400.4-405. Death or incompetence of customer. - Missouri Statutes

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Statutes > Missouri > T26 > C400 > 400_4-405

Death or incompetence of customer.

400.4-405. (a) A payor or collecting bank's authority toaccept, pay, or collect an item or to account for proceeds of itscollection, if otherwise effective, is not rendered ineffectiveby incompetence of a customer of either bank existing at the timethe item is issued or its collection is undertaken if the bankdoes not know of an adjudication of incompetence. Neither deathnor incompetence of a customer revokes the authority to accept,pay, collect, or account until the bank knows of the fact ofdeath or of an adjudication of incompetence and has reasonableopportunity to act on it.

(b) Even with knowledge a bank may for ten days after thedate of death pay or certify checks drawn on or before that dateunless ordered to stop payment by a person claiming an interestin the account.

(L. 1963 p. 503 § 4-405, A.L. 1992 S.B. 448)

State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_4-405

Death or incompetence of customer.

400.4-405. (a) A payor or collecting bank's authority toaccept, pay, or collect an item or to account for proceeds of itscollection, if otherwise effective, is not rendered ineffectiveby incompetence of a customer of either bank existing at the timethe item is issued or its collection is undertaken if the bankdoes not know of an adjudication of incompetence. Neither deathnor incompetence of a customer revokes the authority to accept,pay, collect, or account until the bank knows of the fact ofdeath or of an adjudication of incompetence and has reasonableopportunity to act on it.

(b) Even with knowledge a bank may for ten days after thedate of death pay or certify checks drawn on or before that dateunless ordered to stop payment by a person claiming an interestin the account.

(L. 1963 p. 503 § 4-405, A.L. 1992 S.B. 448)

State Codes and Statutes

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State Codes and Statutes

Statutes > Missouri > T26 > C400 > 400_4-405

Death or incompetence of customer.

400.4-405. (a) A payor or collecting bank's authority toaccept, pay, or collect an item or to account for proceeds of itscollection, if otherwise effective, is not rendered ineffectiveby incompetence of a customer of either bank existing at the timethe item is issued or its collection is undertaken if the bankdoes not know of an adjudication of incompetence. Neither deathnor incompetence of a customer revokes the authority to accept,pay, collect, or account until the bank knows of the fact ofdeath or of an adjudication of incompetence and has reasonableopportunity to act on it.

(b) Even with knowledge a bank may for ten days after thedate of death pay or certify checks drawn on or before that dateunless ordered to stop payment by a person claiming an interestin the account.

(L. 1963 p. 503 § 4-405, A.L. 1992 S.B. 448)