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Can you summarize NHRS 382-A:4A-211?
UNIFORM COMMERCIAL CODE > Cancellation and Amendment of Payment Order.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the cancellation and amendment of payment orders. It applies to senders and receiving banks involved in payment orders. The document outlines the requirements for effective cancellation or amendment of payment orders, including the need for verification through a security procedure or agreement from the bank. It also specifies that cancellation or amendment is not effective after acceptance unless agreed upon by the receiving bank or allowed by a funds-transfer system rule. The document further discusses the cancellation of unaccepted payment orders and the nullification of acceptance in case of cancellation. It highlights the liability of the sender to the bank for any loss and expenses incurred due to cancellation or amendment. The document also addresses the revocation of payment orders in case of the sender’s death or legal incapacity. Overall, it provides guidelines and regulations for the cancellation and amendment of payment orders in commercial transactions.
Whom does it apply to?
Senders and receiving banks involved in payment orders
What does it govern?
Cancellation and amendment of payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Liability to the bank for any loss and expenses incurred as a result of cancellation or amendment
Jurisdiction
New Hampshire