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United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:4-302

A payor bank can be liable for the amount of certain items if it returns or settles them too late.

bank processingpayment itemsreturn deadlines
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United States — Louisiana
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“A payor bank can be liable for the amount of certain items if it returns or settles them too late.”

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RS 10:4-302

A payor bank can be liable for the amount of certain items if it returns or settles them too late.

Section 10:4-302

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§ 10:4-302RS 10:4-302Provision

A payor bank can be liable for the amount of certain items if it returns or settles them too late.

§4-302. Payor bank's responsibility for late return of item (a) If an item is presented to and received by a payor bank, the bank is accountable for the amount of: (1) a demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary bank, retains the item beyond midnight of the banking day of receipt without settling for it or, whether or not it is also the depositary bank, does not pay or return the item or send notice of dishonor until after its midnight deadline; or (2) any other properly payable item unless, within the time allowed for acceptance or payment of that item, the bank either accepts or pays the item or returns it and accompanying documents. (b) The liability of a payor bank to pay an item pursuant to Subsection (a) is subject to defenses based on breach of a presentment warranty (R.S. 10:4-208) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank. Acts 1992, No. 1133, §4, eff. July 1, 1993; Acts 1993, No. 948, §10, eff. Jan. 1, 1994.
Section 10:4-302Verify source

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