Title 42a — Title 42a: Uniform Commercial Code
0 chapters · 648 sections in this title.
Conn. Gen. Stat. § 42a-4-108 Time of receipt of items.
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Sec. 42a-4-108. Time of receipt of items. (a) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of two o'clock p.m. or later as a cutoff hour for t…
Conn. Gen. Stat. § 42a-4-109 Delays.
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Sec. 42a-4-109. Delays. (a) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, modify, or extend time limits imposed or …
Conn. Gen. Stat. § 42a-4-110 Electronic presentment.
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Sec. 42a-4-110. Electronic presentment. (a) “Agreement for electronic presentment” means an agreement, clearinghouse rule, or Federal Reserve or the Bureau of Consumer Financial Protection regulation or operating circular, providing that presentment of an item may be made by tran…
Conn. Gen. Stat. § 42a-4-111 Statute of limitations.
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Sec. 42a-4-111. Statute of limitations. An action to enforce an obligation, duty, or right arising under this article must be commenced within three years after the cause of action accrues. (P.A. 91-304, S. 78.) PART 2 COLLECTION OF ITEMS:DEPOSITARY AND COLLECTING BANKS
Conn. Gen. Stat. § 42a-4-201 Status of collecting bank as agent and provisional status of credits. Applicability of article. Item endorsed “pay any bank”.
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Sec. 42a-4-201. Status of collecting bank as agent and provisional status of credits. Applicability of article. Item endorsed “pay any bank”. (a) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes fi…
Conn. Gen. Stat. § 42a-4-202 Responsibility for collection or return. When action timely.
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Sec. 42a-4-202. Responsibility for collection or return. When action timely. (a) A collecting bank must exercise ordinary care in: (1) Presenting an item or sending it for presentment; (2) sending notice of dishonor or nonpayment or returning an item other than a documentary draf…
Conn. Gen. Stat. § 42a-4-203 Effect of instructions.
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Sec. 42a-4-203. Effect of instructions. Subject to section 42a-3-420 concerning conversion of instruments and section 42a-3-206 concerning restrictive endorsements, only a collecting bank's transferor can give instructions that affect the bank or constitute notice to it, and a co…
Conn. Gen. Stat. § 42a-4-204 Methods of sending and presenting. Sending directly to payor bank.
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Sec. 42a-4-204. Methods of sending and presenting. Sending directly to payor bank. (a) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of those items on hand, the cost of collect…
Conn. Gen. Stat. § 42a-4-205 Depositary bank holder of unendorsed item.
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Sec. 42a-4-205. Depositary bank holder of unendorsed item. If a customer delivers an item to a depositary bank for collection: (1) The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder…
Conn. Gen. Stat. § 42a-4-206 Transfer between banks.
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Sec. 42a-4-206. Transfer between banks. Any agreed method that identifies the transferor bank is sufficient for the item's further transfer to another bank. (1959, P.A. 133, S. 4-206; P.A. 91-304, S. 84.) History: P.A. 91-304 replaced “which” with “that”.
Conn. Gen. Stat. § 42a-4-207 Transfer warranties.
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Sec. 42a-4-207. Transfer warranties. (a) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent collecting bank that: (1) The warrantor is a person entitled to enforce the item; (2) al…
Conn. Gen. Stat. § 42a-4-208 Presentment warranties.
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Sec. 42a-4-208. Presentment warranties. (a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draf…
Conn. Gen. Stat. § 42a-4-209 Encoding and retention warranties.
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Sec. 42a-4-209. Encoding and retention warranties. (a) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor bank or other payor that the information is correctly encoded. If the customer of a deposi…
Conn. Gen. Stat. § 42a-4-210 Security interest of collecting bank in items, accompanying documents and proceeds.
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Sec. 42a-4-210. Security interest of collecting bank in items, accompanying documents and proceeds. (a) A collecting bank has a security interest in an item and any accompanying documents or the proceeds of either: (1) In case of an item deposited in an account, to the extent to …
Conn. Gen. Stat. § 42a-4-211 When bank gives value for purposes of holder in due course.
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Sec. 42a-4-211. When bank gives value for purposes of holder in due course. For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest in an item, if the bank otherwise complies with the requirements of sectio…
Conn. Gen. Stat. § 42a-4-212 Presentment by notice of item not payable by, through or at bank. Liability of drawer or endorser.
