§ 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-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-302. Obligations of Receiving Bank in Execution of Payment Order
Except as provided in subsections (b)-(d), if the receiving bank accepts a payment order pursuant to § 47-4A-209(a), the bank has the following obligations in executing the order: The receiving bank is obliged to issue, on the execution date, a payment order complying with the sender’s order and to follow the sender’s instructions concerning: If […]
§ 47-4A-303. Erroneous Execution of Payment Order
A receiving bank that: is entitled to payment of the amount of the sender’s order under § 47-4A-402(c) if that subsection is otherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous order the excess payment received to the extent allowed by the law governing mistake and restitution. A receiving bank […]
§ 47-4A-304. Duty of Sender to Report Erroneously Executed Payment Order
If the sender of a payment order that is erroneously executed as stated in § 47-4A-303 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information […]