47-4A304. Duty of sender to report erroneously executed payment order
If the sender of a payment order that is erroneously executed as stated in section 47-4A303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under section 47-4A402, subsection D for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section.
Section: Previous 47-4a209 47-4a210 47-4a211 47-4a212 47-4a301 47-4a302 47-4a303 47-4a304 47-4a305 47-4a401 47-4a402 47-4a403 47-4a404 47-4a405 47-4a406 NextLast modified: October 13, 2016