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Can you summarize Article 4A, Chapter 55 NMSA?
Uniform Commercial Code > Funds Transfers
Short Summary
The legal document, part of the New Mexico Statutes Annotated 1978 under the Uniform Commercial Code, governs funds transfers. It provides definitions for terms used in funds transfers and explains the issuance of payment orders, the time of receipt, and the role of receiving banks. The document clarifies the relationship between the Uniform Commercial Code and the Electronic Fund Transfer Act and emphasizes the need for precise rules and definitions in funds transfers. It covers various aspects related to the issue and acceptance of payment orders, including the obligations and liabilities of receiving banks, senders, beneficiaries, originators, and customers. The document also addresses the cancellation and amendment of payment orders, the identification and execution of payment orders, the importance of security procedures, and the allocation of liability in case of spurious or erroneous payment orders. Overall, the legal document serves as a foundational resource for understanding the legal framework and terminology surrounding funds transfers within the context of the Uniform Commercial Code.
Whom does it apply to?
The legal document applies to parties involved in funds transfers, including receiving banks, senders of payment orders, beneficiaries, originators, and customers.
What does it govern?
The legal document governs various aspects related to funds transfers, including the definition of 'funds transfer,' the issuance and acceptance of payment orders, the obligations and liabilities of receiving banks, senders, beneficiaries, originators, and customers, the cancellation and amendment of payment orders, the identification and execution of payment orders, the importance of security procedures, and the allocation of liability in case of spurious or erroneous payment orders.
What are exemptions?
No specific exemptions are mentioned in the legal document.
What are the Penalties?
No specific penalties are mentioned in the legal document.
Jurisdiction
New Mexico