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Can you summarize NHRS 382-A:4A-103?
UNIFORM COMMERCIAL CODE > Payment Order; Definitions.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines and governs payment orders. A payment order is 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 for payment other than the time of payment. The receiving bank is reimbursed by debiting an account of the sender or receiving payment from the sender. The payment order can be transmitted orally or in a record directly to the receiving bank or through an agent, funds-transfer system, or communication system. The document provides definitions for terms such as beneficiary, beneficiary’s bank, receiving bank, and sender. It also clarifies that if an instruction is to make multiple payments to a beneficiary, it is considered a separate payment order for each payment. The document specifies that a payment order is issued when it is sent to the receiving bank. The effective date of this document is January 1, 1994, with an amendment effective from January 1, 2023.
Whom does it apply to?
Senders, receiving banks, and beneficiaries involved in payment transactions
What does it govern?
Payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
New Hampshire