§46-4A-212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise have any duty to accept a payment order or, before acceptance, to […]
§46-4A-203. Unenforceability of Certain Verified Payment Orders
(a) If an accepted payment order is not, under subsection (a), section two hundred two of this article, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to subsection (b), section two hundred two of this article, the following rules apply: (1) By express written […]
§46-4A–204. Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order
(a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is: (1) Not authorized and not effective as the order of the customer under §46-4A-202; or (2) not enforceable, in whole or in part, against the customer under §46-4A-203, the bank shall refund any payment of […]
§46-4A-205. Erroneous Payment Orders
(a) (1) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (A) erroneously instructed payment to a beneficiary not intended by the sender, (B) erroneously instructed payment in an amount greater than the amount intended by the sender or (C) was an erroneously […]
§46-4A-206. Transmission of Payment Order Through Funds Transfer or Other Communication System
(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the […]
§46-4A-207. Misdescription of Beneficiary
(a) Subject to subsection (b) of this section, 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 cannot occur. […]
§46-4A-208. Misdescription of Intermediary Bank or Beneficiary's Bank
(a) This subsection applies to a payment order identifying an intermediary bank or 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 number identifies the bank.
§46-4A-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 (A) pays […]
§46-4A-102. Subject Matter
Except as otherwise provided in section one hundred eight of this article, this article applies to funds transfers defined in section one hundred four of this article.
§46-4A-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: