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Florida Statutes (Last Updated: April 21, 2021) |
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TITLE XXXIX. COMMERCIAL RELATIONS |
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CHAPTER 674. UNIFORM COMMERCIAL CODE: BANK DEPOSITS AND COLLECTIONS |
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PART III. COLLECTION OF ITEMS: PAYOR BANKS |
SECTION 674.303. When items subject to notice, stop-payment order, legal process, or setoff; order in which items may be charged or certified.
Latest version.
- 1(1) 2Any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or to charge its customer’s account for the item if the knowledge, notice, stop-payment order, or legal process is received or served and a reasonable time for the bank to act thereon expires or the setoff is exercised after the earliest of the following:82(a) 83The bank accepts or certifies the item;90(b) 91The bank pays the item in cash;98(c) 99The bank settles for the item without having a right to revoke the settlement under statute, clearinghouse rule, or agreement;119(d) 120The bank becomes accountable for the amount of the item under s. 132674.302 133dealing with the payor bank’s responsibility for late return of items; or145(e) 146With respect to checks, a cutoff hour no earlier than 1 hour after the opening of the next banking day after the banking day on which the bank received the check and no later than the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day after the banking day on which the bank received the check.213(2) 214Subject to subsection (1), items may be accepted, paid, certified, or charged to the indicated account of its customer in any order.
History.-s. 1, ch. 65-254; s. 37, ch. 92-82.
Note
Note.-s. 4-303, U.C.C.; supersedes ss. 676.55, 659.26.
