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Can you summarize MTCO Title 30, Chapter 4A?
TRADE AND COMMERCE > UNIFORM COMMERCIAL CODE FUNDS TRANSFERS
Short Summary
The provided legal document content consists of multiple provisions under the Uniform Commercial Code Funds Transfers. The first provision governs the rate of interest for payment orders issued to a receiving bank in Montana. The second provision establishes rules for the choice of law in funds transfers. The third provision governs creditor process served on a receiving bank and the setoff by a beneficiary’s bank. The fourth provision allows for the variation of rights and obligations in a funds transfer through agreement. The fifth provision governs the determination of the time of receipt of a payment order or communication canceling or amending a payment order. The sixth provision governs the liability of receiving banks in cases of late or improper execution or failure to execute a payment order in funds transfers. These documents apply to various entities involved in funds transfers, such as senders and receiving banks of payment orders, beneficiary’s bank and beneficiary, participating banks or parties involved in a funds transfer, and receiving banks involved in funds transfers. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Senders and receiving banks of payment orders, beneficiary's bank and beneficiary, participating banks or parties involved in a funds transfer, receiving banks involved in funds transfers
What does it govern?
Rate of interest for payment orders, choice of law in funds transfers, creditor process served on a receiving bank, variation of rights and obligations in a funds transfer, determination of the time of receipt of a payment order or communication canceling or amending a payment order, liability of receiving banks in cases of late or improper execution or failure to execute a payment order
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Montana