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-102 – Subject Matter.
Section 7-4A-102 Subject matter. Except as otherwise provided in Section 7-4A-108, this article applies to funds transfers defined in Section 7-4A-104. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)
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-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-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-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-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.)
Section 7-4A-108 – Applicability to Consumer Transactions Governed by Federal Law.
Section 7-4A-108 Applicability to consumer transactions governed by federal law. (a) Except as provided in subsection (b), this article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. §1693 et seq.), as amended […]