§ 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 […]
§ 47-4A-207. Misdescription of Beneficiary
Subject to subsection (b), if, in a payment order received by the beneficiary’s bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and acceptance of the order cannot occur. If a payment order […]
§ 47-4A-208. Misdescription of Intermediary Bank or Beneficiary’s Bank
This subsection applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number. The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary’s bank and need not determine whether the number identifies a bank. The sender is obliged to compensate the […]
§ 47-4A-209. Acceptance of Payment Order
Subject to subsection (d), a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order. Subject to subsections (c) and (d), a beneficiary’s bank accepts a payment order at the earliest of the following times: When the bank: When the bank receives payment of the entire amount of the […]
§ 47-4A-210. Rejection of Payment Order
A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not execute or pay the order. […]
§ 47-4A-211. Cancellation and Amendment of Payment Order
A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the communication is […]
§ 47-4A-104. Funds Transfer — Definitions
In this chapter: “Funds transfer” means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order. A funds transfer […]
§ 47-4A-105. Other Definitions
In this chapter: “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of […]
§ 47-4A-106. Time Payment Order Is Received
The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in § 47-1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and […]