13 Pennsylvania Consolidated Statutes Chapter 42 - Collection Of Items: Depositary And Collecting Banks

• Chapter Notes
• Section 4201 - Status Of Collecting Bank As Agent And Provisional Status Of Credits; Applicability Of Division; Item Indorsed "Pay Any Bank."
  (a) Agency status of bank and provisional status of settlement.--Unless a contrary intent clearly appears and before the time that a settlement given by...
• Section 4202 - Responsibility For Collection Or Return; When Action Timely
  § 4202. Responsibility for collection or return; when action timely. (a) When collecting bank must exercise ordinary care.--A collecting bank must exercise ordinary care...
• Section 4203 - Effect Of Instructions
  Subject to Division 3 (relating to negotiable instruments) concerning conversion of instruments (section 3420) and restrictive indorsements (section 3206), only a collecting bank's transferor...
• Section 4204 - Methods Of Sending And Presenting; Sending Directly To Payor Bank
  § 4204. Methods of sending and presenting; sending directly to payor bank. (a) Collecting bank to send items by reasonably prompt method.--A collecting bank...
• Section 4205 - 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...
• Section 4206 - Transfer Between Banks
  Any agreed method that identifies the transferor bank is sufficient for the further transfer of the item to another bank. (July 9, 1992, P.L.507,...
• Section 4207 - Transfer Warranties
  (a) General rule.--A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to...
• Section 4208 - Presentment Warranties
  (a) General rule.--If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the...
• Section 4209 - Encoding And Retention Warranties
  (a) Encoding warranty.--A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to...
• Section 4210 - Security Interest Of Collecting Bank In Items, Accompanying Documents And Proceeds
  § 4210. Security interest of collecting bank in items, accompanying documents and proceeds. (a) General rule.--A collecting bank has a security interest in an...
• Section 4211 - When Bank Gives Value For Purposes Of Holder In Due Course
  § 4211. When bank gives value for purposes of holder in due course. For purposes of determining its status as a holder in due...
• Section 4212 - Presentment By Notice Of Item Not Payable By, Through Or At A Bank; Liability Of Drawer Or Indorser
  § 4212. Presentment by notice of item not payable by, through or at a bank; liability of drawer or indorser. (a) Presentment by notice.--Unless...
• Section 4213 - Medium And Time Of Settlement By Bank
  (a) Certain rules regarding settlement by bank.--With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal...
• Section 4214 - Right Of Charge-back Or Refund; Liability Of Collecting Bank; Return Of Item
  § 4214. Right of charge-back or refund; liability of collecting bank; return of item. (a) Right of collecting bank to charge-back or refund.--If a...
• Section 4215 - Final Payment Of Item By Payor Bank; When Provisional Debits And Credits Become Final; When Certain Credits Become Available For Withdrawal
  § 4215. Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal. (a)...
• Section 4216 - Insolvency And Preference
  (a) Return of unpaid item by agent of closed bank.--If an item is in or comes into the possession of a payor or collecting...

Last modified: October 8, 2016