§ 4303. When items subject to notice, stop-payment order, legal process or set-off; order in wh...
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 4303
§ 4303. When items subject to notice, stop-payment order, legal process or set-off; order in which items may be charged or certified
(a) When items subject to knowledge, notice, stop-payment order, legal process or set-off.--Any knowledge, notice or stop-payment order received by, legal process served upon or set-off exercised by a payor bank comes too late to terminate, suspend or modify the right or duty of the bank to pay an item or to charge the account of its customer for the item if the knowledge, notice, stop-payment order or legal process is received or served and a reasonable time for the bank to act thereon expires or the set-off is exercised after the earliest of the following:
(5) With respect to checks, a cutoff hour no earlier than one hour after the opening of the next banking day after the banking day on which the bank received the check and no later than the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day after the banking day on which the bank received the check.
Credits
1979, Nov. 1, P.L. 255, No. 86, § 1, effective Jan. 1, 1980. Amended 1992, July 9, P.L. 507, No. 97, § 14, effective in one year.
13 Pa.C.S.A. § 4303, PA ST 13 Pa.C.S.A. § 4303
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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