§ 3502. Dishonor
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 3502
§ 3502. Dishonor
(1) If a check is duly presented for payment to the payor bank otherwise than for immediate payment over the counter, the check is dishonored if the payor bank makes timely return of the check or sends timely notice of dishonor or nonpayment under section 4301 (relating to deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank) or 4302 (relating to responsibility of payor bank for late return of item) or becomes accountable for the amount of the check under section 4302.
(c) Dishonor of unaccepted documentary draft.--Dishonor of an unaccepted documentary draft occurs according to the rules stated in subsection (b)(2), (3) and (4), except that payment or acceptance may be delayed without dishonor until no later than the close of the third business day of the drawee following the day on which payment or acceptance is required by those paragraphs.
(e) Certain limitations.--In any case in which presentment is otherwise required for dishonor under this section and presentment is excused under section 3504 (relating to excused presentment and notice of dishonor), dishonor occurs without presentment if the instrument is not duly accepted or paid.
Credits
1992, July 9, P.L. 507, No. 97, § 5, effective in one year.
13 Pa.C.S.A. § 3502, PA ST 13 Pa.C.S.A. § 3502
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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