Florida Statutes Part II - Issue And Acceptance Of Payment Order (Ss. 670.201-670.212)

• 670.201 - Security Procedure.
  “Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of:(1) Verifying that a payment order or communication...
• 670.202 - Authorized And Verified Payment Orders.
  (1) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or...
• 670.203 - Unenforceability Of Certain Verified Payment Orders.
  (1) If an accepted payment order is not, under s. 670.202(1), an authorized order of a customer identified as sender, but is effective as an order...
• 670.204 - Refund Of Payment And Duty Of Customer To Report With Respect To Unauthorized Payment Order.
  (1) If a receiving bank accepts a payment order issued in the name of its customer as sender which is not authorized and not effective as...
• 670.205 - Erroneous Payment Orders.
  (1) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order erroneously instructed payment to...
• 670.206 - Transmission Of Payment Order Through Funds-transfer System Or Other Communication System.
  (1) 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 the bank,...
• 670.207 - Misdescription Of Beneficiary.
  (1) Subject to subsection (2), if, in a payment order received by the beneficiary’s bank, the name, bank account number, or other identification of the beneficiary...
• 670.208 - Misdescription Of Intermediary Bank Or Beneficiary’s Bank.
  (1) This subsection applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number.(a) The receiving bank may rely on...
• 670.209 - Acceptance Of Payment Order.
  (1) Subject to subsection (4), a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order.(2) Subject to subsections (3) and...
• 670.21 - Rejection Of Payment Order.
  (1) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice...
• 670.211 - Cancellation And Amendment Of Payment Order.
  (1) A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally, electronically, or in...
• 670.212 - 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 breach...

Last modified: September 23, 2016