Florida Statutes Part II - Collection Of Items: Depositary And Collecting Banks (Ss. 674.201-674.216)

• 674.201 - Status Of Collecting Bank As Agent And Provisional Status Of Credits; Applicability Of Chapter; Item Indorsed “pay Any Bank.”
  (1) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final,...
• 674.202 - Responsibility For Collection Or Return; When Action Timely.
  (1) A collecting bank must exercise ordinary care in:(a) Presenting an item or sending it for presentment;(b) Sending notice of dishonor or nonpayment or returning an item other...
• 674.203 - Effect Of Instructions.
  Subject to chapter 673 concerning conversion of instruments (s. 673.4201) and restrictive indorsements (s. 673.2061), only a collecting bank’s transferor can give instructions that affect...
• 674.204 - Methods Of Sending And Presenting; Sending Directly To Payor Bank.
  (1) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those...
• 674.205 - Depositary Bank Holder Of Unindorsed 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 it receives...
• 674.206 - Transfer Between Banks.
  Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank.History.—s. 1, ch. 65-254; s. 24, ch. 92-82.Note.—s....
• 674.207 - Transfer Warranties.
  (1) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent collecting...
• 674.2081 - Presentment Warranties.
  (1) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment...
• 674.2091 - Encoding And Retention Warranties.
  (1) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank...
• 674.2101 - Security Interest Of Collecting Bank In Items, Accompanying Documents, And Proceeds.
  (1) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either:(a) In case of an item deposited in...
• 674.2111 - When Bank Gives Value For Purposes Of Holder In Due Course.
  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...
• 674.2121 - Presentment By Notice Of Item Not Payable By, Through, Or At A Bank; Liability Of Drawer Or Indorser.
  (1) Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to accept...
• 674.2131 - Medium And Time Of Settlement By Bank.
  (1) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse rules, and...
• 674.2141 - Right Of Charge-back Or Refund; Liability Of Collecting Bank; Return Of Item.
  (1) 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...
• 674.215 - Final Payment Of Item By Payor Bank; When Provisional Debits And Credits Become Final; When Certain Credits Become Available For Withdrawal.
  (1) An item is finally paid by a payor bank when the bank has first done any of the following:(a) Paid the item in cash;(b) Settled for the...
• 674.216 - Insolvency And Preference.
  (1) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been...

Last modified: September 23, 2016