deposits, and more. The act establishes the framework for handling unclaimed property, including reporting requirements, payment or delivery to the administrator, public sale of abandoned property, and the custody of property by the state.
Can you summarize WYST Title 34.1, Article 3?
The provided legal document content focuses on the regulations and rules governing negotiable instruments under the Uniform Commercial Code (UCC) in Wyoming Statutes. It applies to individuals, businesses, and organizations involved in transactions and dealings with negotiable instruments in Wyoming. The document does not mention any specific exemptions. The penalties for non-compliance or violation of the provisions related to negotiable instruments may vary and should be referred to the relevant statutes and legal authorities for detailed information.
Can you summarize WYST Title 34.1, Article 4?
The provided legal document governs various aspects related to bank deposits and collections under the Uniform Commercial Code in Wyoming. It specifies the responsibility of a bank when presenting documentary drafts for collection, including the requirement to present or send the draft and accompanying documents for presentment. The document also outlines the actions and responsibilities of payor banks in relation to the settlement, recovery, and dishonor of demand items. It establishes the status of a collecting bank as an agent and the provisional status of credits.
Can you summarize WYST Title 34.1, Article 4.A?
The provided legal document content consists of provisions found in the Wyoming Statutes under the Uniform Commercial Code, specifically addressing various aspects of funds transfers. The provisions govern the rights and obligations of parties involved in funds transfers, allowing for the variation of rights and obligations through agreement, except where otherwise provided in the article. The document defines ‘funds-transfer system rule’ as a rule of an association of banks that governs the transmission of payment orders or rights and obligations between banks involved in a funds transfer.
Can you summarize WYST Title 34.1, Article 5?
The provided legal document governs the use and operation of letters of credit. It defines various terms related to letters of credit and provides a comprehensive understanding of the roles and responsibilities of different parties involved in letters of credit transactions. The document applies to parties involved in such transactions, including issuers, beneficiaries, nominated persons, and applicants. It allows for variations by agreement or provision, except for specific subsections and where prohibited by other sections of the Wyoming Statutes.
Can you summarize WYST Title 34.1, Article 9?
The provided legal document content pertains to the transition provisions for the 2013 amendments to the Wyoming Statutes under the Uniform Commercial Code for secured transactions. These provisions specify the effective date of the 2013 amendments, stating that they are effective from July 1, 2013. The amendments apply to transactions or liens within their scope, regardless of whether they were entered into or created before July 1, 2013. However, the amendments do not affect actions, cases, or proceedings commenced before July 1, 2013.
Can you summarize WYST Title 40, Chapter 14, Article 2?
The provided legal document content pertains to the Wyoming Uniform Consumer Credit Code, specifically related to credit sales, consumer leases, home solicitation sales, and revolving charge accounts. The code governs various aspects of consumer credit transactions, including the definition of key terms, requirements for credit sales and leases, disclosure obligations, and the calculation of credit service charges. It provides definitions for terms such as ‘consumer credit sale,’ ‘consumer lease,’ ‘goods,’ ‘services,’ ‘home solicitation sale,’ ‘revolving charge account,’ and ‘credit service charge.
Can you summarize WYST Title 40, Chapter 14, Article 3?
The provided legal document content pertains to the Wyoming Uniform Consumer Credit Code, specifically focusing on consumer loans, loan finance charges, revolving loan accounts, deferral charges, loan refinancing and consolidation, pawn transactions, and post-dated check cashing. The documents define key terms such as ‘consumer loan’, ’lender’, ‘precomputed’, ‘principal’, and ’loan finance charge’. They outline the requirements and limitations for loan finance charges, including maximum rates and classifications based on amounts financed.
Can you summarize WYST Title 6, Chapter 3, Article 8?
The provided legal document content pertains to the unlawful use of credit cards, charge cards, and debit cards in the state of Wyoming. It defines key terms such as ‘credit card’, ‘charge card’, and ‘debit card’. Unlawful use of these cards is committed when a person uses a card or its information without the consent of the cardholder, uses a revoked, cancelled, or expired card, or knowingly uses a falsified, mutilated, or altered card.
Can you summarize WYST Title 6, Chapter 3, Article 9?
This section of the Wyoming Statutes addresses the offense of theft of identity. It applies to individuals who willfully obtain personal identifying information of another person and use that information for any unlawful purpose, including obtaining credit, goods, services, or medical information without the person’s consent. Personal identifying information includes various data elements such as address, telephone number, social security number, driver’s license number, account numbers, and more. Theft of identity can be classified as a misdemeanor or a felony, depending on the economic benefit gained or attempted to be gained by the defendant.
Can you summarize 36a CTGS 263?
This section of the General Statutes of Connecticut, specifically under The Banking Law of Connecticut, governs the extensions of credit to directors, executive officers, principal shareholders, and their related interests and associates. Connecticut banks are required to comply with the restrictions outlined in 12 CFR Section 337.3, with the exception of Section 215.7 of Federal Reserve Board Regulation O. No executive officer, director, employee, agent, or other person shall participate in any conduct that violates this subsection.
Can you summarize 36a CTGS 701b?
This legal document governs the breach of security regarding computerized data containing personal information. It requires any person who owns, licenses, or maintains such data to provide notice of any breach of security to residents of Connecticut whose personal information was breached or reasonably believed to have been breached. The notice should be provided without unreasonable delay but not later than sixty days after the discovery of the breach. If additional residents are identified after sixty days, they should be notified as soon as possible.
Can you summarize 36a CTGS Chapter 664c?
The legal documents reviewed cover a wide range of topics related to the banking industry in Connecticut. They provide guidelines and regulations for various activities such as mergers, consolidations, conversions, establishment and closure of branches, operation of automated teller machines (ATMs), virtual banking, and the organization and operation of bank holding companies. The documents outline the requirements, procedures, and approval processes for these activities, including the filing of necessary documents, compliance with relevant laws, and obtaining approvals from the commissioner.
Can you summarize 36a CTGS Chapter 665b?
This legal document, found within The Banking Law of Connecticut, governs the permitted investments for Connecticut banks when holding funds and assets in a fiduciary capacity. Connecticut banks are allowed to invest in the same investments as trustees under section 45a-203, and additionally, they can invest in other investments authorized by the instrument, judgment, decree, or order creating the trust or fiduciary relationship. They are also permitted to sell or mortgage any real estate held in a fiduciary capacity.
Can you summarize 36a CTGS Chapter 666?
The provided legal document content covers various aspects of out-of-state banks and their operations in Connecticut. The documents define terms related to out-of-state banking activities and specify their meanings in the context of out-of-state banks and branches. They also outline the powers of out-of-state holding companies regarding interstate acquisitions and the establishment of banks and Connecticut holding companies. The documents provide criteria for the commissioner to consider when approving such actions, including the impact on competition, safe and sound banking practices, and benefits to the public.
Can you summarize 42 CTGS Chapter 743u?
The provided legal document content consists of two sections of the General Statutes of Connecticut. The first section governs prepaid calling cards and requires prepaid calling card companies to disclose certain information to consumers at the time of sale. This includes surcharges or fees, rounding of time used, application fees, restrictions on use, and a toll-free consumer assistance telephone number. The Commissioner of Consumer Protection has the authority to adopt additional regulations regarding consumer disclosures.
Can you summarize 42a CTGS Article 2A?
This legal document, part of the General Statutes of Connecticut and the Uniform Commercial Code, specifically addresses leases under the Uniform Commercial Code - Articles 1 to 10. It provides definitions for various terms used in lease contracts and outlines the requirements for enforceability of lease contracts. The document also addresses the rights and obligations of lessors and lessees, the transfer of leasehold interests, the risk of loss, warranties, default procedures, and remedies in case of default.
Can you summarize 42a CTGS Article 3?
This legal document, part of the Uniform Commercial Code - Articles 1 to 10, specifically addresses negotiable instruments. It defines a negotiable instrument as an unconditional promise or order to pay a fixed amount of money, payable to bearer or to order, on demand or at a definite time, without any additional undertakings or instructions. However, the instrument may include provisions for collateral, confession of judgment, or waiver of certain laws.
Can you summarize 42a CTGS Article 4, Section 213?
This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations, circulars, clearinghouse 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.
Can you summarize 42a CTGS Article 4, Section 215?
This legal document, part of the General Statutes of Connecticut under the Uniform Commercial Code - Articles 1 to 10, specifically addresses 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 document, 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 provisionally settled and not revoked within the permitted time.
Can you summarize 42a CTGS Article 4, Section 301?
