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Can you summarize UTCO Title 70A, Chapter 4a?
Uniform Commercial Code > Uniform Commercial Code - Funds Transfers
Short Summary
These legal documents, found in the Utah Code under the Uniform Commercial Code - Funds Transfers, cover various aspects related to funds transfers. The first document governs the choice of law in funds transfers, stating that the law of the jurisdiction where the receiving bank is located generally governs the rights and obligations between the parties involved. The second document addresses the payment made by an originator to a beneficiary in a funds transfer, specifying the conditions for discharge of obligations and the rights of the originator and beneficiary. The third document governs the liability of receiving banks in cases of late or improper execution or failure to execute a payment order, outlining the compensation and damages payable by the bank. The fourth document focuses on the issuance and acceptance of payment orders, including scenarios where misdescriptions of the beneficiary occur. The fifth document establishes the rules for the time of receipt of payment orders or communication, allowing receiving banks to establish cutoff times. These documents apply to the sender of a payment order, receiving banks, beneficiary’s bank, and the beneficiary. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Sender of a payment order, receiving bank, beneficiary's bank, beneficiary
What does it govern?
Choice of law in funds transfers, payment by originator to beneficiary, liability of receiving banks, issuance and acceptance of payment orders, time of receipt of payment orders or communication
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Utah