Sections
§ 4-101 Short title
§ 4-102 Applicability
§ 4-103 Variation by agreement; measure of damages; action constituting ordinary care
§ 4-104 Definitions and index of definitions
§ 4-105 ‘Bank’; ‘depository bank’; ‘intermediary bank’; ‘collecting bank’; ‘payor bank’; ‘presenting bank’
§ 4-106 Payable through or payable at bank; collecting bank
§ 4-107 Separate office of bank
§ 4-108 Time of receipt of items
§ 4-109 Delays
§ 4-110 Electronic presentment
§ 4-111 Statute of limitations
§ 4-201 Status of collecting bank as agent and provisional status of credits; applicability of article; item indorsed ‘pay any bank’
§ 4-202 Responsibility for collection or return; when action timely
§ 4-203 Effect of instructions
§ 4-204 Methods of sending and presenting; sending directly to payor bank
§ 4-205 Depositary bank holder of unindorsed item
§ 4-206 Transfer between banks
§ 4-207 Transfer warranties
§ 4-208 Presentment warranties
§ 4-209 Encoding and retention warranties
§ 4-210 Security interest of collecting bank in items, accompanying documents and proceeds
§ 4-211 When bank gives value for purposes of holder in due course
§ 4-212 Presentment by notice of item not payable by, through, or at a bank; liability of drawer or indorser
§ 4-213 Medium and time of settlement by bank
§ 4-214 Right of charge-back or refund; liability of collecting bank; return of item
§ 4-215 Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal
§ 4-216 Insolvency and preference
§ 4-301 Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
§ 4-302 Payor bank’s responsibility for late return of item
§ 4-303 When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified
§ 4-401 When bank may charge customer’s account
§ 4-402 Bank’s liability to customer for wrongful dishonor; time of determining insufficiency of account
§ 4-403 Customer’s right to stop payment; burden of proof of loss
§ 4-404 Bank not obliged to pay check more than six months old
§ 4-405 Death or incompetence of customer
§ 4-406 Customer’s duty to discover and report unauthorized signature or alteration
§ 4-407 Payor bank’s right to subrogation on improper payment
§ 4-501 Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor
§ 4-502 Presentment of ‘on arrival’ drafts
§ 4-503 Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need
§ 4-504 Privilege of presenting bank to deal with goods; security interest for expenses
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Terms Used In Vermont Statutes > Title 9A > Article 4 - Bank Deposits and Collections

  • Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;

  • Afternoon: means the period of a day between noon and midnight;

  • Agency: means the Vermont Agency of Commerce and Community Development. See
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. See
  • Area unemployment rate: means the average monthly unemployment rate over the most recent two-year period for which data is available, of the labor market area of which a municipality is a part, as reported by the Vermont Department of Labor. See
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions;

  • Bequest: Property gifted by will.
  • Clearing house: means an association of banks or other payors regularly clearing items;

  • Continuance: Putting off of a hearing ot trial until a later time.
  • Customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;

  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (§ 8—102) or instructions for uncertificated securities (§ 8—102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft;

  • Draft: means a draft as defined in § 3—104 or an item, other than an instrument, that is an order;

  • Drawee: means a person ordered in a draft to make payment;

  • Employment loss: means the absolute decline in the annual average number of insured private sector employees in the municipality during the most recent 12-month period for which data is reported by the Vermont Department of Labor compared to the same 12-month period five years earlier. See
  • Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Municipality: means a town or city. See
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Per capita income: means the total adjusted gross incomes of residents of a municipality divided by total exemptions claimed by residents of that municipality, as reported to the Vermont Department of Taxes in the most recent year for which data is available. See
  • Population: means the most recent population of a municipality as determined by the Vermont Department of Health. See
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Secretary: means the Secretary of the Agency. See
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
  • Village: shall mean an incorporated village. See