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Can you summarize NHRS 382-A:4A-406?
UNIFORM COMMERCIAL CODE > Payment by Originator to Beneficiary; Discharge of Underlying Obligation.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the payment by the originator to the beneficiary in a funds transfer and the discharge of the underlying obligation. It applies to originators and beneficiaries involved in funds transfers. The originator is required to pay the beneficiary at the time the payment order is accepted by the beneficiary’s bank, in an amount equal to or less than the originator’s order. If payment is made to satisfy an obligation, the obligation is discharged unless certain conditions are met. The rights of the originator or beneficiary can only be varied by their agreement. The document also specifies that if the beneficiary’s bank accepts a payment order with deductions, the payment to the beneficiary is deemed to be in the amount of the originator’s order unless the deducted charges are not paid upon demand. There are exemptions mentioned in Sections 4A-211(e), 4A-405(d), and 4A-405(e). No specific penalties are mentioned in this document.
Whom does it apply to?
Originators and beneficiaries of funds transfers
What does it govern?
Payment by Originator to Beneficiary; Discharge of Underlying Obligation
What are exemptions?
Sections 4A-211(e), 4A-405(d), and 4A-405(e)
What are the Penalties?
No penalties mentioned
Jurisdiction
New Hampshire