This legal document, part of the General Statutes of Connecticut under the Uniform Commercial Code - Articles 1 to 10, specifically addresses the procedures and actions related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. It outlines that if a payor bank settles for a demand item other than a documentary draft presented for immediate payment over the counter before midnight of the banking day of receipt, it may revoke the settlement and recover the settlement by returning the item or sending written notice of dishonor or nonpayment.
Can you summarize 42a CTGS Article 4, Section 303?
This legal document, found within the General Statutes of Connecticut under the Uniform Commercial Code - Articles 1 to 10, specifically Bank Deposits and Collections, addresses the timing and order of actions related to items subject to notice, stop-payment order, legal process, or set-off. It states that if a payor bank receives knowledge, notice, stop-payment order, or legal process, or exercises set-off after certain events have occurred, such as accepting or certifying the item, paying the item in cash, settling for the item, becoming accountable for the amount of the item, or reaching a cutoff hour for checks, it cannot terminate, suspend, or modify its right or duty to pay the item or charge its customer’s account.
Can you summarize 42a CTGS Article 4, Section 401?
This legal document, found in the General Statutes of Connecticut under the Uniform Commercial Code - Articles 1 to 10, specifically in the section on Bank Deposits and Collections, governs the charging of a customer’s account by a bank. According to the document, a bank may charge against the customer’s account for items that are properly payable, even if it creates an overdraft. The item must be authorized by the customer and in accordance with any agreement between the customer and the bank.
Can you summarize 42a CTGS Article 4, Section 403?
This legal document, found in the General Statutes of Connecticut under the Uniform Commercial Code - Articles 1 to 10, specifically in the section on Bank Deposits and Collections, addresses the customer’s right to stop payment and the burden of proof of loss. According to the document, a customer or any person authorized to draw on the account can stop payment of any item drawn on the customer’s account or close the account by providing an order to the bank.
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 53a CTGS 127b?
This legal document pertains to the fraudulent use of an automated teller machine. It states that a person is guilty of this offense when they knowingly use an automated teller machine in a fraudulent manner with the intent to deprive another of property or appropriate it for themselves or a third person. The definition of an automated teller machine includes unmanned devices used for banking transactions. The crime is deemed to have been committed in the town where the automated teller machine is located.
Can you summarize 53a CTGS 128?
This legal document, found in the General Statutes of Connecticut, specifically in the Penal Code, outlines the offense of issuing a bad check. It states that a person is guilty of this offense if they issue a check knowing that there are insufficient funds to cover it, and if they intend or believe that payment will be refused by the drawee upon presentation, and payment is indeed refused. The document also establishes a presumption that the issuer knows the check will not be paid if they had no account with the drawee at the time of issuance, or if payment was refused by the drawee for insufficient funds within thirty days and the issuer failed to make good within eight days after receiving notice.
Can you summarize 53a CTGS 128a?
This section, along with sections 53a-128b to 53a-128i of the General Statutes of Connecticut, provides definitions related to credit and debit card crimes. The section defines key terms such as ‘cardholder,’ ‘credit card,’ ‘debit card,’ ‘digital wallet,’ ’expired payment card,’ ‘issuer,’ ‘participating party,’ ‘payment card,’ ‘receives,’ and ‘revoked payment card.’ It clarifies that a payment card can be either a credit card or a debit card. The section also includes an amendment that replaces references to ‘credit card’ with ‘payment card’ and makes technical changes.
Can you summarize 53a CTGS 128b?
Any person who makes or causes to be made, either directly or indirectly, any false statement in writing, knowing it to be false and with intent that it be relied on, respecting such person’s identity or the identity of any other person or such person’s financial condition or that of any other person, for the purpose of procuring the issuance of a payment card or loading the payment card into a digital wallet, violates this section and is subject to the penalties set forth in subsection (a) of section 53a-128i.
Can you summarize 53a CTGS 128c?
This legal document, found in the General Statutes of Connecticut under the Penal Code, specifically addresses payment card theft, illegal transfer, fraud, and forgery. It applies to any person who takes a payment card without consent, receives a lost or mislaid payment card, sells a payment card, obtains control over a payment card as security for debt, or receives payment cards issued in the names of two or more persons under suspicious circumstances.
Can you summarize 53a CTGS 128d?
This legal document pertains to the illegal use of payment cards. It states that any person who uses a payment card obtained or retained in violation of section 53a-128b or a payment card which they know is forged, expired, or revoked, is in violation of this subsection. The penalties for this violation are set forth in subsection (a) of section 53a-128i if the value of all money, goods, services, and other things of value obtained does not exceed five hundred dollars in any six-month period.
Can you summarize 53a CTGS 128e?
This provision, found in the General Statutes of Connecticut under the Penal Code, specifically addresses the illegal furnishing of money, goods, services, or anything else of value on a payment card. It applies to any person who is authorized by an issuer or a participating party to provide such items upon presentation of a payment card by the cardholder, as well as any agent or employee of such person. The provision prohibits the furnishing of money, goods, services, or anything else of value if it is done with the intent to defraud the issuer, participating party, cardholder, or any other person.
Can you summarize 53a CTGS 128f?
This section of the General Statutes of Connecticut, specifically the Penal Code, addresses the unlawful completion or reproduction of payment cards. It prohibits any person, other than the cardholder, from possessing two or more incomplete payment cards or distinctive elements of a payment card with the intent to complete the cards or utilize the elements in the production or reproduction of payment cards without the issuer’s consent. It also prohibits the possession of distinctive elements, machinery, plates, or contrivances designed to produce or reproduce payment cards without consent.
Can you summarize 53a CTGS 128g?
Any person who receives money, goods, services or anything else of value obtained in violation of section 53a-128d, knowing or believing the same to have been so obtained, violates this section and is subject to the penalties set forth in subsection (a) of section 53a-128i. Any person who obtains at a discount price a ticket issued by an airline, railroad, steamship or other transportation company which was acquired in violation of section 53a-128d without reasonable inquiry to ascertain that the person from whom it was obtained had a legal right to possess it shall be presumed to know that such ticket was acquired under circumstances constituting a violation of said section.
Can you summarize 53a CTGS 128h?
In any prosecution for violation of sections 53a-128a to 53a-128i, inclusive, the state is not required to establish and it is no defense: (1) That a person other than the defendant who violated said sections has not been convicted, apprehended or identified; or (2) that some of the acts constituting the violation did not occur in this state or were not a violation or elements of a violation where they did occur.
Can you summarize 53a CTGS 128i?
(a) Any person who is subject to the penalties of this subsection shall be guilty of a class A misdemeanor. (b) Any person who is subject to the penalties of this subsection shall be guilty of a class D felony. (1971, P.A. 871, S. 37.)
Can you summarize 53a CTGS 138?
(a) A person is guilty of forgery in the first degree when, with intent to defraud, deceive or injure another, he falsely makes, completes or alters a written instrument or issues or possesses any written instrument which he knows to be forged, which is or purports to be, or which is calculated to become or represent if completed: (1) Part of an issue of money, stamps, securities or other valuable instruments issued by a government or governmental instrumentality; or (2) part of an issue of stock, bonds or other instruments representing interests in or claims against a corporate or other organization or its property.
Can you summarize 10 GACO Chapter 1, Article 34?
The Georgia Personal Identity Protection Act governs the notification requirements in case of a breach of security involving personal information. It applies to information brokers, data collectors, and persons or businesses maintaining computerized data on behalf of information brokers or data collectors. The Act mandates prompt notification to any resident of Georgia whose unencrypted personal information was acquired by an unauthorized person. Notification should be made without unreasonable delay, considering the needs of law enforcement or measures necessary to determine the scope of the breach and restore the integrity, security, and confidentiality of the data system.
Can you summarize 11 GACO Article 2A?
The provided legal document content pertains to lease contracts under the Georgia Commercial Code. It includes definitions and an index of definitions related to lease contracts, clarifying terms such as ‘buyer in ordinary course of business,’ ‘cancellation,’ ‘commercial unit,’ ‘conforming goods,’ ‘consumer lease,’ ‘fault,’ ‘finance lease,’ ‘goods,’ ‘installment lease contract,’ ’lease,’ ’lease agreement,’ ’lease contract,’ ’leasehold interest,’ ’lessee,’ ’lessee in ordinary course of business,’ ’lessor,’ ’lessor’s residual interest,’ ’lien,’ ’lot,’ ‘merchant lessee,’ ‘present value,’ ‘purchase,’ ‘sublease,’ ‘supplier,’ ‘supply contract,’ and ’termination.
