§ 47-4A-501. Variation by Agreement and Effect of Funds-Transfer System Rule
Except as otherwise provided in this chapter, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party. “Funds-transfer system rule” means a rule of an association of banks: Except as otherwise provided in this chapter, a funds-transfer system rule governing rights and obligations between participating […]
§ 47-4A-502. Creditor Process Served on Receiving Bank — Setoff by Beneficiary’s Bank
As used in this section, “creditor process” means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant with respect to an account. This subsection applies to creditor process with respect to an authorized account of the sender of a payment order if the […]
§ 47-4A-503. Injunction or Restraining Order With Respect to Funds Transfer
For proper cause and in compliance with applicable law, a court may restrain: A person from issuing a payment order to initiate a funds transfer; An originator’s bank from executing the payment order of the originator; or The beneficiary’s bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court […]
§ 47-4A-504. Order in Which Items and Payment Orders May Be Charged to Account — Order of Withdrawals From Account
If a receiving bank has received more than one (1) payment order of the sender or one (1) or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account with respect to the various orders and items in any sequence. In determining whether a credit […]
§ 47-4A-505. Preclusion of Objection to Debit of Customer’s Account
If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment […]
§ 47-4A-506. Rate of Interest
If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined: If the amount of interest is not determined by an agreement or rule as stated in subsection (a), the amount is calculated by multiplying the applicable federal […]
§ 47-4A-507. Choice of Law
The following rules apply unless the affected parties otherwise agree or subsection (c) applies: The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located; The rights and obligations between the beneficiary’s bank and the beneficiary […]
§ 47-4A-404. Obligation of Beneficiary’s Bank to Pay and Give Notice to Beneficiary
Subject to §§ 47-4A-211(e), 47-4A-405(d), and 47-4A-405(e), if a beneficiary’s bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after the close of the […]
§ 47-4A-405. Payment by Beneficiary’s Bank to Beneficiary
If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under § 47-4A-404(a) occurs when and to the extent: If the beneficiary’s bank does not credit an account of the beneficiary of a payment order, the time when payment of the bank’s obligation under § 47-4A-404(a) […]
§ 47-4A-406. Payment by Originator to Beneficiary — Discharge of Underlying Obligation
Subject to §§ 47-4A-211(e), 47-4A-405(d), and 47-4A-405(e), the originator of a funds transfer pays the beneficiary of the originator’s payment order: If payment under subsection (a) is made to satisfy an obligation, the obligation is discharged to the same extent discharge would result from payment to the beneficiary of the same amount in money, unless: […]