§ 4A-101. Short title
This Article may be cited as Uniform Commercial Code—Funds Transfers.
§ 4A-102. Subject matter
Except as otherwise provided in Section 4A-108, this Article applies to funds transfers defined in Section 4A-104.
§ 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 a condition to payment to the […]
§ 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 the originator’s payment order. A funds […]
§ 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 an authorized account if […]
§ 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 1–201(27). A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders […]
§ 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.
§ 4A-108. Exclusion of consumer transactions governed by federal law
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 from time to time.