The ABCs of the UCC. Article 4A, Funds transfers / Thomas C. Baxter, Jr., Stephanie A. Heller, Paul S. Turner, Amelia H. Boss, editor.
2006
KF325 .A95 06857
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Details
Author
Title
The ABCs of the UCC. Article 4A, Funds transfers / Thomas C. Baxter, Jr., Stephanie A. Heller, Paul S. Turner, Amelia H. Boss, editor.
Uniform Title
American Bar Association archive publications.
Published
[Chicago] : American Bar Association, [2006]
Copyright
©2006
Call Number
KF325 .A95 06857
Edition
Second edition.
ISBN
1590314719
9781590314715
9781590314715
Description
xiv, 114 pages : illustrations ; 22 cm
System Control No.
(OCoLC)318611531
Bibliography, etc. Note
Includes bibliographical references (pages 107-110).
Reproduction
Microfiche. Buffalo, N.Y. : William S. Hein, 2009? 2 microfiches : negative. (Hein's ABA Archive Microfiche Collection).
Record Appears in
Portion of Title
Article 4A, Funds transfers
Funds transfers
Funds transfers
Sub-location
Cabinet 13-14
Table of Contents
Foreword
Preface
Chapter 1
Introduction to Article 4A
1
A
Nature of a Funds Transfer
2
B
Article 4A Terminology
6
1
The Parties to a Funds Transfer
6
2
The "Payment Order"
8
3
The Funds Transfer
10
C
Consumer Exclusion
11
D
Funds Transfer Systems
12
1
Fedwire Funds Service
12
2
CHIPS
13
3
ACH System
13
4
SWIFTNet
14
E
Variation by Agreement: Federal Reserve Regulations, Operating Circulars and Funds Transfer System Rules
17
Chapter 2
Originator's and Intermediary Banks: Acceptance and Execution of Payment Orders
19
A
Receiving Bank's Right to Reject Payment Orders
20
B
Cancellation or Amendment of Payment Orders
22
C
Accepting Bank's Obligations
24
1
Execution and Execution Date
24
2
Duties of a Bank Executing a Payment Order
25
a
"Mirror Image" Rule
26
b
Effect of a Payment Date
27
c
"Time and Manner" Rule
27
D
Liability for Improper Execution - Consequential Damages
29
E
Settlement of the Sender's Payment Obligation
32
F
The Money-Back Guarantee
37
Chapter 3
Beneficiary's Bank: Acceptance of Payment Orders
43
A
How the Bank Accepts a Payment Order
45
1
Payment to the Beneficiary
45
2
Notification of the Beneficiary
46
3
Acceptance of Payment from the Sender
46
4
Passive Acceptance by Ability to Debit Sender
46
B
Cancellation and Amendment of Payment Orders
47
C
The Money-Back Guarantee
48
D
Banks Obligation to Pay the Beneficiary
48
E
Provisional Payment to the Beneficiary
50
F
Duty to Notify
52
Chapter 4
Discharge of the Originator's Obligation to the Beneficiary
55
Chapter 5
Liability for Fraud Losses
61
A
Verification Rule for Unauthorized Payment Orders
61
1
Commercially Reasonable Security Procedure
62
2
Compliance with Instructions and Acceptance in Good Faith
65
3
Ineffective Payment Orders under the Verification Rule
66
B
Interloper Fraud
67
C
Shortening the Period under the Statute of Repose
67
Chapter 6
Liability for Errors
69
A
Sender Errors
70
1
Errors in the Alpha or Numeric Identification of the Beneficiary or a Receiving Bank
70
a
Single description, by name or number, of beneficiary
70
b
Single description, by number, of an intermediary or beneficiary bank
71
c
Dual description, by name and number, of beneficiary
71
d
Dual description, by name and number, of intermediary or beneficiary's bank
73
2
Security Procedures for the Detection of Errors
73
B
Erroneous Execution of Payment Orders
75
1
Transfer of Excessive or Deficient Amounts
75
2
Duplicate Transfers
76
3
Transfers to the Wrong Person
77
4
Duty to Report Erroneously Executed Payment Orders
78
C
Errors by the Beneficiary's Bank
79
D
Disclaiming the Bank's Liability for Its Errors
80
1
Disclaiming Liability for Late or Improper Execution
80
2
Disclaiming Liability for Payment to the Wrong Person
81
3
Disclaiming Liability for Other Execution Errors
81
4
Shortening the Period under the Statute of Repose
83
5
Disclaiming Liability for Errors by the Beneficiary's Bank
84
E
Restitution
85
Chapter 7
Exclusion of Other Law When Article 4A Applies
87
Chapter 8
Miscellaneous Provisions
93
A
Statute of Repose
93
B
Interest Compensation
97
C
Set-off and Priority
98
D
Choice of Law
101
Glossary
103
Bibliography
107
About the Authors
111