57A-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 means […]
57A-4A-302. Obligation 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 §57A-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 payment order complying […]
57A-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 […]
57A-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 §57A-4A-302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the […]
57A-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, […]
57A-4A-402. Obligation of sender to pay receiving bank. (a) This section is subject to §§57A-4A-205 and 57A-4A-207. (b) With respect to a payment order issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the […]
57A-4A-403. Payment by sender to receiving bank. (a) Payment of the sender’s obligation under §57A-4A-402 to pay the receiving bank occurs as follows: (1)If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a federal reserve bank or through a funds-transfer system. (2)If the sender is […]
57A-4A-404. Obligation of beneficiary’s bank to pay and give notice to beneficiary. (a) Subject to §§57A-4A-211(e), 57A-4A-405(d) and 57A-4A-405(e), if a beneficiary’s bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but […]
57A-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 §57A-4A-404(a) 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 […]
57A-4A-406. Payment by originator to beneficiary–Discharge of underlying obligation. (a) Subject to §§57A-4A-211(e), 57A-4A-405(d), and 57A-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 transfer and (ii) […]
57A-4A-501. Variation by agreement and effect of funds-transfer system rule. (a) Except as otherwise provided in this chapter, 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 payment […]
57A-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 a 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 respect […]
57A-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 releasing […]
57A-4A-504. Order in which items and payment orders may be charged to account–Order of withdrawals from account. (a) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender’s account, the bank may charge the sender’s account […]
57A-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 that […]
57A-4A-506. Rate of interest. (a) If, under this chapter, 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 transmitted […]
57A-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 obligations between the […]
