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Can you summarize NHRS 382-A:4A-210?
UNIFORM COMMERCIAL CODE > Rejection of Payment Order.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the rejection of payment orders in banking transactions. It outlines the process by which a receiving bank can reject a payment order and the requirements for providing notice of rejection to the sender. The document also establishes the obligations of a bank that fails to execute a payment order despite having sufficient funds in the sender’s account. It specifies that if the sender does not receive notice of rejection on the execution date and the sender’s account does not bear interest, the bank is obliged to pay interest to the sender on the amount of the order for the elapsed days. The document further states that if a receiving bank suspends payments, all unaccepted payment orders issued to it are deemed rejected. It also clarifies that acceptance of a payment order precludes a later rejection, and vice versa. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Receiving banks, senders of payment orders
What does it govern?
Rejection of Payment Order
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire