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Can you summarize MGL Chapter 106, Article 4A?
UNIFORM COMMERCIAL CODE > FUNDS TRANSFERS
Short Summary
The legal document content provides regulations and guidelines for funds transfers, covering various aspects such as the execution and acceptance of payment orders, the cancellation and amendment of payment orders, the liability for late or improper execution of payment orders, the obligations of receiving banks and customers, the authorization and verification of payment orders, the refund of unauthorized payment orders, the use of security procedures, and the definitions of key terms. It applies to receiving banks, sending banks, customers, beneficiaries, and intermediary banks involved in funds transfers. The document emphasizes the importance of compliance with security procedures, the verification of payment orders, and the prompt reporting of errors or unauthorized transactions. It also establishes the rights and obligations of parties involved in funds transfers, including the sender, receiving bank, beneficiary’s bank, and beneficiary. The document does not mention any specific exemptions or penalties for non-compliance. Overall, it provides a comprehensive framework for the efficient and secure execution of funds transfers.
Whom does it apply to?
The legal document content applies to receiving banks, sending banks, customers, beneficiaries, and intermediary banks involved in funds transfers.
What does it govern?
The legal document content covers various aspects of funds transfers, including the rights and obligations of parties involved, the execution and acceptance of payment orders, the cancellation and amendment of payment orders, the liability for late or improper execution of payment orders, the obligations of receiving banks and customers, the authorization and verification of payment orders, the refund of unauthorized payment orders, the use of security procedures, and the definitions of key terms.
What are exemptions?
No specific exemptions are mentioned in the legal document content.
What are the Penalties?
No specific penalties are mentioned in the legal document content.
Jurisdiction
Massachusetts