§46-4A-101. Short Title
§46-4A-101. Short title. This article may be cited as Uniform Commercial Code – Funds Transfer.
§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:
§46-4A-104. Funds Transfer — Definitions
In this article: (1) "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 […]
§46-4A-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.
§46-4A-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 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U. S. C.§1693, et seq.) as amended from time to time. (b) This […]
§46-4A-201. Security Procedure
§46-4A-201. Security procedure. "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (1) verifying that a payment order or communication amending or canceling a payment order is that of the customer or (2) detecting error in the transmission or the content of the payment order […]
§46-4A-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 of payment orders issued to the bank […]
§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-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-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 will not execute or pay the […]
§46-4A-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 cancel or amend the order unless the communication […]
§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-301. Execution and Execution Date
§46-4A-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 […]
§46-4A-302. Obligations of Receiving Bank in Execution of Payment Order
(a) Except as provided in subsections (b) through (d) of this section, if the receiving bank accepts a payment order pursuant to subsection (a), section two hundred nine of this article, the bank has the following obligations in executing the order: (1) The receiving bank is obliged to issue, on the execution date, a payment […]
§46-4A-303. Erroneous Execution of Payment Order
(a) A receiving bank that (1) 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 (2) issues a payment order in execution of the sender's order and then issues a duplicate order, is entitled to payment of the amount of […]