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Texas Business & Commerce Code - Chapter 4 Bank Deposits And CollectionsLegal Research Home > Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Chapter 4 Bank Deposits And Collections This chapter may be cited as Uniform Commercial Code--Bank Deposits and Collections. Acts 1967, 60th Leg., p. 2343, ch. 785, § 1, eff. Sept. 1, ... (a) To the extent that items within this chapter are also within Chapters 3 and 8, they are subject to those chapters. If there is ... (a) The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank's responsibility ... (a) In this chapter, unless the context otherwise requires: (1) "Account" means any deposit or credit account with a bank, including a demand, time, savings, ... In this chapter: (1) "Bank" means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or ... (a) If an item states that it is "payable through" a bank identified in the item, the item: (1) designates the bank as a collecting ... A branch or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place ... (a) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for ... (a) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than ... (a) "Agreement for electronic presentment" means an agreement, clearing-house rule, or Federal Reserve regulation or operating circular providing that presentment of an item may be ... An action to enforce an obligation, duty, or right arising under this chapter must be commenced within three years after the cause of action accrues. ... (a) Except as otherwise provided by Chapter 3 or this chapter, a payor bank shall pay a check drawn on it against an account with ... (a) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes ... (a) A collecting bank must exercise ordinary care in: (1) presenting an item or sending it for presentment; (2) sending notice of dishonor or non-payment ... Subject to Chapter 3 concerning conversion of instruments (Section 3.420) and restrictive indorsements (Section 3.206), only a collecting bank's transferor can give instructions that affect ... (a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of ... If a customer delivers an item to a depositary bank for collection, the depositary bank: (1) becomes a holder of the item at the time ... Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank. Acts 1967, 60th Leg., p. 2343, ch. ... (a) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent ... (a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person ... (a) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor ... (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 ... For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest ... (a) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to ... (a) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, ... (a) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by ... (a) An item is finally paid by a payor bank when the bank has first done any of the following: (1) paid the item in ... (a) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not ... (a) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before ... (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, ... (a) Any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, ... (a) A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates ... (a) Except as otherwise provided by this chapter, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but ... (a) A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item ... A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, that is presented ... (a) A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, ... (a) A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return ... If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been ... A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the ... If a draft or the relevant instructions require presentment "on arrival", "when goods arrive", or the like, the collecting bank need not present until in ... Unless otherwise instructed and except as provided in Chapter 5, a bank presenting a documentary draft: (1) must deliver the documents to the drawee on ... (a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time ... Texas Lawyers
Last modified: August 10, 2007 |