70A-4a-504 - Order in which items and payment orders may be charged to an account -- Order of withdrawals from an account.
70A-4a-504. Order in which items and payment orders may be charged to anaccount -- Order of withdrawals from an account.
(1) If a receiving bank has received more than one payment order of the sender or one ormore payment orders and other items that are payable from the sender's account, the bank maycharge 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(2) In determining whether a credit to an account has been withdrawn by the holder of theaccount or applied to a debt of the holder of the account, credits first made to the account are firstwithdrawn or applied.
Enacted by Chapter 294, 1990 General Session