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Can you summarize NHRS 382-A:4A-203?
UNIFORM COMMERCIAL CODE > Unenforceability of Certain Verified Payment Orders.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the unenforceability of certain verified payment orders. It applies to receiving banks and customers involved in payment orders. The provision states that if an accepted payment order is not authorized by the customer but is still effective as an order of the customer, the receiving bank may limit its entitlement to enforce or retain payment of the order through an express agreement. However, the receiving bank cannot enforce or retain payment if the customer can prove that the order was not caused by a person entrusted with duties related to payment orders or the security procedure, or by someone who obtained unauthorized access to the customer’s transmitting facilities or information facilitating breach of the security procedure. This provision also applies to amendments of payment orders. The document does not specify any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Receiving banks and customers involved in payment orders
What does it govern?
Unenforceability of Certain Verified Payment Orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire