§ 62A.4A-304. Duty of sender to report erroneously executed payment order
If the sender of a payment order that is erroneously executed as stated in RCW 62A.4A-303 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 RCW 62A.4A-402(4) 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.
[1991 sp.s. c 21 § 4A-304.]
Sections: Previous 62A.4A-209 62A.4A-210 62A.4A-211 62A.4A-212 62A.4A-301 62A.4A-302 62A.4A-303 62A.4A-304 62A.4A-305 62A.4A-401 62A.4A-402 62A.4A-403 62A.4A-404 62A.4A-405 62A.4A-406 NextLast modified: April 7, 2009