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Can you summarize 9A VTST Article 4A?
Uniform Commercial Code > FUNDS TRANSFERS
Short Summary
The legal document, part of the Vermont Statutes’ Uniform Commercial Code, governs various aspects of funds transfers. It establishes rules and regulations regarding the rights and obligations of senders, receiving banks, and beneficiary’s banks in funds transfers. The document covers topics such as the governing law, interest rates, refund of payments, preclusion of customer objections, court restraints, charging of sender’s account, treatment of creditor process, payment to beneficiaries, payment of sender’s obligations, liability of receiving banks, erroneous execution of payment orders, acceptance and rejection of payment orders, cancellation and amendment of payment orders, treatment of payment orders received by beneficiary’s banks, authorization and verification of payment orders, unenforceability of certain verified payment orders, third-party communication systems, security procedures, relationship with the Electronic Fund Transfer Act, definitions of terms, time of receipt of payment orders, and applicability of the article to funds transfers. The legal document applies to senders, receiving banks, beneficiary’s banks, customers, and other entities involved in funds transfers. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
The legal document applies to senders of payment orders, receiving banks, beneficiary's banks, customers, and other entities involved in funds transfers.
What does it govern?
The legal document governs various aspects of funds transfers, including the rights and obligations between the sender of a payment order and the receiving bank, the rights and obligations between the beneficiary's bank and the beneficiary, the issue of when payment is made in a funds transfer, the rate of interest applicable to payment orders, the refund of payment due to incomplete funds transfers, the preclusion of the customer from asserting that the bank is not entitled to retain the payment, the court's power to restrain certain actions related to funds transfers, the charging of the sender's account by the receiving bank, the treatment of creditor process served on receiving banks, the payment made by an originator to a beneficiary and the discharge of the underlying obligation, the payment by a beneficiary's bank to the beneficiary, the payment of the sender's obligation to the receiving bank, the liability of receiving banks in cases of late or improper execution or failure to execute a payment order, the duty of the sender to exercise ordinary care in case of an erroneously executed payment order, the acceptance of payment orders by receiving banks, the identification of intermediary banks or the beneficiary's bank, the cancellation and amendment of payment orders, the rejection of payment orders, the erroneous execution of payment orders, the liability of receiving banks for late or improper execution, the duty of the customer to report unauthorized payment orders, the treatment of payment orders received by the beneficiary's bank, the authorization and verification of payment orders, the unenforceability of certain verified payment orders, the role of third-party communication systems in transmitting payment orders, the definition of security procedure, the relationship between this article and the Electronic Fund Transfer Act, the definitions of terms used in funds transfers, the time of receipt of payment orders or communications, the applicability of this article to funds transfers, the issuance and acceptance of payment orders, the treatment of payment orders that identify an intermediary bank or the beneficiary's bank, and the time of payment in funds transfers.
What are exemptions?
No specific exemptions are mentioned in the legal document.
What are the Penalties?
No specific penalties for non-compliance or violation are mentioned in the legal document.
Jurisdiction
Vermont