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Can you summarize 47 TNCO Chapter 4A?
Commercial Instruments And Transactions > Funds Transfers
Short Summary
These legal documents govern funds transfers and are governed by Article [Chapter] 4A of the Tennessee Code. They provide precise rules for assigning responsibility, defining behavioral norms, allocating risks, and establishing limits on liability in funds transfers. The documents are intended to be the exclusive means of determining the rights, duties, and liabilities of the parties involved in funds transfers. They emphasize the importance of considering the competing interests of banks, commercial and financial organizations, and the public in the drafting process. The documents cover various aspects of payment orders and funds transfers, including the establishment and use of security procedures, conditions for authorization and effectiveness of payment orders, unenforceability of certain verified payment orders, refund of payment, reporting unauthorized payment orders, handling erroneous payment orders, transmission of payment orders, acceptance, rejection, cancellation, and amendment of payment orders, liability and duty of receiving banks, execution of payment orders, payment process, variation of rights and obligations by agreement, and the effect of funds-transfer system rules. These documents provide a comprehensive framework for the establishment, acceptance, and handling of payment orders in funds transfers, promoting efficiency, accuracy, and security in financial transactions.
Whom does it apply to?
Parties involved in funds transfers, including banks, commercial and financial organizations, and the public
What does it govern?
Funds transfers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Tennessee