Alaska Statutes Title 45, Chapter 45.04, Article 02 - Collection of Items: Depositary and Collecting Banks

• Sec. 45.04.201 Status of Collecting Bank As Agent and Provisional Status of Credits; Applicability; Item Endorsed "Pay Any Bank".
  (a) Unless a contrary intent clearly appears and before a settlement given by a collecting bank for an item becomes final, the bank, with...
• Sec. 45.04.202 Responsibility for Collection or Return; When Action Timely.
  (a) A collecting bank must exercise ordinary care in(1) presenting an item or sending it for presentment;(2) sending notice of dishonor or nonpayment or...
• Sec. 45.04.203 Effect of Instructions.
  Subject to the provisions concerning conversion of instruments (AS 45.03.420 ) and restrictive endorsements (AS 45.03.206 ), only a collecting bank's transferor can give...
• Sec. 45.04.204 Methods of Sending and Presenting; Sending Directly to Payor Bank.
  (a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number...
• Sec. 45.04.205 Depositary Bank Holder of Unendorsed Item.
  If a customer delivers an item to a depositary bank for collection(1) the depositary bank becomes a holder of the item at the time...
• Sec. 45.04.206 Transfer Between Banks.
  Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank.
• Sec. 45.04.207 Transfer Warranties.
  (a) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any...
• Sec. 45.04.208 Presentment Warranties.
  (a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person...
• Sec. 45.04.209 Encoding and Retention Warranties.
  (a) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the...
• Sec. 45.04.210 Security Interest of Collecting Bank in Items, Accompanying Documents, and Proceeds.
  (a) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either(1) in case of an...
• Sec. 45.04.211 When Bank Gives Value for Purposes of Holder in Due Course.
  To determine its status as a holder in due course, a bank has given value to the extent it has a security interest in...
• Sec. 45.04.212 Presentment by Notice of Item Not Payable By, Through, or At a Bank; Liability of Drawer or Endorser.
  (a) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party...
• Sec. 45.04.213 Medium and Time of Settlement by Bank.
  (a) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse...
• Sec. 45.04.214 Right of Charge Back or Refund; Liability of Collecting Bank; Return of Item.
  (a) If a collecting bank has made provisional settlement with its customer for an item and fails, by reason of dishonor, suspension of payments...
• Sec. 45.04.215 Final Payment of Item by Payor Bank; When Provisional Debits and Credits Become Final; When Certain Credits Become Available for Withdrawal.
  (a) An item is finally paid by a payor bank when the bank has first(1) paid the item in cash;(2) settled for the item...
• Sec. 45.04.216 Insolvency and Preference.
  (a) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has...

Last modified: November 15, 2016