§ 4A—101. Short title
§ 4A—101. Short title This article may be cited as Uniform Commercial Code—Funds Transfers. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)
§ 4A—102. Subject matter
§ 4A—102. Subject matter Except as otherwise provided in section 4A—108, this article applies to funds transfers defined in section 4A—104. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)
§ 4A—103. Payment order—definitions
§ 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 […]
§ 4A—104. Funds transfer—definitions
§ 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 […]
§ 4A—105. Other definitions
§ 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 […]
§ 4A—106. Time payment order is received
§ 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—202 of this title. A receiving bank may fix a cut-off time or times on a funds-transfer […]
§ 4A—107. Federal Reserve regulations and operating circulars
§ 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. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)
§ 4A—108. Relationship to Electronic Fund Transfer Act
§ 4A—108. Relationship to Electronic Fund Transfer Act (a) Except as provided in subsection (b) of this section, this article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (15 U.S.C. § 1693 et seq.) as amended from time to time. (b) This […]
§ 4A—201. Security procedure
§ 4A—201. Security procedure “Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment […]
§ 4A—202. Authorized and verified payment orders
§ 4A—202. Authorized and verified payment orders (a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. (b) If a bank and its customer have agreed that the authenticity […]
§ 4A—203. Unenforceability of certain verified payment orders
§ 4A—203. Unenforceability of certain verified payment orders (a) If an accepted payment order is not, under subsection 4A—202(a) of this title, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to subsection 4A—202(b) of this title, the following rules apply: (1) By express written […]
§ 4A—204. Refund of payment and duty of customer to report with respect to unauthorized payment order
§ 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 (i) not authorized and not effective as the order of the customer under section 4A—202 of this title, […]
§ 4A—205. Erroneous payment orders
§ 4A—205. Erroneous payment orders (a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed payment in an amount greater than the amount intended by the sender, or […]
§ 4A—206. Transmission of payment order through funds-transfer or other communication system
§ 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 […]
§ 4A—207. Misdescription of beneficiary
§ 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 […]
§ 4A—208. Misdescription of intermediary bank or beneficiary’s bank
§ 4A—208. Misdescription of intermediary bank or beneficiary’s bank (a) This subsection applies to a payment order identifying an intermediary bank or the 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 […]
§ 4A—209. Acceptance of payment order
§ 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: […]
§ 4A—210. Rejection of payment order
§ 4A—210. Rejection of payment order (a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or […]
§ 4A—211. Cancellation and amendment of payment order
§ 4A—211. Cancellation and amendment of payment order (a) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to […]
§ 4A—212. Liability and duty of receiving bank regarding unaccepted payment order
§ 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 […]