§ 34.1-4-215 — Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal

Wyoming § 34.1-4-215

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

Text

(a) An item is finally paid by a payor bank when the bank
has first done any of the following:
(i) Paid the item in cash;
(ii) Settled for the item without having a right to
revoke the settlement under statute, clearing-house rule, or
agreement; or
(iii) Made a provisional settlement for the item and
failed to revoke the settlement in the time and manner permitted
by statute, clearing-house rule or agreement.
(b) If provisional settlement for an item does not become
final, the item is not finally paid.
(c) If provisional settlement for an item between the
presenting and payor banks is made through a clearing-house or
by debits or credits in an account between them, then to the
extent that provisional debits or credits for the item are
entered in accounts between the presenting and payor banks or
between the presenting and successive prior collecting banks
seriatim, they become final upon final payment of the item by
the payor bank.
(d) If a collecting bank receives a settlement for an item
which is or becomes final, the bank is accountable to its
customer for the amount of the item and any provisional credit
given for the item in an account with its customer becomes
final.
(e) Subject to (1) applicable laws stating a time for
availability of funds and (2) any right of the bank to apply the
credit to an obligation of the customer, credit given by a bank
for an item in a customer's account becomes available for
withdrawal as of right:
(i) If the bank has received a provisional settlement
for the item, when the settlement becomes final and the bank has
had a reasonable time to receive return of the item and the item
has not been received within that time;
(ii) If the bank is both the depositary bank and the
payor bank, and the item is finally paid, at the opening of the
bank's second banking day following receipt of the item.
(f) Subject to applicable law stating a time for
availability of funds and any right of a bank to apply a deposit
to an obligation of the depositor, a deposit of money becomes
available for withdrawal as of right at the opening of the
bank's next banking day after receipt of the deposit.