New Jersey Statutes 12A:4-212. Presentment by notice of item not payable by, through, or at bank; liability of drawer or indorser
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Terms Used In New Jersey Statutes 12A:4-212
- Bank: means a person engaged in the business of banking, including a savings bank, savings and loan association, credit union, or trust company. See New Jersey Statutes 12A:4-105
- 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. See New Jersey Statutes 12A:4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See New Jersey Statutes 12A:4-104
- Presenting bank: means a bank presenting an item except a payor bank. See New Jersey Statutes 12A:4-105
a. Unless otherwise instructed, a collecting bank may present an item not payable by, through, or at a bank by sending to the party to accept or pay a written notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received on or before the day when presentment is due and the bank must meet any requirement of the party to accept or pay under 12A:3-501 by the close of the bank’s next banking day after it knows of the requirement.
b. If presentment is made by notice and payment, acceptance, or request for compliance with a requirement under 12A:3-501 is not received by the close of business on the day after maturity or, in the case of demand items, by the close of business on the third banking day after notice was sent, the presenting bank may treat the item as dishonored and charge any drawer or indorser by sending it notice of the facts.
L.1995,c.28,s.2.