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Sec. 42a-4-212. Presentment by notice of item not payable by, through or at bank. Liability of drawer or endorser. (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 notic…
Conn. Gen. Stat. § 42a-4-213 Medium and time of settlement by bank.
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Sec. 42a-4-213. Medium and time of settlement by bank. (a) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearinghouse rules, and the like, or agreement. In the absence of such prescription: …
Conn. Gen. Stat. § 42a-4-214 Right of charge-back or refund. Liability of collecting bank. Return of item.
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Sec. 42a-4-214. Right of charge-back or refund. Liability of collecting bank. Return of item. (a) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive a settle…
Conn. Gen. Stat. § 42a-4-215 Final payment of item by payor bank. When provisional debits and credits become final. When certain credits become available for withdrawal.
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Sec. 42a-4-215. Final payment of item by payor bank. When provisional debits and credits become final. When certain credits become available for withdrawal. (a) An item is finally paid by a payor bank when the bank has first done any of the following: (1) Paid the item in cash; (…
Conn. Gen. Stat. § 42a-4-216 Insolvency and preference.
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Sec. 42a-4-216. Insolvency and preference. (a) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, the item must be returned by the receiver, trustee, or agent in charge of the closed bank to th…
Conn. Gen. Stat. § 42a-4-301 Deferred posting. Recovery of payment by return of items. Time of dishonor. Return of items by payor bank.
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Sec. 42a-4-301. Deferred posting. Recovery of payment by return of items. Time of dishonor. Return of items by payor bank. (a) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight …
Conn. Gen. Stat. § 42a-4-302 Payor bank's responsibility for late return of item.
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Sec. 42a-4-302. Payor bank's responsibility for late return of item. (a) If an item is presented to and received by a payor bank, the bank is accountable for the amount of: (1) A demand item, other than a documentary draft, whether properly payable or not, if the bank, in any cas…
Conn. Gen. Stat. § 42a-4-303 When items subject to notice, stop-payment order, legal process or set-off. Order in which items may be charged or certified.
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Sec. 42a-4-303. When items subject to notice, stop-payment order, legal process or set-off. Order in which items may be charged or certified. (a) Any knowledge, notice or stop-payment order received by, legal process served upon, or set-off exercised by a payor bank comes too lat…
Conn. Gen. Stat. § 42a-4-401 When bank may charge customer's account.
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Sec. 42a-4-401. When bank may charge customer's account. (a) A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates an overdraft. An item is properly payable if it is authorized by the customer and is …
Conn. Gen. Stat. § 42a-4-402 Bank's liability to customer for wrongful dishonor. Time of determining insufficiency of account.
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Sec. 42a-4-402. Bank's liability to customer for wrongful dishonor. Time of determining insufficiency of account. (a) Except as otherwise provided in this article, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable, but a bank may dishonor …
Conn. Gen. Stat. § 42a-4-403 Customer's right to stop payment. Burden of proof of loss.
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Sec. 42a-4-403. Customer's right to stop payment. Burden of proof of loss. (a) A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item drawn on the customer's account or close the account by an order to the bank des…
Conn. Gen. Stat. § 42a-4-404 Bank not obligated to pay check more than six months old.
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Sec. 42a-4-404. Bank not obligated to pay check more than six months old. A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer's a…
Conn. Gen. Stat. § 42a-4-405 Death or incompetence of customer.
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Sec. 42a-4-405. Death or incompetence of customer. (a) A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing…
Conn. Gen. Stat. § 42a-4-406 Customer's duty to discover and report unauthorized signature or alteration.
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Sec. 42a-4-406. Customer's duty to discover and report unauthorized signature or alteration. (a) A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return or make available to the customer the items paid…
Conn. Gen. Stat. § 42a-4-407 Payor bank's right to subrogation on improper payment.
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Sec. 42a-4-407. Payor bank's right to subrogation on improper payment. If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker…
Conn. Gen. Stat. § 42a-4-501 Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.
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Sec. 42a-4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor. A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has n…
Conn. Gen. Stat. § 42a-4-502 Presentment of “on arrival” drafts.