Can you summarize 11 GACO Article 3?
These legal documents, part of the Georgia Code Commercial Code section on Negotiable Instruments, provide definitions, rules, and guidelines for the creation, transfer, enforcement, and liability of negotiable instruments in Georgia. They cover various aspects such as the negotiation, transfer, and indorsement of negotiable instruments, the enforcement of negotiable instruments, the liability of parties involved, the dishonor of negotiable instruments, and the discharge and effect of discharge in relation to the payment of instruments.
Can you summarize 11 GACO Article 4?
This legal document, known as the ‘Uniform Commercial Code Bank Deposits and Collections,’ governs the liability of banks for their actions or nonactions related to items handled for presentment, payment, or collection. It specifies that if the items fall within Articles 3 and 8 of the Georgia Code’s Commercial Code, they are subject to those articles. In case of conflict, this article governs Article 3, but Article 8 governs this article.
Can you summarize 11 GACO Article 4A?
The provided legal document content covers various provisions related to funds transfers under the Georgia Code, specifically the Commercial Code section on Funds Transfers. It governs the definitions and conditions for payment orders and funds transfers, including the obligations of receiving banks, refund of payment for unauthorized orders, and consequences of erroneous payment orders. The documents also provide guidelines for the identification of beneficiaries, cancellation and amendment of payment orders, rejection of payment orders, and the liability of receiving banks.
Can you summarize 11 GACO Article 5?
The provided legal document, known as the Uniform Commercial Code Letters of Credit, governs the regulations and principles related to letters of credit. It applies to parties involved in such transactions. The document does not mention any specific exemptions or penalties.
Can you summarize 11 GACO Article 9?
The provided legal document content covers various aspects of secured transactions, sales of accounts and chattel paper, perfection and priority of security interests, default and enforcement of security interests, the 2001 Transition, perfection of security interests, and the operation and procedures related to secured transactions and filing. These documents apply to individuals and entities involved in secured transactions, such as creditors, debtors, secured parties, account debtors, assignees, lessees, lessors, promissory note holders, health care insurance receivables assignees, general intangibles assignees, and letter of credit rights assignees.
Can you summarize 16 GACO Chapter 11, Article 3?
The provided legal document governs invasions of privacy, wiretapping, eavesdropping, surveillance, and related offenses. It applies to individuals, organizations, and agencies. The document defines and proscribes invasions of privacy and provides greater protection to individual privacy rights than the Omnibus Crime Control and Safe Street Act of 1968. It recognizes a cause of action for invasion of privacy through wiretapping, irrespective of whether information obtained is published or disclosed. The document is inapplicable to agencies of the United States.
Can you summarize 16 GACO Chapter 9, Article 2?
The provided legal document pertains to Deposit Account Fraud, which is governed by the Georgia Code section on Forgery and Fraudulent Practices. It applies to individuals who knowingly make, draw, utter, execute, or deliver an instrument for the payment of money on a bank or depository, knowing that it will not be honored. The offense is committed when there is a present consideration or wages involved. The document provides specific circumstances that establish prima facie evidence of the accused’s knowledge of non-payment.
Can you summarize 16 GACO Chapter 9, Article 3?
The provided legal document content pertains to the Georgia Code section on Crimes and Offenses, specifically focusing on the topic of Illegal Use of Financial Transaction Cards. The document defines various terms related to financial transaction cards and outlines the offenses of financial transaction card theft, financial transaction card forgery, financial transaction card fraud, criminal possession of financial transaction card forgery devices, criminally receiving goods and services fraudulently obtained, criminal factoring of financial transaction card records, unauthorized use of financial transaction cards, and the publication of information regarding schemes for financial transaction card fraud or theft of telecommunication services.
Can you summarize 16 GACO Chapter 9, Article 8?
The provided legal document content pertains to the Georgia Code, specifically the section on Crimes and Offenses related to Forgery and Fraudulent Practices, specifically Identity Fraud. The document provides definitions for various terms used in the article, including ‘Attorney General’, ‘Business victim’, ‘Consumer victim’, ‘Health care records’, and ‘Identifying information’. It also includes a list of examples of identifying information, such as social security numbers, driver’s license numbers, and birth dates.
Can you summarize 44 GACO Chapter 12, Article 5?
This legal document governs the disposition of unclaimed property in the state of Georgia. It applies to entities or individuals who are in possession of unclaimed property. The document does not mention any specific exemptions. However, it is important to note that penalties for non-compliance or violation of the document’s provisions are not specified. The document provides cross-references to other legal provisions related to archeological exploration, excavation, or surveying, submerged cultural resources, and disposition of abandoned motor vehicles.
Can you summarize 7 GACO Chapter 1, Article 2, Part 6?
This legal document, part of the Georgia Code under the Banking And Finance section, specifically pertains to the regulations and provisions related to Deposits, Safe-Deposit Agreements, and Money Received for Transmission. It applies to Banks and Trust Companies operating in Georgia. The document does not mention any specific exemptions or penalties. It is important for banks and trust companies to comply with these regulations to ensure the proper handling of deposits, safe-deposit agreements, and money received for transmission.
Can you summarize 7 GACO Chapter 1, Article 2, Part 7?
This legal document governs the deposits made by financial institutions. Financial institutions are allowed to deposit their funds in any depository that is selected or authorized by their directors and is authorized by law to receive deposits. In the case of a depository located in the United States, it must also have deposit insurance issued by a federal public body. However, if a director of the financial institution has a relationship with a depository as an officer, director, or owner of 5 percent or more of the shares, the depository must be approved by a majority of the other directors.
Can you summarize 7 GACO Chapter 1, Article 2?
The provided legal document content covers various aspects related to Banks and Trust Companies in Georgia. It includes information on investment programs offered jointly by banks and brokerage firms, corporate powers granted to banks and trust companies, powers of banks, trust companies, and fiduciary investment companies, regulations and provisions related to deposits, safe-deposit agreements, and money received for transmission, sale and disposition of assets, establishment of representative offices, establishment and operation of branch offices, interstate acquisitions, and interstate banking and branching by merger.
Can you summarize 7 GACO Chapter 1, Article 4?
This legal document, part of the Georgia Code on Banking and Finance, governs the sale of payment instruments, specifically checks or money orders. It provides definitions for various terms used in the article and includes historical amendments. The regulation applies to licensees, authorized agents, payment instrument holders, payment instrument issuers, money transmitters, and sellers of payment instruments. Closed-loop transactions are exempted from the regulation. The document also provides exemptions from licensing requirements for various entities.
Can you summarize 7 GACO Chapter 1, Article 4A?
This legal document governs the cashing of payment instruments in the state of Georgia. It applies to financial institutions operating within the state. The document defines various terms related to the cashing of payment instruments and establishes the scope of its application to individuals, partnerships, associations, or corporations engaged in cashing payment instruments for a fee. The document outlines the requirements for obtaining a license to cash payment instruments, including the submission of a written application, payment of fees, and providing necessary information.
Can you summarize 7 GACO Chapter 5?
This legal document, part of the Georgia Code on Banking and Finance, governs the regulation of credit cards and credit card banks in Georgia. It applies to entities involved in credit card and credit card bank activities. The document imposes criminal penalties for the illegal use of credit cards, bank services cards, and other financial resources. It provides definitions for various terms used in this chapter, including ‘affiliate’, ‘commissioner’, ‘credit card’, ‘credit card account’, ‘credit card bank’, ‘domestic lender’, ‘foreign lender’, and ‘holding company’.
Can you summarize 7 GACO Chapter 8?
The provided legal document content pertains to the safe use of remote service terminals in Georgia. It applies to operators of remote service terminals, customers, financial institutions, and owners of automated teller machines. The document defines various terms and specifies conditions for defined parking areas and hours of darkness. It does not apply to entities primarily involved in electronic fund transfer data. The document aims to ensure the safety of remote service terminals by requiring operators to adopt procedures for evaluating their safety.
Can you summarize 7 GACO Chapter 9?
The provided legal documents pertain to the formation, operation, and regulation of merchant acquirer limited purpose banks in Georgia. They outline the requirements for corporations seeking to be chartered as a merchant acquirer limited purpose bank, including the filing of an application with the Department of Banking and Finance and the payment of applicable fees. The documents specify that within one year of receiving its charter, a merchant acquirer limited purpose bank must have no fewer than 50 employees located in Georgia dedicated to merchant acquiring activities.
