California Commercial Code 11504 – (a) If a receiving bank has received more than one payment order …
Current as of: 2024 | Check for updates
|
Other versions
(a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence.
(b) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.
Terms Used In California Commercial Code 11504
- Bank: means a person engaged in the business of banking, and includes a savings bank, savings and loan association, credit union, and trust company. See California Commercial Code 1201
- Holder: means :
California Commercial Code 1201
(Added by Stats. 1990, Ch. 125, Sec. 2.)