§ 8.4A-405. Payment by beneficiary’s bank to beneficiary
(a) If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under subsection (a) of § 8.4A-404 occurs when and to the extent (i) the beneficiary is notified of the right to withdraw the credit, (ii) the bank lawfully applies the credit to a debt of […]
§ 8.4A-406. Payment by originator to beneficiary; discharge of underlying obligation
(a) Subject to subsection (e) of § 8.4A-211 and subsections (d) and (e) of § 8.4A-405, 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 transfer and (ii) […]
§ 8.4A-302. Obligations of receiving bank in execution of payment order
(a) Except as provided in subsections (b) through (d) of this section, if the receiving bank accepts a payment order pursuant to subsection (a) of § 8.4A-209, the bank has the following obligations in executing the order: (1) The receiving bank is obliged to issue, on the execution date, a payment order complying with the […]
§ 8.4A-303. Erroneous execution of payment order
(a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or (ii) issues a payment order in execution of the sender’s order and then issues a duplicate order, is entitled to payment of the amount of […]
§ 8.4A-304. Duty of sender to report erroneously executed payment order
If the sender of a payment order that is erroneously executed as stated in § 8.4A-303 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information […]
§ 8.4A-305. Liability for late or improper execution or failure to execute payment order
(a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of § 8.4A-302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by […]
§ 8.4A-401. Payment date
“Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, […]
§ 8.4A-209. Acceptance of payment order
(a) Subject to subsection (d) of this section, 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) of this section, a beneficiary’s bank accepts a payment order at the earliest of the following times: (1) When the bank (i) pays […]
§ 8.4A-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 will not execute or pay the […]
§ 8.4A-211. Cancellation and amendment of payment order
(a) 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 […]