Agmt15 Wells Fargo Bank - Laserfiche WebLink

Browse Search

responsible for a deposit until a Bank employee has received and verified it. The receipt received at the time of deposit is not evidence a deposit has been verified.Bank may reverse or otherwise adjust any credit Bank believes it has erroneously made to Company's Account at any time without prior notice to Company. CollecNon Items. Bank may,in its sole discretion and with notice to Company,handle a Paper Item as a collection Item, instead of as a deposit. This means Bank sends the Item to the issuer's bank for payment and credits Company's Account for the Item when Bank receives payxnent for the Item. If the Item is returned unpaid, Bank will return the Item to Company. Endorsements. This subsection applies if an endorsement is necessary for the transfer or negotiation of an Item. Company authorizes Bank to supply Company's endorsement on any Item Bank takes for collection, payment ar deposit to Company's Account. Company also authorizes Bank to collect any unendorsed Item that is made payable to Company without first supplying Company's endorsement,provided the Item was deposited to Company's Account. Bank may refuse to pay any Item or accept any Item for deposit or collection unless Bank is able to verify to its satisfaction that all of the necessary endorsements are present on the Item. For example,Bank may require that all endorsers be present at the time that an Item is presented to Bank for payment or accepted for deposit or collection. Material Appearing on the Back of Paper Items;Legends on Paper Items. Company is responsible for losses incurred by any person that cashes or accepts Company's Paper Items for deposit, if:(i)the loss is due to a delay in the return of the Item; and (ii)the delay is caused by material appearing on the back of the Item when it was issued or transferred by Company.This material may include,but is not limited to,carbon bands, blacked out areas, and printed or written text or numbers. Company is responsible for all losses, claims, damages or expenses that result from a restrictive legend or notation on Company's Paper Items. Breach of Warranties. If Company breaches any warranty Company makes under the laws governing this Agreement or rule with respect to any Item,Company shall not be released or otherwise discharged from any liability for such breach so long as Bank notifies Company of the breach within 120 days after Bank learns of the breach. If Bank fails to notify Company within this 120-day 19