Current through Register Vol. 54, No. 45, November 9, 2024
Section 91.176 - Rules for determining reporting obligationFor purposes of this subchapter:
(1) Enforcement Rule 221(i)(1) provides that a Trust Account shall not be deemed to contain insufficient funds to pay a check or similar instrument solely because it contains insufficient collected funds to pay the instrument, and no report shall be required in the case of an instrument presented against uncol-lected or partially uncollected funds. This provision shall not be deemed an endorsement of the practice of drawing checks against uncollected funds.(2) Enforcement Rule 221(i)(2) provides that funds deposited in an account prior to the close of business on the calendar date of presentation of an instrument shall be considered to be in the account at the close of business on that date notwithstanding the Eligible Institution's treatment of such funds, for other purposes, as being received at the opening of the next banking day pursuant to 13 Pa.C.S. § 4108(b) (relating to items or deposits received after cutoff hour).(3) Enforcement Rule 221(i)(3) provides that a check or draft against a Trust Account shall be deemed to be presented at the close of business on the date of presentation.(4) Enforcement Rule 221(j) provides that no report need be made when the Eligible Institution determines that an instrument presented against insufficient funds had been issued in reliance on a deposited instrument that was ultimately dishonored. This provision shall not be deemed an endorsement of the practice of drawing checks against uncollected funds.The provisions of this Rule 91.176 amended August 5, 2005, effective immediately, 35 Pa.B. 4301; amended May 29, 2009, effective 5/30/2009, 39 Pa.B. 2687.