§ 6A-4.1-504 - Order in which items and payment orders may be charged to account – Order of withdrawals from account. - Rhode Island Statutes

SECTION 6A-4.1-504

   § 6A-4.1-504  Order in which items andpayment orders may be charged to account – Order of withdrawals fromaccount. – (a) If a receiving bank has received more than one payment order of the senderor one or more payment orders and other items that are payable from thesender's account, the bank may charge the sender's account with respect to thevarious orders 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the holder of the account or applied to a debt of the holder ofthe account, credits first made to the account are first withdrawn or applied.