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Can you summarize 11 GACO Article 4A?
Commercial Code > Funds Transfers
Short Summary
The provided legal document content covers various provisions related to funds transfers under the Georgia Code, specifically the Commercial Code section on Funds Transfers. It governs the definitions and conditions for payment orders and funds transfers, including the obligations of receiving banks, refund of payment for unauthorized orders, and consequences of erroneous payment orders. The documents also provide guidelines for the identification of beneficiaries, cancellation and amendment of payment orders, rejection of payment orders, and the liability of receiving banks. They further address the execution of payment orders by receiving banks, payment made by senders to receiving banks, variation of rights and obligations through agreement, creditor process served on receiving banks, setoff by beneficiary’s banks, rules for interest payable in funds transfers, and the choice of law in funds transfers. These provisions apply to various parties involved in funds transfers, including senders, receiving banks, beneficiaries, originators, intermediary banks, and customers identified as senders of payment orders. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Senders, receiving banks, beneficiaries, originators, intermediary banks, customers identified as senders of payment orders
What does it govern?
Definitions related to payment orders and funds transfers, conditions for authorized payment orders, use of security procedures, obligations of receiving banks, refund of payment for unauthorized orders, duty of customers to report unauthorized orders, consequences of erroneous payment orders, guidelines for identification of beneficiaries, cancellation and amendment of payment orders, rejection of payment orders, liability of receiving banks, execution of payment orders by receiving banks, payment made by sender to receiving bank, variation of rights and obligations through agreement, creditor process served on receiving bank, setoff by beneficiary's bank, rules for interest payable in funds transfers, choice of law in funds transfers
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Georgia