Can you summarize GACO 10-1-912?
This legal document, known as the Georgia Personal Identity Protection Act, governs the notification requirements upon a breach of security regarding personal information. It applies to information brokers, data collectors, and persons or businesses maintaining computerized data on behalf of information brokers or data collectors. The document mandates that any breach of security must be promptly notified to any resident of Georgia whose unencrypted personal information was acquired by an unauthorized person.
Can you summarize GACO 10-1-914?
This legal document governs the process of placing a security freeze on a consumer’s credit report. Consumers can request a security freeze by writing to a consumer credit reporting agency. The agency must make available an internet-based method and a toll-free telephone number for consumers to request a security freeze, temporarily lift a freeze, or remove a freeze. Once a security freeze is in place, the agency is prohibited from releasing the consumer’s credit report without the consumer’s authorization.
Can you summarize GACO 10-1-914.1?
This Code section governs the placement and removal of security freezes for protected consumers by consumer credit reporting agencies. It requires consumer credit reporting agencies to place a security freeze for a protected consumer if requested by the protected consumer’s representative, provided that sufficient proof of identification and authority is provided. The consumer credit reporting agency must create a record for the protected consumer if no file exists. Once a security freeze is in place, the consumer credit reporting agency is prohibited from releasing the protected consumer’s credit report or any information derived from it.
Can you summarize GACO 10-1-915?
This legal document, enacted by Ga. L. 2008, p. 594, 1/HB 130, applies to Georgia consumers. It informs consumers of their right to obtain a security freeze on their credit report. A security freeze prevents a consumer reporting agency from releasing information in the credit report without the consumer’s express authorization. The security freeze can be requested in writing by certified mail or by electronic means as provided by a consumer reporting agency.
Can you summarize GACO 11-4-213?
This legal document governs the medium and time of settlement by a bank. It specifies that the medium and time of settlement may be prescribed by federal reserve regulations, 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 to receive settlement. The time of settlement varies depending on the method of tender, such as cash, check, credit or debit to an account, or funds transfer.
Can you summarize GACO 11-4-215?
This legal document, found in the Georgia Code under the Commercial Code section on Bank Deposits and Collections, specifically addresses the final payment of items by payor banks, the timing of when provisional debits and credits become final, and when certain credits become available for withdrawal. According to the document, 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 GACO 11-4-301?
This legal document governs 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 wants to revoke the settlement. The payor bank can revoke the settlement and recover the settlement amount if it returns the item or sends written notice of dishonor or nonpayment. Additionally, if a demand item is received by a payor bank for credit on its books, it can return the item or send notice of dishonor within a specified time limit.
Can you summarize GACO 11-4-303?
This legal document, found in the Georgia Code under the Commercial Code and specifically in the section on Bank Deposits and Collections, pertains to payor banks. It states 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.
Can you summarize GACO 11-4-401?
This legal document governs the circumstances under which a bank may charge a customer’s account. A bank is allowed to charge against the account of a customer for an item that is properly payable from that account, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and is in accordance with any agreement between the customer and the bank. However, the customer is not liable for the amount of an overdraft if they did not sign the item or benefit from its proceeds.
Can you summarize GACO 11-4-403?
This legal document, found in the Georgia Code, specifically in the Commercial Code under the section ‘Bank Deposits and Collections’, pertains to 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.
Can you summarize GACO 11-4-404?
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 customers account for a payment made thereafter in good faith. History. Code 1933, 109A-4-404, enacted by Ga. L. 1962, p. 156, 1; Ga. L. 1996, p. 1306, 13. RESEARCH REFERENCES Am. Jur. 2d. 11 Am.
Can you summarize GACO 11-4-406?
This legal document, found in the Georgia Code, specifically in the Commercial Code under the section on Bank Deposits and Collections, outlines the duty of customers to discover and report unauthorized signatures or alterations. It applies to both customers and banks. The document states that banks must provide customers with statements of account that allow them to identify the items paid. If the items are not returned, the bank must retain them or provide legible copies.
Can you summarize GACO 16-9-1?
This legal document governs forgery offenses and provides the classification of forgery offenses. It applies to individuals who commit forgery offenses. The document defines forgery in the first, second, third, and fourth degrees, each with specific elements and penalties. Forgery in the first degree involves making, altering, or possessing a writing in a fictitious name or in a manner that purports to have been made by another person. Forgery in the second degree is similar but without the requirement of a check.
Can you summarize GACO 16-9-2?
This legal document outlines the penalties for forgery in the state of Georgia. Forgery in the first degree is considered a felony and carries a punishment of imprisonment for not less than one nor more than 15 years. Forgery in the second and third degrees are also felonies, with imprisonment for not less than one nor more than five years. Forgery in the fourth degree is a misdemeanor, but upon the third and subsequent convictions, it becomes a felony with the same imprisonment range.
Can you summarize GACO 16-9-21?
This legal document, found in the Georgia Code under Crimes and Offenses, specifically in the section on Forgery and Fraudulent Practices, pertains to the unlawful act of printing, executing, or negotiating checks, drafts, orders, or debit card sales drafts while knowing that the account number, routing number, or other information printed on such documents is in error, fictitious, or assigned to another account holder or financial institution. The document states that any person who violates this provision shall be subject to a fine of up to $5,000.
Can you summarize GACO 16-9-6?
Unless a greater penalty is specifically provided in this chapter, any violation of this chapter by a fiduciary in breach of a fiduciary obligation against a person who is 65 years of age or older shall be punished by imprisonment for not less than one nor more than 15 years, a fine not to exceed the amount provided by Code Section 17-10-8, or both. History. Code 1981, 16-9-6, enacted by Ga.
Can you summarize GACO 16-9-60?
This section of the Georgia Code defines and penalizes foreclosure fraud. Foreclosure fraud includes knowingly or willfully misrepresenting funds provided to a debtor in connection with a dwelling place as a loan when they are actually used to purchase the property or the debtor’s interest in it. It also includes making fraudulent representations to a debtor about assisting them with the property. Any person who purchases or attempts to purchase residential property through foreclosure fraud is guilty of a felony.
Can you summarize GACO 7-1-235?
This part shall not apply to a transaction subject to Code Sections 7-1-605 through 7-1-608, relating to bank holding companies. History. Code 1933, 41A-1006, enacted by Ga. L. 1980, p. 1076, 1; Ga. L. 1984, p. 22, 7.
Can you summarize GACO 7-1-289?
This legal document, as per the Georgia Code, governs the security for deposits by banks. It allows banks to pledge or grant security interests in their assets to secure deposits of various entities, including public funds, pension funds for employees of a public body, funds held by the department as a receiver, and funds required to be secured by law or court order. Banks can also secure their own fiduciary funds or the fiduciary funds of an affiliate.
Can you summarize GACO 7-1-354?
This legal document governs the receipt of money for transmission by banks and trust companies. It requires banks and trust companies to provide customers with a receipt that includes the date and amount of money received. If the money is to be transmitted to a foreign country, the receipt should also include the amount in the currency of that country. In case of an action by a customer against a bank or trust company for recovery of money delivered for transmission, the burden of proof of delivery lies with the bank or trust company.
Can you summarize GACO 7-1-491?
According to the Georgia Code, banks and trust companies are prohibited from providing loans or financing to their directors or policy-making officers on preferential terms. The terms, rates, and conditions of such loans should be comparable to those offered to other borrowers with similar loan requests, credit histories, and collateral. The loans should also be subject to prudent loan underwriting criteria. The approval procedures for these loans should be designed to minimize potential abuse by bank insiders.
Can you summarize GACO 7-1-570?
This legal document, as per the Georgia Code, authorizes the board of directors of banks and trust companies to undertake certain transactions without the need for shareholder approval. These transactions include mortgages, pledges, security interests, conveyance of title, and dispositions of property and assets for securing payment or performance of contracts, notes, bonds, or other obligations. Additionally, the board may also authorize the sale, lease, exchange, or other disposition of less than substantially all the property and assets.
Can you summarize GACO 7-1-591?
This legal document governs the establishment of representative offices by banks or bank holding companies domiciled in the state. It states that a bank domiciled in the state or a subsidiary of such bank may establish a representative office anywhere in the state upon registering with the department. Similarly, a bank holding company domiciled in the state or a nonbank subsidiary of such bank holding company may establish a representative office anywhere in the state upon registering with the department.
Can you summarize GACO 7-1-592?
