| Acknowledgments |
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vii | |
| Foreword |
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ix | |
| Preface |
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xiii | |
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Chapter 1 Introduction to Article 4A |
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1 | (20) |
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A Nature of a Funds Transfer |
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2 | (5) |
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7 | (5) |
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1 Parties to a Funds Transfer |
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7 | (2) |
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9 | (2) |
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11 | (1) |
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12 | (3) |
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13 | (1) |
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13 | (1) |
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14 | (1) |
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15 | (1) |
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D Variation by Agreement: Federal Reserve Regulations, Operating Circulars, and Funds-Transfer System Rules |
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15 | (2) |
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17 | (4) |
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Chapter 2 Originator's and Intermediary Banks: Acceptance and Execution of Payment Orders |
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21 | (24) |
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A Receiving Bank's Right to Reject Payment Orders |
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22 | (2) |
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B Cancellation or Amendment of Payment Orders Sent to the Originator's Bank or an Intermediary Bank |
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24 | (2) |
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26 | (1) |
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D Accepting Bank's Obligations |
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26 | (6) |
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1 Execution and Execution Date |
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26 | (2) |
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2 Duties of Bank Executing a Payment Order |
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28 | (4) |
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E Liability for Improper Execution---Consequential Damages |
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32 | (3) |
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F Settlement of the Sender's Payment Obligation to Its Receiving Bank |
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35 | (6) |
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1 Debit to Account of Sender at Receiving Bank |
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36 | (1) |
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2 Credit to Account of Receiving Bank |
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36 | (1) |
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3 Settlement Through a Funds-Transfer System |
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36 | (1) |
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37 | (3) |
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5 Other Methods of Settlement |
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40 | (1) |
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41 | (4) |
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Chapter 3 Beneficiary's Bank: Acceptance of Payment Orders |
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45 | (14) |
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A How the Bank Accepts a Payment Order |
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47 | (2) |
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1 Payment to the Beneficiary |
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47 | (1) |
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2 Notification of the Beneficiary |
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48 | (1) |
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3 Acceptance of Payment from the Sender by the Beneficiary's Bank |
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48 | (1) |
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4 Passive Acceptance by Ability to Debit Sender |
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48 | (1) |
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B Cancellation and Amendment of Payment Orders |
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49 | (1) |
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50 | (1) |
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D Bank's Obligation to Pay Beneficiary |
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51 | (2) |
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E Provisional Payment to Beneficiary |
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53 | (3) |
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54 | (1) |
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2 Exception for the "Doomsday Situation" |
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55 | (1) |
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56 | (3) |
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Chapter 4 Discharge of the Originator's Obligation to the Beneficiary |
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59 | (6) |
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Chapter 5 Liability for Fraud Losses |
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65 | (14) |
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A Verification Rule for Unauthorized Payment Orders |
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66 | (11) |
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1 Commercially Reasonable Security Procedure |
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66 | (7) |
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2 Compliance with Instructions and Acceptance in Good Faith |
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73 | (3) |
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3 Ineffective Payment Orders Under the Verification Rule |
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76 | (1) |
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77 | (1) |
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C Shortening the Period Under the Statute of Repose |
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77 | (2) |
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Chapter 6 Liability for Errors |
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79 | |
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80 | (7) |
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1 Errors in the Alpha or Numeric Identification of Beneficiary or Receiving Bank |
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80 | (6) |
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2 Security Procedures for the Detection of Errors |
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86 | (1) |
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B Erroneous Execution of Payment Orders |
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87 | (5) |
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1 Transfer of Excessive or Deficient Amounts |
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87 | (1) |
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88 | (1) |
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3 Transfers to the Wrong Person |
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89 | (1) |
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4 Duty to Report Erroneously Executed Payment Orders |
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90 | (2) |
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C Errors by Beneficiary's Bank |
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92 | (1) |
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D Disclaiming Liability for Errors |
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93 | (5) |
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1 Disclaiming Liability for Late or Improper Execution |
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94 | (1) |
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2 Disclaiming Liability for Payment to the Wrong Person |
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94 | (1) |
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3 Disclaiming Liability for Other Execution Errors |
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95 | (2) |
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4 Shortening the Period Under the Statute of Repose |
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97 | (1) |
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5 Disclaiming Liability for Errors by Beneficiary's Bank |
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98 | (1) |
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98 | |
