§ 34.1-4-301 — Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank

Wyoming § 34.1-4-301

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

Text

(a) If a payor bank settles for a demand item other than a
documentary draft presented otherwise than for immediate payment
over the counter before midnight of the banking day of receipt,
the payor bank may revoke the settlement and recover the
settlement if, before it has made final payment and before its
midnight deadline, it:
(i) Returns the item; or
(ii) Sends written notice of dishonor or nonpayment
if the item is unavailable for return.
(b) If a demand item is received by a payor bank for
credit on its books, it may return the item or send notice of
dishonor and may revoke any credit given or recover the amount
thereof withdrawn by its customer, if it acts within the time
limit and in the manner specified in subsection (a).
(c) Unless previous notice of dishonor has been sent, an
item is dishonored at the time when for purposes of dishonor it
is returned or notice sent in accordance with this section.
(d) An item is returned:
(i) As to an item presented through a clearing house,
when it is delivered to the presenting or last collecting bank
or to the clearing house or is sent or delivered in accordance
with clearing-house rules; or
(ii) In all other cases, when it is sent or delivered
to the bank's customer or transferor or pursuant to
instructions.