Section 7-4A-207 – Misdescription of Beneficiary.
Section 7-4A-207 Misdescription of beneficiary. (a) 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 […]
Section 7-4A-406 – Payment by Originator to Beneficiary; Discharge of Underlying Obligation.
Section 7-4A-406 Payment by originator to beneficiary; discharge of underlying obligation. (a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator of a funds transfer pays the beneficiary of the originator’s payment order (i) at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary’s bank in the funds […]
Section 7-4A-208 – Misdescription of Intermediary Bank or Beneficiary’s Bank.
Section 7-4A-208 Misdescription of intermediary bank or beneficiary’s bank. (a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number. (1) 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 […]
Section 7-4A-501 – Variation by Agreement and Effect of Funds-Transfer System Rule.
Section 7-4A-501 Variation by agreement and effect of funds-transfer system rule. (a) Except as otherwise provided in this article, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party. (b) “Funds-transfer system rule” means a rule of an association of banks (i) governing transmission of […]
Section 7-4A-101 – Short Title.
Section 7-4A-101 Short title. This article shall be known as and may be cited as the Uniform Commercial Code – Funds Transfers. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)
Section 7-4A-209 – Acceptance of Payment Order.
Section 7-4A-209 Acceptance of payment order. (a) Subject to subsection (d), a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order. (b) Subject to subsections (c) and (d), a beneficiary’s bank accepts a payment order at the earliest of the following times: (1) when the bank (i) pays […]
Section 7-4A-502 – Creditor Process Served on Receiving Bank; Setoff by Beneficiary’s Bank.
Section 7-4A-502 Creditor process served on receiving bank; setoff by beneficiary’s bank. (a) 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. (b) This subsection applies to creditor process with […]
Section 7-4A-103 – Payment Order – Definitions.
Section 7-4A-103 Payment order – Definitions. (a) In this article: (1) “Payment order” means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (i) the instruction does not state […]
Section 7-4A-210 – Rejection of Payment Order.
Section 7-4A-210 Rejection of payment order. (a) 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 […]
Section 7-4A-503 – Injunction or Restraining Order With Respect to Funds Transfer.
Section 7-4A-503 Injunction or restraining order with respect to funds transfer. For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator’s bank from executing the payment order of the originator, or (iii) the beneficiary’s bank from […]