Ask Reggi Your Question Now
Can you summarize 8.4A VACV Part 2?
Commercial Code Funds Transfers >
Short Summary
This legal document governs the cancellation and amendment of payment orders in funds transfers. It applies to senders and receiving banks involved in such transfers. The document outlines the requirements for effective cancellation or amendment of a payment order, including the need for verification through a security procedure or agreement from the bank. It also specifies that cancellation or amendment is not effective after acceptance of the payment order, unless the receiving bank agrees or a funds-transfer system rule allows it. The document further discusses the cancellation and amendment process for payment orders accepted by a receiving bank other than the beneficiary’s bank and the beneficiary’s bank. It states that cancellation or amendment is only effective under certain circumstances, such as unauthorized payment orders or mistakes in the funds transfer. Additionally, the document addresses the cancellation of unaccepted payment orders, the nullification of acceptance upon cancellation, and the liability of the sender for any loss and expenses incurred by the bank due to cancellation or amendment. It also mentions that the death or legal incapacity of the sender does not revoke a payment order unless the receiving bank is aware and has a reasonable opportunity to act. Finally, the document states that funds-transfer system rules are not effective if they conflict with certain provisions. No specific exemptions are mentioned, and the penalties for non-compliance are not specified.
Whom does it apply to?
Senders and receiving banks involved in funds transfers
What does it govern?
Cancellation and amendment of payment orders in funds transfers
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Virginia