Ask Reggi Your Question Now
Can you summarize 13 PACS Division 4A?
COMMERCIAL CODE > FUNDS TRANSFERS
Short Summary
These legal documents, part of the Pennsylvania Compiled Statutes under the Commercial Code, provide guidelines and definitions related to funds transfers. They cover the issuance and execution of payment orders, payment obligations, and the treatment of creditor process. The documents define key terms such as ‘payment order,’ ‘beneficiary,’ ‘receiving bank,’ and ‘sender.’ They clarify that a payment order is an instruction from a sender to a receiving bank to pay a fixed amount to a beneficiary. The documents outline the obligations and responsibilities of receiving banks in executing payment orders, including the selection of funds-transfer systems and intermediary banks. They also address scenarios where the payment order is executed incorrectly or to the wrong beneficiary. The documents further discuss the payment obligations of senders and the refund obligations of receiving banks. They also cover the treatment of creditor process, including the reduction of authorized account balances and the ability of beneficiary’s banks to credit accounts and set off amounts. The documents establish the priority of obligations paid from an account and withdrawals from an account. They also address the preclusion of customer objections to payment if notification is received and not objected to within one year. The documents provide for the determination of interest payable by receiving banks and the choice of law in funds transfers. Overall, these documents apply to entities involved in funds transfers and provide guidelines for the issuance, execution, and payment obligations of payment orders.
Whom does it apply to?
The documents apply to entities involved in funds transfers, including senders, receiving banks, beneficiary's banks, and originator's banks.
What does it govern?
The legal document governs various aspects related to funds transfers, including the definition of key terms, the issuance and execution of payment orders, payment obligations, and the treatment of creditor process.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Pennsylvania