§ 4302. Responsibility of payor bank for late return of item
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 4302
§ 4302. Responsibility of payor bank for late return of item
(1) a demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary bank, retains the item beyond midnight of the banking day of receipt without settling for it or, whether or not 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) Liability of payor bank subject to certain defenses.--The liability of a payor bank to pay an item pursuant to subsection (a) is subject to defenses based on breach of a presentment warranty (section 4208) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank.
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. § 4302, PA ST 13 Pa.C.S.A. § 4302
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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