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Can you summarize NHRS 382-A:4A-204?
UNIFORM COMMERCIAL CODE > Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the refund of payment and the duty of customers to report unauthorized payment orders. It applies to receiving banks and their customers. If a receiving bank accepts a payment order that is not authorized or enforceable against the customer, the bank is required to refund any payment received from the customer to the extent it is not entitled to enforce payment. The bank must also pay interest on the refundable amount. However, the customer is not entitled to interest if they fail to exercise ordinary care in determining the unauthorized order and notifying the bank within a reasonable time, not exceeding 90 days. The bank cannot recover from the customer for a failure to give notification. The reasonable time for notification may be fixed by agreement, but the obligation of the bank to refund payment cannot be varied by agreement. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Receiving banks and their customers
What does it govern?
Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire