California Commercial Code

§ 4213

COM § 4213 Effective Jan 1, 1993Div. 4 · Ch. 2

Statute text

(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 the like, or agreement. In the absence of that prescription, the following are applicable:

(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 any of the following:

…

Legislative history

Added by Stats. 1992, Ch. 914, Sec. 33. Effective January 1, 1993.