N.J.S.A. 12A:4A-504 — Order in which items and payment orders may be charged to account; order of withdrawals from account

12A:4A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account 12A:4A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account. (1) If a receiving bank has received more than one 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. (2) In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied. L.1994,c.114,s.2.

This is the verbatim text of N.J.S.A. 12A:4A-504, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.