This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, outlines the obligations of a receiving bank when accepting and executing a payment order. The receiving bank is required to issue a payment order that complies with the sender’s instructions and follows any specified intermediary bank or funds-transfer system. If the sender’s instruction indicates an expedited funds transfer, the receiving bank must transmit the payment order accordingly. However, the receiving bank has the discretion to select a reasonable funds-transfer system and may deviate from the sender’s instruction if it is not feasible or would unduly delay the funds transfer.

This legal document governs the erroneous execution of payment orders. It applies to receiving banks, senders of payment orders, and beneficiaries of payment orders. The document outlines the entitlements and obligations of receiving banks in cases where they execute payment orders incorrectly. If a receiving bank issues a payment order in an amount greater than the sender’s order or issues a duplicate order, the bank is entitled to payment of the sender’s order and can recover the excess payment from the beneficiary.

If the sender of a payment order that is erroneously executed as stated in section 336.4A-303 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the notification from the bank was received by the sender.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the liability of receiving banks in cases of late or improper execution or failure to execute a payment order. If a funds transfer is completed but the receiving bank breaches section 336.4A-302, resulting in a delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary for the period of delay caused by the improper execution.

‘Payment date’ of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, is the day the order is received by the beneficiary’s bank. History: 1990 c 582 art 1 s 26

This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, outlines the obligations of the sender to pay the receiving bank in the context of payment orders. If a payment order is issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, with payment due on the payment date.

This legal document governs the payment of the sender’s obligation to the receiving bank under section 336.4A-402 of the Minnesota Statutes, specifically related to trade regulations and consumer protection under the Uniform Commercial Code. The document outlines the various scenarios in which payment occurs, such as when the receiving bank receives final settlement through a Federal Reserve Bank or funds-transfer system, or when the receiving bank debits an account of the sender.

This legal document governs the obligation of a beneficiary’s bank to pay and provide notice to the beneficiary. If a beneficiary’s bank accepts a payment order, it is obliged to pay the amount of the order to the beneficiary. Payment is due on the payment date, or on the next funds-transfer business day if acceptance occurs after the close of the bank’s funds-transfer business day. If the bank refuses to pay after demand by the beneficiary and notice of consequential damages, the beneficiary may recover damages if the bank had notice, unless the bank proves a reasonable doubt concerning the right to payment.

This legal document, governed by the Minnesota Statutes, specifically the Uniform Commercial Code under Trade Regulations and Consumer Protection, outlines the rules regarding payment by the beneficiary’s bank to the beneficiary. According to the document, payment of the bank’s obligation occurs when the beneficiary is notified of the right to withdraw the credit, when the bank applies the credit to a debt of the beneficiary, or when funds with respect to the order are made available to the beneficiary by the bank.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the payment by the originator to the beneficiary in a funds transfer and the discharge of the underlying obligation. The originator is required to pay the beneficiary at the time the payment order is accepted by the beneficiary’s bank, in an amount equal to or less than the originator’s order. If payment is made to satisfy an obligation, the obligation is discharged unless certain conditions are met.