Order in which items and payment orders may be charged to account — Order of withdrawals from account
Known as the Uniform Commercial Code
The act spans §§ 4–4 (597 sections).
Applied in 1 court decision — leading case 94 F. Supp. 3d 1012 - Hanjy v. Arvest Bank (2015)
Most recently applied in 94 F. Supp. 3d 1012 - Hanjy v. Arvest Bank (March 2015)
Acts 1991, No. 540, § 1.
(1) If a receiving bank has received more than one (1) payment order of the sender or one (1) or more payment orders and other items that are payable from the sender's account, the bank may charge the sender's account with respect to the various orders and items in any sequence.
(2) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.