400.4A-504. Order in which items and payment orders may be charged to account--order of withdrawals from account.
Order in which items and payment orders may be charged toaccount--order of withdrawals from account.
400.4A-504. (a) If a receiving bank has received more thanone payment order of the sender or one or more payment orders andother items that are payable from the sender's account, the bankmay charge the sender's account with respect to the variousorders and items in any sequence.
(b) In determining whether a credit to an account has beenwithdrawn by the holder of the account or applied to a debt ofthe holder of the account, credits first made to the account arefirst withdrawn or applied.
(L. 1992 S.B. 448)