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Can you summarize DCCO Title 28, Article 4A?
Uniform Commercial Code. > Funds Transfers.
Short Summary
This legal document, known as Article 4A, governs funds transfers, specifically a specialized method of payment referred to as a funds transfer or wholesale wire transfer. It applies to parties involved in funds transfers, including banks, intermediaries, originators, and beneficiaries. The purpose of Article 4A is to establish precise and detailed rules that assign responsibility, define behavioral norms, allocate risks, and establish limits on liability in funds transfers. The rules aim to provide certainty for parties involved in funds transfers, allowing them to predict and manage risks effectively. The drafting process of Article 4A considered the competing interests of banks, commercial and financial organizations, and the public. The rules outlined in this article are intended to be the exclusive means of determining the rights, duties, and liabilities of the parties involved in funds transfers, and resorting to principles of law or equity outside of Article 4A is not appropriate to create inconsistent rights, duties, and liabilities.
Whom does it apply to?
Parties involved in funds transfers, including banks, intermediaries, originators, and beneficiaries
What does it govern?
Funds transfers
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Washington, D.C.