This legal document, governed by the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, pertains to the refund of payment and the duty of the customer to report unauthorized payment orders. If a receiving bank accepts a payment order issued in the name of its customer 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 legal document, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically falls under the Uniform Commercial Code. It addresses the issue of erroneous payment orders in funds transfers. If a payment order is transmitted with errors, such as instructing payment to the wrong beneficiary, instructing payment for an amount greater than intended, or being a duplicate of a previous payment order, certain rules apply. If the sender can prove that they followed the security procedure and the error would have been detected if the receiving bank also complied, they are not obliged to pay the 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 Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically falls under the Uniform Commercial Code. It governs the handling of payment orders and the identification of beneficiaries in such orders. According to the document, if the name, bank account number, or other identification of the beneficiary in a payment order refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary and acceptance of the order cannot occur.

This subsection of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs payment orders that identify an intermediary bank or beneficiary’s bank. It outlines the obligations and rights of receiving banks and senders of payment orders in cases where the bank is identified only by an identifying number or both by name and an identifying number. The receiving bank may rely on the number or name as the proper identification of the bank, depending on certain conditions.

This legal document pertains to the acceptance of payment orders in the context of the Uniform Commercial Code (UCC). It outlines the conditions under which a receiving bank, beneficiary’s bank, or originator’s bank accepts a payment order. A receiving bank accepts a payment order when it executes the order, while a beneficiary’s bank accepts a payment order at the earliest of several specified times. Acceptance of a payment order cannot occur before the order is received by the receiving bank.

This legal document governs the rejection of payment orders by receiving banks. It states that a payment order can be rejected by the receiving bank through a notice of rejection transmitted orally, electronically, or in writing. The notice of rejection does not need to use specific words, but it must indicate that the receiving bank is rejecting or will not execute the order. Rejection is effective when the notice is given, either by a reasonable means of transmission or upon receipt if an unreasonable means is used.

This legal document governs the cancellation and amendment of payment orders. It applies to senders and receiving banks involved in payment orders. The document specifies that a communication to cancel or amend a payment order may be transmitted orally, electronically, or in writing. However, if a security procedure is in effect, the communication is only effective if verified or agreed upon by the bank. The document also outlines the conditions under which cancellation or amendment of a payment order is effective, including the need for notice to be received by the receiving bank before acceptance of the order.

If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this article or by express agreement.

(a) A payment order is ’executed’ by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed. (b) ‘Execution date’ of a payment order means the day on which the receiving bank may properly issue a payment order in execution of the sender’s order. The execution date may be determined by instruction of the sender but cannot be earlier than the day the order is received and, unless otherwise determined, is the day the order is received.