MARVIN MANDEL, Governor

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(c)    Appropriate authority to charge an
account of the remitting bank or of another bank with the
collecting bank; or

(d)   If the item is drawn upon or payable by a
person other than a bank, a cashier's check, certified
check or other bank check or obligation.

(2)   If before its midnight deadline the collecting
bank properly dishonors a remittance check or
authorization to charge on itself or presents or forwards
for collection a remittance instrument of or on another
bank which is of a kind approved by subsection (1) or has
not been authorized by it, the collecting bank is not
liable to prior parties in the event of the dishonor of
such check, instrument or authorization.

(3)    A settlement for an item by means of a
remittance instrument or authorization to charge is or
becomes a final settlement as to both the person making
and the person receiving the settlement

(a)     If the remittance instrument or
authorization to charge is of a kind approved by
subsection (1) or has not been authorized by the person
receiving the settlement and in either case the person
receiving the settlement acts seasonably before its
midnight deadline in presenting, forwarding for
collection or paying the instrument or authorization,—-at
the time the remittance instrument or authorization is
finally paid by the payor by which it is payable;

(b)    If the person receiving the settlement
has authorized remittance by a non—bank check or
obligation or by a cashier's check or similar primary
obligation of or a check upon the payor or other
remitting bank which is not of a kind approved by
subsection (1) (b),—at the time of the receipt of such
remittance check or obligation; or

(c)   If in a case not covered by subparagraphs
(a) or (b) the person receiving the settlement fails to
seasonably present, forward for collection, pay or return
a remittance instrument or authorization to it to charge
before its midnight deadline,—- at such midnight
deadline.

4—212. Right of charge—back or refund.

(1) If a collecting bank has made provisional
settlement with its customer for an item and itself fails
by reason of dishonor, suspension of payments by a bank
or otherwise to receive a settlement for the item which
is or becomes final, the bank may revoke the settlement