(a) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not been finally paid, the item must be returned by the receiver, trustee, or agent in charge of the closed bank to the presenting bank or the closed bank's customer.
(b) If a payor bank finally pays an item and suspends payments without making a settlement for the item with its customer or the presenting bank which settlement is or becomes final, the owner of the item has a preferred claim against the payor bank.
(c) If a payor bank gives or a collecting bank gives or receives a provisional settlement for an item and thereafter suspends payments, the suspension does not prevent or interfere with the settlement's becoming final if the finality occurs automatically upon the lapse of certain time or the happening of certain events.
(d) If a collecting bank receives from subsequent parties settlement for an item, which settlement is or becomes final and the bank suspends payments without making a settlement for the item with its customer which settlement is or becomes final, the owner of the item has a preferred claim against the collecting bank.
Structure Delaware Code
Article 4. Bank Deposits and Collections
Part 2. Collection of Items; Depositary and Collecting Banks
§ 4-202. Responsibility for collection or return; when action timely.
§ 4-203. Effect of instructions.
§ 4-204. Methods of sending and presenting; sending directly to payor bank.
§ 4-205. Depositary bank holder of unindorsed item.
§ 4-206. Transfer between banks.
§ 4-208. Presentment warranties.
§ 4-209. Encoding and retention warranties.
§ 4-210. Security interest of collecting bank in items, accompanying documents and proceeds.
§ 4-211. When bank gives value for purposes of holder in due course.
§ 4-213. Medium and time of settlement by bank.
§ 4-214. Right of charge-back or refund; liability of collecting bank; return of item.