This legal document governs the establishment of representative offices by banks or bank holding companies domiciled in Georgia or outside of Georgia. The document applies to banks or bank holding companies operating under the laws of the United States or another state or territory, as well as their subsidiaries. These entities are permitted to establish representative offices anywhere in Georgia, provided they conform to the requirements of their primary regulator. The permissible activities conducted at these representative offices are governed by federal law for national banks or by the law of the state or territory where the bank is domiciled if chartered by another state.
Can you summarize GACO 7-1-593?
This legal document governs the closure of representative offices of banks, bank holding companies, and subsidiaries of banks or bank holding companies. Prior to closing a representative office, the entities mentioned must post notice of the closing as required by Code Section 7-1-110.1. The department has the authority to review the operations of any representative office annually or at its discretion to ensure that the office is not conducting banking business.
Can you summarize GACO 7-1-605?
This legal document, known as the Georgia Bank Holding Company Act, governs bank holding companies. It defines a bank holding company as any company that has control over a bank or over any company that becomes a bank holding company. Control is determined by various factors such as ownership or control of voting securities, control over the election of directors or trustees, and exercising a controlling influence over the management or policies of the bank or company.
Can you summarize GACO 7-1-606?
This legal document governs actions related to bank holding companies in Georgia. It prohibits certain actions, such as becoming a bank holding company, causing a bank to become a subsidiary of a bank holding company, acquiring ownership or control of voting shares of a bank, acquiring assets of a bank, merging or consolidating with other bank holding companies, and taking actions in violation of the federal Bank Holding Company Act of 1956.
Can you summarize GACO 7-1-608?
This legal document governs the acquisition, formation, and merger activities of bank holding companies. It prohibits bank holding companies from acquiring direct or indirect ownership or control of any voting shares of a bank if it would result in owning or controlling 5 percent or more of the voting shares of the bank. Exceptions to this rule include acquisitions by purchase and by formation, acquisitions of control of a bank without controlling any other bank, acquisitions through formation of a de novo bank in Georgia with departmental and federal approvals, and mergers or consolidations of de novo banks less than three years old owned by the holding company.
Can you summarize GACO 7-9-12?
This legal document, part of the Georgia Code under the Banking and Finance section, pertains to merchant acquirer limited purpose banks. It outlines several limitations on depositors and deposit-taking activities for these banks. Merchant acquirer limited purpose banks can only accept deposits from a corporation that owns a majority of their shares. They are not allowed to attract deposits from the general public or accept ‘brokered deposits’ as defined by the Federal Deposit Insurance Act.
Can you summarize GACO 9-3-24?
This legal document, as per the Georgia Code, governs actions upon simple contracts in writing. It specifies that all actions upon simple contracts in writing must be brought within six years after they become due and payable. However, this Code section does not apply to actions for the breach of contracts for the sale of goods under Article 2 of Title 11 or to negotiable instruments under Article 3 of Title 11.
Can you summarize SOR /2001-388?
The Finance Entity Regulations govern entities engaged in certain financial activities, such as issuing payment, credit or charge cards, operating payment plans, making or refinancing loans, or entering into similar arrangements for advancing funds or credit. The regulations do not apply to financial institutions, factoring entities, financial leasing entities, or specialized financing entities that make loans only to entities they control or in which they hold a substantial investment. These regulations came into force on the same day as the corresponding sections of the Bank Act, Cooperative Credit Associations Act, Insurance Companies Act, and Trust and Loan Companies Act, as enacted by the Financial Consumer Agency of Canada Act.
Can you summarize SOR /2001-389?
The Financial Leasing Entity Regulations govern the activities of financial leasing entities operating in Canada. These regulations apply to financial leasing entities under the Bank Act, Cooperative Credit Associations Act, Insurance Companies Act, and Trust and Loan Companies Act. The regulations define the estimated residual value of personal property subject to a financial lease agreement. They also specify the permitted related activities for financial leasing entities, such as entering into conditional sales agreements, administering lease agreements, and raising money for financing activities.
Can you summarize SOR /2001-391?
The Information Processing Activities (Banks and Authorized Foreign Banks) Regulations apply to banks and authorized foreign banks. These regulations provide exemptions for specified circumstances, including certain information processing activities related to account postings, payments, and deposits carried on by the bank before December 1, 1980. Additionally, exemptions are provided for various information processing activities carried on in respect of financial institutions, employers, farmers, subsidiaries of the bank or authorized foreign bank, and entities in which the bank or authorized foreign bank holds more than 10% of the voting shares.
Can you summarize SOR /2001-475?
The Money Market Mutual Fund Conditions Regulations, issued under the Canadian Payments Act, govern the conditions that money market mutual funds must satisfy. These regulations apply to money market mutual funds and outline the following conditions: (a) all assets must be invested in cash, cash equivalents, evidences of indebtedness with a remaining term to maturity of 365 days or less, or floating rate evidences of indebtedness; (b) the portfolio of evidences of indebtedness must have a dollar-weighted average term to maturity not exceeding 90 days; (c) at least 95% of assets must be invested in cash, cash equivalents, or evidences of indebtedness denominated in the currency used to calculate the net asset value per security; and (d) at least 95% of assets must be invested in cash, cash equivalents, or evidences of indebtedness of issuers with approved credit ratings.
Can you summarize SOR /2001-476?
The Canadian Payments Association Membership Requirements Regulations govern the requirements for membership in the Canadian Payments Association. The regulations apply to persons referred to in paragraph 4(2)(a) and 4(2)(e) of the Canadian Payments Act. For persons referred to in paragraph 4(2)(a) (excluding centrals, trust companies, and loan companies), the requirement for membership is that there are deposits made with them that are insured or guaranteed under a federal or provincial statute.
Can you summarize SOR /2003-346?
Canadian Payments Association By-law No. 3 Payment Items and Automated Clearing Settlement System is a regulation that governs the payment items and the automated clearing settlement system in Canada. It applies to direct clearers, group clearers, clearing agents, and the Bank of Canada who make entries into the Automated Clearing Settlement System (ACSS). The by-law defines various terms related to the ACSS, such as ACSS cycle, automated clearing settlement system, business day, clearing, clearing agent, clearing balance, direct clearer, exchange, federal credit union, final adjustment time, group, group clearer, indirect clearer, pledge, regional exchange point, and settlement.
Can you summarize SOR /2003-347?
Canadian Payments Association By-law No. 6 Compliance is a regulatory document that outlines the compliance procedures and processes within the Canadian Payments Association. It applies to both members and non-members who are subject to compliance investigations. The by-law defines key terms and concepts related to compliance, such as contraventions by members and non-members. It establishes the authority of the President to initiate investigations based on reasonable belief of contraventions and outlines the requirements for filing complaints.
Can you summarize SOR /2011-98?
The Deposit Type Instruments Regulations, issued under the Bank Act, Cooperative Credit Associations Act, and Trust and Loan Companies Act, govern the disclosure requirements for institutions issuing deposit type instruments in Canada. The regulations require institutions to provide clear and simple language in their disclosures, including information about the annual rate of interest, charges, investment period, redemption options, and eligibility for deposit insurance coverage. The regulations also specify the manner of disclosure for agreements entered into by telephone or electronic means, as well as the calculation of time for disclosure by mail.
Can you summarize SOR /2012-24?
The Access to Funds Regulations govern the availability of funds deposited by cheques or other instruments in Canadian financial institutions. The regulations apply to financial institutions, eligible enterprises, and individuals who deposit such instruments. The regulations specify the maximum hold periods for funds deposited, with different timeframes based on the amount and manner of deposit. There are exceptions to these hold periods, such as when there is a material increased credit risk or when the deposit is made for illegal or fraudulent purposes.
Can you summarize SOR /2013-209?
The Prepaid Payment Products Regulations apply to prepaid payment products that are issued in Canada by institutions. The regulations require clear and simple language in any disclosure related to the products. They outline the manner and content of initial disclosures, including information about the issuing institution, restrictions on product use, fees, and expiration of the right to use funds. The regulations also specify additional disclosure requirements on issuance of the product, including terms and conditions, balance verification, and partial payment options.
Can you summarize SOR /2013-221?
The Electronic Commerce Protection Regulations, issued under the Act to promote the efficiency and adaptability of the Canadian economy, regulate certain activities that discourage reliance on electronic means of carrying out commercial activities. The regulations apply to organizations and individuals who send or receive commercial electronic messages. The document provides definitions for family relationship and personal relationship, and outlines exemptions for certain types of messages. It also specifies conditions for the use of consent and lists specified computer programs.
Can you summarize SOR /2015-130?
