30-4A-301. Execution and execution date. (1) 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 may be accepted but cannot be executed. (2) ”Execution date” of a payment order means the day […]
30-4A-302. Obligations of receiving bank in execution of payment order. (1) Except as provided in subsections (2) through (4), if the receiving bank accepts a payment order pursuant to 30-4A-209(1), the bank has the following obligations in executing the order: (a) (i) The receiving bank is obliged to issue, on the execution date, a payment order complying with […]
30-4A-303. Erroneous execution of payment order. (1) A receiving bank that 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 issues a payment order in execution of the sender’s order and then issues a duplicate order is entitled to payment of […]
30-4A-304. Duty of sender to report erroneously executed payment order. If the sender of a payment order that is erroneously executed as stated in 30-4A-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 […]
30-4A-305. Liability for late or improper execution or failure to execute payment order. (1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of 30-4A-302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary […]
