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Can you summarize Chapter 62A.4A WARC?
UNIFORM COMMERCIAL CODE > Funds transfers.
Short Summary
The provided legal document content covers various provisions related to funds transfers under the Uniform Commercial Code in the Revised Code of Washington. It addresses the definitions and meanings of terms related to payment orders in funds transfers, the authorization and verification of payment orders, the unenforceability of certain verified payment orders, the refund of payment and the duty of the customer to report unauthorized payment orders, the issue and acceptance of payment orders, the cancellation and amendment of payment orders, the liability of receiving banks for breach of agreement, the obligations of receiving banks in the execution of payment orders, the payment obligations between senders and receiving banks in funds transfer transactions, the variation of rights and obligations in a funds transfer by agreement, the process of creditor process served on a receiving bank, setoff by a beneficiary’s bank, the rate of interest for payment orders issued to a receiving bank, and the governing law for rights and obligations between the sender and receiving bank, beneficiary’s bank and beneficiary, and when payment is made in a funds transfer. These documents apply to receiving banks, customers, beneficiaries, originators, senders, and other parties involved in payment orders in funds transfers. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Receiving banks, customers, beneficiaries, originators, senders, and other parties involved in payment orders in funds transfers
What does it govern?
Payment orders in funds transfers, obligations of receiving banks in executing payment orders, payment obligations between senders and receiving banks in funds transfer transactions, variation of rights and obligations in a funds transfer by agreement, creditor process served on a receiving bank, setoff by a beneficiary's bank, rate of interest for payment orders issued to a receiving bank, governing law for rights and obligations between the sender and receiving bank, beneficiary's bank and beneficiary, and when payment is made in a funds transfer
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Washington