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Can you summarize 47 AZRS Chapter 4A?
Uniform Commercial Code > FUNDS TRANSFERSSec: 47-4A101-47-4A507
Short Summary
The provided legal document governs the time of receipt of a payment order or communication cancelling or amending a payment order in the context of funds transfers. It applies to receiving banks involved in funds transfers. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. 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. Additionally, if an execution date or payment date falls on a non-funds-transfer business day, the next funds-transfer business day is treated as the stated date or day, unless stated otherwise in this document. This document does not apply to funds transfers governed by the electronic fund transfer act, unless it is a remittance transfer. In case of any inconsistency between this document and the electronic fund transfer act, the provisions of the electronic fund transfer act govern to the extent of the inconsistency. Regulations of the board of governors of the federal reserve system and operating circulars of the federal reserve banks supersede any inconsistent provision of this chapter to the extent of the inconsistency.
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?
This document does not apply to funds transfers governed by the electronic fund transfer act, unless it is a remittance transfer.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Arizona