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Can you summarize WYST Title 34.1, Article 4.A?
UNIFORM COMMERCIAL CODE > FUNDS TRANSFERS
Short Summary
The provided legal document content consists of provisions found in the Wyoming Statutes under the Uniform Commercial Code, specifically addressing various aspects of funds transfers. The provisions govern the rights and obligations of parties involved in funds transfers, allowing for the variation of rights and obligations through agreement, except where otherwise provided in the article. The document defines ‘funds-transfer system rule’ as a rule of an association of banks that governs the transmission of payment orders or rights and obligations between banks involved in a funds transfer. It states that such rules may be effective even if they conflict with this article and indirectly affect a party who did not consent to the rule. The provisions also cover the treatment of creditor process served on receiving banks, allowing for the reduction of the balance in the authorized account if the bank accepts the payment order after being served with creditor process, unless the bank had a reasonable opportunity to act on the process before accepting the payment order. Additionally, beneficiary’s banks may credit the beneficiary’s account and set off the amount credited against an obligation owed by the beneficiary to the bank or to satisfy creditor process served on the bank. The provisions also address the ability of a court to restrain certain actions related to funds transfers, such as issuing a payment order, executing a payment order, releasing funds to the beneficiary, or allowing the beneficiary to withdraw funds. The document further covers the charging of a sender’s account by a receiving bank with respect to multiple payment orders or items payable from the sender’s account, as well as the preclusion of a customer from asserting that the bank is not entitled to retain a payment if the customer received notification reasonably identifying the order and did not object within one year. The provisions also specify the rate of interest applicable to payment orders, which may be determined by agreement or a funds-transfer system rule. If not determined, the interest is calculated based on the applicable federal funds rate. The document also addresses the choice of law in funds transfers, providing default rules for determining the governing law between parties involved in a funds transfer, but allowing the parties to select the law of a particular jurisdiction. Funds-transfer system rules may also select the governing law for participating banks or parties involved in a funds transfer carried out through the system. In case of inconsistency between an agreement and a choice-of-law rule, the agreement prevails. If a funds transfer involves multiple funds-transfer systems with conflicting choice-of-law rules, the law of the selected jurisdiction with the most significant relationship to the matter in issue governs. No specific exemptions or penalties are mentioned in these provisions.
Whom does it apply to?
Parties involved in funds transfers, including banks, customers, and beneficiaries.
What does it govern?
The provided legal document content consists of provisions found in the Wyoming Statutes under the Uniform Commercial Code, specifically addressing various aspects of funds transfers.
What are exemptions?
No specific exemptions are mentioned in these provisions.
What are the Penalties?
No specific penalties are mentioned in these provisions.
Jurisdiction
Wyoming