Year unavailable
RS 10:3-503
Notice of dishonor can be given by any person, but it must be given within the stated time limits for collecting banks and other instruments.
- Notice requirements
- Payment dishonor
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20 statutes shown from 46,252 source-backed records
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RS 10:3-504
Presentment and notice of dishonor can be excused in specific situations.
- Negotiable instruments
- Notice of dishonor
- Presentment
Year unavailable
RS 10:3-505
A protest for dishonor must identify the instrument and certify presentment (or why it was not made) and dishonor by nonacceptance or nonpayment.
- Banking instruments
- Payment dishonor
Year unavailable
RS 10:3-601
A party’s obligation to pay an instrument can be discharged under this Chapter or by an act or agreement that would discharge a money obligation under a simple contract.
- Payment and discharge of obligations
Year unavailable
RS 10:3-602
A payment on an instrument discharges the payer’s obligation only if it is made by or for the obligor to a person entitled to enforce the instrument, subject to stated exceptions.
- Payment of instruments
Year unavailable
RS 10:3-603
If payment is tendered to the person entitled to enforce an instrument, tender can discharge certain obligations, including interest after the due date, and refusal can discharge some recourse obligations.
- Negotiable instruments
- Payment tender
Year unavailable
RS 10:3-604
A person entitled to enforce an instrument may discharge a party’s payment obligation by certain acts or by signed renunciation.
- Instrument discharge
Year unavailable
RS 10:4-101
This section gives Chapter 4 the short title “Uniform Commercial Code -- Bank Deposits and Collections.”
- Bank deposits
- Collections
- Short title
Year unavailable
RS 10:4-102
This section says when Chapter 3 and Chapter 8 also apply, and which chapter controls if there is a conflict. It also says a bank’s liability for handling an item is governed by the law of the bank’s location, or the branch’s location if the action happened there.
- Applicability
- Bank liability
- Conflict of chapters
Year unavailable
RS 10:4-103
Parties may vary this Chapter by agreement, but they cannot disclaim a bank’s lack of good faith or failure to use ordinary care, or limit damages for that failure.
- Agreement terms
- Measure of damages
- Ordinary care
Year unavailable
RS 10:4-104
This section defines terms used in Chapter 4, such as account, banking day, customer, item, draft, settle, and midnight deadline.
- Bank accounts
- Definitions
- Payment processing
Year unavailable
Year unavailable
RS 10:4-106
This section says that a bank named as payable through or payable at is a collecting bank, and the item does not by itself let the bank pay it; payment presentation is only by or through that bank.
- Collecting bank
- Draft presentation
- Payment processing
Year unavailable
RS 10:4-107
A bank branch or separate office is treated as a separate bank for deciding timing and where actions, notices, or orders are to be handled under this chapter and Chapter 3.
- Branch operations
- Notice service
- Procedural timing
Year unavailable
RS 10:4-108
A bank may set an afternoon cutoff hour of 2:00 P.M. or later for handling money and items and making book entries.
- Bookkeeping
- Transaction processing
Year unavailable
RS 10:4-109
A collecting bank may, in good faith and unless otherwise instructed, extend certain time limits by up to two additional banking days; delays may also be excused in specified extraordinary circumstances if the bank uses required diligence.
- Bank collection delays
- Payment processing
Year unavailable
RS 10:4-110
This section says electronic presentment may be done by sending a presentment notice instead of delivering the item itself.
- Check processing
- Electronic transactions
- Payments
Year unavailable
RS 10:4-111
An action under this Chapter must be started within three years after the cause of action accrues.
- Limitation periods
Year unavailable
RS 10:4-201
A collecting bank is generally the owner’s agent before a settlement becomes final, and settlements are provisional. For items marked “pay any bank,” only a bank may acquire holder rights until the item is returned to the customer or specially indorsed to a non-bank.
- Bank deposits
- Collections
- Indorsement
Year unavailable
RS 10:4-202
A collecting bank must use ordinary care when handling items, notices, settlements, and transit losses, generally by acting before its midnight deadline.
- Collections
- Liability
- Payment processing
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