Conn. Gen. Stat. § 42a-4-214
This is the official text of Conn. Gen. Stat. § 42a-4-214, part of Connecticut’s Gen. Stat — part of the compiled statutory law of Connecticut, published by the state as "Gen. Stat." Browse the sections below, each linked to its official government source.
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Sec. 42a-4-214. Right of charge-back or refund. Liability of collecting bank. Return of item.
Official statutory text
(b) A collecting bank returns an item when it is sent or delivered to the bank's customer or transferor or pursuant to its instructions.
(c) A depositary bank that is also the payor may charge back the amount of an item to its customer's account or obtain refund in accordance with section 42a-4-301 governing return of an item received by a payor bank for credit on its books.
(d) The right to charge back is not affected by: (1) Previous use of a credit given for the item; or (2) failure by any bank to exercise ordinary care with respect to the item, but a bank so failing remains liable.
(e) A failure to charge back or claim refund does not affect other rights of the bank against the customer or any other party.
(f) If credit is given in dollars as the equivalent of the value of an item payable in foreign money, the dollar amount of any charge-back or refund must be calculated on the basis of the bank-offered spot rate for the foreign money prevailing on the day when the person entitled to the charge-back or refund learns that it will not receive payment in ordinary course.
See Sec. 42a-4-216 for successor provisions to Sec. 42a-4-214, revised to 1991, re insolvency and preference.
Cited. 230 C. 486; 232 C. 167.
(c) A depositary bank that is also the payor may charge back the amount of an item to its customer's account or obtain refund in accordance with section 42a-4-301 governing return of an item received by a payor bank for credit on its books.
(d) The right to charge back is not affected by: (1) Previous use of a credit given for the item; or (2) failure by any bank to exercise ordinary care with respect to the item, but a bank so failing remains liable.
(e) A failure to charge back or claim refund does not affect other rights of the bank against the customer or any other party.
(f) If credit is given in dollars as the equivalent of the value of an item payable in foreign money, the dollar amount of any charge-back or refund must be calculated on the basis of the bank-offered spot rate for the foreign money prevailing on the day when the person entitled to the charge-back or refund learns that it will not receive payment in ordinary course.
See Sec. 42a-4-216 for successor provisions to Sec. 42a-4-214, revised to 1991, re insolvency and preference.
Cited. 230 C. 486; 232 C. 167.
Status: in_force · Read it on the official government site
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