Examples of Presented Item in a sentence
The Company acknowledges and agrees that by enrolling in and using the Positive Pay Services, each Presented Item will be processed as described herein and that Bank shall have no obligation to perform its customary or any other check verification procedures including, without limitation, inspecting any check for the presence of any number of designated signature(s) or determining whether any signature is authorized or valid.
If the Issue Information matches the information on a Presented Item, the Bank is hereby authorized to pay such item.
Payee Positive Pay Payee Positive Pay enhances the Bank’s Positive Pay Service by additionally comparing the payee name from the Presented Item against the payee name on the Issue Information.
If any of the Issue Information does not match the information on a Presented Item, the Bank will identify the item as an exception item (“Exception Item”), and report it to the Company by sending an exception report (“Exception Report”) specifying the item serial number, the item amount and the reason why the item is an Exception Item.
Any Presented Item that is damaged, lost or destroyed (“Damaged Checks”) so as to be rejected by automated processing systems during processing will not be covered by this Agreement.
You agree that the Bank exercises ordinary care whenever it rightfully pays or returns a Presented Item consistent with the provisions of this Agreement.
If the Bank honors a Presented Item that is listed on an Issued Check File, Single Entry Input or Payment Rules, or honors a pay or return request in response to an Exception Item, such honor shall be rightful, and you waive any right you may have to assert that the Presented Item was not properly payable under California Commercial Code Section 4-401.
The Bank will compare each Presented Item against each Issued Check File, Single Entry Input or Payment Rules received by the Bank.
Each business day, the Bank will: • Pay and charge to the Authorized Account each Presented Item that is matched in the Issued Check File, Single Entry Input or Payment Rules if there are sufficient funds in the Authorized Account for payment.
LGS shall return each Presented Item to Consignor or transfer ownership of any Presented Item to LGS, at Consignor’s preference and expense, within ninety (90) days of LGS’s receipt of a Notice; provided, however, that absent direction otherwise, LGS will return each Presented Item to Consignor at Consignor’s expense.