§ 6A-4-215 Final payment of item by payorbank – When provisional debits and credits become final – Whencertain credits become available for withdrawal. – (a) An item is finally paid by a payor bank when the bank has first done any ofthe following:
(1) Paid the item in cash;
(2) Settled for the item without having a right to revoke thesettlement under statute, clearing-house rule, or agreement; or
(3) Made a provisional settlement for the item and failed torevoke the settlement in the time and manner permitted by statute,clearing-house rule, or agreement.
(b) If provisional settlement for an item does not becomefinal, the item is not finally paid.
(c) If provisional settlement for an item between thepresenting and payor banks is made through a clearing house or by debits orcredits in an account between them, then to the extent that provisional debitsor credits for the item are entered in accounts between the presenting andpayor banks or between the presenting and successive prior collecting banksseriatim, they become final upon final payment of the item by the payor bank.
(d) If a collecting bank receives a settlement for an itemwhich is or becomes final, the bank is accountable to its customer for theamount of the item and any provisional credit given for the item in an accountwith its customer becomes final.
(e) Subject to (i) applicable law stating a time foravailability of funds and (ii) any right of the bank to apply the credit to anobligation of the customer, credit given by a bank for an item in a customer'saccount becomes available for withdrawal as of right:
(1) If the bank has received a provisional settlement for theitem, when the settlement becomes final and the bank has had a reasonable timeto receive return of the item and the item has not been received within thattime;
(2) If the bank is both the depositary bank and the payorbank, and the item is finally paid, at the opening of the bank's second bankingday following receipt of the item.
(f) Subject to applicable law stating a time for availabilityof funds and any right of a bank to apply a deposit to an obligation of thedepositor, a deposit of money becomes available for withdrawal as of right atthe opening of the bank's next banking day after receipt of the deposit.
§ 6A-4-215 Final payment of item by payorbank – When provisional debits and credits become final – Whencertain credits become available for withdrawal. – (a) An item is finally paid by a payor bank when the bank has first done any ofthe following:
(1) Paid the item in cash;
(2) Settled for the item without having a right to revoke thesettlement under statute, clearing-house rule, or agreement; or
(3) Made a provisional settlement for the item and failed torevoke the settlement in the time and manner permitted by statute,clearing-house rule, or agreement.
(b) If provisional settlement for an item does not becomefinal, the item is not finally paid.
(c) If provisional settlement for an item between thepresenting and payor banks is made through a clearing house or by debits orcredits in an account between them, then to the extent that provisional debitsor credits for the item are entered in accounts between the presenting andpayor banks or between the presenting and successive prior collecting banksseriatim, they become final upon final payment of the item by the payor bank.
(d) If a collecting bank receives a settlement for an itemwhich is or becomes final, the bank is accountable to its customer for theamount of the item and any provisional credit given for the item in an accountwith its customer becomes final.
(e) Subject to (i) applicable law stating a time foravailability of funds and (ii) any right of the bank to apply the credit to anobligation of the customer, credit given by a bank for an item in a customer'saccount becomes available for withdrawal as of right:
(1) If the bank has received a provisional settlement for theitem, when the settlement becomes final and the bank has had a reasonable timeto receive return of the item and the item has not been received within thattime;
(2) If the bank is both the depositary bank and the payorbank, and the item is finally paid, at the opening of the bank's second bankingday following receipt of the item.
(f) Subject to applicable law stating a time for availabilityof funds and any right of a bank to apply a deposit to an obligation of thedepositor, a deposit of money becomes available for withdrawal as of right atthe opening of the bank's next banking day after receipt of the deposit.
§ 6A-4-215 Final payment of item by payorbank – When provisional debits and credits become final – Whencertain credits become available for withdrawal. – (a) An item is finally paid by a payor bank when the bank has first done any ofthe following:
(1) Paid the item in cash;
(2) Settled for the item without having a right to revoke thesettlement under statute, clearing-house rule, or agreement; or
(3) Made a provisional settlement for the item and failed torevoke the settlement in the time and manner permitted by statute,clearing-house rule, or agreement.
(b) If provisional settlement for an item does not becomefinal, the item is not finally paid.
(c) If provisional settlement for an item between thepresenting and payor banks is made through a clearing house or by debits orcredits in an account between them, then to the extent that provisional debitsor credits for the item are entered in accounts between the presenting andpayor banks or between the presenting and successive prior collecting banksseriatim, they become final upon final payment of the item by the payor bank.
(d) If a collecting bank receives a settlement for an itemwhich is or becomes final, the bank is accountable to its customer for theamount of the item and any provisional credit given for the item in an accountwith its customer becomes final.
(e) Subject to (i) applicable law stating a time foravailability of funds and (ii) any right of the bank to apply the credit to anobligation of the customer, credit given by a bank for an item in a customer'saccount becomes available for withdrawal as of right:
(1) If the bank has received a provisional settlement for theitem, when the settlement becomes final and the bank has had a reasonable timeto receive return of the item and the item has not been received within thattime;
(2) If the bank is both the depositary bank and the payorbank, and the item is finally paid, at the opening of the bank's second bankingday following receipt of the item.
(f) Subject to applicable law stating a time for availabilityof funds and any right of a bank to apply a deposit to an obligation of thedepositor, a deposit of money becomes available for withdrawal as of right atthe opening of the bank's next banking day after receipt of the deposit.
