Vermont § 303 - § 4—303.

§ 303. § 4—303.

• When items subject to notice, stop-payment order, legal process, or setoff; order
  in which items may be charged or certified (a) Any knowledge, notice, or stop-payment order received by, legal process served upon,
  or setoff exercised by a payor bank comes too late to terminate, suspend, or modify
  the bank’s right or duty to pay an item or to charge its customer’s account for the
  item if the knowledge, notice, stop-payment order, or legal process is received or
  served and a reasonable time for the bank to act thereon expires or the setoff is
  exercised after the earliest of the following: (1) the bank accepts or certifies the item; (2) the bank pays the item in cash; (3) the bank settles for the item without having a right to revoke the settlement under
  statute, clearing-house rule, or agreement; (4) the bank becomes accountable for the amount of the item under section 4—302 of this title dealing with the payor bank’s responsibility for late return of items; or (5) with respect to checks, a cutoff hour no earlier than one hour after the opening of
  the next banking day after the banking day on which the bank received the check and
  no later than the close of that next banking day or, if no cutoff hour is fixed, the
  close of the next banking day after the banking day on which the bank received the
  check. (b) Subject to subsection (a) of this section, items may be accepted, paid, certified,
  or charged to the indicated account of its customer in any order. (Added 1993, No. 158 (Adj. Sess.), § 13, eff. Jan. 1, 1995.)