Title 11 — Commercial Code
0 chapters · 563 sections in this title.
O.C.G.A. § 11-4-101 Short title
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This article may be cited as “Uniform Commercial Code — Bank Deposits and Collections.” History. Code 1933, § 109A-4-101, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 4. 467 11-4-103
O.C.G.A. § 11-4-102 Applicability
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(a) To the extent that items within this article are also within Articles 3 and 8 of this title, they are subject to those articles. If there is conflict, this article governs Article 3 of this title, but Article 8 of this title governs this article. (b) The liability of a bank fo…
O.C.G.A. § 11-4-104 Definitions and index of definitions
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(a) In this article, unless the context otherwise requires: (1) “Account” means any deposit or credit account with a bank, 470 11-4-104 including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit; (2) “Afte…
O.C.G.A. § 11-4-105 For provisions of T
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11, the Uniform Commercial Code, pertaining to letters of credit generally, § 11-5-101 et seq. Effect of laws relating to regulation of practice of law on power of banks to give advice to customers in matters incidental to banks or banking, § 15-19-52.
O.C.G.A. § 11-4-106 Payable through or payable at bank; collecting bank
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(a) If an item states that it is “payable through” a bank identified in the item, the item (i) designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and (ii) may be presented for payment only by or through the bank. (b) If an item stat…
O.C.G.A. § 11-4-107 Separate office of a bank
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A branch or separate office of a bank, including the location of any agent of a bank receiving items for data processing purposes, is a separate bank for the purpose of computing the time within which and determining the place at or to which action may be taken or notice or order…
O.C.G.A. § 11-4-108 Time of receipt of items
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(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 2:00 P.M. or later as a 476 11-4-109 cutoff hour for the handling of money and items and th…
O.C.G.A. § 11-4-109 Delays
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(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 permitted by this title f…
O.C.G.A. § 11-4-110 Electronic presentment
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(a) “Agreement for electronic presentment” means an agreement, clearing-house rule, or federal reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (“presentment notic…
O.C.G.A. § 11-4-111 Short title
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Applicability. Variation by agreement; measure of damages; action constituting ordinary care. Definitions and index of definitions. “Bank”; “depositary bank”; “payor bank”; “intermediary bank”; “collecting bank”; “presenting bank.” Payable through or payable at bank; collecting ban…
O.C.G.A. § 11-4-201 Interpretation and construction
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Applicability of article, §11-4-102. Variation by agreement, §11-4-103. Liability. Collection of items. Depositary and collecting banks. Liability of secondary parties, §11-4-212. UNIFORM COMMERCIAL CODE —Cont’d Bank deposits and collections —Cont’d Liability —Cont’d Wrongful dis…
O.C.G.A. § 11-4-203 Effect of instructions
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Subject to Article 3 of this title concerning conversion of instruments (Code Section 11-3-420) and restrictive indorsements (Code Section 11-3-206), only a collecting bank’s transferor can give instructions that 482 11-4-204 affect the bank or constitute notice to it and a colle…
O.C.G.A. § 11-4-205 Depositary bank holder of unindorsed item
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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 of the item, whether or not the customer indorses the item…
O.C.G.A. § 11-4-206 Transfer between banks
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Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank. History. Code 1933, § 109A-4-206, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 6.
O.C.G.A. § 11-4-207 Transfer warranties
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(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) All signatures on the item are authenti…
O.C.G.A. § 11-4-208 Presentment warranties
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(a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance at the time of presentment and a previous transferor of the draft at the time of transfer warrant to the drawee tha…
O.C.G.A. § 11-4-209 Encoding and retention warranties
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(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 depositary bank encodes, that bank also makes the warrant…
O.C.G.A. § 11-4-211 Indorsements
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Pay any bank, §11-4-201. Insolvency and preference, §11-4-216. Instructions of transferor.
O.C.G.A. § 11-4-212 Methods, §11-4-204
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Refunds, §11-4-214. Responsibility required, §11-4-202. Security interest of collecting bank. Items accompanying documents and proceeds, §11-4-210. COMMERCIAL CODE —Cont’d Bank deposits and collections —Cont’d Depositary and collecting banks —Cont’d Collection of items —Cont’d Se…
O.C.G.A. § 11-4-213 Medium and time of settlement by bank
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(a) With respect to settlement by a bank, the medium and time of settlement may be prescribed by federal reserve regulations or circulars, clearing-house rules, and the like, or agreement. In the absence of such prescription: (1) The medium of settlement is cash or credit to an a…
O.C.G.A. § 11-4-214 CHATTEL MORTGAGES
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Secured transactions. Generally, §§11-9-101 to 11-9-809. CHATTEL PAPER. Secured transactions. Generally, §§11-9-101 to 11-9-809. CHECKS. Cashier’s checks. Defined as negotiable instruments, §11-3-104. Effect of obligation for which taken, §11-3-310. Liability to pay, §11-3-411.
