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 §§ 75–75 (480 sections).
Laws, 1991, ch. 316, § 1, eff from and after July 1, 1991.
If a receiving bank has received more than one (1) payment order of the sender or one 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.
In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.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: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.