New Jersey § 12a:4-215

§ 12a:4-215.

a. An item is finally paid by a payor bank when the bank has first done any of the

following: (1) paid the item in cash; (2) settled for the item without having a right to revoke the settlement under statute,

clearing-house rule, or agreement; or (3) made a provisional settlement for the item and failed to revoke the settlement

in the time and manner permitted by statute, clearing-house rule, or agreement. b. If provisional settlement for an item does not become final, the item is not finally

paid. c. If provisional settlement for an item between the presenting and payor banks is

made through a clearing house or by debits or credits in an account between them,

then to the extent that provisional debits or credits for the item are entered in

accounts between the presenting and payor banks or between the presenting and successive

prior collecting banks seriatim, they become final upon final payment of the items

by the payor bank. d. If a collecting bank receives a settlement for an item which is or becomes final,

the bank is accountable to its customer for the amount of the item and any provisional

credit given for the item in an account with its customer becomes final. e. Subject to applicable law stating a time for availability of funds and any right

of the bank to apply the credit to an obligation of the customer, credit given by

a bank for an item in a customer's account becomes available for withdrawal as of

right: (1) if the bank has received a provisional settlement for the item, when the settlement

becomes final and the bank has had a reasonable time to receive return of the item

and the item has not been received within that time; (2) if the bank is both the depositary bank and the payor bank, and the item is finally

paid, at the opening of the bank's second banking day following receipt of the item. f. Subject to applicable law stating a time for availability of funds and any right

of a bank to apply a deposit to an obligation of the depositor, a deposit of money

becomes available for withdrawal as of right at the opening of the bank's next banking

day after receipt of the deposit.