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Can you summarize NHRS 382-A:4A-507?
UNIFORM COMMERCIAL CODE > Choice of Law.
Short Summary
This legal document governs the choice of law in relation to payment orders and funds transfers. It establishes rules for determining the rights and obligations between the sender of a payment order and the receiving bank, as well as between the beneficiary’s bank and the beneficiary. The law of the jurisdiction where the receiving bank or beneficiary’s bank is located generally governs these rights and obligations, unless the parties have agreed otherwise or a funds-transfer system rule applies. If the parties have made an agreement selecting the law of a particular jurisdiction, that law governs their rights and obligations, regardless of the payment order or funds transfer’s relation to that jurisdiction. A funds-transfer system rule may also select the law of a particular jurisdiction to govern the rights and obligations of participating banks or parties involved in a funds transfer. In case of inconsistency between an agreement and a choice-of-law rule, the agreement prevails. If a funds transfer involves multiple systems with conflicting choice-of-law rules, the law of the selected jurisdiction having the most significant relationship to the matter in issue governs. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
The affected parties involved in payment orders and funds transfers.
What does it govern?
The choice of law in relation to payment orders and funds transfers.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire