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Can you summarize IC 26-1-4.1?
UNIFORM COMMERCIAL CODE > Fund Transfers
Short Summary
The legal document content, part of the Indiana Code under the Commercial Law and Uniform Commercial Code, provides definitions and provisions related to fund transfers. It governs the rights, obligations, and procedures for banks, customers, and other entities involved in fund transfers. The document covers various aspects, including definitions of payment orders, acceptance and rejection of payment orders, cancellation and amendment of payment orders, liability for late or improper execution of payment orders, payment obligations, rights and obligations of receiving banks and beneficiary’s banks, and choice of law in funds transfers. It establishes the framework and terminology for conducting fund transfers in a commercial context. The document does not mention any specific exemptions or penalties for non-compliance or violation of its provisions.
Whom does it apply to?
The legal document content applies to banks, customers, senders, receiving banks, beneficiary's banks, and other entities involved in fund transfers.
What does it govern?
The legal document content governs various aspects of fund transfers, including definitions, payment orders, acceptance and rejection of payment orders, cancellation and amendment of payment orders, liability for late or improper execution of payment orders, payment obligations, rights and obligations of receiving banks and beneficiary's banks, and choice of law in funds transfers.
What are exemptions?
The legal document content does not mention any specific exemptions.
What are the Penalties?
The legal document content does not mention any specific penalties for non-compliance or violation of its provisions.
Jurisdiction
Indiana