Vermont § 202 - § 4—202.
Full text of Vermont Vermont Statutes Online § 202 — § 4—202., with citation guidance and answers to common questions.
§ 202. § 4—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 any loss or delay in transit within a reasonable time
after discovery thereof. (b) A collecting bank exercises ordinary care under subsection (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 subsection (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. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995.)
Frequently Asked Questions About Vermont § 202
What does Vermont Statutes Online § 202 cover?
Section 202 ("§ 4—202.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 202?
A common citation format is "Vermont Statutes Online § 202" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 202 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.