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Can you summarize NDCC Chapter 41-04.1?
Uniform Commercial Code > Funds Transfers
Short Summary
This legal document, part of the North Dakota Century Code’s Uniform Commercial Code on Funds Transfers, provides definitions related to payment orders and governs various aspects of funds transfers. It covers the time of receipt of payment orders, the liability of receiving banks in executing payment orders, the unenforceability of certain verified payment orders, the refund of payment and the duty of the customer to report unauthorized payment orders, the handling of erroneous payment orders, the misdescription of beneficiaries and intermediary banks in payment orders, the acceptance and rejection of payment orders, the cancellation and amendment of payment orders, the erroneous execution of payment orders, the rights and obligations of parties involved in funds transfers, the payment of the sender’s obligation to the receiving bank, the payment by the beneficiary’s bank to the beneficiary, the payment by the originator to the beneficiary and the discharge of the underlying obligation, the choice of law in funds transfers, and the process of creditor process served on a receiving bank and the setoff by the beneficiary’s bank. These provisions apply to various entities involved in funds transfers, including receiving banks, senders of payment orders, beneficiaries, originators, intermediary banks, and beneficiary’s banks. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
This legal document applies to funds transfers, receiving banks, senders of payment orders, beneficiaries, originators, intermediary banks, and beneficiary's banks involved in funds transfers.
What does it govern?
This legal document, part of the North Dakota Century Code's Uniform Commercial Code on Funds Transfers, provides definitions related to payment orders, governs the time of receipt of a payment order or communication canceling or amending a payment order, establishes the liability of receiving banks in the execution of payment orders, addresses the unenforceability of certain verified payment orders, governs the refund of payment and the duty of the customer to report unauthorized payment orders, governs the handling of erroneous payment orders, addresses the misdescription of beneficiaries in payment orders, addresses the misdescription of intermediary banks or beneficiary's banks in payment orders, governs the acceptance of payment orders in funds transfers, governs the rejection of payment orders in funds transfers, governs the cancellation and amendment of payment orders in funds transfers, governs the erroneous execution of payment orders in funds transfers, governs the rights and obligations of parties involved in a funds transfer, governs the payment of the sender's obligation to the receiving bank in the context of payment orders, governs the payment by the beneficiary's bank to the beneficiary in a funds transfer, governs the payment by the originator to the beneficiary in a funds transfer and the discharge of the underlying obligation, governs the choice of law in funds transfers, and governs the process of creditor process served on a receiving bank and the setoff by the beneficiary's bank.
What are exemptions?
This legal document does not specify any exemptions.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
North Dakota