Revised Code of Washington - RCW Title 62A Uniform Commercial Code - Chapter 4A Funds Transfers
- 62A.4A-101 Short title
This Article may be cited as the Uniform Commercial CodeFunds Transfers.[1991 sp.s. c 21 § 4A-101.] ...
- 62A.4A-102 Subject matter
Except as otherwise provided in RCW 62A.4A-108 this Article applies to funds transfers defined in RCW 62A.4A-104.[1991 sp.s. c 21 § 4A-102.] ...
- 62A.4A-103 Payment order -- Definitions
(1) In this Article: (a) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, ...
- 62A.4A-104 Funds transfer -- Definitions
In this Article: (1) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to ...
- 62A.4A-105 Other definitions
(1) In this Article: (a) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of ...
- 62A.4A-106 Time payment order is received
(1) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt ...
- 62A.4A-107 Federal reserve regulations and operating circulars
Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks supersede any inconsistent provision of this ...
- 62A.4A-108 Exclusion of consumer transactions governed by federal law
This Article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, ...
- 62A.4A-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 ...
- 62A.4A-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 ...
- 62A.4A-203 Unenforceability of certain verified payment orders
(1) If an accepted payment order is not, under RCW 62A.4A-201(1), an authorized order of a customer identified as sender, but is effective as an ...
- 62A.4A-204 Refund of payment and duty of customer to report with respect unauthorized payment order
(1) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (a) not authorized and not ...
- 62A.4A-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 (a) erroneously instructed ...
- 62A.4A-206 Transmission of payment order through funds-transfer 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 ...
- 62A.4A-207 Misdescription of beneficiary
(1) Subject to subsection (2) of this section, if, in a payment order received by the beneficiary's bank, the name, bank account number, or other ...
- 62A.4A-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 ...
- 62A.4A-209 Acceptance of payment order
(1) Subject to subsection (4) of this section, a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order. ...
- 62A.4A-210 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 ...
- 62A.4A-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 ...
- 62A.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 breach ...
- 62A.4A-301 Execution and execution date
(1) A payment order is "executed" by the receiving bank when it issues a payment order intended to carry out the payment order received by ...
- 62A.4A-302 Obligations of receiving bank in execution of payment order
(1) Except as provided in subsections (2) through (4) of this section, if the receiving bank accepts a payment order pursuant to RCW 62A.4A-209(1), the ...
- 62A.4A-303 Erroneous execution of payment order
(1) A receiving bank that (a) executes the payment order of the sender by issuing a payment order in an amount greater than the amount ...
- 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 ...
- 62A.4A-305 Liability for late or improper execution or failure to execute payment order
(1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of RCW 62A.4A-302 results in delay ...
- 62A.4A-401 Payment date
"Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. ...
- 62A.4A-402 Obligation of sender to pay receiving bank
(1) This section is subject to RCW 62A.4A-205 and 62A.4A-207. (2) With respect to a payment order issued to the beneficiary's bank, acceptance of the ...
- 62A.4A-403 Payment by sender to receiving bank
(1) Payment of the sender's obligation under RCW 62A.4A-402 to pay the receiving bank occurs as follows: (a) If the sender is a bank, payment ...
- 62A.4A-404 Obligation of beneficiary's bank to pay and give notice to beneficiary
(1) Subject to RCW 62A.4A-211(5),62A.4A-405 (4), and 62A.4A-405(5), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of ...
- 62A.4A-405 Payment by beneficiary's bank to beneficiary
(1) If the beneficiary's bank credits an account of the beneficiary of a payment order payment of the bank's obligation under RCW 62A.4A-404(1) occurs when ...
- 62A.4A-406 Payment by originator to beneficiary; discharge of underlying obligation
(1) Subject to RCW 62A.4A-211(5), 62A.4A-405(4), and 62A.4A-405(5), the originator of a funds transfer pays the beneficiary of the originator's payment order (a) at the ...
- 62A.4A-501 Variation by agreement and effect of funds-transfer system rule
(1) Except as otherwise provided in this Article, the rights and obligations of a party to a funds transfer may be varied by agreement of ...
- 62A.4A-502 Creditor process served on receiving bank; setoff by beneficiary's bank
(1) As used in this section, "creditor process" means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or on behalf of ...
- 62A.4A-503 Injunction or restraining order with respect to funds transfer
For proper cause and in compliance with applicable law, a court may restrain (1) a person from issuing a payment order to initiate a funds ...
- 62A.4A-504 Order in which items and payment orders may be charged to account; order of withdrawals from account
(1) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that ...
- 62A.4A-505 Preclusion of objection to debit of customer's account
If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender ...
- 62A.4A-506 Rate of interest
(1) If, under this Article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount ...
- 62A.4A-507 Choice of law
(1) The following rules apply unless the affected parties otherwise agree or subsection (3) of this section applies; (a) The rights and obligations between the ...
Last modified: April 7, 2009