Online Sunshine Logo
Official Internet Site of the Florida Legislature
November 19, 2018
Text: 'NEW Advanced Legislative Search'
Interpreter Services for the Deaf and Hard of Hearing
Go to MyFlorida House
Select Year:  
The Florida Statutes

The 2018 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS
Chapter 674
UNIFORM COMMERCIAL CODE: BANK DEPOSITS AND COLLECTIONS
View Entire Chapter
F.S. 674.202
674.202 Responsibility for collection or return; when action timely.
(1) A collecting bank must exercise ordinary care in:
(a) Presenting an item or sending it for presentment;
(b) Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank’s transferor after learning that the item has not been paid or accepted, as the case may be;
(c) Settling for an item when the bank receives final settlement; and
(d) Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.
(2) A collecting bank exercises ordinary care under subsection (1) by taking proper action before its midnight deadline following receipt of an item, notice, or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness.
(3) Subject to subsection (1)(a), a bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person or for loss or destruction of an item in the possession of others or in transit.
History.s. 1, ch. 65-254; s. 20, ch. 92-82.
Note.s. 4-202, U.C.C.; supersedes s. 674.74.