Alabama § 7-4A-504 Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals from Account

Alabama Statutes

§ 7-4A-504 — Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals from Account

Alabama·Title 7 Commercial Code·Art. 4A Funds Transfers·Part 5 Miscellaneous Provisions

(a)If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence.

(b)In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.

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(a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence.
(b) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.

Alabama § 7-4A-504 (Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals from Account) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.