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16-44B-1
Section 16-44B-1 Compact. ARTICLE I PURPOSE It is the purpose of this compact to remove barriers
to education success imposed on children of military families because of frequent moves and
deployment of their parents by: A. Facilitating the timely enrollment of children of military
families and ensuring that they are not placed at a disadvantage due to difficulty in the
transfer of education records from the previous school district(s) or variations in entrance/age
requirements. B. Facilitating the student placement process through which children of military
families are not disadvantaged by variations in attendance requirements, scheduling, sequencing,
grading, course content or assessment. C. Facilitating the qualification and eligibility for
enrollment, educational programs, and participation in extracurricular academic, athletic,
and social activities. D. Facilitating the on-time graduation of children of military families.
E. Providing for the promulgation and enforcement of...
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41-18-1
Section 41-18-1 Text. Article I. Findings and Purposes. (a) The party states find that the
South has a sense of community based on common social, cultural and economic needs and fostered
by a regional tradition. There are vast potentialities for mutual improvement of each state
in the region by cooperative planning for the development, conservation and efficient utilization
of human and natural resources in a geographic area large enough to afford a high degree of
flexibility in identifying and taking maximum advantage of opportunities for healthy and beneficial
growth. The independence of each state and the special needs of subregions are recognized
and are to be safeguarded. Accordingly, the cooperation resulting from this agreement is intended
to assist the states in meeting their own problems by enhancing their abilities to recognize
and analyze regional opportunities and take account of regional influences in planning and
implementing their public policies. (b) The purposes of...
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7-4A-507
Section 7-4A-507 Choice of law. (a) The following rules apply unless the affected parties otherwise
agree or subsection (c) applies: (1) The rights and obligations between the sender of a payment
order and the receiving bank are governed by the law of the jurisdiction in which the receiving
bank is located. (2) The rights and obligations between the beneficiary's bank and the beneficiary
are governed by the law of the jurisdiction in which the beneficiary's bank is located. (3)
The issue of when payment is made pursuant to a funds transfer by the originator to the beneficiary
is governed by the law of the jurisdiction in which the beneficiary's bank is located. (b)
If the parties described in each paragraph of subsection (a) have made an agreement selecting
the law of a particular jurisdiction to govern rights and obligations between each other,
the law of that jurisdiction governs those rights and obligations, whether or not the payment
order or the funds transfer bears a reasonable...
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7-4A-104
Section 7-4A-104 Funds transfer - Definitions. 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. (b) "Intermediary
bank" means a receiving bank other than the originator's bank or the beneficiary's bank.
(c) "Originator" means the sender of the first payment order in a funds transfer.
(d) "Originator's bank" means (i) the receiving bank to which the payment order
of the originator is issued if the originator is not a bank, or (ii) the originator if the
originator is a bank. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, ยง1.)...
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7-4A-506
Section 7-4A-506 Rate of interest. (a) If, under this article, a receiving bank is obliged
to pay interest with respect to a payment order issued to the bank, the amount payable may
be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer
system rule if the payment order is transmitted through a funds-transfer system. (b) If the
amount of interest is not determined by an agreement or rule as stated in subsection (a),
the amount is calculated by multiplying the applicable federal funds rate by the amount on
which interest is payable, and then multiplying the product by the number of days for which
interest is payable. The applicable federal funds rate is the average of the federal funds
rates published by the Federal Reserve Bank of New York for each of the days for which interest
is payable divided by 360. The federal funds rate for any day on which a published rate is
not available is the same as the published rate for the next preceding day for...
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7-4A-106
Section 7-4A-106 Time payment order is received. (a) The time of receipt of a payment order
or communication cancelling or amending a payment order is determined by the rules applicable
to receipt of a notice stated in Section 7-1-202. A receiving bank may fix a cut-off time
or times on a funds-transfer business day for the receipt and processing of payment orders
and communications cancelling or amending payment orders. Different cut-off times may apply
to payment orders, cancellations, or amendments, or to different categories of payment orders,
cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off
times may apply to different senders or categories of payment orders. If a payment order or
communication cancelling or amending a payment order is received after the close of a funds-transfer
business day or after the appropriate cut-off time on a funds-transfer business day, the receiving
bank may treat the payment order or communication as...
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7-4A-305
Section 7-4A-305 Liability for late or improper execution or failure to execute payment order.
(a) If a funds transfer is completed but execution of a payment order by the receiving bank
in breach of Section 7-4A-302 results in delay in payment to the beneficiary, the bank is
obliged to pay interest to either the originator or the beneficiary of the funds transfer
for the period of delay caused by the improper execution. Except as provided in subsection
(c), additional damages are not recoverable. (b) If execution of a payment order by a receiving
bank in breach of Section 7-4A-302 results in (i) noncompletion of the funds transfer, (ii)
failure to use an intermediary bank designated by the originator, or (iii) issuance of a payment
order that does not comply with the terms of the payment order of the originator, the bank
is liable to the originator for its expenses in the funds transfer and for incidental expenses
and interest losses, to the extent not covered by subsection (a),...
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7-4A-202
Section 7-4A-202 Authorized and verified payment orders. (a) A payment order received by the
receiving bank is the authorized order of the person identified as sender if that person authorized
the order or is otherwise bound by it under the law of agency. (b) If a bank and its customer
have agreed that the authenticity of payment orders issued to the bank in the name of the
customer as sender will be verified pursuant to a security procedure, a payment order received
by the receiving bank is effective as the order of the customer, whether or not authorized,
if (i) the security procedure is a commercially reasonable method of providing security against
unauthorized payment orders, and (ii) the bank proves that it accepted the payment order in
good faith and in compliance with the security procedure and any written agreement or instruction
of the customer restricting acceptance of payment orders issued in the name of the customer.
The bank is not required to follow an instruction that...
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7-4A-203
Section 7-4A-203 Unenforceability of certain verified payment orders. (a) If an accepted payment
order is not, under Section 7-4A-202(a), an authorized order of a customer identified as sender,
but is effective as an order of the customer pursuant to Section 7-4A-202(b), the following
rules apply: (1) By express written agreement, the receiving bank may limit the extent to
which it is entitled to enforce or retain payment of the payment order. (2) The receiving
bank is not entitled to enforce or retain payment of the payment order if the customer proves
that the order was not caused, directly or indirectly, by a person (i) entrusted at any time
with duties to act for the customer with respect to payment orders or the security procedure,
or (ii) who obtained access to transmitting facilities of the customer or who obtained, from
a source controlled by the customer and without authority of the receiving bank, information
facilitating breach of the security procedure, regardless of how...
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7-4-403
Section 7-4-403 Customer's right to stop payment; burden of proof of loss. (a) A customer or
any person authorized to draw on the account if there is more than one person may stop payment
of any item drawn on the customer's account or close the account by an order to the bank describing
the item or account with reasonable certainty received at a time and in a manner that affords
the bank a reasonable opportunity to act on it before any action by the bank with respect
to the item described in Section 7-4-303. If the signature of more than one person is required
to draw on an account, any of these persons may stop payment or close the account. (b) A stop-payment
order is effective for six months, but it lapses after 14 calendar days if the original order
was oral and was not confirmed in writing within that period. A stop-payment order may be
renewed for additional six-month periods by a writing given to the bank within a period during
which the stop-payment order is effective. (c) The...
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