The New Jersey Center for Electronic Transactions and Informational Privacy shall be established within the Institute of Law, Science and Technology at Seton Hall University School of Law. The Center shall collect and evaluate information on issues concerning electronic records and privacy and shall compile its findings and any recommendations for submission to the Secretary of State and governmental agencies of this State, as may be appropriate. L.2001, c.116, s.

This legal document governs the medium and time of settlement by a bank. It applies to banks and persons involved in settlement transactions. The document states that the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing-house rules, or agreement. In the absence of such prescription, the medium of settlement is cash or credit to an account in a Federal Reserve bank or specified by the person to receive settlement.

This legal document governs the final payment of items by a payor bank, the process by which provisional debits and credits become final, and the availability of credits for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, collecting banks, and customers. An item is considered finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or when a provisional settlement is made and not revoked within the permitted time.

This legal document governs the actions and responsibilities of payor banks in relation to deferred posting, recovery of payment by return of items, time of dishonor, and return of items. It specifies that if a payor bank settles for a demand item other than a documentary draft presented before midnight of the banking day of receipt, it may revoke the settlement and recover the settlement by returning the item or sending written notice of dishonor or nonpayment.

This provision, found in the New Jersey General and Permanent Statutes under the Commercial Transactions section, governs the treatment of items subject to notice, stop-payment order, legal process, or setoff, as well as the order in which these items may be charged or certified. It applies to payor banks and their customers. According to the provision, any knowledge, notice, or stop-payment order received by the bank, legal process served upon the bank, or setoff exercised by the bank does not terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account if certain conditions are met.

This legal document governs the circumstances under which a bank may charge a customer’s account. According to the document, a bank can charge against the customer’s account for an item that is properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and complies with any agreement between the customer and the bank. However, a customer is not liable for an overdraft if they neither signed the item nor benefited from its proceeds.

This provision, found in the New Jersey General and Permanent Statutes under the Commercial Transactions section, grants customers or persons authorized to draw on the account the right to stop payment of any item drawn on the customer’s account or close the account. The order to the bank must describe the item or account with reasonable certainty and be received in a timely manner to allow the bank to act on it before taking any action on the item.

A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented more than six months after its date, but it may charge its customer’s account for a payment made thereafter in good faith. L.1995,c.28,s.2.

This legal document governs the duty of customers to discover and report unauthorized signatures or alterations in banking transactions. It applies to both customers and banks. According to the document, if a bank sends a statement of account or items to a customer, the customer must promptly examine them to determine if any payment was unauthorized due to alteration or unauthorized signature. If the customer should have reasonably discovered the unauthorized payment based on the provided statement or items, they must promptly notify the bank.

This legal document, found in the New Jersey General and Permanent Statutes under the section of Commercial Transactions, pertains to fraud and forgery in relation to presentations made in compliance with the terms and conditions of a letter of credit. If a required document is forged or materially fraudulent, or if honoring the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, the issuer shall honor the presentation if demanded by certain parties who have given value in good faith and without notice of forgery or material fraud.