Florida Statute 674.301 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 674
UNIFORM COMMERCIAL CODE: BANK DEPOSITS AND COLLECTIONS

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674.301 Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.—

(1) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it:

(a) Returns the item; or

(b) Sends written notice of dishonor or nonpayment if the item is unavailable for return.

(2) If a demand item is received by a payor bank for credit on its books, it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in subsection (1).

(3) Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section.

(4) An item is returned:

(a) As to an item presented through a clearinghouse, when it is delivered to the presenting or last collecting bank or to the clearinghouse or is sent or delivered in accordance with clearinghouse rules; or

(b) In all other cases, when it is sent or delivered to the bank’s customer or transferor or pursuant to instructions.

History.—s. 1, ch. 65-254; s. 35, ch. 92-82.

Note.—s. 4-301, U.C.C.; supersedes s. 676.55.

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Amendments to 674.301

Annotations, Discussions, Cases:

Cases Citing Statute 674.301

Total Results: 2

Gathercrest Ltd. v. First American Bank & Trust

649 F. Supp. 106, 1985 U.S. Dist. LEXIS 18147

District Court, M.D. Florida | Filed: Jul 8, 1985 | Docket: 1198821

Cited 9 times | Published

reference to § 674.301 in the official comment is of little assistance since § 674.301 does not specify

First Union Nat. Bank v. First Fla. Bank, NA

616 So. 2d 1168, 20 U.C.C. Rep. Serv. 2d (West) 1017, 1993 Fla. App. LEXIS 4230, 1993 WL 114778

District Court of Appeal of Florida | Filed: Apr 16, 1993 | Docket: 1726729

Cited 3 times | Published

responsibility of its error in misrouting this item. Section 674.301(4)(a) provides that an item received through

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