§ 4215. Final payment of item by payor bank; when provisional debits and credits become final; ...
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 4215
§ 4215. Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal
(c) When provisional debits and credits become final.--If provisional settlement for an item between the presenting and payor banks is made through a clearinghouse or by debits or credits in an account between them, then to the extent that provisional debits or credits for the item are entered in accounts between the presenting and payor banks or between the presenting and successive prior collecting banks seriatim, they become final upon final payment of the item by the payor bank.
(d) Accountability of collecting bank to customer upon final settlement.--If a collecting bank receives a settlement for an item which is or becomes final, the bank is accountable to its customer for the amount of the item and any provisional credit given for the item in an account with its customer becomes final.
(e) When credit becomes available for withdrawal.--Subject to applicable law stating a time for availability of funds and any right of the bank to apply the credit to an obligation of the customer, credit given by a bank for an item in a customer's account becomes available for withdrawal as of right:
(f) When deposit of money becomes available for withdrawal.--Subject to applicable law stating a time for availability of funds and any right of a bank to apply a deposit to an obligation of the depositor, a deposit of money becomes available for withdrawal as of right at the opening of the next banking day of the bank after receipt of the deposit.
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. § 4215, PA ST 13 Pa.C.S.A. § 4215
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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