Section 7-4A-104 – Funds Transfer – Definitions.
Section 7-4A-104 Funds transfer – Definitions. In this article: (a) “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 […]
Section 7-4A-212 – Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order.
Section 7-4A-212 Liability and duty of receiving bank regarding unaccepted payment order. If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise […]
Section 7-4A-505 – Preclusion of Objection to Debit of Customer’s Account.
Section 7-4A-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 […]
Section 7-4A-105 – Other Definitions.
Section 7-4A-105 Other definitions. (a) In this article: (1) “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 […]
Section 7-4A-301 – Execution and Execution Date.
Section 7-4A-301 Execution and execution date. (a) A payment order is “executed” by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed. (b) “Execution date” of a payment order […]
Section 7-4A-506 – Rate of Interest.
Section 7-4A-506 Rate of interest. (a) If, under this article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer system rule if the payment order is […]
Section 7-4A-106 – Time Payment Order Is Received.
Section 7-4A-106 Time payment order is received. (a) 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 Section 7-1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for […]
Section 7-4A-302 – Obligations of Receiving Bank in Execution of Payment Order.
Section 7-4A-302 Obligations of receiving bank in execution of payment order. (a) Except as provided in subsections (b) through (d), if the receiving bank accepts a payment order pursuant to Section 7-4A-209(a), the bank has the following obligations in executing the order: (1) The receiving bank is obliged to issue, on the execution date, a […]
Section 7-4A-507 – Choice of Law.
Section 7-4A-507 Choice of law. (a) The following rules apply unless the affected parties otherwise agree or subsection (c) applies: (1) 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. (2) The rights and […]
Section 7-4A-107 – Federal Reserve Regulations and Operating Circulars.
Section 7-4A-107 Federal Reserve regulations and operating circulars. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this article to the extent of the inconsistency. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)