§ 4210. Security interest of collecting bank in items, accompanying documents and proceeds
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: June 16, 2008
Effective: June 16, 2008
13 Pa.C.S.A. § 4210
§ 4210. Security interest of collecting bank in items, accompanying documents and proceeds
(b) Partial withdrawal of credit given for several items.--If credit given for several items received at one time or pursuant to a single agreement is withdrawn or applied in part, the security interest remains upon all the items, any accompanying documents or the proceeds of either. For the purpose of this section, credits first given are first withdrawn.
(c) Satisfaction and continuation of security interest.--Receipt by a collecting bank of a final settlement for an item is a realization on its security interest in the item, accompanying documents and proceeds. So long as the bank does not receive final settlement for the item or give up possession of the item or possession or control of the accompanying documents for purposes other than collection, the security interest continues to that extent and is subject to Division 9 (relating to secured transactions), but:
Credits
1979, Nov. 1, P.L. 255, No. 86, § 1, effective Jan. 1, 1980. Amended 1982, Nov. 26, P.L. 696, No. 201, § 1, effective in 180 days; 1992, July 9, P.L. 507, No. 97, § 12, effective in one year; 2001, June 8, P.L. 123, No. 18, § 11, effective July 1, 2001; 2008, April 16, P.L. 57, No. 13, § 9, effective in 60 days [June 16, 2008].
13 Pa.C.S.A. § 4210, PA ST 13 Pa.C.S.A. § 4210
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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