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Can you summarize FLCL Chapter 670?
COMMERCIAL RELATIONS > UNIFORM COMMERCIAL CODE: FUNDS TRANSFERS
Short Summary
The provided legal document is part of the Florida Statutes under the Uniform Commercial Code: Funds Transfers. It governs payment orders in the context of funds transfers and provides definitions for key terms used in the chapter. The chapter applies to funds transfers defined in section 670.104, except for those governed by the Electronic Fund Transfer Act. The document defines terms such as ‘beneficiary,’ ‘beneficiary’s bank,’ ‘payment order,’ ‘receiving bank,’ and ‘sender.’ It explains that a payment order is an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary, without any conditions other than the time of payment. The payment order can be transmitted orally, electronically, or in writing, directly to the receiving bank or through an agent, funds-transfer system, or communication system. Each payment to a beneficiary in a multiple payment instruction is considered a separate payment order. The document also defines terms related to funds transfers, such as ‘funds transfer,’ ‘intermediary bank,’ ‘originator,’ and ‘originator’s bank.’ It clarifies that the time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 671.209. Receiving banks have the authority to establish cut-off times for the receipt and processing of payment orders and communications. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day. The document also mentions that regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve banks supersede any inconsistent provision of this chapter. It further states that the Electronic Fund Transfer Act governs any inconsistency between a funds transfer under this chapter and the Electronic Fund Transfer Act. Overall, this chapter establishes the framework for the execution and processing of payment orders in funds transfers, with specific definitions and rules for various entities and actions involved.
Whom does it apply to?
Senders, receiving banks, beneficiary's banks, and originator's banks involved in funds transfers
What does it govern?
Payment orders in the context of funds transfers
What are exemptions?
Funds transfers governed by the Electronic Fund Transfer Act
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Florida