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Can you summarize SDCL Chapter 57A-4A?
UNIFORM COMMERCIAL CODE > Funds Transfers
Short Summary
This legal document falls under the South Dakota Codified Laws and specifically addresses funds transfers governed by the Uniform Commercial Code. It provides definitions for key terms related to funds transfers and governs the time of receipt of payment orders or communications cancelling or amending payment orders. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. It clarifies that 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 governs the cancellation and amendment of payment orders in funds transfers, specifying the conditions under which cancellation or amendment is effective. It addresses the liability of receiving banks in cases of late or improper execution or failure to execute a payment order in funds transfers. The document also governs the payment by the originator to the beneficiary in funds transfers and the discharge of the underlying obligation. It further governs the choice of law in funds transfers, specifying the default jurisdiction for governing rights and obligations between parties involved in a funds transfer. The document also covers the sequencing of charging a sender’s account with respect to multiple payment orders or items payable from the sender’s account. It allows a court to restrain certain actions related to funds transfers and discusses creditor process served on receiving banks and setoff by beneficiary’s banks. The document also addresses the variation of rights and obligations in a funds transfer through agreement and the applicability of funds-transfer system rules. Lastly, it covers the rate of interest applicable to payment orders issued to receiving banks and the calculation of interest in certain scenarios.
Whom does it apply to?
Receiving banks, senders of payment orders, beneficiary's banks
What does it govern?
Funds transfers
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
South Dakota