Commercial Paper, Bank Deposits and Collections, and Other Payment Systems

During 1988, the legal rules regarding commercial paper, bank deposits, collections, and other payment systems continued to undergo considerable change. The regulations for implementing the 1987 funds availability legislation specify time periods by which banks accepting checks for deposit must make funds available to customers. They also impose new requirements concerning the collection and return of checks. In 1988, the Drafting Committee on Amendments to the Uniform Commercial Code continued to work on proposed Article 4A of the Code, which would govern wholesale commercial wire transfers of funds. The explicit purpose of the Article 3 revision is to modernize the statute. Again in 1989, a note providing for a variable interest rate was found not to meet the "sum certain" requirement of Section 3-104.