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Can you summarize NHRS 382-A:4A-405?
UNIFORM COMMERCIAL CODE > Payment by Beneficiary's Bank to Beneficiary.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the payment made by a beneficiary’s bank to the beneficiary. It outlines the conditions under which the bank’s obligation to pay is fulfilled, including when the beneficiary is notified of the right to withdraw the credit, when the bank applies the credit to a debt of the beneficiary, or when funds are otherwise made available to the beneficiary. The document also addresses situations where the beneficiary’s bank does not credit the beneficiary’s account and the time when the bank’s obligation is considered satisfied. Additionally, it discusses the enforceability of conditions to payment or agreements between the beneficiary and the bank. The document further covers provisional payments made through a funds-transfer system and the rights and obligations of the beneficiary’s bank and the originator in case of non-receipt of payment. It concludes by specifying the impact of system failure on the acceptance of payment orders and the obligations of the participants in the funds transfer. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Beneficiary's bank, beneficiary, originator, sender
What does it govern?
Payment by beneficiary's bank to beneficiary
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
New Hampshire