Alaska § 45.04.202 - Responsibility for collection or return; when action timely.
Full text of Alaska Alaska Statutes § 45.04.202 — Responsibility for collection or return; when action timely., with citation guidance and answers to common questions.
§ 45.04.202. Responsibility for collection or return; when action timely.
(a) A collecting bank must exercise ordinary care in (1) presenting an item or sending it for presentment;
(2) 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;
(3) settling for an item when the bank receives final settlement; and
(4) notifying its transferor of a loss or delay in transit within a reasonable time after discovery of the loss or delay.
(b) A collecting bank exercises ordinary care under (a) of this section 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.
(c) Subject to (a)(1) of this section, 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.
Frequently Asked Questions About Alaska § 45.04.202
What does Alaska Statutes § 45.04.202 cover?
Section 45.04.202 ("Responsibility for collection or return; when action timely.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 45.04.202?
A common citation format is "Alaska Statutes § 45.04.202" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 45.04.202 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.