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Can you summarize 42a CTGS Article 4A?
Uniform Commercial Code - Articles 1 to 10 (Secs. 42a-1-101 to 42a-10-109) > Funds Transfers - Secs. 42a-4A-101 to 42a-4A-507
Short Summary
These legal documents, part of the General Statutes of Connecticut and the Uniform Commercial Code - Articles 1 to 10, specifically address the rules and regulations surrounding funds transfers, payment orders, and the obligations of receiving banks, beneficiary’s banks, and originators. The documents define various terms and concepts related to funds transfers, such as payment orders, funds transfers, intermediary banks, originators, originator’s banks, beneficiaries, receiving banks, and more. They outline the obligations and responsibilities of receiving banks in executing payment orders, accepting or rejecting payment orders, and the consequences of erroneous execution. The documents also cover the obligations of beneficiary’s banks in paying beneficiaries, providing notice, and the discharge of underlying obligations. Additionally, they address the obligations of originators in paying beneficiaries and the discharge of obligations. The documents provide guidelines for the proper identification of intermediary and beneficiary’s banks in payment orders and the corresponding responsibilities of the involved parties. They also discuss the cancellation and amendment of payment orders, the liability of receiving banks, and the determination of the time of receipt of payment orders. The documents further address the duty of the sender to report unauthorized payment orders, the refund of payment by receiving banks, and the treatment of erroneous payment orders. Overall, these documents serve as a comprehensive reference for understanding the legal framework and requirements surrounding funds transfers and payment orders within the context of the Uniform Commercial Code.
Whom does it apply to?
Receiving banks, beneficiary's banks, originators, senders, customers, banks, intermediaries, beneficiaries
What does it govern?
Payment orders, funds transfers, obligations of receiving banks, obligations of beneficiary's banks, obligations of originators, rights and obligations of parties involved 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
Connecticut