11-635. Warrants, substitute checks and electronic funds transfers unpaid for lack of monies; interest; definitions
A. If a revolving line of credit has not been obtained for a political subdivision or if the revolving line of credit has been spent and if there are insufficient monies in the issuer's account, the county treasurer may invest in the warrant, substitute check or electronic funds transfer prescribed in section 35-323, subsection A, paragraph 7.
B. The county treasurer shall keep a register of warrants and substitute checks and a record of electronic funds transfers presented for payment.
C. If the county treasurer does not invest in the presented warrant, substitute check or electronic funds transfer, the county treasurer shall notify the servicing bank that the warrant or substitute check will not be paid for lack of monies and from that time until there are sufficient monies to pay the original warrant, the original warrant may not bear more than ten percent interest per year.
D. For the purposes of this section:
1. " Substitute check" has the same meaning prescribed in section 9-249.
2. " Warrant" has the same meaning prescribed in section 9-249 and includes a record from which an electronic funds transfer may be made.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.