The Canadian Payments Association Reporting Requirements Regulations, enacted under the Canadian Payments Act, govern the reporting requirements for the Canadian Payments Association. The regulations require the Association to prepare a five-year corporate plan, which includes operating and capital expenditures budgets, forecasts, audited financial statements, and explanations of any major variances. The Board of the Association must submit the plan to the Minister for approval and any significant amendments must also be approved.
Can you summarize SOR /2015-131?
The Canadian Payments Association Election of Directors Regulations govern the process of electing directors for the Canadian Payments Association. The regulations require the nominating committee to ensure that candidates for directors represent a sufficient range of skills and expertise. They also specify that certain candidates must be at a level equivalent to senior vice president or executive vice president within their organization. Additionally, the regulations require that two of the three directors representing financial institutions listed in the schedule are representatives of those institutions.
Can you summarize SOR /2016-283?
This Canadian Payments Association By-law No. 2 Finance governs the financial aspects of the Canadian Payments Association. It applies to members and participants of the association. The by-law defines various terms such as amalgamated member, common services costs, common services dues, direct operating costs, participant, service fees, system, and transaction fees. It outlines the process for calculating common services dues and transaction fees based on the association’s operating budget and capital expenditures budget.
Can you summarize SOR /2017-1?
This document, Canadian Payments Association By-law No. 1 General, is a by-law made by the Board of Directors of the Canadian Payments Association under the Canadian Payments Act. It governs the registration of banks and authorized foreign banks as members of the Association, the application process for membership, the suspension of member’s rights, the establishment and composition of the Stakeholder Advisory Council and the Member Advisory Council, and the appointment, term, and removal of council members.
Can you summarize SOR /2019-257?
The Payment Clearing and Settlement Regulations govern the payment clearing and settlement activities in Canada. These regulations apply to participants in a clearing and settlement system, clearing houses, shareholders, holders of ownership interests, creditors, and any person or entity involved in a clearing and settlement system. The regulations define various terms such as ‘affiliate,’ ‘control,’ and ‘subsidiary.’ They also establish requirements for resolution plans, compensation for participants and shareholders in case of non-viability, and disclosure of oversight information.
Can you summarize SOR /2021-181?
The Financial Consumer Protection Framework Regulations, issued under various acts including the Bank Act, Cooperative Credit Associations Act, Insurance Companies Act, and others, govern the financial consumer protection framework in Canada. The regulations apply to banks, cooperative credit associations, insurance companies, proceeds of crime and terrorist financing entities, and trust and loan companies. The document sets out requirements for fair and equitable dealings, responsible business conduct, cancellation of agreements, access to basic banking services, disclosure and transparency, key product information, and more.
Can you summarize SOR /2021-182?
Canadian Payments Association By-law No. 9 Lynx governs the clearing and settlement of payment messages and their associated Lynx payment obligations through Lynx, the electronic funds transfer system owned and operated by the Canadian Payments Association. It applies to participants who are approved to participate in Lynx. The By-law sets out the responsibilities of the Association in managing, operating, and maintaining Lynx, as well as the obligations of participants in terms of collateral pledging, funding settlement mechanisms, and repayment of intraday loans.
Can you summarize SOR /98-129?
The Electronic Payments Regulations, issued under the Financial Administration Act, apply to every payment made out of the Consolidated Revenue Fund by means of an electronic instruction for payment. The regulations define various terms such as ‘chargeback’, ‘digital signature’, ’electronic instruction for payment’, ‘financial institution’, ‘media’, ‘payee’, and ‘payment date’. They specify that electronic instructions for payment must be issued by or under the direction and control of the Receiver General, and include certain information such as the amount of payment, payment reference number, payee’s details, and payment date.
Can you summarize SOR /99-224?
This By-law, made by the Board of Directors of the Canada Deposit Insurance Corporation under the Canada Deposit Insurance Corporation Act, governs the determination of interest payable on certain deposits. It applies to deposits referred to in subsection 14(2.51) of the Act. The By-law provides guidelines for the calculation of interest based on the deposit contract between the depositor and the member institution. It specifies formulas for determining interest in different scenarios, such as when the contract extends beyond the interest termination date or when periodic interest calculations are involved.
Can you summarize Statutory Instruments > European Communities (Electronic Money) Regulations 2011.?
The European Communities (Electronic Money) Regulations 2011 govern the requirements for the taking up, pursuit, and prudential supervision of the business of electronic money institutions. These regulations apply to persons that may issue electronic money, electronic money institutions, credit unions, and other entities engaged in the issuance of electronic money. The regulations provide conditions for authorizations, including initial capital and own funds requirements. They also cover the use of distributors, agents, and outsourcing of functions.
Can you summarize R.S.C. , 1985, c. B-2?
The Bank of Canada Act establishes the Bank of Canada as Canada’s central bank. It outlines the powers and responsibilities of the Bank, including the regulation of credit and currency, control of the external value of the national monetary unit, and promotion of economic and financial welfare. The Act defines key terms such as authorized foreign bank, Bank, bank, Board, Deputy Governor, director, Governor, Minister, and notes. It also covers the constitution of the Bank, management of the Bank by the Board of Directors, appointment and qualifications of the Governor and Deputy Governor, establishment of branches and agencies, and the Bank’s powers and business activities.
Can you summarize R.S.C. , 1985, c. C-21?
The Canadian Payments Act establishes the Canadian Payments Association, which is responsible for the clearing and settlement of payments in Canada. The Act applies to various financial institutions, including banks, credit associations, insurance companies, and securities dealers. Its main purpose is to ensure the efficiency, safety, and soundness of payment systems and to promote the development of new payment methods. The Act does not specify any exemptions or penalties for non-compliance.
Can you summarize R.S.C. , 1985, c. C-3?
The Canada Deposit Insurance Corporation Act establishes the Canada Deposit Insurance Corporation (CDIC) and outlines its role in providing deposit insurance, promoting financial stability, and acting as the resolution authority for its members. The Act applies to member institutions, including banks, federal credit unions, provincial institutions, and local cooperative credit societies. It exempts certain deposits and does not specify penalties for non-compliance.
Can you summarize R.S.C. , 1985, c. C-46?
The Criminal Code is a comprehensive legal document that governs criminal law in Canada. It applies to all individuals and entities involved in criminal proceedings, including law enforcement agencies, prosecutors, judges, offenders, and victims. The Code sets out definitions of various criminal offences, procedures for investigation and prosecution, rules of evidence, and sentencing provisions. It also establishes penalties for different offences, including imprisonment, fines, probation, and other forms of punishment. The Criminal Code plays a crucial role in maintaining law and order, protecting the rights of individuals, and ensuring justice is served in criminal cases.
Can you summarize S.C. 1976-77, c. 58?
This legal document incorporates Continental Bank of Canada as a corporation and outlines its incorporation and organization. It also establishes the relationship between the Bank and IAC Limited, addresses restrictions on lending, and provides for the amalgamation of the Bank with IAC Limited. The document further covers the application of the Bank Act to IAC Limited, the issue of shares by IAC Limited, and certain investments. It also sets out the permitted activities and restrictions for IAC Limited pending amalgamation.
Can you summarize S.C. 1985, c. 51?
The Financial Institutions Depositors Compensation Act is an Act that provides compensation to depositors of Canadian Commercial Bank, CCB Mortgage Investment Corporation, and Northland Bank for uninsured deposits. The Act defines various terms such as ‘deposit’ and ‘depositor’ and includes provisions for payments to depositors and liquidators. Depositors can apply for payment of their deposits, subject to certain conditions, and the Minister of Finance has the authority to make payments. The Act also addresses deposits subject to security interests and provides for court determinations in case of doubt or controversy.
Can you summarize S.C. 1991, c. 46?
The Bank Act is a Canadian legislation that governs banks and banking in the country. It aims to establish a strong and efficient banking sector by providing clear and comprehensive national standards for banking products and services. The Act applies to banks listed in Schedule I or II. It also applies to widely held bank holding companies, eligible Canadian financial institutions, eligible foreign institutions, and widely held insurance holding companies. The Act does not specify any exemptions or penalties for non-compliance.
Can you summarize S.C. 1996, c. 6, Sch.?
The Payment Clearing and Settlement Act is an Act that regulates systems for the clearing and settlement of payment obligations among financial institutions in Canada. The Act applies to clearing and settlement systems, clearing houses, participants, and the Bank of Canada. Its purpose is to ensure the stability and efficiency of the financial system in Canada by properly designing and operating clearing and settlement systems. The Act provides definitions for key terms such as bank, bridge clearing house, Canadian participant, central counter-party, clearing and settlement system, clearing house, eligible financial contract, Minister, oversight information, participant, payments system risk, receiver, share, systemic risk, and more.
