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Can you summarize IDST Title 28, Chapter 4, Part 6?
UNIFORM COMMERCIAL CODE BANK DEPOSITS AND COLLECTIONS > FUNDS TRANSFERS
Short Summary
This legal document governs the rights and obligations between the sender of a payment order and the receiving bank, the rights and obligations between the beneficiarys bank and the beneficiary, and the issue of when payment is made in a funds transfer from the originator to the beneficiary. By default, the law of the jurisdiction where the receiving bank is located governs the rights and obligations between the sender and the receiving bank, the law of the jurisdiction where the beneficiarys bank is located governs the rights and obligations between the beneficiarys bank and the beneficiary, and the law of the jurisdiction where the beneficiarys bank is located determines when payment is made. However, the parties involved can agree to select the law of a particular jurisdiction to govern their rights and obligations. Additionally, a funds-transfer system rule may also select the law of a particular jurisdiction to govern the rights and obligations between participating banks or the parties involved in a funds transfer carried out through the system. In case of inconsistency between an agreement and a choice-of-law rule, the agreement prevails. If a funds transfer involves multiple funds-transfer systems with conflicting choice-of-law rules, the law of the selected jurisdiction with the most significant relationship to the matter in issue governs.
Whom does it apply to?
The document applies to the sender of a payment order, the receiving bank, the beneficiarys bank, and the beneficiary involved in a funds transfer.
What does it govern?
The legal document governs the rights and obligations between the sender of a payment order and the receiving bank, the rights and obligations between the beneficiarys bank and the beneficiary, and the issue of when payment is made in a funds transfer from the originator to the beneficiary.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Idaho