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State Law
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Texas Business & Commerce Code - Chapter 4A Funds TransfersLegal Research Home > Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Chapter 4A Funds Transfers This chapter may be cited as Uniform Commercial Code--Funds Transfers. Added by Acts 1993, 73rd Leg., ch. 570, § 7, eff. Sept. 1, 1993. ... Except as otherwise provided in Section 4A.108, this chapter applies to funds transfers defined in Section 4A.104. Added by Acts 1993, 73rd Leg., ch. 570, ... (a) In this chapter: (1) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, ... In this chapter: (1) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to ... (a) In this chapter: (1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of ... (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 ... 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 ... This chapter does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act, 15 U.S.C. § 1693 ... "Security procedure" means a procedure established by an agreement between a customer and a receiving bank for the purpose of (i) verifying that a payment ... (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 ... (a) If an accepted payment order is not, under Section 4A.202(a), an authorized order of a customer identified as sender, but is effective as an ... (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 ... (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 ... (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 ... (a) Subject to Subsection (b), if, in a payment order received by the beneficiary's bank, the name, bank account number, or other identification of the ... (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 ... (a) Subject to Subsection (d), a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order. (b) Subject to ... (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 ... (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 ... 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 ... (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 ... (a) Except as provided in Subsections (b) through (d), if the receiving bank accepts a payment order pursuant to Section 4A.209(a), the bank has the ... (a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the amount ... If the sender of a payment order that is erroneously executed as stated in Section 4A.303 receives notification from the receiving bank that the order ... (a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of Section 4A.302 of this chapter ... "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. ... (a) This section is subject to Sections 4A.205 and 4A.207. (b) With respect to a payment order issued to the beneficiary's bank, acceptance of the ... (a) Payment of the sender's obligation under Section 4A.402 to pay the receiving bank occurs as follows: (1) If the sender is a bank, payment ... (a) Subject to Sections 4A.211(e) and 4A.405(d) and (e), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount ... (a) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under Section 4A.404(a) occurs when ... (a) Subject to Sections 4A.211(e) and 4A.405(d) and (e), the originator of a funds transfer pays the beneficiary of the originator's payment order: (1) at ... (a) Except as otherwise provided in this chapter, the rights and obligations of a party to a funds transfer may be varied by agreement of ... (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 ... 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 ... (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 ... 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 ... (a) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount ... (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 ... Last modified: August 10, 2007 |