Can you summarize S.C. 2010, c. 12, s. 1834?
The Payment Card Networks Act is an Act that regulates national payment card networks and the commercial practices of payment card network operators. It applies specifically to payment card network operators. The Act aims to ensure the proper functioning and regulation of payment card networks, which are electronic payment systems used for accepting, transmitting, or processing transactions made by payment cards. The Act defines key terms such as acquirer, entity, issuer, Minister, payment card, payment card network, and payment card network operator.
Can you summarize S.C. 2021, c. 23, s. 177?
The Retail Payment Activities Act is an Act that governs retail payment activities performed by payment service providers in Canada. It applies to payment service providers that have a place of business in Canada and those that perform retail payment activities for end users in Canada. The Act does not apply to certain retail payment activities, such as payment functions performed with instruments issued by merchants, payment functions related to eligible financial contracts or prescribed transactions in securities, and cash withdrawals at automatic teller machines.
Can you summarize Chapter 121?
The provided legal document content refers to the laws of Puerto Rico governing Letters of Credit. The specific laws mentioned are P.R. Laws tit. 7 1601-1617, which have been repealed. The repeal was enacted through Act Sept. 19, 1996, No. 241, 17, and it became effective 120 days after Sept. 19, 1996. The document does not provide information on the main aspects or entities governed by these laws, any exemptions, or penalties for non-compliance or violation.
Can you summarize Chapter 2?
The provided legal document content governs credit card transactions in the Commonwealth of Puerto Rico. It states that no merchant can impose a surcharge on a consumer who chooses to use a valid payment method in Puerto Rico, including credit or debit cards issued by authorized commercial institutions or companies. The term ‘surcharge’ is defined as any increase in the regular price of a product or service imposed on the client when using a credit card.
Can you summarize Chapter 55A?
The provided legal document content consists of various provisions related to secured transactions and commercial transactions in Puerto Rico. It covers definitions and index of definitions for terms used in these transactions, including concepts such as collateral, debtor, financing statement, security agreement, and more. The document also addresses specific topics such as purchase-money security interests, control of deposit accounts, control of electronic chattel paper, control of investment property, control of letter-of-credit rights, control of life insurance policies, sufficiency of description in secured transactions, and exemptions to the application of the chapter.
Can you summarize Chapter 991?
The provided legal document content governs the payment of debts with credit cards in Puerto Rico. It defines key terms such as credit card, holder, issuer, banking institution, financial institution, and person. The document specifies that all government agencies and instrumentalities, the Courts Administration, and the municipalities which offer services, receive payments or collect debts on account of loans, taxes, licenses, patents, excise taxes, fines, penalties, surcharges, interest, and others, are authorized to receive payments chargeable to a credit card issued by the issuer on behalf of the holder and accepted by them.
Can you summarize Section 4863?
Any person who, with the intent to defraud another or to obtain goods and services to which he/she is not legally entitled, uses a credit or debit card knowing that it is stolen or forged, or which has been revoked or canceled, or the use of which is unauthorized for any reason, shall incur a third degree felony. Any person who intentionally possesses a card knowing that the magnetic stripe of such card was forged shall incur a misdemeanor.
Can you summarize Section 4863a?
This provision, added to the Penal Code of Puerto Rico in 2010, governs the use or possession of scanning devices or re-encoders in the context of commercial transactions. It prohibits any person from using a scanning device to access, read, obtain, memorize, or store information from the magnetic strip of a credit or debit card without the permission of the authorized user. Similarly, it prohibits the use of a re-encoder to place encoded information on the magnetic strip of a credit or debit card or any other card or electronic medium without permission.
Can you summarize 106114.?
This legal provision, sourced from the Guam Code Annotated, pertains to adverse claims made to bank deposits. It states that a notice of an adverse claim to a deposit in a bank will not be effective unless the adverse claimant obtains a restraining order, injunction, or other appropriate process against the bank from a court of competent jurisdiction. Alternatively, the adverse claimant can execute a bond with acceptable sureties to indemnify the bank from any liability, loss, damage, costs, and expenses related to the adverse claim or the dishonor of the deposit holder’s check or order.
Can you summarize 106171.?
(a) A bank whether or not a member of the Federal Reserve System, shall maintain such reserves against deposits as may be established by the Federal Reserve Act or by the Board of Governors of the Federal Reserve System. (b) The reserve fund shall consist of legal tender on hand on the premises of the bank and money due on demand from a Federal Reserve Bank or other bank approved as a reserve depositary by the Commis- sioner.
Can you summarize 106216.?
This document, part of the Guam Code Annotated, pertains to the organization and corporate functions of banks in Guam. It specifies that the affairs of a territorial bank shall be managed by a board of directors, with the number of directors fixed by the by-laws. The document also outlines the requirements for the composition of the board of directors, including the citizenship and residency criteria. It further states that each director must have ownership of common stock of the bank or a bank holding company.
Can you summarize 106221.?
A bank shall obtain insurance of its deposits by the United States or any agency thereof and may acquire and hold membership in the Federal Reserve System. The insurance provision of this Section shall not apply to deposits held by foreign banking corporations pursuant to 106728 of this Code. SOURCE: GC 30518. Amended by P.L. 13-111:3.
Can you summarize 106313.?
This legal document governs the formation and acquisition of bank holding companies and territorial banks. It allows a bank holding company or a company intending to become a bank holding company to establish a non-banking subsidiary corporation for the purpose of acquiring a territorial bank. The subsidiary can then merge with the territorial bank, making it a subsidiary of the bank holding company. The acquisition must be approved by the shareholders of the territorial bank.
Can you summarize 106359.?
Each out-of-state bank that operates a branch in Guam, or the home state regulator of the bank, shall give at least thirty (30) days prior written notice (or, in the case of an emergency transaction, shorter notice as is consistent with applicable state or Federal law) to the Commissioner of any merger, consolidation, or other transaction that would cause a change of control with respect to the out-of-state bank or any bank holding company that controls the bank, with the result that an application would be required to be filed pursuant to the Bank Merger Act, as amended, the Change in Bank Control Act of 1978, as amended, or the Bank holding Company Act of 1956, as amended, or any successor statutes thereto.
Can you summarize 106503.?
It shall be unlawful for a bank to receive any deposit while insolvent or for an officer, director or employee who knows or, in the proper performance of his duty, should know of such insolvency to receive or authorize the receipt of such deposit. SOURCE: GC 30802.
Can you summarize 21116.?
This legal document governs the treatment of unclaimed or unpaid checks issued by the Government of Guam. It states that checks or drafts that remain unclaimed or outstanding for more than one year from the date of issuance must be accounted for separately and recorded. After three years, unclaimed checks or drafts are cancelled, and the Director of Administration may issue new checks or drafts upon demand by the lawful claimant.
Can you summarize 4211.?
This legal document, found within the Guam Code Annotated under the Uniform Commercial Code, specifically addresses the media of remittance and the provisional and final settlement in remittance cases. It outlines the various methods by which a collecting bank can settle an item, including accepting checks from remitting banks or other banks, cashier’s checks, appropriate authority to charge an account, bank checks or obligations, credit on federal reserve bank books or designated depositary bank books, or money.
Can you summarize 4213.?
This legal document, part of the Guam Code Annotated, specifically the Uniform Commercial Code, Bank Deposits and Collections, Collection Of Items, governs the final payment of items by a payor bank, the point at which provisional debits and credits become final, and the availability of credits for withdrawal. It outlines the various conditions under which an item is considered finally paid by a payor bank, including cash payment, settlement without the right to revoke, completion of posting to the indicated account, or failure to revoke a provisional settlement within the permitted time.
Can you summarize 4301.?
This legal document governs the procedures and actions related to the collection of items by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover any payment for a demand item received before midnight of the banking day of receipt. The payor bank can revoke the settlement and recover the payment if it returns the item or sends written notice of dishonor or nonpayment.
Can you summarize 4303.?
This legal document, found in the Guam Code Annotated under the Uniform Commercial Code, specifically in the section on Collection of Items: Payor Banks, governs the actions and responsibilities of payor banks regarding items subject to notice, stop-order, legal process, or setoff. It establishes that any knowledge, notice, stop order, or legal process 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 its customer’s account if certain conditions have already occurred.
