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Can you summarize 7 ALCA Article 4A?
COMMERCIAL CODE. > FUNDS TRANSFERS.
Short Summary
The provided legal document, Article 4A of Title 7 of the Code of Alabama, governs funds transfers. It applies to various entities involved in funds transfers, such as originators, beneficiaries, receiving banks, and intermediary banks. The document exempts funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers that are not electronic fund transfers. In case of any inconsistency between this article and the Electronic Fund Transfer Act, the provisions of the Electronic Fund Transfer Act prevail. The document also mentions that 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 article. The document provides definitions for terms related to funds transfers, such as ‘funds transfer’, ‘intermediary bank’, ‘originator’, and ‘originator’s bank’. It specifies that a funds transfer is completed upon acceptance by the beneficiary’s bank of a payment order. The document also establishes rules for determining the time of receipt for payment orders and communications, including the authority of receiving banks to establish cut-off times. Overall, this document sets the framework and terminology for conducting funds transfers in Alabama.
Whom does it apply to?
Originators, beneficiaries, receiving banks, intermediary banks
What does it govern?
Funds transfers
What are exemptions?
Funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers that are not electronic fund transfers
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Alabama