§ 25‑4‑211. Medium and time of settlement by bank.
(a) With respect tosettlement by a bank, the medium and time of settlement may be prescribed byfederal reserve regulations or circulars, clearing‑house rules, and thelike, or agreement. In the absence of such prescription:
(1) The medium ofsettlement is cash or credit to an account in a Federal Reserve Bank of orspecified by the person to receive settlement; and
(2) The time ofsettlement is:
(i) With respect totender of settlement by cash, a cashier's check, or teller's check, when thecash or check is sent or delivered;
(ii) With respect totender of settlement by credit in an account in a Federal Reserve Bank, whenthe credit is made;
(iii) With respect totender of settlement by a credit or debit to an account in a bank, when thecredit or debit is made or, in the case of tender of settlement by authority tocharge an account, when the authority is sent or delivered; or
(iv) With respect totender of settlement by a funds transfer, when payment is made pursuant to G.S.25‑4A‑406(a) to the person receiving settlement.
(b) If the tender ofsettlement is not by a medium authorized by subsection (a) of this section orthe time of settlement is not fixed by subsection (a), no settlement occursuntil the tender of settlement is accepted by the person receiving settlement.
(c) If settlement foran item is made by cashier's check or teller's check and the person receivingsettlement, before its midnight deadline:
(1) Presents or forwardsthe check for collection, settlement is final when the check is finally paid;or
(2) Fails to present orforward the check for collection, settlement is final at the midnight deadlineof the person receiving settlement.
(d) If settlement foran item is made by giving authority to charge the account of the bank givingsettlement in the bank receiving settlement, settlement is final when thecharge is made by the bank receiving settlement if there are funds available inthe account for the amount of the item. (1965, c. 700, s. 1; 1995, c.232, s. 2.)
§ 25‑4‑211. Medium and time of settlement by bank.
(a) With respect tosettlement by a bank, the medium and time of settlement may be prescribed byfederal reserve regulations or circulars, clearing‑house rules, and thelike, or agreement. In the absence of such prescription:
(1) The medium ofsettlement is cash or credit to an account in a Federal Reserve Bank of orspecified by the person to receive settlement; and
(2) The time ofsettlement is:
(i) With respect totender of settlement by cash, a cashier's check, or teller's check, when thecash or check is sent or delivered;
(ii) With respect totender of settlement by credit in an account in a Federal Reserve Bank, whenthe credit is made;
(iii) With respect totender of settlement by a credit or debit to an account in a bank, when thecredit or debit is made or, in the case of tender of settlement by authority tocharge an account, when the authority is sent or delivered; or
(iv) With respect totender of settlement by a funds transfer, when payment is made pursuant to G.S.25‑4A‑406(a) to the person receiving settlement.
(b) If the tender ofsettlement is not by a medium authorized by subsection (a) of this section orthe time of settlement is not fixed by subsection (a), no settlement occursuntil the tender of settlement is accepted by the person receiving settlement.
(c) If settlement foran item is made by cashier's check or teller's check and the person receivingsettlement, before its midnight deadline:
(1) Presents or forwardsthe check for collection, settlement is final when the check is finally paid;or
(2) Fails to present orforward the check for collection, settlement is final at the midnight deadlineof the person receiving settlement.
(d) If settlement foran item is made by giving authority to charge the account of the bank givingsettlement in the bank receiving settlement, settlement is final when thecharge is made by the bank receiving settlement if there are funds available inthe account for the amount of the item. (1965, c. 700, s. 1; 1995, c.232, s. 2.)
§ 25‑4‑211. Medium and time of settlement by bank.
(a) With respect tosettlement by a bank, the medium and time of settlement may be prescribed byfederal reserve regulations or circulars, clearing‑house rules, and thelike, or agreement. In the absence of such prescription:
(1) The medium ofsettlement is cash or credit to an account in a Federal Reserve Bank of orspecified by the person to receive settlement; and
(2) The time ofsettlement is:
(i) With respect totender of settlement by cash, a cashier's check, or teller's check, when thecash or check is sent or delivered;
(ii) With respect totender of settlement by credit in an account in a Federal Reserve Bank, whenthe credit is made;
(iii) With respect totender of settlement by a credit or debit to an account in a bank, when thecredit or debit is made or, in the case of tender of settlement by authority tocharge an account, when the authority is sent or delivered; or
(iv) With respect totender of settlement by a funds transfer, when payment is made pursuant to G.S.25‑4A‑406(a) to the person receiving settlement.
(b) If the tender ofsettlement is not by a medium authorized by subsection (a) of this section orthe time of settlement is not fixed by subsection (a), no settlement occursuntil the tender of settlement is accepted by the person receiving settlement.
(c) If settlement foran item is made by cashier's check or teller's check and the person receivingsettlement, before its midnight deadline:
(1) Presents or forwardsthe check for collection, settlement is final when the check is finally paid;or
(2) Fails to present orforward the check for collection, settlement is final at the midnight deadlineof the person receiving settlement.
(d) If settlement foran item is made by giving authority to charge the account of the bank givingsettlement in the bank receiving settlement, settlement is final when thecharge is made by the bank receiving settlement if there are funds available inthe account for the amount of the item. (1965, c. 700, s. 1; 1995, c.232, s. 2.)
