Montana § 30-4-302 Payor Bank's Responsibility For Late Return Of Item

Montana Statutes

§ 30-4-302 — Payor Bank's Responsibility For Late Return Of Item

Montana·Title 30 TRADE AND COMMERCE·Ch. 4 UNIFORM COMMERCIAL CODE BANK DEPOSITS AND COLLECTIONS·Part 3 Collection of Items -- Payor Banks

30-4-302 . Payor bank's responsibility for late return of item.

(1)If an item is presented to and received by a payor bank the bank is accountable for the amount of:

(a)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 item beyond midnight of the banking day of receipt without settling for it or, regardless of whether it is also the depositary bank, does not settle for or return the item or send notice of dishonor until after its midnight deadline; or

(b)any other properly payable item unless within the time allowed for acceptance or payment of that item the bank either accepts or pays the item or returns it and accompanying documents.

(2)The liability of a payor bank to pay a

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30-4-302 . Payor bank's responsibility for late return of item. (1) If an item is presented to and received by a payor bank the bank is accountable for the amount of:
(a) 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 item beyond midnight of the banking day of receipt without settling for it or, regardless of whether it is also the depositary bank, does not settle for or return the item or send notice of dishonor until after its midnight deadline; or
(b) any other properly payable item unless within the time allowed for acceptance or payment of that item the bank either accepts or pays the item or returns it and accompanying documents.
(2) The liability of a payor bank to pay an item pursuant to subsection (1) is subject to defenses based on breach of a presentment warranty ( 30-4-215 ) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank.

Montana § 30-4-302 (Payor Bank's Responsibility For Late Return Of Item) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.