Montana § 30-4-111 Truncation

Montana Statutes

§ 30-4-111 — Truncation

Montana § 30-4-111

Title 30TRADE AND COMMERCE

Ch. 4UNIFORM COMMERCIAL CODE BANK DEPOSITS AND COLLECTIONS

Part 1General Provisions and Definitions

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Bluebook

Mont. Code Ann. § 30-4-111 (2026).

Text

30-4-111 . Truncation.

(1)"Truncation agreement" means an agreement, clearinghouse 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 notice") rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the truncation agreement.

(2)If presentment is made pursuant to a truncation agreement, a reference to "item" or "check" in this chapter means the presentment notice unless the context otherwise indicates.

(3)An intermediary bank handling a presentment notice pursuant to a truncation agreement has the rights of a holder of th

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30-4-111 . Truncation. (1) "Truncation agreement" means an agreement, clearinghouse 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 notice") rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the truncation agreement.
(2) If presentment is made pursuant to a truncation agreement, a reference to "item" or "check" in this chapter means the presentment notice unless the context otherwise indicates.
(3) An intermediary bank handling a presentment notice pursuant to a truncation agreement has the rights of a holder of the item to the same extent it would have had rights in the item if the item had been physically transferred to it in the course of collection.