The ABCs of the UCC. : Article 4A, Funds transfers / Thomas C. Baxter, Jr., Stephanie A. Heller, Laura J. Forman, Greg Cavanagh ; Amelia H. Boss, editor.
2014
KF1030.E4 B39 2014 (Map It)
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Details
Title
The ABCs of the UCC. : Article 4A, Funds transfers / Thomas C. Baxter, Jr., Stephanie A. Heller, Laura J. Forman, Greg Cavanagh ; Amelia H. Boss, editor.
Published
Chicago, Illinois : ABA, Business Law Section, [2014]
Call Number
KF1030.E4 B39 2014
Edition
Third editon.
ISBN
9781627226226 (pbk.)
1627226222 (pbk.)
1627226222 (pbk.)
Description
xiv, 157 pages : illustrations ; 22 cm
System Control No.
(OCoLC)878117331
Bibliography, etc. Note
Includes bibliographical references (pages 147-151) and index.
Record Appears in
Portion of Title
Article 4A, Funds transfers
Funds transfers
Funds transfers
Gift
Purchased from the income of the Edith L. Fisch Fund
Added Author
Added Corporate Author
Gift
The Arthur W. Diamond Law Library
Purchased from the income of the Edith L. Fisch Fund
Table of Contents
Acknowledgments
vii
Foreword
ix
Preface
xiii
ch. 1
Introduction to Article 4A
1
A.
Nature of a Funds Transfer
2
B.
Article 4A Terminology
7
1.
Parties to a Funds Transfer
7
2.
Payment Order
9
3.
Funds Transfer
11
C.
Funds-Transfer Systems
12
1.
Fedwire Funds Service
13
2.
CHIPS
13
3.
ACH Systems
14
4.
SWIFTNet
15
D.
Variation by Agreement: Federal Reserve Regulations, Operating Circulars, and Funds-Transfer System Rules
15
E.
Consumer Exclusion
17
ch. 2
Originator's and Intermediary Banks: Acceptance and Execution of Payment Orders
21
A.
Receiving Bank's Right to Reject Payment Orders
22
B.
Cancellation or Amendment of Payment Orders Sent to the Originator's Bank or an Intermediary Bank
24
C.
Suspension of Payments
26
D.
Accepting Bank's Obligations
26
1.
Execution and Execution Date
26
2.
Duties of Bank Executing a Payment Order
28
E.
Liability for Improper Execution---Consequential Damages
32
F.
Settlement of the Sender's Payment Obligation to Its Receiving Bank
35
1.
Debit to Account of Sender at Receiving Bank
36
2.
Credit to Account of Receiving Bank
36
3.
Settlement Through a Funds-Transfer System
36
4.
Netting
37
5.
Other Methods of Settlement
40
G.
Money-Back Guarantee
41
ch. 3
Beneficiary's Bank: Acceptance of Payment Orders
45
A.
How the Bank Accepts a Payment Order
47
1.
Payment to the Beneficiary
47
2.
Notification of the Beneficiary
48
3.
Acceptance of Payment from the Sender by the Beneficiary's Bank
48
4.
Passive Acceptance by Ability to Debit Sender
48
B.
Cancellation and Amendment of Payment Orders
49
C.
Money-Back Guarantee
50
D.
Bank's Obligation to Pay Beneficiary
51
E.
Provisional Payment to Beneficiary
53
1.
Exception by Agreement
54
2.
Exception for the "Doomsday Situation"
55
F.
Duty to Notify
56
ch. 4
Discharge of the Originator's Obligation to the Beneficiary
59
ch. 5
Liability for Fraud Losses
65
A.
Verification Rule for Unauthorized Payment Orders
66
1.
Commercially Reasonable Security Procedure
66
2.
Compliance with Instructions and Acceptance in Good Faith
73
3.
Ineffective Payment Orders Under the Verification Rule
76
B.
Interloper Fraud
77
C.
Shortening the Period Under the Statute of Repose
77
ch. 6
Liability for Errors
79
A.
Sender Errors
80
1.
Errors in the Alpha or Numeric Identification of Beneficiary or Receiving Bank
80
2.
Security Procedures for the Detection of Errors
86
B.
Erroneous Execution of Payment Orders
87
1.
Transfer of Excessive or Deficient Amounts
87
2.
Duplicate Transfers
88
3.
Transfers to the Wrong Person
89
4.
Duty to Report Erroneously Executed Payment Orders
90
C.
Errors by Beneficiary's Bank
92
D.
Disclaiming Liability for Errors
93
1.
Disclaiming Liability for Late or Improper Execution
94
2.
Disclaiming Liability for Payment to the Wrong Person
94
3.
Disclaiming Liability for Other Execution Errors
95
4.
Shortening the Period Under the Statute of Repose
97
5.
Disclaiming Liability for Errors by Beneficiary's Bank
98
E.
Restitution
98