47-4A212. 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 chapter, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this chapter or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in section 47-4A209, and liability is limited to that provided in this chapter. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts, or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this chapter or by express agreement.
Section: Previous 47-4a205 47-4a206 47-4a207 47-4a208 47-4a209 47-4a210 47-4a211 47-4a212 47-4a301 47-4a302 47-4a303 47-4a304 47-4a305 47-4a401 47-4a402 NextLast modified: October 13, 2016