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Sec. 42a-4-502. Presentment of “on arrival” drafts. If a draft or the relevant instructions require presentment “on arrival”, “when goods arrive” or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusa…
Conn. Gen. Stat. § 42a-4-503 Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
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Sec. 42a-4-503. Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need. Unless otherwise instructed and except as provided in article 5, a bank presenting a documentary draft: (1) Must deliver the documents to the drawee…
Conn. Gen. Stat. § 42a-4-504 Privilege of presenting bank to deal with goods; security interest for expenses.
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Sec. 42a-4-504. Privilege of presenting bank to deal with goods; security interest for expenses. (a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or…
Conn. Gen. Stat. § 42a-4A-101 Short title: Uniform Commercial Code–Funds Transfers.
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Sec. 42a-4A-101. Short title: Uniform Commercial Code–Funds Transfers. This article may be cited as “Uniform Commercial Code–Funds Transfers”. (P.A. 90-202, S. 1(4A-101), 3.)
Conn. Gen. Stat. § 42a-4A-102 Subject matter.
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Sec. 42a-4A-102. Subject matter. Except as otherwise provided in section 42a-4A-108, this article applies to funds transfers defined in section 42a-4A-104. (P.A. 90-202, S. 1(4A-102), 3.)
Conn. Gen. Stat. § 42a-4A-103 Payment order; definitions.
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Sec. 42a-4A-103. Payment order; definitions. (a) In this article: (1) “Payment order” means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a ben…
Conn. Gen. Stat. § 42a-4A-104 Funds transfer; definitions.
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Sec. 42a-4A-104. Funds transfer; definitions. In this article: (a) “Funds transfer” means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued …
Conn. Gen. Stat. § 42a-4A-105 Other definitions.
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Sec. 42a-4A-105. Other definitions. (a) In this article: (1) “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account…
Conn. Gen. Stat. § 42a-4A-106 Time payment order is received.
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Sec. 42a-4A-106. Time payment order is received. (a) The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 42a-1-202. A receiving bank may fix a cutoff time or …
Conn. Gen. Stat. § 42a-4A-107 Federal regulations and operating circulars.
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Sec. 42a-4A-107. Federal regulations and operating circulars. Regulations of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection and operating circulars of the federal reserve banks supersede any inconsistent provision of this arti…
Conn. Gen. Stat. § 42a-4A-108 Application of article to certain funds transfers governed by federal law.
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Sec. 42a-4A-108. Application of article to certain funds transfers governed by federal law. (a) This article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act, 15 USC 1693, et seq., as amended from time to time. (b) This article …
Conn. Gen. Stat. § 42a-4A-201 Security procedure.
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Sec. 42a-4A-201. Security procedure. “Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) d…
Conn. Gen. Stat. § 42a-4A-202 Authorized and verified payment orders.
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Sec. 42a-4A-202. Authorized and verified payment orders. (a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. (b) If a bank and its cu…
Conn. Gen. Stat. § 42a-4A-203 Unenforceability of certain verified payment orders.
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Sec. 42a-4A-203. Unenforceability of certain verified payment orders. (a) If an accepted payment order is not, under subsection (a) of section 42a-4A-202, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to subsection (…
Conn. Gen. Stat. § 42a-4A-204 Refund of payment and duty of customer to report with respect to unauthorized payment order.
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Sec. 42a-4A-204. Refund of payment and duty of customer to report with respect to unauthorized payment order. (a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the customer un…
Conn. Gen. Stat. § 42a-4A-205 Erroneous payment orders.
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Sec. 42a-4A-205. Erroneous payment orders. (a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructe…
Conn. Gen. Stat. § 42a-4A-206 Transmission of payment order through funds-transfer or other communication system.
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Sec. 42a-4A-206. Transmission of payment order through funds-transfer or other communication system. (a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is…
Conn. Gen. Stat. § 42a-4A-207 Misdescription of beneficiary.
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Sec. 42a-4A-207. Misdescription of beneficiary. (a) Subject to subsection (b), if, in a payment order received by the beneficiary's bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no pers…
Conn. Gen. Stat. § 42a-4A-208 Misdescription of intermediary bank or beneficiary's bank.
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Sec. 42a-4A-208. Misdescription of intermediary bank or beneficiary's bank. (a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number. (1) The receiving bank may rely on the number as the proper identif…