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§ 4301. Deferred posting; recovery of payment by return of items; time of dishonor; return of i...

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 4. Bank Deposits and Collections (Refs & Annos)
Chapter 43. Collection of Items: Payor Banks
13 Pa.C.S.A. § 4301
§ 4301. Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
Currentness
(a) Return by payor bank of item provisionally settled.--If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it:
(1) returns the item; or
(2) sends written notice of dishonor or nonpayment if the item is unavailable for return.
(b) Time for return of provisionally settled item.--If a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in subsection (a).
(c) Time when item is dishonored.--Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section.
(d) Acts constituting return of item.--An item is returned:
(1) as to an item presented through a clearinghouse, when it is delivered to the presenting or last collecting bank or to the clearinghouse or is sent or delivered in accordance with clearinghouse rules; or
(2) in all other cases, when it is sent or delivered to the bank's customer or transferor or pursuant to his instructions.

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. § 4301, PA ST 13 Pa.C.S.A. § 4301
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document