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Can you summarize KSST Chapter 84, Article 4a?
UNIFORM COMMERCIAL CODE > FUNDS TRANSFERS
Short Summary
These legal documents, part of the Kansas Statutes under the Uniform Commercial Code for Funds Transfers, cover various aspects of funds transfers, including choice of law, rate of interest, obligations of receiving banks, liability for late or improper execution, cancellation and amendment of payment orders, acceptance of payment orders, treatment of creditor process and setoff, variation of rights and obligations, payment by originator to beneficiary, payment by beneficiary’s bank to beneficiary, obligation of beneficiary’s bank to pay and provide notice, liability for erroneous execution, duty of sender to exercise ordinary care, time of receipt, and definitions and terms related to funds transfers. These documents apply to senders, receiving banks, beneficiary’s banks, originator’s banks, customers, creditors, claimants, and beneficiaries involved in funds transfers. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Senders of payment orders, receiving banks, beneficiary's banks, originator's banks, customers, creditors, claimants, beneficiaries
What does it govern?
Choice of law in funds transfers, rate of interest applicable to payment orders, obligations of receiving banks, liability for late or improper execution of payment orders, cancellation and amendment of payment orders, acceptance of payment orders, treatment of creditor process and setoff by beneficiary's banks, variation of rights and obligations in funds transfers, payment by originator to beneficiary, payment by beneficiary's bank to beneficiary, obligation of beneficiary's bank to pay and provide notice, liability for erroneous execution of payment orders, duty of sender to exercise ordinary care, time of receipt of payment orders or communications, definitions and terms related to 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
Kansas