GA Code § 11-4-303 (2021)
2021 Georgia Code|Title 11 - Commercial Code|Article 4 - Bank Deposits and Collections|Part 3 - Collection of Items: Payor Banks|§ 11-4-303. When Items Subject to Notice, Stop-Payment Order, Legal Process, or Setoff; Order in Which Items May Be Charged or Certified

  Any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank's right or duty to pay an item or to charge its customer's account for the item, if the knowledge, notice, stop-payment order, or legal process is received or served and a reasonable time for the bank to act thereon expires or the setoff is exercised after the earliest of the following:   The bank accepts or certifies the item;   The bank pays the item in cash;   The bank settles for the item without having a right to revoke the settlement under statute, clearing-house rule, or agreement;   The bank becomes accountable for the amount of the item under Code Section 11-4-302 dealing with the payor bank's responsibility for late return of items; or   With respect to checks, a cutoff hour no earlier than one hour after the opening of the next banking day after the banking day on which the bank received the check and no later than the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day after the banking day on which the bank received the check.     Subject to subsection (a) of this Code section, items may be accepted, paid, certified, or charged to the indicated account of its customer in any order.    (Code 1933, § 109A-4 - 303, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 1996, p. 1306, § 12.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 770, 779 et seq. 11 Am. Jur. 2d, Banks and Financial Institutions, §§ 941, 955, 987, 988. 11 Am. Jur. 2d, Bills and Notes, § 388.   C.J.S.   - 9 C.J.S., Banks and Banking, §§ 326, 352 et seq.   U.L.A.   - Uniform Commercial Code (U.L.A.) § 4-303.   ALR.    - Deposit to individual account of checks or notes drawn or endorsed by agent or fiduciary, as charging bank with notice of misappropriation, 57 A.L.R. 925; 64 A.L.R. 1404; 106 A.L.R. 836; 115 A.L.R. 648.    Rights and duties where check is presented to bank which exceeds balance on deposit, 62 A.L.R. 187.    Right and remedy as regards application of debt due from insolvent as between debts owed by creditor to insolvent, 86 A.L.R. 993.    Setoff or lien as between banks as to collection items or proceeds, as affected by question of mutuality or rights or owner of paper, 90 A.L.R. 1009.    Garnishment of bank deposit as affected by bank's right or waiver of right to set off depositor's indebtedness to it against deposit or apply deposit to such indebtedness, 110 A.L.R. 1268.    Bank's right as against receiver to apply or set off deposit to credit of insolvent corporation against its indebtedness to bank, 134 A.L.R. 536.    What amounts to waiver, estoppel, or loss of bank's right to set off depositor's indebtedness against deposit or to apply deposit upon indebtedness, 143 A.L.R. 453.    Deposit in name of one indebted to bank, which is not subject to withdrawal until discharge of obligation of depositor to third person, as subject of setoff by depositor-debtor against debt, or to application by bank in payment of debt, 149 A.L.R. 735.   Construction, application, and effect of statute relating to notice to bank of adverse claim to deposit, 62 A.L.R.2d 1116.   Post-Sniadach status of banker's right to set off bank's claim against depositor's funds, 65 A.L.R.3d 1284.   Uniform Commercial Code: Bank's right to stop payment on its own uncertified check or money order, 97 A.L.R.3d 714.