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Commercial Code - COM - COM § 3504

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 3504

(a) Presentment for payment or acceptance of an instrument is excused if (1) the person entitled to present the instrument cannot with reasonable diligence make presentment, (2) the maker or acceptor has repudiated an obligation to pay the instrument or is dead or in insolvency p

Commercial Code - COM - COM § 3505

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 3505

(a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated: (1) A document regular in form as provided in subdivision (b) which purports to be a protest. (2) A purported stamp or writing of the drawee, payor bank, or pre

Commercial Code - COM - COM § 3601

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 3601

(a) The obligation of a party to pay the instrument is discharged as stated in this division or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract. (b) Discharge of the obligation of a party is not effective against a pe

Commercial Code - COM - COM § 3602

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 3602

(a) Subject to subdivision (b), an instrument is paid to the extent payment is made (1) by or on behalf of a party obliged to pay the instrument, and (2) to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the i

Commercial Code - COM - COM § 3603

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 3603

(a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract. (b) If tender of payment of an obligation to pay a

Commercial Code - COM - COM § 3604

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 3604

(a) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument (1) by an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the inst

Commercial Code - COM - COM § 3605

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 3605

(a) In this section, the term “indorser” includes a drawer having the obligation described in subdivision (d) of Section 3414. (b) Discharge, under Section 3604, of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or accommodation pa

Commercial Code - COM - COM § 4101

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4101

This division may be cited as Uniform Commercial Code—Bank Deposits and Collections.

Commercial Code - COM - COM § 4102

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4102

(a) To the extent that items within this division are also within Divisions 3 (commencing with Section 3101) and 8 (commencing with Section 8101), they are subject to those divisions. If there is conflict, this division governs Division 3 (commencing with Section 3101), but Divis

Commercial Code - COM - COM § 4103

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4103

(a) The effect of the provisions of this division may be varied by agreement, but the parties to the agreement cannot disclaim a bank’s responsibility for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. However,

Commercial Code - COM - COM § 4104

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4104

(a) In this division unless the context otherwise requires: (1) “Account” means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. (2) “Afternoon” means

Commercial Code - COM - COM § 4105

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4105

In this division: (1) “Bank” means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company. (2) “Depositary bank” means the first bank to take an item even though it is also the payor bank, unless the ite

Commercial Code - COM - COM § 4106

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4106

(a) If an item states that it is “payable through” a bank identified in the item, (1) the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and (2) the item may be presented for payment only by or through the bank. (b) If an

Commercial Code - COM - COM § 4107

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4107

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 at or to which action may be taken or notice or orders shall be given under this division and under Division 3 (commencing with Section 3101).

Commercial Code - COM - COM § 4108

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4108

(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 the day, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making of ent

Commercial Code - COM - COM § 4109

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4109

(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 bank, and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or permitted by this code f

Commercial Code - COM - COM § 4110

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4110

(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 made by transmission of an image of an item or information describing the item (“presentment notic

Commercial Code - COM - COM § 4111

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4111

An action to enforce an obligation, duty, or right arising under this division shall be commenced within three years after the cause of action accrues.

Commercial Code - COM - COM § 4201

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4201

(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 final, the bank, with respect to the item, is an agent or subagent of the owner of the item and any settlement given for the item is provisional

Commercial Code - COM - COM § 4202

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4202

(a) A collecting bank shall exercise ordinary care in all of the following: (1) Presenting an item or sending it for presentment. (2) Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank’s transferor after learning that the item

Commercial Code - COM - COM § 4203

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4203

Subject to Division 3 (commencing with Section 3101) concerning conversion of instruments (Section 3420) and restrictive indorsements (Section 3206), only a collecting bank’s transferor can give instructions that affect the bank or constitute notice to it, and a collecting bank i

Commercial Code - COM - COM § 4204

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4204

(a) A collecting bank shall send items by reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collection involved, and the method generally used by it or others to present those items. (

Commercial Code - COM - COM § 4205

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4205

If a customer delivers an item to a depositary bank for collection both of the following apply: (a) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not th

Commercial Code - COM - COM § 4206

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4206

Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank.

Commercial Code - COM - COM § 4207

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4207

(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 collecting bank that all of the following are applicable: (1) The warrantor is a person entitled to enforce the item. (2) All