§ 34.1-4-210 — Security interest of collecting bank in items accompanying documents and proceeds

Wyoming § 34.1-4-210

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 4: BANK DEPOSITS AND COLLECTIONS

Text

(a) A collecting bank has a security interest in an item
and any accompanying documents or the proceeds of either:
(i) In case of an item deposited in an account, to
the extent to which credit given for the item has been withdrawn
or applied;
(ii) In case of an item for which it has been given
credit available for withdrawal as of right, to the extent of
the credit given, whether or not the credit is drawn upon or
there is a right of charge-back; or
(iii) If it makes an advance on or against the item.
(b) If credit given for several items received at one (1)
time or pursuant to a single agreement is withdrawn or applied
in part, the security interest remains upon all the items, any
accompanying documents or the proceeds of either. For the
purpose of this section, credits first given are first
withdrawn.
(c) Receipt by a collecting bank of a final settlement for
an item is a realization on its security interest in the item,
accompanying documents, and proceeds. So long as the bank does
not receive final settlement for the item or give up possession
of the item or possession or control of the accompanying
documents for purposes other than collection, the security
interest continues to that extent and is subject to article 9,
but:
(i) No security agreement is necessary to make the
security interest enforceable (section 34.1-9-203);
(ii) No filing is required to perfect the security
interest; and
(iii) The security interest has priority over
conflicting perfected security interests in the item,
accompanying documents, or proceeds.