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Can you summarize OKST Title 12A, Article 4A?
Uniform Commercial Code > Funds Transfers
Short Summary
The provided legal document content covers various aspects related to funds transfers governed by the Oklahoma Statutes and the Uniform Commercial Code. It discusses the relationship between Article 4A of the Oklahoma Statutes and the Electronic Fund Transfer Act, highlighting that Article 4A does not apply to funds transfers governed by the Electronic Fund Transfer Act, unless they are remittance transfers that are not electronic fund transfers. The document emphasizes that the coverage of Article 4A depends on the scope of the Electronic Fund Transfer Act and its implementing regulations. It also mentions that not all consumer fund transfers are subject to the Electronic Fund Transfer Act, and Article 4A may provide beneficial coverage in certain consumer transactions. The document governs the determination of the time of receipt of a payment order or communication canceling or amending a payment order in the context of funds transfers. It allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day. The document also clarifies that if an execution date or payment date falls on a non-business day, the next funds-transfer business day is considered as the stated date or day, unless stated otherwise. It states that the regulations of the board of governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of the Article related to funds transfers governed by the Uniform Commercial Code (UCC) in Oklahoma. The document provides definitions for various terms and concepts related to funds transfers, including terms such as ‘authorized account’, ‘bank’, ‘customer’, ‘funds-transfer business day’, ‘funds-transfer system’, ‘good faith’, and more. It also references other definitions from Article 4 of Title 12A of the Oklahoma Statutes. The document excludes funds transfers governed by the Electronic Fund Transfer Act from the application of Article 4A, clarifying that funds transfers subject to the Electronic Fund Transfers Act and its implementing regulation, Regulation E, are not governed by Article 4A. It provides examples of scenarios where certain parts of a funds transfer may be subject to the Electronic Fund Transfers Act while others are not. The document emphasizes the importance of understanding the scope of the Electronic Fund Transfers Act and its implementing regulation to determine the coverage of Article 4A. These legal documents cover various aspects of payment orders and funds transfers. They govern the liability and duty of receiving banks regarding unaccepted payment orders, as well as the rejection, cancellation, and amendment of payment orders. The documents also address the identification of intermediary banks or beneficiary’s banks in payment orders and the obligations of receiving banks, sending banks, and non-bank senders in relation to the identification. Additionally, the documents provide guidelines and procedures for the acceptance of payment orders, including the conditions under which a receiving bank, beneficiary’s bank, or originator’s bank accepts a payment order. They also outline the issue and acceptance of payment orders, the refund of payment, and the duty of customers to report unauthorized payment orders. The documents further discuss security procedures, the unenforceability of certain verified payment orders, and the authorization of payment orders. These legal documents apply to receiving banks, senders of payment orders, customers, originator’s bank, and beneficiary’s bank involved in funds transfers. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Receiving banks, senders of payment orders, customers, originator's bank, beneficiary's bank
What does it govern?
Various aspects related to funds transfers governed by the Oklahoma Statutes and the Uniform Commercial Code
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Oklahoma