If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights (1) of any holder in due course on the item against the drawer or maker; (2) of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and (3) of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose.

A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and, upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. Source. 1993, 346:1, eff. Jan. 1, 1994.

If a draft or the relevant instructions require presentment ‘on arrival’, ‘when goods arrive’ or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the responsibility of a bank presenting a documentary draft. The document specifies that unless otherwise instructed and except as provided in Article 5, a bank presenting a documentary draft must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment.

(a) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. (b) For its reasonable expenses incurred by action under subsection (a), the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller’s lien.

This Article may be cited as Uniform Commercial Code-Funds Transfers. Source. 1993, 346:7, eff. Jan. 1, 1994.

Except as otherwise provided in Section 4A-108, this Article applies to funds transfers defined in Section 4A-104. Source. 1993, 346:7, eff. Jan. 1, 1994.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, defines and governs payment orders. A payment order is an instruction from a sender to a receiving bank to pay a fixed or determinable amount of money to a beneficiary. The instruction must not have any conditions for payment other than the time of payment. The receiving bank is reimbursed by debiting an account of the sender or receiving payment from the sender.

In this Article: (a) ‘Funds transfer’ means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order. A funds transfer is completed by acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s payment order.

This legal document is part of the New Hampshire Revised Statutes and falls under the Uniform Commercial Code (Chapter 382-A). It governs the rules and regulations related to authorized accounts, banks, customers, and funds transfers. The document defines various terms such as authorized account, bank, customer, funds-transfer business day, funds-transfer system, prove, and more. It also provides cross-references to other definitions and sections within the Article. The document does not mention any specific exemptions or penalties.