§ 34.1-4-303 — When items subject to notice, stop-payment order, legal process or setoff; order in which items may be charged or certified

Wyoming § 34.1-4-303

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

Text

(a) Any knowledge, notice, or stop-payment order received
by, legal process served upon, or setoff exercised by a payor
bank comes too late to terminate, suspend, or modify the bank's
right or duty to pay an item or to charge its customer's account
for the item if the knowledge, notice, stop-payment order, or
legal process is received or served and a reasonable time for
the bank to act thereon expires or the setoff is exercised after
the earliest of the following:
(i) The bank accepts or certifies the item;
(ii) The bank pays the item in cash;
(iii) The bank settles for the item without having a
right to revoke the settlement under statute, clearing-house
rule, or agreement;
(iv) The bank becomes accountable for the amount of
the item under section 34.1-4-302 dealing with the payor bank's
responsibility for late return of items; or
(v) With respect to checks, a cutoff hour no earlier
than one (1) hour after the opening of the next banking day
after the banking day on which the bank received the check and
no later than the close of that next banking day or, if no
cutoff hour is fixed, the close of the next banking day after
the banking day on which the bank received the check.
(b) Subject to subsection (a), items may be accepted,
paid, certified, or charged to the indicated account of its
customer in any order.
PART 4
RELATIONSHIP BETWEEN PAYOR BANK AND ITS CUSTOMER