Common use of Postdated, Incomplete and Conditional Items Clause in Contracts

Postdated, Incomplete and Conditional Items. You agree to indemnify, defend, and hold us harmless from any and all loss and liability that we may incur due to our payment of incomplete or postdated items, items endorsed “without recourse,” or conditional xxxxx.Xxx agree that we will not have any duty to discover or comply with postdated, incomplete, or conditional items, nor do we have any duty to comply with any notice of postdating we receive. You agree that we may disregard any information on any check or draft other than the amount of the item, the identity of the drawee bank, any magnetically encoded information, and the signature of the drawer, regardless of whether that information is consistent with any other information on the xxxx.Xxx agree that we may decline to accept, process or pay any item or order that, in our estimation, is ambiguous or otherwise unclear in its xxxxx.Xxx also agree that, at our option, we may use our best efforts to resolve any such ambiguity and you agree to release, indemnify, defend, and hold us harmless from any and all loss and liability that we may incur or that may arise in connection with our attempts to resolve any such ambiguity. 6.Wire Transfers,Automated Clearing House (ACH), and Other Payment Order Transactions. (a) Governing Law and Regulations. If you send or receive a wire transfer, Fedwire may be used. Federal Reserve Board Regulation J is the law that covers transactions made over Fedwire. If you are a party to an Automated Clearing House (ACH) entry, you acknowledge and agree that any such entry will be governed by the National Automated Clearing House Association (NACHA) Operating Rules, the Rules of any local ACH, and the Rules of any other system through which the entry is made. Other payment orders you make may be governed by Chapter 4A of the Texas Business & Commerce Code. (b)

Postdated, Incomplete and Conditional Items. You agree to indemnify, defend, defend and hold us the Credit Union harmless from any and all loss and liability that we which may incur occur due to our inadvertent payment of incomplete or incomplete, postdated items, items endorsed “‘without recourse,” ’ or conditional xxxxx.Xxx agree items. You consent that we will not have any duty to discover or comply with postdated, incomplete, incomplete or conditional items. Due to our automated check processing procedures designed to process the greatest volume of items at the lowest cost to you, nor do we have any duty to comply with any notice of postdating we receive. You agree that we may disregard you understand any information on any check or draft other than the amount of the item, the identity of the drawee bank, bank and any magnetically encoded information, and the signature of the drawer, information (MICR) may be foregone regardless of whether that information the data is consistent with any other information on the xxxx.Xxx agree item. This may include any legends appearing on the item, but not encoded in the MICR line, even though those legends are important to you for your own purposes. You concur that we may decline to accept, process or pay any item or order that, in our estimation, which we believe is ambiguous vague or otherwise unclear in its xxxxx.Xxx also agree thatterms. You agree, at our option, we may use our best efforts to resolve any such ambiguity and you unclear terms. You agree to release, indemnify, defend, defend and hold us the Credit Union harmless from any and all loss and liability that we which may incur or that may arise in connection with our attempts to resolve any such ambiguity. 6.Wire Wire Transfers,, Automated Clearing House (ACH), ) and Other Payment Order Transactions. A wire transfer is an electronic transfer of funds across a network administered by hundreds of financial institutions around the world. Even though it is defined as an electronic transfer it is not governed by the Electronic Funds Transfer (aEFT) regulations. The Automated Clearing House (ACH) is the electronic clearing and settlement system used for financial transactions such as payroll, direct deposit, tax refunds or payments, consumer bills, and many more payment services. Governing Law and Regulations. If you send or receive a wire transfer, Fedwire may be used. Federal Reserve Board Regulation J is the law that which covers transactions made over Fedwire. If you are a party to an Automated Clearing House (ACH) ACH entry, you acknowledge and agree that any such entry will be governed by the National Automated Clearing House Association (NACHA) Operating Rules, Electronic Funds Transfer (EFT) regulations, the Rules of any local ACH, and the Rules of any other system through which the entry is was made. Other payment orders you make may be governed by Chapter 4A of the Texas Business & and Commerce Code. (b).

Postdated, Incomplete and Conditional Items. You agree to indemnify, defend, and hold us harmless from any and all loss and liability that we may incur due to our payment inadvertent pay- ment of incomplete or postdated items, items endorsed indorsed “without recourse,” or conditional xxxxx.Xxx items. You agree that we will not have any duty to discover or comply with postdated, incomplete, or conditional items, nor do we have any duty to comply with any notice of postdating we receive. You agree that we may disregard any information on any check or draft other than the amount of the item, the identity of the drawee bank, any magnetically encoded information, and the signature of the drawer, regardless of whether that information is consistent with any other information on the xxxx.Xxx item. You agree that we may decline to accept, process process, or pay any item or order that, in our estimation, is ambiguous or otherwise unclear in its xxxxx.Xxx terms. You also agree that, at our option, we may use our best efforts to resolve any such ambiguity and you agree to release, indemnify, defend, release and hold us harmless from any and all loss and liability that we may incur or that may arise in connection with our attempts to resolve any such ambiguity. 6.Wire Transfers,Automated Clearing House We may pay a draft without regard to its date unless you notify us of a postdating. The notice must be given to us in time so that we can notify our employees and reasonably act upon the notice and must accurately describe the draft, including the exact number, date and amount. You un- derstand that the exact information is necessary for the Credit Union’s computer to identify the draft. We are not responsible if you give us an incorrect or incomplete description, or untimely notice. We may at our discre- tion, honor an oral postdating notice, which lapses in fourteen (ACH), and Other Payment Order Transactions. (a14) Governing Law and Regulationscalendar days unless confirmed in writing. If you send or receive a wire transfer, Fedwire we honor an oral postdating request we are under no obligation to honor all such requests. A written notice is effective for six (6) months and may be usedrenewed in writ- ing from time to time. Federal Reserve Board Regulation J You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account, which is the law that covers transactions made over Fedwire. If you are a party to an Automated Clearing House presented more than six (ACH6) entry, you acknowledge and agree that any such entry will be governed by the National Automated Clearing House Association (NACHA) Operating Rules, the Rules of any local ACH, and the Rules of any other system through which the entry is made. Other payment orders you make may be governed by Chapter 4A of the Texas Business & Commerce Code. (b)months past its date.