New York Uniform Commercial Code Law Part 2 - ISSUE AND ACCEPTANCE OF PAYMENT ORDER
- 4-a-201 - Security Procedure.
Section "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (1) verifying that a payment...
- 4-a-202 - Authorized and Verified Payment Orders.
Section (1) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the...
- 4-a-203 - Unenforceability of Certain Verified Payment Orders.
Section (1) If an accepted payment order is not, under subsection (1) of Section 4-A-202, an authorized order of a customer identified as sender, but...
- 4-a-204 - Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order.
Section (1) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (a) not authorized and...
- 4-a-205 - Erroneous Payment Orders.
Section (1) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously...
- 4-a-206 - Transmission of Payment Order Through Funds-Transfer or Other Communication System.
Section (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...
- 4-a-207 - Misdescription of Beneficiary.
Section (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...
- 4-a-208 - Misdescription of Intermediary Bank or Beneficiary's Bank.
Section (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...
- 4-a-209 - Acceptance of Payment Order.
Section (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...
- 4-a-210 - Rejection of Payment Order.
Section (1) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing....
- 4-a-211 - Cancellation and Amendment of Payment Order.
Section (1) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically,...
- 4-a-212 - Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order.
Section 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: February 3, 2019