Arkansas Code Title 4, Subtitle 1, Chapter 4a - Funds Transfers, Part 2 - Issue and Acceptance of Payment Order

• § 4-4a-201 - Security Procedure.
  "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment...
• § 4-4a-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...
• § 4-4a-203 - Unenforceability of Certain Verified Payment Orders.
  (a) If an accepted payment order is not, under § 4-4A-202(a), an authorized order of a customer identified as sender, but is effective as...
• § 4-4a-204 - Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order.
  (a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and...
• § 4-4a-205 - Erroneous Payment Orders.
  (a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously...
• § 4-4a-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...
• § 4-4a-207 - Misdescription of Beneficiary.
  (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...
• § 4-4a-208 - Misdescription of Intermediary Bank or Beneficiary's Bank.
  (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...
• § 4-4a-209 - Acceptance of Payment Order.
  (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...
• § 4-4a-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....
• § 4-4a-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,...
• § 4-4a-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...

Last modified: November 15, 2016