Vermont § 302 - § 4—302.
Full text of Vermont Vermont Statutes Online § 302 — § 4—302., with citation guidance and answers to common questions.
§ 302. § 4—302.
- Payor bank’s responsibility for late return of item (a) If an item is presented to and received by a payor bank, the bank is accountable for
the amount of: (1) a demand item, other than a documentary draft, whether properly payable or not, if
the bank, in any case in which it is not also the depositary bank, retains the item
beyond midnight of the banking day of receipt without settling for it or, whether
or not it is also the depositary bank, does not pay or return the item or send notice
of dishonor until after its midnight deadline; or (2) any other properly payable item unless, within the time allowed for acceptance or
payment of that item, the bank either accepts or pays the item or returns it and accompanying
documents. (b) The liability of a payor bank to pay an item pursuant to subsection (a) of this section is subject to defenses based on breach of a presentment warranty (§ 4—208) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995.)
Frequently Asked Questions About Vermont § 302
What does Vermont Statutes Online § 302 cover?
Section 302 ("§ 4—302.") 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 § 302?
A common citation format is "Vermont Statutes Online § 302" (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 § 302 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.