Title 13, COMMERCIAL CODE

The following words and phrases when used in this division shall have the meanings given to them in this section: "Bank." A person engaged in the business of banking, including a savings bank, savings and loan association, credit union or trust company. "Collecting bank." A bank …

(a) "Payable through" a bank.--If an item states that it is "payable through" a bank identified in the item, the item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item, and the item may be presented for payment only by or through t…

A branch or separate office of a bank 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 notices or orders must be given under this division and under Division 3 (relating to negotiable instruments…

(a) Cutoff hour for handling and book entries.--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 p.m. or later as a cutoff hour for the handli…

(a) Two-banking-day delay permitted in effort to secure payment.--Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specified item drawn on a payor other than a bank, and with or without the approval of any person involved, may waive, mo…

(a) Definition of "agreement for electronic presentment".--"Agreement for electronic presentment" means an agreement, clearinghouse 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 o…

An action to enforce an obligation, duty or right arising under this division must be commenced within three years after the cause of action accrues. (July 9, 1992, P.L.507, No.97, eff. one year) 1992 Amendment. Act 97 added section 4111.