(1) If an item is presented to and received by a payor bank the bank, is accountable for the amount of:
(a) 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
(b) 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.
(2) The liability of a payor bank to pay an item pursuant to subsection (1) of this section is subject to defenses based on breach of a presentment warranty (KRS 355.4-208) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank. Effective: January 1, 1997 History: Amended 1996 Ky. Acts ch. 130, sec. 100, effective January 1, 1997. -- Created 1958 Ky. Acts ch. 77, sec. 4-302, effective July 1, 1960.
Notes of Decisions
Farmers Coop. Livestock Mkt., Inc. v. Second Nat'l Bank of London, 427 S.W.2d 247 (Ky. Ct. App. 1968).
· cites it 5× “The basis of appellant’s claim is that this instrument was a check which was presented for payment to the payor bank, and under the provisions of KRS 355.4-302 appellee was absolutely liable for the face amount of the instrument because it failed to pay or return the item or…”
Blake v. Woodford Bank & Trust Co., 555 S.W.2d 589 (Ky. Ct. App. 1977).
· cites it 2× “KRS 355.4-302(1) provides: “In the absence of a valid defense such as breach of a presentment warranty (subsection (1) of KRS 355.”
— Ky. Rev. Stat. § 355.4-302(1) — 1 case
Blake v. Woodford Bank & Trust Co., 555 S.W.2d 589 (Ky. Ct. App. 1977).
“KRS 355.4-302(1) provides: “In the absence of a valid defense such as breach of a presentment warranty (subsection (1) of KRS 355.”
— Ky. Rev. Stat. § 355.4-302(a) — 1 case
Farmers Coop. Livestock Mkt., Inc. v. Second Nat'l Bank of London, 427 S.W.2d 247 (Ky. Ct. App. 1968).
“The basis of appellant’s claim is that this instrument was a check which was presented for payment to the payor bank, and under the provisions of KRS 355.4-302 appellee was absolutely liable for the face amount of the instrument because it failed to pay or return the item or…”
— Ky. Rev. Stat. § 355.4-302(l)(a) — 1 case
Blake v. Woodford Bank & Trust Co., 555 S.W.2d 589 (Ky. Ct. App. 1977).
“KRS 355.4-302(1) provides: “In the absence of a valid defense such as breach of a presentment warranty (subsection (1) of KRS 355.”
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