New Jersey § 12a:4-213
Full text of New Jersey New Jersey Statutes § 12a:4-213, with citation guidance and answers to common questions.
§ 12a:4-213.
a. With respect to settlement by a bank, the medium and time of settlement may be
prescribed by Federal Reserve regulations or circulars, clearing-house rules, and
the like, or agreement. In the absence of such prescription: (1) the medium of settlement is cash or credit to an account in a Federal Reserve
bank of or specified by the person to receive settlement; and (2) the time of settlement, is: (a) with respect to tender of settlement by cash, a cashier's check, or teller's check,
when the cash or check is sent or delivered; (b) with respect to tender of settlement by credit in an account in a Federal Reserve
Bank, when the credit is made; (c) with respect to tender of settlement by a credit or debit to an account in a bank,
when the credit or debit is made or, in the case of tender of settlement by authority
to charge an account, when the authority is sent or delivered; or (d) with respect to tender of settlement by a funds transfer, when payment is made
pursuant to subsection (1) of 12A:4A-406 to the person receiving settlement. b. If the tender of settlement is not by a medium authorized by subsection a. of this
section or the time of settlement is not fixed by subsection a. of this section, no
settlement occurs until the tender of settlement is accepted by the person receiving
settlement. c. If settlement for an item is made by cashier's check or teller's check and the
person receiving settlement, before its midnight deadline: (1) presents or forwards the check for collection, settlement is final when the check
is finally paid; or (2) fails to present or forward the check for collection, settlement is final at the
midnight deadline of the person receiving settlement. d. If settlement for an item is made by giving authority to charge the account of
the bank giving settlement in the bank receiving settlement, settlement is final when
the charge is made by the bank receiving settlement if there are funds available in
the account for the amount of the item.
Frequently Asked Questions About New Jersey § 12a:4-213
What does New Jersey Statutes § 12a:4-213 cover?
Section 12a:4-213 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:4-213?
A common citation format is "New Jersey Statutes § 12a:4-213" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:4-213 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.