Kentucky Statutes 355.4-212 – Presentment by notice of item not payable by, through, or at bank — Liability of drawer or indorser
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(1) 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 record providing notice that the bank holds the item for acceptance or payment. The notice must be sent in time to be received on or before the day when presentment is due and the bank must meet any requirement of the party to accept or pay under KRS § 355.3-501 by the close of the bank’s next banking day after it knows of the requirement.
(2) If presentment is made by notice and payment, acceptance, or request for compliance with a requirement under KRS § 355.3-501 is not received by the close of business on the day after maturity or, in the case of demand items, by the close of business on the third banking day after notice was sent, the presenting bank may treat the item as dishonored and charge any drawer or indorser by sending it notice of the facts.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 242, sec. 49, effective July 12, 2006. — Repealed, reenacted, renumbered as KRS § 355.4-212, and amended 1996 Ky. Acts ch. 130, sec.
94, effective January 1, 1997. — Created 1958 Ky. Acts ch. 77, sec. 4-210, effective
July 1, 1960.
Formerly codified as KRS § 355.4-210.
History for former KRS § 355.4-212: Repealed, reenacted, renumbered, as KRS § 355.4-
214, and amended 1996 Ky. Acts ch. 130, sec. 96, effective January 1, 1997. — Created 1958 Ky. Acts ch. 77, sec. 4-212, effective July 1, 1960.
(2) If presentment is made by notice and payment, acceptance, or request for compliance with a requirement under KRS § 355.3-501 is not received by the close of business on the day after maturity or, in the case of demand items, by the close of business on the third banking day after notice was sent, the presenting bank may treat the item as dishonored and charge any drawer or indorser by sending it notice of the facts.
Terms Used In Kentucky Statutes 355.4-212
- 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. See Kentucky Statutes 355.4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Kentucky Statutes 355.4-104
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 242, sec. 49, effective July 12, 2006. — Repealed, reenacted, renumbered as KRS § 355.4-212, and amended 1996 Ky. Acts ch. 130, sec.
94, effective January 1, 1997. — Created 1958 Ky. Acts ch. 77, sec. 4-210, effective
July 1, 1960.
Formerly codified as KRS § 355.4-210.
History for former KRS § 355.4-212: Repealed, reenacted, renumbered, as KRS § 355.4-
214, and amended 1996 Ky. Acts ch. 130, sec. 96, effective January 1, 1997. — Created 1958 Ky. Acts ch. 77, sec. 4-212, effective July 1, 1960.