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Can you summarize NHRS 382-A:4A-403?
UNIFORM COMMERCIAL CODE > Payment by Sender to Receiving Bank.
Short Summary
This legal document governs the payment of the sender’s obligation to the receiving bank under Section 4A-402 of the Uniform Commercial Code. It outlines the various scenarios in which payment occurs, depending on whether the sender is a bank, the method of payment, and the rules of the funds-transfer system. The document also discusses the concept of final settlement and the ability to set off obligations among participants in a funds-transfer system. Additionally, it addresses the case of two banks transmitting payment orders to each other and the setoff of obligations. In cases not covered by the mentioned subsections, the time of payment is determined by applicable principles of law. The document does not specify any exemptions or penalties. Overall, it provides guidance on the timing and methods of payment between senders and receiving banks in accordance with the Uniform Commercial Code.
Whom does it apply to?
Senders and receiving banks involved in payment obligations under Section 4A-402
What does it govern?
Payment by Sender to Receiving Bank
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire