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Can you summarize KYRS Chapter 355.4A?
UNIFORM COMMERCIAL CODE > Funds Transfers
Short Summary
This legal document, part of the Kentucky Revised Statutes under the Uniform Commercial Code, governs payment orders in funds transfers. It defines a payment order as an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions other than the time of payment, and the receiving bank is reimbursed by debiting the sender’s account or receiving payment from the sender. 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. The document also provides definitions for beneficiary, beneficiary’s bank, receiving bank, and sender. If an instruction is to make multiple payments to a beneficiary, each payment is considered a separate payment order. The document clarifies that a payment order is issued when it is sent to the receiving bank. The document was created in 1992 and became effective on July 14, 1992.
Whom does it apply to?
Senders, receiving banks, beneficiary's banks, originators, beneficiaries
What does it govern?
Payment orders in funds transfers
What are exemptions?
The document does not mention any specific exemptions.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Kentucky