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Can you summarize 4 ARCO Chapter 4A?
Uniform Commercial Code > Funds Transfers
Short Summary
These legal documents, found in the Arkansas Code under Business and Commercial Law, specifically in the Uniform Commercial Code section on Funds Transfers, govern various aspects of funds transfers and payment orders. They provide definitions and regulations related to payment orders and funds transfers, including the obligations of receiving banks, the rights and obligations of parties involved in a funds transfer, and the choice of law in funds transfers. The documents apply to banks, customers, and other entities involved in funds transfers. They do not specify any penalties for non-compliance or violations. The documents also clarify that they do not apply to funds transfers governed by the Electronic Fund Transfer Act, unless the funds transfer is a remittance transfer that is also an electronic fund transfer.
Whom does it apply to?
Banks, customers, and other entities involved in funds transfers
What does it govern?
Regulation for remittance transfers and certain commercial transactions related to funds transfers and payment orders
What are exemptions?
The chapter does not apply to funds transfers governed by the Electronic Fund Transfer Act, unless the funds transfer is a remittance transfer that is also an electronic fund transfer.
What are the Penalties?
No penalties for non-compliance or violations are specified.
Jurisdiction
Arkansas