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Can you summarize NHRS 382-A:4A-402?
UNIFORM COMMERCIAL CODE > Obligation of Sender to Pay Receiving Bank.
Short Summary
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the obligation of the sender to pay the receiving bank in the context of payment orders. It outlines the obligations of the sender depending on whether the payment order is issued to the beneficiary’s bank or a receiving bank other than the beneficiary’s bank. The sender is obliged to pay the bank the amount of the order, with payment due on the payment date or execution date of the order, respectively. However, if the funds transfer is not completed by acceptance by the beneficiary’s bank, the sender’s obligation to pay is excused. If the sender pays the order but was not obliged to pay all or part of the amount, the receiving bank is obliged to refund the payment. The right of the sender to be excused from payment or receive a refund cannot be varied by agreement. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Senders of payment orders and receiving banks
What does it govern?
Obligation of Sender to Pay Receiving Bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire