Ask Reggi Your Question Now
Can you summarize MORS Chapter 400, Article 4A?
Uniform Commercial Code > FUNDS TRANSFERS
Short Summary
The provided legal document content consists of multiple documents related to funds transfers. The first document governs the determination of the time of receipt of payment orders and communications in the context of funds transfers. It allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. The second document governs the cancellation and amendment of payment orders in the context of funds transfers. It specifies the conditions under which cancellation or amendment is effective and outlines the liability of the sender to the bank for any loss and expenses incurred. The third document governs the execution of a sender’s payment order by a receiving bank. It outlines the obligations and actions of the receiving bank in executing payment orders and provides guidelines for the sender and beneficiary. The fourth document governs the payment made by a beneficiary’s bank to the beneficiary, specifying the conditions under which the bank’s obligation to make payment is fulfilled. It also addresses provisional payments and non-settlement scenarios. The fifth document governs the obligation of the sender to pay the receiving bank in the context of funds transfers, including payment due dates and refund obligations. The sixth document governs the obligation of a beneficiary’s bank to pay and provide notice to the beneficiary, specifying payment due dates, consequences of refusal to pay, and the requirement of notification. The seventh document pertains to the obligations and responsibilities of the originator and beneficiary in a funds transfer, including discharge of obligations and varying rights through agreement. The eighth document governs the choice of law for rights and obligations in funds transfers. It specifies the default governing laws and the circumstances under which parties can agree to a different choice of law. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Receiving banks involved in funds transfers, senders of payment orders, beneficiary's banks, originators, beneficiaries
What does it govern?
Determination of the time of receipt of payment orders and communications, cancellation and amendment of payment orders, execution of sender's payment order, payment made by beneficiary's bank to the beneficiary, obligation of sender to pay the receiving bank, obligation of beneficiary's bank to pay and provide notice to the beneficiary, choice of law for rights and obligations in 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
Missouri