Corpus browser

Commercial Code - COM - COM § 4208

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4208

(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 obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to t

Commercial Code - COM - COM § 4209

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4209

(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 bank or other payor that the information is correctly encoded. If the customer of a depositary bank encodes, that bank also makes the warrant

Commercial Code - COM - COM § 4210

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4210

(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of either: (1) In case of an item deposited in an account to the extent to which credit given for the item has been withdrawn or applied. (2) In case of an item for which it ha

Commercial Code - COM - COM § 4211

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4211

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 in an item, if the bank otherwise complies with the requirements of Section 3302 on what constitutes a holder in due course.

Commercial Code - COM - COM § 4212

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4212

(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 accept or pay a written notice that the bank holds the item for acceptance or payment. The notice shall be sent in time to be received on or bef

Commercial Code - COM - COM § 4213

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4213

(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, and the like, or agreement. In the absence of that prescription, the following are applicable: (1) The medium of settle

Commercial Code - COM - COM § 4214

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4214

(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 bank, or otherwise to receive settlement for the item which is or becomes final, the bank may revoke the settlement given by it, cha

Commercial Code - COM - COM § 4215

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4215

(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 cash. (2) Settled for the item without having a right to revoke the settlement under statute, clearing house rule, or agreement. (3) Made a provisional settlement f

Commercial Code - COM - COM § 4216

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4216

(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 been finally paid, the item shall be returned by the receiver, trustee, or agent in charge of the closed bank to the presenting bank or the closed bank’s cus

Commercial Code - COM - COM § 4301

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4301

(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 midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if, before it has made f

Commercial Code - COM - COM § 4302

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4302

(a) If an item is presented to and received by a payor bank, the bank is accountable for the amount of either: (1) A demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary bank, retains the ite

Commercial Code - COM - COM § 4303

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4303

(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, suspend, or modify the bank’s right or duty to pay an item or to charge its customer’s account for the item if the knowledge,

Commercial Code - COM - COM § 4401

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4401

(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 an overdraft. An item is properly payable if it is authorized by the customer and is in accordance with any agreement between the customer and

Commercial Code - COM - COM § 4402

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4402

(a) Except as otherwise provided in this division, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor an item that would create an overdraft unless it has agreed to pay the overdraft. (b) A payor bank is liable to i

Commercial Code - COM - COM § 4403

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4403

(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 drawn on the customer’s account or close the account by an order to the bank describing the item or account with reasonable certainty received at a time an

Commercial Code - COM - COM § 4404

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4404

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer’s account for a payment made thereafter in good faith.

Commercial Code - COM - COM § 4405

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4405

(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, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection i

Commercial Code - COM - COM § 4406

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4406

(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 or make available to the customer the items paid or provide information in the statement of account sufficient to allow the customer to reaso

Commercial Code - COM - COM § 4407

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4407

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 closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prev

Commercial Code - COM - COM § 4501

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4501

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 draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have

Commercial Code - COM - COM § 4502

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4502

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 its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrive

Commercial Code - COM - COM § 4503

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4503

Unless otherwise instructed and except as provided in Division 5 (commencing with Section 5101), a bank presenting a documentary draft: (a) Shall deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, onl

Commercial Code - COM - COM § 4504

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 4504

(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 may store, sell, or otherwise deal with the goods in any reasonable manner. (b) For its reasonable expenses incurred

Commercial Code - COM - COM § 5101

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5101

This division may be cited as Uniform Commercial Code—Letters of Credit.

Commercial Code - COM - COM § 5102

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5102

(a) In this division: (1) “Adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended. (2) “Applicant” means a person at