O.C.G.A. § 11-4-215 Provisional status, §11-4-201
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When provisional credits become final, §11-4-215. Death or incompetence of customer. Effect, §11-4-405. Debits for items. When provisional credits become final, §11-4-215. Generally, §11-4-201. Holders in due course. When bank gives value, §11-4-211. Indorsements. Pay any bank, §11…
O.C.G.A. § 11-4-216 Insolvency and preference
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(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 the presenting bank or the closed bank’s custo…
O.C.G.A. § 11-4-301 Customer relationship
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Alteration of instruments. Customer’s duty to discover and report, §11-4-406. Charging customer’s account. When allowed, §11-4-401. Death of customer. Effect, §11-4-405. Dishonor, wrongful. Liability to customer, §11-4-402. Incompetency of customer. Effect, §11-4-405. Stale check…
O.C.G.A. § 11-4-302 Payor bank’s responsibility for late return of item
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(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 case in which it is not also the depositary bank, retains the item beyon…
O.C.G.A. § 11-4-303 STORAGE
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Agricultural commodities. Storage under statute requiring bond. Receipt issued deemed warehouse receipt, §11-7-201. Alcoholic beverages. Storage under statute requiring bond. Receipt issued deemed warehouse receipt, §11-7-201. SUBORDINATION OF PRIORITY. Leases under UCC, §11-2A-3…
O.C.G.A. § 11-4-401 When bank may charge customer’s account
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(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 in accordance with any agreement between the customer and…
O.C.G.A. § 11-4-402 Limitation of actions, §11-4-111
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Deposits and collections. Unauthorized signature or alteration. Claims against bank, §11-4-406. Mental illness. Incompetency of customer. Authority of payor or collecting bank, §11-4-405. Negligence. Unauthorized signature or alteration, §11-4-406. Wrongful dishonor.
O.C.G.A. § 11-4-403 Customer’s right to stop payment; burden of proof of loss
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(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 describing the item or account with reasonable certainty received at a time an…
O.C.G.A. § 11-4-404 Stopping payment
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Bank’s right to subrogation on improper payment, §11-4-407. Burden of proof of loss, §11-4-403. Customer’s right, §11-4-403. Duration of order, §11-4-403. When items subject to stop order, §11-4-303. Teller’s checks.
O.C.G.A. § 11-4-405 Death or incompetence of customer
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(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 at the time the item is issued or its collection i…
O.C.G.A. § 11-4-406 Vickers v
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Broxton State Bank, 230 Ga. App. 170, 495 S.E.2d 645, 1998 Ga. App. LEXIS 76 (1998). On plaintiff commercial checking account customer’s suit against defendant, its payor bank, under O.C.G.A. § 11-4401, alleging checks forged by it employee, although the reduced check images retu…
O.C.G.A. § 11-4-407 Payor bank’s right to subrogation on improper payment
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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, to prevent unjust enrichment and only to the extent necessary to prev…
O.C.G.A. § 11-4-501 On arrival drafts, §11-4-502
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DOCUMENTS OF TITLE, §§11-7-101 to 11-7-603. Agricultural commodities. Storage under statute requiring bond. Receipt issued deemed warehouse receipt, §11-7-201. Alcoholic beverages. Storage of distilled spirits under statute requiring bond. Receipt issued deemed warehouse receipts…
O.C.G.A. § 11-4-502 Presentment of “on arrival” drafts
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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. Refusal to pay or accept because the goods have not arriv…
O.C.G.A. § 11-4-503 Negotiable instruments
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Defined, §11-3-501. Excused presentment, §11-3-504. Rules governing, §11-3-501. Warranties, §11-3-417. PRESUMPTIONS. Bank deposits and collections. Stop payment orders. Losses resulting from violation of orders, §11-4-403. Commercial code. General provisions, §11-1-206. Negotiable…
O.C.G.A. § 11-4-504 ACTIONS
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Bills of lading. Liability of carriers generally, §§11-7-301 to 11-7-309. Documents of title. Bills of lading and warehouse receipts. Liability and duties of carriers and warehouses generally, §§11-7-101 to 11-7-603. Warehouses. Warehouse receipts. Liability of warehouses general…