Wyoming § 34.1-4-103 Variation by agreement; measure of damages;
action constituting ordinary care

Wyoming Statutes

§ 34.1-4-103 — Variation by agreement; measure of damages; action constituting ordinary care

Wyoming·Title 34.1 Uniform Commercial Code·Art. 4 BANK DEPOSITS AND COLLECTIONS

(a)The effect of the provisions of this article may be varied by agreement, but the parties to the agreement cannot disclaim the responsibility of a bank, or a registered clearing corporation with respect to a user or participant with whom the registered clearing corporation has a contractual relationship, for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. However, the parties may determine by agreement the standards by which the bank's or registered clearing corporation's responsibility is to be measured if those standards are not manifestly unreasonable.

(b)Federal reserve regulations and operating circulars, or registered clearing corporation rules, regulations, operating procedures and the like adopted and promulga

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(a) The effect of the provisions of this article may be
varied by agreement, but the parties to the agreement cannot
disclaim the responsibility of a bank, or a registered clearing
corporation with respect to a user or participant with whom the
registered clearing corporation has a contractual relationship,
for its lack of good faith or failure to exercise ordinary care
or limit the measure of damages for the lack or failure.
However, the parties may determine by agreement the standards by
which the bank's or registered clearing corporation's
responsibility is to be measured if those standards are not
manifestly unreasonable.
(b) Federal reserve regulations and operating circulars,
or registered clearing corporation rules, regulations, operating
procedures and the like adopted and promulgated by a registered
clearing corporation from time to time, clearing-house rules,
and the like have the effect of agreements under subsection (a)
of this section, whether or not specifically assented to by all
parties interested in items handled.
(c) Action or nonaction approved by this article or
pursuant to federal reserve regulations or operating circulars,
or registered clearing corporation rules, regulations, operating
procedures and the like adopted or promulgated by a registered
clearing corporation from time to time, is the exercise of
ordinary care and, in the absence of special instructions,
action or nonaction consistent with clearing-house rules and the
like or with a general banking usage not disapproved by this
article, is prima facie the exercise of ordinary care.
(d) The specification of [or] approval of certain
procedures by this article is not disapproval of other
procedures that may be reasonable under the circumstances.
(e) The measure of damages for failure to exercise
ordinary care in handling an item is the amount of the item
reduced by an amount that could not have been realized by the
exercise of ordinary care. If there is also bad faith it
includes any other damages the party suffered as a proximate
consequence.

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