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Can you summarize 10 LARS Chapter 4-A?
Commercial Laws > FUNDS TRANSFERS
Short Summary
These legal documents, part of the Louisiana Revised Statutes under Commercial Laws, govern various aspects of funds transfers. They provide definitions and regulations related to funds transfers, including the terms payment order, beneficiary, beneficiary’s bank, receiving bank, and sender. The documents establish rules for the time of receipt of payment orders and communications, and state that regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provisions. The documents also address the applicability of the Electronic Fund Transfer Act to funds transfers, stating that this Chapter does not apply to funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers. In case of inconsistency, the provisions of the Electronic Fund Transfer Act govern. The documents further govern the obligations of receiving banks in executing payment orders, including the authorization and acceptance of payment orders, the use of security procedures, and the application of the documents to amendments and cancellations of payment orders. They also outline the obligations of receiving banks in executing payment orders, including the issuance of payment orders complying with the sender’s instructions and the use of reasonable funds-transfer systems. The documents specify the payment obligations between senders and receiving banks, including the payment date, the obligation to pay the amount of the order, and the discharge of obligations. They also address the payment by a beneficiary’s bank to the beneficiary, including the time of payment and the discharge of obligations. The documents further include miscellaneous provisions related to funds transfers, covering the rights and obligations of parties involved, the treatment of creditor process, the sequencing of charges, the preclusion of customer objections, the determination and calculation of interest, and the choice of law. These documents apply to senders, receiving banks, beneficiaries, participating banks, customers, and other parties involved in funds transfers.
Whom does it apply to?
Senders, receiving banks, beneficiaries, participating banks, customers
What does it govern?
Definitions and regulations related to funds transfers, obligations of receiving banks in executing payment orders, payment obligations between senders and receiving banks, payment by a beneficiary's bank to the beneficiary, miscellaneous provisions related to funds transfers
What are exemptions?
This Chapter does not apply to funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Louisiana