§ 6A-4-301 Deferred posting –Recovery of payment by return of items – Time of dishonor – Return ofitems by payor bank. – (a) If a payor bank settles for a demand item other than a documentary draftpresented otherwise than for immediate payment over the counter before midnightof the banking day of receipt, the payor bank may revoke the settlement andrecover the settlement if, before it has made final payment and before itsmidnight deadline, it
(1) Returns the item; or
(2) Sends written notice of dishonor or nonpayment if theitem is unavailable for return.
(b) If a demand item is received by a payor bank for crediton its books, it may return the item or send notice of dishonor and may revokeany credit given or recover the amount thereof withdrawn by its customer, if itacts within the time limit and in the manner specified in subsection (a).
(c) Unless previous notice of dishonor has been sent, an itemis dishonored at the time when for purposes of dishonor it is returned ornotice sent in accordance with this section.
(d) An item is returned:
(1) As to an item presented through a clearing house, when itis delivered to the presenting or last collecting bank or to the clearing houseor is sent or delivered in accordance with clearing-house rules; or
(2) In all other cases, when it is sent or delivered to thebank's customer or transferor or pursuant to instructions.
§ 6A-4-301 Deferred posting –Recovery of payment by return of items – Time of dishonor – Return ofitems by payor bank. – (a) If a payor bank settles for a demand item other than a documentary draftpresented otherwise than for immediate payment over the counter before midnightof the banking day of receipt, the payor bank may revoke the settlement andrecover the settlement if, before it has made final payment and before itsmidnight deadline, it
(1) Returns the item; or
(2) Sends written notice of dishonor or nonpayment if theitem is unavailable for return.
(b) If a demand item is received by a payor bank for crediton its books, it may return the item or send notice of dishonor and may revokeany credit given or recover the amount thereof withdrawn by its customer, if itacts within the time limit and in the manner specified in subsection (a).
(c) Unless previous notice of dishonor has been sent, an itemis dishonored at the time when for purposes of dishonor it is returned ornotice sent in accordance with this section.
(d) An item is returned:
(1) As to an item presented through a clearing house, when itis delivered to the presenting or last collecting bank or to the clearing houseor is sent or delivered in accordance with clearing-house rules; or
(2) In all other cases, when it is sent or delivered to thebank's customer or transferor or pursuant to instructions.
§ 6A-4-301 Deferred posting –Recovery of payment by return of items – Time of dishonor – Return ofitems by payor bank. – (a) If a payor bank settles for a demand item other than a documentary draftpresented otherwise than for immediate payment over the counter before midnightof the banking day of receipt, the payor bank may revoke the settlement andrecover the settlement if, before it has made final payment and before itsmidnight deadline, it
(1) Returns the item; or
(2) Sends written notice of dishonor or nonpayment if theitem is unavailable for return.
(b) If a demand item is received by a payor bank for crediton its books, it may return the item or send notice of dishonor and may revokeany credit given or recover the amount thereof withdrawn by its customer, if itacts within the time limit and in the manner specified in subsection (a).
(c) Unless previous notice of dishonor has been sent, an itemis dishonored at the time when for purposes of dishonor it is returned ornotice sent in accordance with this section.
(d) An item is returned:
(1) As to an item presented through a clearing house, when itis delivered to the presenting or last collecting bank or to the clearing houseor is sent or delivered in accordance with clearing-house rules; or
(2) In all other cases, when it is sent or delivered to thebank's customer or transferor or pursuant to instructions.
