New York Uniform Commercial Code Law Part 3 - EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK

• 4-a-301 - Execution and Execution Date.
  Section (1) A payment order is "executed" by the receiving bank when it issues a payment order intended to carry out the payment order received...
• 4-a-302 - Obligations of Receiving Bank in Execution of Payment Order.
  Section (1) Except as provided in subsections (2) through (4); if the receiving bank accepts a payment order pursuant to subsection (1) of Section 4-A-209,...
• 4-a-303 - Erroneous Execution of Payment Order.
  Section (1) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the...
• 4-a-304 - Duty of Sender to Report Erroneously Executed Payment Order.
  Section If the sender of a payment order that is erroneously executed as stated in Section 4-A-303 receives notification from the receiving bank that the...
• 4-a-305 - Liability for Late or Improper Execution or Failure to Execute Payment Order.
  Section (1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of Section 4-A-302 results in...

Last modified: February 3, 2019