Effective – 28 Aug 1992 400.4A-501. Variation by agreement and effect of funds — transfer system rule. — (a) Except as otherwise provided in this Article, 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 […]
Effective – 28 Aug 1992 400.4A-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 lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant with respect to an account. (b) This […]
Effective – 28 Aug 1992 400.4A-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 […]
Effective – 28 Aug 1992 400.4A-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 […]
Effective – 28 Aug 1992 400.4A-505. Preclusion of objection to debt 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 […]
Effective – 28 Aug 1992 400.4A-506. Rate of interest. — (a) If, under this Article, 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 […]
Effective – 28 Aug 1992 400.4A-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 […]
