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Can you summarize NHRS 382-A:4A-209?
UNIFORM COMMERCIAL CODE > Acceptance of Payment Order.
Short Summary
This legal document governs the acceptance of payment orders in the context of commercial transactions. It applies to receiving banks, beneficiary’s banks, and originator’s banks involved in payment orders. The document outlines the conditions under which a receiving bank and a beneficiary’s bank accept a payment order. It specifies that a receiving bank accepts a payment order when it executes the order, while a beneficiary’s bank accepts a payment order at the earliest of several specified times. The document also provides exceptions to acceptance, such as when the beneficiary does not have an account with the receiving bank or the receiving bank is not permitted to receive credits for the beneficiary’s account. No specific penalties are mentioned in the provided legal document content.
Whom does it apply to?
Receiving banks, beneficiary's banks, and originator's banks involved in payment orders
What does it govern?
Acceptance of Payment Order
What are exemptions?
Payment orders cannot be accepted if the beneficiary does not have an account with the receiving bank, the account has been closed, or the receiving bank is not permitted by law to receive credits for the beneficiary's account.
What are the Penalties?
No specific penalties mentioned in the provided legal document content.
Jurisdiction
New Hampshire