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Can you summarize Com Code CACL Division 11?
Commercial Code > FUNDS TRANSFERS [11101. - 11507.]
Short Summary
The provided legal document content is from the California Commercial Code, specifically Division 4 - FUNDS TRANSFERS. This division governs funds transfers and provides definitions for various terms related to funds transfers. It applies to banks, including various types of financial institutions, and customers who have an account with a bank or from whom a bank has agreed to receive payment orders. The division defines a ‘payment order’ as an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. It also defines key terms such as ‘beneficiary’, ‘beneficiary’s bank’, and ‘receiving bank’. The division does not mention any specific exemptions or penalties. Overall, this division establishes the framework for funds transfers and provides clarity on the roles and responsibilities of the involved parties.
Whom does it apply to?
Banks, including various types of financial institutions, and customers who have an account with a bank or from whom a bank has agreed to receive payment orders
What does it govern?
Funds transfers
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
California