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Can you summarize 6 DECO Article 4A?
Uniform Commercial Code > Funds Transfers
Short Summary
The provided legal document content covers various aspects related to funds transfers. It states that the rights and obligations of a party to a funds transfer can be varied by agreement, and defines ‘funds-transfer system rule’ as a rule governing the transmission of payment orders or rights and obligations between banks involved in a funds transfer. The document also addresses creditor process served on a receiving bank and setoff by a beneficiary’s bank, specifying the actions and obligations of the banks in such situations. It further discusses the rate of interest applicable to payment orders and the determination of interest amount. Additionally, the document governs the choice of law in funds transfers, establishing rules for determining the rights and obligations between the parties involved. The default rule is that the law of the jurisdiction where the receiving bank is located governs, but parties can agree to a different jurisdiction’s law. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Parties involved in funds transfers, banks involved in funds transfers, receiving banks, beneficiary's banks, senders, beneficiaries
What does it govern?
Various aspects related to funds transfers, including rights and obligations of parties, funds-transfer system rules, creditor process served on a receiving bank, setoff by a beneficiary's bank, rate of interest applicable to payment orders, choice of law in funds transfers
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Delaware