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Can you summarize RIGL Title 6A, Chapter 4.1?
Uniform Commercial Code > Funds Transfers
Short Summary
These legal documents, part of the State of Rhode Island General Laws, specifically the Uniform Commercial Code, govern various aspects related to funds transfers. They establish 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 is located governs these rights and obligations, unless the parties have made an agreement selecting the law of a particular jurisdiction. The documents also address the payment by an originator to a beneficiary in a funds transfer, specifying that the payment must be made at the time the payment order is accepted by the beneficiary’s bank. The liability of receiving banks in cases of late or improper execution or failure to execute a payment order is also covered, with provisions for interest payments, expenses, and damages. Additionally, the documents govern the unaccepted payment orders, rejection of payment orders, cancellation and amendment of payment orders, and the establishment of security procedures for verifying payment orders. These documents apply to various entities involved in funds transfers, including senders, beneficiaries, originators, customers, receiving banks, beneficiary’s banks, and originator’s banks. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Senders, beneficiaries, originators, customers, receiving banks, beneficiary's banks, originator's banks
What does it govern?
Rights and obligations in funds transfers, payment by an originator to a beneficiary, liability of receiving banks in cases of late or improper execution or failure to execute a payment order, unaccepted payment orders, rejection of payment orders, cancellation and amendment of payment orders, issue and acceptance of payment orders, refund of payment, duty of the customer to report unauthorized payment orders, establishment of security procedures for verifying payment orders, determination of authorization and binding of payment orders, unenforceability of certain verified payment orders
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Rhode Island