§ 70A-4-301 Deferred posting — Recovery of payment by return of items — Time of dishonor — Return of item by payor bank
§ 70A-4-302 Payor bank’s responsibility for late return of item
§ 70A-4-303 When items subject to notice, stop payment order, legal process or setoff — Order in which items may be charged or certified
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Terms Used In Utah Code > Title 70A > Chapter 4 > Part 3 - Collection of Items - Payor Banks

  • Account: means any deposit or credit account with a bank including a demand, time, savings, passbook, share draft, or similar account, other than the account evidenced by a certificate of deposit. See Utah Code 70A-4-104
  • 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 other than a Saturday, a Sunday, or a legal holiday. See Utah Code 70A-4-104
  • Clearinghouse: means an association of banks or other payors regularly clearing items. See Utah Code 70A-4-104
  • 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. See Utah Code 70A-4-104
  • Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities as provided in Section 70A-8-101, instructions for uncertificated securities as provided in Section 70A-8-101, other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Utah Code 70A-4-104
  • Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Utah Code 70A-4-104
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
  • 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: A law passed by a legislature.