Can you summarize 4401.?
(1) As against its customer, a bank may charge against his account any item which is otherwise properly payable from that account even though the charge creates an overdraft and in such event recover or obtain refund of the amount of the overdraft. (2) A bank which in good faith makes payment to a holder may charge the indicated account of its customer according to (a) The original tenor of his altered item; or (b) The tenor of his completed item, even though the bank knows the item has been completed unless the bank has notice that the completion was improper.
Can you summarize 4403.?
This legal document governs the relationships between a payor bank and its customer in the context of bank deposits and collections. It grants the customer or any authorized person the right to stop payment of any item payable for or drawn against the customer’s account. However, the bank can disregard the stop payment order unless it is in writing, signed by the customer or authorized person, describes the item with certainty, and is received by the bank within a reasonable time before certain events occur.
Can you summarize 4404.?
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.
Can you summarize 4406.?
This legal document governs the duty of customers to discover and report unauthorized signatures or alterations on bank statements and items. Customers are required to exercise reasonable care and promptness in examining the statement and items and must notify the bank promptly upon discovering any unauthorized signature or alteration. Failure to comply with these duties may result in the customer being precluded from asserting unauthorized signatures or alterations against the bank.
Can you summarize 6104.?
This legal document governs the remedies for bad checks. It applies to any person who makes, utters, draws or delivers any check, draft, or order for the payment of money. If the payment is refused or dishonored due to lack of funds or credit, the maker of the check is liable to the payee or transferee. The maker must pay the amount owed, along with charges, within thirty (30) days of a written demand.
Can you summarize 6105.?
This legal provision applies to payees or payee’s transferees who are seeking to collect sums owed by individuals who issue checks, drafts, or orders for payment that are refused or dishonored. The payee or transferee must provide written notice to the maker of the instrument, demanding payment within 30 days. If the maker fails to pay within the specified period, the payee or transferee is entitled to reasonable attorneys’ fees, awarded by the court, ranging from $25.
Can you summarize Article 1?
The provided legal document content covers various aspects of banking practices. The first set of documents governs banking practices related to deposit accounts. It includes topics such as the maintenance of deposit accounts, payment of interest, selection of items for payment, operation of accounts in the name of minors, participation in school or institutional thrift or savings plans, payment of deposits in trust, final adjustment of statements of account, adverse claims to bank deposits, authority of attorneys to operate accounts, payment from accounts of deceased depositors, acceptance and transmission of money, treatment of dormant and inactive accounts, and unclaimed funds in banks.
Can you summarize Chapter 1 ?
This legal document, part of the Guam Code Annotated, falls under the Uniform Commercial Code and specifically pertains to Bank Deposits and Collections, General Provisions and Definitions. It states that the provisions of this division can be varied by agreement, except for disclaiming a bank’s responsibility for lack of good faith or failure to exercise ordinary care, or limiting the measure of damages for such lack or failure. However, the parties can agree on the standards by which such responsibility is measured if they are not manifestly unreasonable.
Can you summarize Chapter 1 ?
This legal document, part of the Guam Code Annotated and the Uniform Commercial Code, specifically governs secured transactions and sales of accounts and chattel paper. It provides definitions for various terms used in this division and outlines the transactions and collateral covered by this division. The document also specifies exemptions where this division does not apply, such as specific security interests governed by other statutes, transfers of claims for employee compensation, and transfers by government entities.
Can you summarize Chapter 104?
The provided legal document content pertains to the regulation and operation of Automated Teller Machine (ATM) entities. It governs the entities involved in the operation and regulation of ATMs. The document does not mention any specific exemptions or penalties for non-compliance. However, it is important to note that the document is part of the Guam Code Annotated under the Finance & Taxation section, specifically related to Banks and Banking. Further analysis and review of the parent documents may provide more detailed information regarding the specific regulations and requirements for ATM entities in Guam.
Can you summarize Chapter 2 ?
These legal documents govern various aspects of the collection of items, including the presumption and duration of agency status of collecting banks, the provisional status of credits, and the responsibilities of collecting banks. They also cover warranties made by customers and collecting banks on the transfer or presentment of items, as well as the time for making claims. Additionally, the documents address the security interest of collecting banks in items, accompanying documents, and proceeds, as well as the settlement of remittance cases and the handling of items in insolvency situations.
Can you summarize Chapter 2 ?
This legal document, part of the Guam Code Annotated, specifically falls under the Uniform Commercial Code and pertains to Secured Transactions and Sales of Accounts and Chattel Paper. It outlines the requirements for the enforceability of a security interest and the attachment of collateral. To be enforceable, the collateral must either be in the possession of the secured party or the debtor must have signed a security agreement that includes a description of the collateral.
Can you summarize Chapter 3 ?
This legal document governs the procedures and actions related to the collection of items by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover any payment for a demand item received before midnight of the banking day of receipt. The payor bank can revoke the settlement and recover the payment if it returns the item or sends written notice of dishonor or nonpayment.
Can you summarize Chapter 3 ?
This legal document governs the rights of priority for unperfected security interests. It states that an unperfected security interest is subordinate to the rights of certain parties, including persons entitled to priority under Section 9312, lien creditors, and transferees in bulk or other buyers not in the ordinary course of business. Additionally, in the case of accounts and general intangibles, a person who gives value without knowledge of the security interest and before it is perfected also takes priority.
Can you summarize Chapter 4 ?
This legal document governs the relationships between payor banks and their customers in the context of bank deposits and collections. It grants the customer or any authorized person the right to stop payment of any item payable for or drawn against the customer’s account. However, the bank can disregard the stop payment order unless it is in writing, signed by the customer or authorized person, describes the item with certainty, and is received by the bank within a reasonable time before certain events occur.
Can you summarize Chapter 4 ?
The provided legal document content covers various aspects related to the filing, duration, and effect of filing financing statements, termination of security interests, assignment or transfer of security interests, and the process of filing various types of statements related to financing transactions. It specifies that the proper place to file in order to perfect a security interest is with the Department of Revenue and Taxation. The document outlines the requirements for a financing statement to be considered sufficient, including the names of the debtor and secured party, signatures, addresses, and a statement indicating the types or description of collateral.
Can you summarize Chapter 5 ?
The provided legal document governs the responsibility of a presenting bank for documents and goods, as well as the report of reasons for dishonor and the role of a referee in case of need. It specifically applies to banks presenting a documentary draft. According to the document, a bank that takes a documentary draft for collection must present or send the draft and accompanying documents for presentment. If the draft has not been paid or accepted in due course, the bank must seasonably notify its customer of such fact, even if it has discounted or bought the draft or extended credit available for withdrawal.
Can you summarize Chapter 5 ?
This legal document, found in the Guam Code Annotated under the Uniform Commercial Code, specifically in the section on Secured Transactions; Sales of Accounts and Chattel Paper; Default, governs the rights and remedies of secured parties and debtors in the context of secured transactions. It outlines the procedures to be followed in case of default by the debtor, including the rights of the secured party to reduce their claim to judgment, foreclose, or enforce the security interest through available judicial procedures.
Can you summarize Chapter 6?
The legal document governs remedies for fraudulent instruments and transfers. It states that any transfer of property, charge, obligation, or judicial proceeding made with the intent to delay or defraud a creditor or any other person is void against all creditors of the debtor, their successors in interest, and any person upon whom the estate of the debtor devolves in trust for the benefit of others. The document specifies that a creditor can only avoid the act or obligation of the debtor for fraud if it obstructs the enforcement of the creditor’s right to take the affected property.
Can you summarize Part D?
These legal documents cover various aspects of banking practices, including reserves, loans, investments, and miscellaneous activities. The documents specify that banks, whether members of the Federal Reserve System or not, must maintain reserves against deposits as established by the Federal Reserve Act or the Board of Governors of the Federal Reserve System. The reserve fund consists of legal tender on hand and money due from approved reserve depositaries. It is a criminal offense for a territorial bank to have an average deficiency in its reserve for more than one additional banking day without notifying the Commissioner.
Can you summarize Chapter 12.?
The provided legal document content governs the acceptance of checks, drafts, and fees for returned checks by the Division of Finance - Department of Administration in Guam. It establishes that the use of checks or drafts is a privilege and not a right, and the Government of Guam accepts them with the expectation that the maker has sufficient credit or funds to cover the amount. If checks or drafts are returned for collection due to insufficient funds or other reasons, the costs of processing the check should be borne by the individuals, partnerships, or corporations who caused the government to incur collection costs.