National City Bank of Rome v. Motor Contract Company of Rome

Felton, Chief Judge.

Ga. L. 1962, pp. 156, 301 (Code Ann. § 109A-4—302; Uniform Commercial Code) provides as follows: “In the absence of a valid defense such as breach of a presentment warranty (subsection (1) of 109A-4—207), settlement effected or the like, if an item is presented on and received by a payor bank the bank is accountable for the amount of (a) a demand item ... if the bank . . . retains the item beyond midnight of the banking day of receipt without settling for it or . . . does not pay or return the item or send notice of dishonor until after its midnight deadline.” Ga. L. 1962,…