PocketLaw | Pennsylvania Consolidated Statutes | Collection of Items:

Collection of Items: Depositary and Collecting Banks

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Status of collecting bank as agent and provisional status of credits; applicability of division; item indorsed "pay any bank."

Responsibility for collection or return; when action timely

Effect of instructions

Methods of sending and presenting; sending directly to payor bank

Depositary bank holder of unindorsed item

Transfer between banks

Transfer warranties

Presentment warranties

Encoding and retention warranties

Security interest of collecting bank in items, accompanying documents and proceeds

When bank gives value for purposes of holder in due course

Presentment by notice of item not payable by, through or at a bank; liability of drawer or indorser

Medium and time of settlement by bank

Right of charge-back or refund; liability of collecting bank; return of item

Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal

Insolvency and preference

Chapter Notes