Ohio § 1304.23

§ 1304.23.

(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 similar rules

and documents, or agreement.  In the absence of prescription in that manner, both of the following apply: (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. (2) The time of settlement is one of the following: (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 in account, when the authority is sent or delivered; (d) With respect to tender of settlement by a funds transfer, when payment is made pursuant

to division (A) of section 1304.34 of the Revised Code to the person receiving settlement. (B) If the tender of settlement is not by a medium authorized by division (A) of this

section or the time of settlement is not fixed by division (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, both of the

following apply: (1) If the person receiving settlement, before its midnight deadline, presents or forwards

the check for collection, settlement is final when the check is finally paid. (2) If the person receiving settlement, before its midnight deadline, 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.