7-4A-208
Section 7-4A-208 Misdescription of intermediary bank or beneficiary's bank. (a) This subsection
applies to a payment order identifying an intermediary bank or the beneficiary's bank only
by an identifying number. (1) The receiving bank may rely on the number as the proper identification
of the intermediary or beneficiary's bank and need not determine whether the number identifies
a bank. (2) The sender is obliged to compensate the receiving bank for any loss and expenses
incurred by the receiving bank as a result of its reliance on the number in executing or attempting
to execute the order. (b) This subsection applies to a payment order identifying an intermediary
bank or the beneficiary's bank both by name and an identifying number if the name and number
identify different persons. (1) If the sender is a bank, the receiving bank may rely on the
number as the proper identification of the intermediary or beneficiary's bank if the receiving
bank, when it executes the sender's order, does...
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7-4A-301
Section 7-4A-301 Execution and execution date. (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.
If the sender's instruction states a payment date, the execution date is the payment date
or an earlier date on which execution is reasonably necessary to allow payment to the beneficiary
on the payment date. (Acts 1992, 2nd Ex. Sess., No. 92-701, p. 145, §1.)...
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7-4A-401
Section 7-4A-401 Payment date. "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. (Acts 1992, 2nd Ex. Sess., No. 92-701,
p. 145, §1.)...
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7-4-212
Section 7-4-212 Presentment by notice of item not payable by, through, or at bank; liability
of drawer or indorser. (a) Unless otherwise instructed, a collecting bank may present an item
not payable by, through, or at a bank by sending to the party to accept or pay a written notice
that the bank holds the item for acceptance or payment. The notice must be sent in time to
be received on or before the day when presentment is due and the bank must meet any requirement
of the party to accept or pay under Section 7-3-501 by the close of the bank's next banking
day after it knows of the requirement. (b) If presentment is made by notice and payment, acceptance,
or request for compliance with a requirement under Section 7-3-501 is not received by the
close of business on the day after maturity or, in the case of demand items, by the close
of business on the third banking day after notice was sent, the presenting bank may treat
the item as dishonored and charge any drawer or indorser by sending...
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7-3-411
Section 7-3-411 Refusal to pay cashier's checks, teller's checks, and certified checks. (a)
In this section, "obligated bank" means the acceptor of a certified check or the
issuer of a cashier's check or teller's check bought from the issuer. (b) If the obligated
bank wrongfully (i) refuses to pay a cashier's check or certified check, (ii) stops payment
of a teller's check, or (iii) refuses to pay a dishonored teller's check, the person asserting
the right to enforce the check is entitled to compensation for expenses and loss of interest
resulting from the nonpayment and may recover consequential damages if the obligated bank
refuses to pay after receiving notice of particular circumstances giving rise to the damages.
(c) Expenses or consequential damages under subsection (b) are not recoverable if the refusal
of the obligated bank to pay occurs because (i) the bank suspends payments, (ii) the obligated
bank asserts a claim or defense of the bank that it has reasonable grounds to...
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41-14-4
Section 41-14-4 Transfer or removal of state funds to or from state depositary. The state may
pay any state depositary for the transfer or removal of funds to or from the state depositary,
item handling charges, and for any other services performed by the state depositary. Payment
for transfers, removals, item handling charges, and other services performed by the state
depositary may be paid by credit allowances for investable balances; except where the service
performed is for the benefit of a department of state government other than the State Treasury,
then payment of the charges shall be from funds appropriated for the applicable department.
When any funds or moneys are transmitted or transferred by any state depositary upon the order
of the Treasurer, the same shall be and continue at the risk of the depositary until it shall
have reached the destination contemplated by the order. (Code 1907, §652; Code 1923, §902;
Code 1940, T. 55, §390; Acts 1996, No. 96-764, p. 1349, §1.)...
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5-7A-2
Section 5-7A-2 Proceedings to effect consolidation, merger or transfer. Before such consolidation,
merger or transfer shall become effective, the following proceedings must be had and done.
The board of directors of each bank affected must pass a resolution stating that such consolidation,
merger or transfer is desirable and order the officers of the bank to call a meeting of the
stockholders to consider the proposition. Upon the passage of such resolution by the directors,
the officers shall mail a notice of such meeting to each stockholder at his last known place
of residence, postage prepaid, at least 30 days before the date set for the meeting of stockholders,
which notice shall specify the date and place of the meeting and the purpose for which the
meeting is to be held. A copy of the resolution must also be forwarded to the superintendent
for his information, and he shall investigate the advisability of such consolidation, merger
or transfer. On the day of the meeting of the...
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7-4-302
Section 7-4-302 Payor bank's responsibility for late return of item. (a) If an item is presented
to and received by a payor bank, the bank is accountable for the amount of: (1) A demand item,
other than a documentary draft, whether properly payable or not, if the bank, in any case
in which it is not also the depositary bank, retains the item beyond midnight of the banking
day of receipt without settling for it or, whether or not it is also the depositary bank,
does not pay or return the item or send notice of dishonor until after its midnight deadline;
or (2) Any other properly payable item unless, within the time allowed for acceptance or payment
of that item, the bank either accepts or pays the item or returns it and accompanying documents.
(b) The liability of a payor bank to pay an item pursuant to subsection (a) is subject to
defenses based on breach of a presentment warranty (Section 7-4-208) or proof that the person
seeking enforcement of the liability presented or transferred...
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31-2A-123a
Section 31-2A-123a (Article 123a.) Making, drawing, or uttering check, draft, or order without
sufficient funds. (a) Any person subject to this code who, for the procurement of any article
or thing of value, with intent to defraud, or for the payment of any past due obligation,
or for any other purpose, with intent to deceive; makes, draws, utters, or delivers any check,
draft, or order for the payment of money upon any bank or other depository, knowing at the
time that the maker or drawer has not or will not have sufficient funds in, or credit with,
the bank or other depository for the payment of that check, draft, or order in full upon its
presentment, shall be punished as a court-martial may direct. (b) The making, drawing, uttering,
or delivering by a maker or drawer of a check, draft, or order, payment of which is refused
by the drawee because of insufficient funds of the maker or drawer in the drawee's possession
or control, is prima facie evidence of his or her intent to defraud...
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18-1A-30
Section 18-1A-30 Expenses incidental to transfer of title; interest on award. (a) As soon as
practicable after payment of the purchase price, or payment of, or deposit in probate court,
of funds to satisfy the award in a condemnation action, whichever is earlier, the condemnor
shall pay, or reimburse the owner for, any reasonable and necessarily incurred expenses for:
(1) Recording fees, transfer taxes, and similar expenses incidental to conveying the property
to the condemnor; (2) Penalty costs for prepayment of any debt secured by a preexisting lien,
entered into or created in good faith, encumbering the property; and (3) The prorated portion
of property taxes allocable to a period after the date of vesting of title in, or the effective
date of possession of the property by the condemnor, whichever is earlier. (b) In the event
of an appeal to the circuit court, the condemnor shall pay the owner interest upon any part
of the award deposited in probate court and not made available to...
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