Laserfiche WebLink
22 <br />If one of Company’s Deposited Items is returned with a claim that there is a <br />breach of warranty (for example, that it bears a forged endorsement or is <br />altered in any way), Bank may debit Company’s Account for the amount of <br />the Item (plus any associated fees) and pay the amount to the person or <br />entity making the claim. Bank is under no duty to question the truth of the <br />facts that are being asserted, to assess the timeliness of the claim, or to <br />assert any defense. Bank need not give Company any prior notification of its <br />actions with respect to the claim. Company agrees to immediately repay any <br />Overdraft caused by the return of a Deposited Item. <br /> <br />Direct Deposits Returned by Bank. <br />If, in connection with a direct deposit plan funds are deposited to <br />Company’s Account and later returned to the originator, Bank may deduct <br />the amount from that or any other Account Company maintains at Bank, <br />without prior notice and at any time, except as prohibited by the laws <br />governing this Agreement. Bank may also use any other legal remedy to <br />recover the amount. <br /> <br />Reconstructing Lost or Destroyed Deposited Items. <br />If a Deposited Item is lost or destroyed during processing or collection <br />(either at Bank or at another point in the payments system), Company <br />agrees to cooperate fully with Bank to reconstruct the Deposited Item by <br />promptly: (i) providing Bank with a copy of the front and back of the <br />Deposited Item from Company’s or the issuer’s records; (ii) asking the issuer <br />to place a stop payment on it (at Bank’s expense) and issue a replacement <br />Item to Company (if the Deposited Item has not been paid); or (iii) <br />reviewing Company’s records and other information and conducting any <br />additional research as may be reasonable to determine the issuer’s identity <br />(if Company does not know the identity of the issuer of the Deposited Item). <br />If Company fails to cooperate with Bank, Bank may, at any time and without <br />advance notice to Company, reverse or otherwise adjust any credit made to <br />Company’s Account for a lost or destroyed Deposited Item. <br /> <br />Withdrawals from Company’s Account <br /> <br />Determining Company’s Account’s Balance; Debiting Company’s Account. <br />In determining the balance in Company’s Account that is available to pay <br />Items, Bank may reduce the available balance by the amount of any hold <br />that Bank has placed on Company’s Account under this Agreement. <br />Additionally, Bank may place a hold on Company’s Account if Bank receives <br />an electronic notice that an Item will be presented for payment or collection <br />against Company’s Account (a “Notice of Presentment”). The hold may <br />remain in effect from the time the Notice of Presentment is received until <br />6.1.D. - Page 64