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Can you summarize AKST 45.14?
Trade and Commerce. > Funds Transfers.
Short Summary
The provided legal document content pertains to the Alaska Statutes related to funds transfers. It governs the issue and acceptance of payment orders, liability of receiving banks, payment to the beneficiary, choice of law, and treatment of creditor process in funds transfers. The document provides definitions and terms used in the Alaska Statutes, including terms such as ‘authorized account’, ‘bank’, ‘customer’, ‘funds-transfer business day’, ‘funds-transfer system’, ‘prove’, and ‘burden of establishing’. It also references other definitions applicable to this chapter and sections within it. The document outlines the process by which a receiving bank can reject a payment order and the requirements for effective rejection. It addresses the obligations of a receiving bank if it fails to execute a payment order despite having sufficient funds in the sender’s account, including the payment of interest to the sender. The document also governs the liability of receiving banks in cases of late or improper execution or failure to execute a payment order, specifying the expenses, incidental expenses, and interest losses that the bank may be liable for. It further discusses the discharge of the underlying obligation and the rights of the originator and beneficiary in a funds transfer. The document covers the choice of law in funds transfers, including the default jurisdiction and the impact of agreements and funds-transfer system rules. It also addresses the rate of interest applicable to payment orders and the treatment of creditor process in relation to authorized accounts and payment orders. The document allows for variation through agreement and acknowledges the effectiveness of funds-transfer system rules. Overall, this document provides guidelines and regulations for the smooth execution of payment orders in funds transfers.
Whom does it apply to?
Banks, customers, and other entities involved in funds transfers
What does it govern?
Funds transfers
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties for non-compliance are mentioned in this document.
Jurisdiction
Alaska