Article 874. General provisions on settlements under collection.
1. When making settlements under the collection, the bank (the issuing bank) undertakes, on behalf of the client, to carry out, at the expense of the client, actions to obtain payment from the payer and (or) 2. The issuing bank that received the client’s order has the right to involve a different bank (the performing bank) for its execution. The procedure for effecting settlements under a collection is regulated by law, banking rules established in accordance with it and customs of business turnover applied in banking practice. 3. In the event of non-performance or improper execution of the client's order, the issuing bank is liable to it on the grounds and in the amount provided for by chapter 25 of this Code. If non-fulfillment or improper execution of the client’s order occurred in connection with a violation of the rules for the settlement of the settlement operations by the executive bank, the responsibility to the client may be assigned to this bank.
Links to other articles of chapter 46. Calculations: