This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the time of receipt of a payment order or communication cancelling or amending a payment order. It applies to receiving banks. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. Different cut-off times may apply to different categories of payment orders or senders. 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.

Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency. Source. 1993, 346:7, eff. Jan. 1, 1994.

This legal document, known as the Uniform Commercial Code (Chapter 382-A), specifically addresses funds transfers. It states that 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. In the event of any inconsistency between this Article and the Electronic Fund Transfer Act, the provisions of the Electronic Fund Transfer Act govern. The document does not mention any specific penalties for non-compliance or violation.

‘Security procedure’ means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or communication. A security procedure may impose an obligation on the receiving bank or the customer and may require the use of algorithms or other codes, identifying words, numbers, symbols, sounds or biometrics, encryption, callback procedures, or similar security devices.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the authorization and verification of payment orders. It establishes that a payment order received by a receiving bank is considered authorized if the person identified as the sender has authorized it or is bound by it under agency law. Additionally, if a bank and its customer have agreed to verify the authenticity of payment orders through a security procedure, a payment order received by the bank is effective as the customer’s order, regardless of authorization, if the security procedure is commercially reasonable and the bank accepted the order in good faith and compliance with the security procedure and any customer agreements or instructions.

This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the unenforceability of certain verified payment orders. It applies to receiving banks and customers involved in payment orders. The provision states that if an accepted payment order is not authorized by the customer but is still effective as an order of the customer, the receiving bank may limit its entitlement to enforce or retain payment of the order through an express agreement.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the refund of payment and the duty of customers to report unauthorized payment orders. It applies to receiving banks and their customers. If a receiving bank accepts a payment order that is not authorized or enforceable against the customer, the bank is required to refund any payment received from the customer to the extent it is not entitled to enforce payment.

This section of the New Hampshire Revised Statutes, specifically Chapter 382-A of the Uniform Commercial Code, governs the handling of erroneous payment orders in funds transfers. It applies to senders and receiving banks involved in such transfers. The section outlines rules for cases where a payment order is transmitted with errors, such as instructing payment to the wrong beneficiary, instructing payment for an incorrect amount, or being a duplicate of a previous order.

(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system.

This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the treatment of beneficiaries in payment orders received by the beneficiary’s bank. It establishes rules for the identification and payment of beneficiaries based on their name, bank account number, or other identification. If the beneficiary’s bank receives a payment order with a nonexistent or unidentifiable beneficiary, no person has rights as a beneficiary, and acceptance of the order cannot occur.