Ask Reggi Your Question Now
Can you summarize WVCO Chapter 46, Article 4A?
UNIFORM COMMERCIAL CODE. > FUNDS TRANSFERS.
Short Summary
The provided legal document content is part of the West Virginia Code’s Uniform Commercial Code on funds transfers. It governs the various aspects of funds transfers, including the definition of terms related to payment orders, the issuance and acceptance of payment orders, the time of receipt of payment orders, the authorization and verification of payment orders, the unenforceability of certain verified payment orders, the refund of payment and the duty to report unauthorized payment orders, the handling of erroneous payment orders, the role of third-party communication systems, the obligations of receiving banks when executing payment orders, the obligations of beneficiary’s banks regarding payment and notice to the beneficiary, the rights and obligations of parties involved in funds transfers, the treatment of creditor process served on receiving banks, the court’s power to restrain certain actions related to funds transfers, the sequencing of charges to the sender’s account, the preclusion of objections to payment by the customer, the rate of interest applicable to payment orders, and the choice of law for funds transfers. These documents apply to senders, receiving banks, intermediary banks, originators, beneficiaries, and beneficiary’s banks involved in funds transfers. The documents do not apply to funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers that are not electronic fund transfers. No specific penalties are mentioned in these documents.
Whom does it apply to?
Senders, receiving banks, intermediary banks, originators, beneficiaries, and beneficiary's banks involved in funds transfers
What does it govern?
Funds transfers
What are exemptions?
This article does not apply to funds transfers governed by the Electronic Fund Transfer Act, except for remittance transfers that are not electronic fund transfers
What are the Penalties?
No specific penalties mentioned
Jurisdiction
West Virginia