| (1) |
“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 or information describing the item, a “presentment notice,” rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the agreement. |
Terms Used In Utah Code 70A-4-110
- Clearinghouse: means an association of banks or other payors regularly clearing items. See Utah Code 70A-4-104
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Utah Code 70A-4-104
| (2) |
Presentment of an item in accordance with an agreement for presentment is made when the presentment notice is received. |
| (3) |
If presentment is made by presentment notice, a reference to “item” or “check” in this chapter means the presentment notice unless the context otherwise indicates. |
Enacted by Chapter 237, 1993 General Session
