§12A-4-213.

§12A-4-213.
   
                   MEDIUM AND TIME OF SETTLEMENT BY BANK
                                      
   (a) With respect to settlement by a bank, the medium and time of
   settlement may be prescribed by Federal Reserve regulations or
   circulars, clearing-house rules, and the like, or agreement. In the
   absence of such prescription:
   
   (1) The medium of settlement is cash or credit to an account in a
   Federal Reserve bank of or specified by the person to receive
   settlement; and
   
   (2) The time of settlement, is:
   
   (i) with respect to tender of settlement by cash, a cashier's check,
   or teller's check, when the cash or check is sent or delivered;
   
   (ii) with respect to tender of settlement by credit in an account in a
   Federal Reserve bank, when the credit is made;
   
   (iii) with respect to tender of settlement by a credit or debit to an
   account in a bank, when the credit or debit is made or, in the case of
   tender of settlement by authority to charge an account, when the
   authority is sent or delivered; or
   
   (iv) with respect to tender of settlement by a funds transfer, when
   payment is made pursuant to subsection (a) of Section 4A-406 of this
   title to the person receiving settlement.
   
   (b) If the tender of settlement is not by a medium authorized by
   subsection (a) of this section or the time of settlement is not fixed
   by subsection (a) of this section, no settlement occurs until the
   tender or settlement is accepted by the person receiving settlement.
   
   (c) If settlement for an item is made by cashier's check or teller's
   check and the person receiving settlement, before its midnight
   deadline:
   
   (1) Presents or forwards the check for collection, settlement is final
   when the check is finally paid; or
   
   (2) Fails to present or forward the check for collection, settlement
   is final at the midnight deadline of the person receiving settlement.
   
   (d) If settlement for an item is made by giving authority to charge
   the account of the bank giving settlement in the bank receiving
   settlement, settlement is final when the charge is make by the bank
   receiving settlement if there are funds available in the account for
   the amount of the item.