(b) If a demand item is received by a payor bank for credit on its books, it
may return the item or send notice of dishonor and may revoke any credit given
or recover the amount thereof withdrawn by its customer, if it acts within the
time limit and in the manner specified in subsection (a).
(c) Unless previous notice of dishonor has been sent, an item is
dishonored at the time when for purposes of dishonor it is returned or
notice sent in accordance with this Section.
(d) An item is returned:
(1) as to an item presented through a clearing-house,