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  • Ucc 4

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    exousiallc
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    UCC 4-302 establishes that if a bank retains a negotiable instrument like a promissory note, money order, or bill of exchange without taking action on it by midnight of the following banking day after receiving the item, the bank becomes accountable for the full amount of the item. The remedy under UCC 4-302 is based on the bank not returning the negotiable instrument by the deadline.

    Original Description:

    UCC Refusal of IBOE, PROMISSORY NOTES … A remedy

    Original Title

    UCC 4

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    UCC 4-302 establishes that if a bank retains a negotiable instrument like a promissory note, money order, or bill of exchange without taking action on it by midnight of the following banking day after receiving the item, the bank becomes accountable for the full amount of the item. The remedy under UCC 4-302 is based on the bank not returning the negotiable instrument by the deadline.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    135 views1 page

    Ucc 4

    Uploaded by

    exousiallc
    UCC 4-302 establishes that if a bank retains a negotiable instrument like a promissory note, money order, or bill of exchange without taking action on it by midnight of the following banking day after receiving the item, the bank becomes accountable for the full amount of the item. The remedy under UCC 4-302 is based on the bank not returning the negotiable instrument by the deadline.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    UCC 4-302

    IF a bank retains a negotiable Instrument without taking Action on it


    by midnight of the following banking day, on which it receives the item,
    the bank becomes accountable for the FULL AMOUNT of the item.

    REMEDY

    Based on not returning a Promissory Note ie. Money Order, Bill of


    Exchange, Voucher etc.

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