Common use of Returned Items Clause in Contracts

Returned Items. a) The Depositor: i) will be liable, without presentation, protest, or notice of dishonour to any parties, for the nonacceptance or nonpayment of any Instrument the Depositor delivered to the Financial Institution for deposit, discount, collection, or otherwise; and ii) will be liable to the Financial Institution as if proper notice of dishonour, protest, and presentment had been made or given; and the Financial Institution may: iii) charge such items, when dishonoured, to the Account in accordance with this section; and iv) note or protest any item should the Financial Institution consider it advisable to do so, but the Financial Institution will not be liable for failure to note or protest any such item. b) The Financial Institution is authorized to debit the Account with the amount of any Instrument that: i) is not paid on presentation, ii) the Financial Institution has paid and is then called upon to refund, iii) may be dishonoured by nonacceptance or nonpayment, iv) is drawn on the account of a party that is bankrupt or insolvent, the proceeds of which, through no fault of the Financial Institution, have been lost, stolen, or destroyed, v) the proceeds of which, for any reason, the Financial Institution is unable to collect or withdraw, has been cashed, negotiated, or credited to the Account but that has not been found good, or is found to be forged, fraudulent, counterfeit, or unauthorized, regardless of whether or not the Instrument has cleared.

Returned Items. a) The Depositor: i) will be liable, without presentation, protest, or notice of dishonour to any parties, for the nonacceptance or nonpayment of any Instrument the Depositor delivered to the Financial Institution Credit Union for deposit, discount, collection, or otherwise; and ii) will be liable to the Financial Institution Credit Union as if proper notice of dishonour, protest, and presentment had been made or given; and the Financial Institution Credit Union may: iii) charge such items, when dishonoured, to the Account in accordance with this section; and iv) note or protest any item should the Financial Institution Credit Union consider it advisable to do so, but the Financial Institution Credit Union will not be liable for failure to note or protest any such item. b) The Financial Institution Credit Union is authorized to debit the Account with the amount of any Instrument that: i) is not paid on presentation, ii) the Financial Institution Credit Union has paid and is then called upon to refund, iii) may be dishonoured by nonacceptance or nonpayment, iv) is drawn on the account of a party that is bankrupt or insolvent, the proceeds of which, through no fault of the Financial InstitutionCredit Union, have been lost, stolen, or destroyed, v) the proceeds of which, for any reason, the Financial Institution is unable to collect or withdraw, has been cashed, negotiated, or credited to the Account but that has not been found good, or is found to be forged, fraudulent, counterfeit, or unauthorized, regardless of whether or not the Instrument has cleared.