Utah Statutes
§ 70A-4-302 — Payor bank's responsibility for late return of item.
Utah·Title 70A Uniform Commercial Code·Ch. 70A-4 Uniform Commercial Code - Bank Deposits and Collections·Part 70A-4-3 Collection of Items - Payor Banks
(1)If an item is presented to and received by a payor bank, the bank is accountable for the amount of:
(1)(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, whether or not it is also the depositary bank, does not pay or return the item or send notice of dishonor until after its midnight deadline; or
(1)(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 b
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Related
Sloan v. Zions First National Bank (In re Castletons, Inc.)
990 F.2d 551 (Tenth Circuit, 1993)
Sloan v. Zions First National Bank, N.A. (In Re Castletons, Inc.)
154 B.R. 574 (D. Utah, 1992)
Legislative History
Amended by Chapter 237, 1993 General Session
Nearby Sections
15
§ 70A-10-101
Effective date.§ 70A-10-102
Specific repealer -- Provision for transition.§ 70A-10-103
General repealer.§ 70A-10-104
Laws not repealed.§ 70A-1a-101
Title.§ 70A-1a-102
Scope of chapter.§ 70A-1a-104
Construction against implied repeal.§ 70A-1a-105
Severability.§ 70A-1a-106
Use of singular and plural -- Gender.§ 70A-1a-107
Section captions.§ 70A-1a-201
General definitions.§ 70A-1a-202
Notice -- Knowledge.§ 70A-1a-203
Lease distinguished from security interest.