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Can you summarize 11 MERS Article 4-A?
UNIFORM COMMERCIAL CODE > FUNDS TRANSFERS
Short Summary
This legal document governs the time of receipt of payment orders and communications in funds transfers. It applies to receiving banks involved in funds transfers and allows them to establish cut-off times for the receipt and processing of payment orders and communications. Different cut-off times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds transfer business day. The document also clarifies that if an execution date, payment date, or required action falls on a non-business day, the next funds transfer business day is considered as the stated date or day, unless otherwise specified. However, this Article does not apply to funds transfers that are governed by the federal Electronic Fund Transfer Act of 1978, unless the funds transfer is a remittance transfer that is not an electronic fund transfer. In the event of any inconsistency between this Article and the Electronic Fund Transfer Act, the provisions of the Electronic Fund Transfer Act govern to the extent of the inconsistency. No penalties are mentioned in this document.
Whom does it apply to?
Receiving banks involved in funds transfers
What does it govern?
Time of receipt of a payment order or communication cancelling or amending a payment order in the context of funds transfers
What are exemptions?
Funds transfers governed by the federal Electronic Fund Transfer Act of 1978, unless the funds transfer is a remittance transfer that is not an electronic fund transfer
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
Maine