§ 47-4A-402. Obligation of Sender to Pay Receiving Bank
This section is subject to §§ 47-4A-205 and 47-4A-207. With respect to a payment order issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the order. This subsection is subject […]
§ 47-4A-403. Payment by Sender to Receiving Bank
Payment of the sender’s obligation under § 47-4A-402 to pay the receiving bank occurs as follows: If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a federal reserve bank or through a funds-transfer system; If the sender is a bank and the sender: Payment occurs […]
§ 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: […]
§ 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-204. Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order
If a receiving bank accepts a payment order issued in the name of its customer as sender which is: the bank shall refund any payment of the payment order received from the customer to the extent the bank is not entitled to enforce payment and shall pay interest on the refundable amount calculated from the […]
§ 47-4A-205. Erroneous Payment Orders
If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order: The following rules apply: If the sender proves that the sender or a person acting on behalf of the sender pursuant to § 47-4A-206 complied with the security procedure and that the error would […]
§ 47-4A-206. Transmission of Payment Order Through Funds-Transfer or Other Communication System
If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms […]