4-302 - Payor Bank's Responsibility for Late Return of Item. - New-york Statutes

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Statutes > New-york > Ucc > Article-4 > Part-3 > 4-302

Section 4--302. Payor Bank's Responsibility for Late Return of Item.    In  the  absence  of  a  valid defense such as breach of a presentment  warranty (subsection (1) of Section 4--207), settlement effected or  the  like,  if  an item is presented on and received by a payor bank the bank  is accountable for the amount of         (a) a demand item other than a documentary draft whether properly             payable or not if the bank, in any case where it is not  also             the  depositary bank, retains the item beyond midnight of the             banking day of receipt without settling for it or, regardless             of whether it is also the depositary bank, does  not  pay  or             return  the  item  or send notice of dishonor until after its             midnight deadline; or         (b) any other  properly  payable  item  unless  within  the  time             allowed  for  acceptance  or  payment  of  that item the bank             either  accepts  or  pays  the  item  or   returns   it   and             accompanying documents.

State Codes and Statutes

Statutes > New-york > Ucc > Article-4 > Part-3 > 4-302

Section 4--302. Payor Bank's Responsibility for Late Return of Item.    In  the  absence  of  a  valid defense such as breach of a presentment  warranty (subsection (1) of Section 4--207), settlement effected or  the  like,  if  an item is presented on and received by a payor bank the bank  is accountable for the amount of         (a) a demand item other than a documentary draft whether properly             payable or not if the bank, in any case where it is not  also             the  depositary bank, retains the item beyond midnight of the             banking day of receipt without settling for it or, regardless             of whether it is also the depositary bank, does  not  pay  or             return  the  item  or send notice of dishonor until after its             midnight deadline; or         (b) any other  properly  payable  item  unless  within  the  time             allowed  for  acceptance  or  payment  of  that item the bank             either  accepts  or  pays  the  item  or   returns   it   and             accompanying documents.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-york > Ucc > Article-4 > Part-3 > 4-302

Section 4--302. Payor Bank's Responsibility for Late Return of Item.    In  the  absence  of  a  valid defense such as breach of a presentment  warranty (subsection (1) of Section 4--207), settlement effected or  the  like,  if  an item is presented on and received by a payor bank the bank  is accountable for the amount of         (a) a demand item other than a documentary draft whether properly             payable or not if the bank, in any case where it is not  also             the  depositary bank, retains the item beyond midnight of the             banking day of receipt without settling for it or, regardless             of whether it is also the depositary bank, does  not  pay  or             return  the  item  or send notice of dishonor until after its             midnight deadline; or         (b) any other  properly  payable  item  unless  within  the  time             allowed  for  acceptance  or  payment  of  that item the bank             either  accepts  or  pays  the  item  or   returns   it   and             accompanying documents.