7-4A-404
Section 7-4A-404 Obligation of beneficiary's bank to pay and give notice to beneficiary. (a)
Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), if a beneficiary's bank accepts
a payment order, the bank is obliged to pay the amount of the order to the beneficiary of
the order. Payment is due on the payment date of the order, but if acceptance occurs on the
payment date after the close of the funds-transfer business day of the bank, payment is due
on the next funds-transfer business day. If the bank refuses to pay after demand by the beneficiary
and receipt of notice of particular circumstances that will give rise to consequential damages
as a result of nonpayment, the beneficiary may recover damages resulting from the refusal
to pay to the extent the bank had notice of the damages, unless the bank proves that it did
not pay because of a reasonable doubt concerning the right of the beneficiary to payment.
(b) If a payment order accepted by the beneficiary's bank instructs...
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7-4A-209
Section 7-4A-209 Acceptance of payment order. (a) Subject to subsection (d), a receiving bank
other than the beneficiary's bank accepts a payment order when it executes the order. (b)
Subject to subsections (c) and (d), a beneficiary's bank accepts a payment order at the earliest
of the following times: (1) when the bank (i) pays the beneficiary as stated in Section 7-4A-405(a)
or 7-4A-405(b), or (ii) notifies the beneficiary of receipt of the order or that the account
of the beneficiary has been credited with respect to the order unless the notice indicates
that the bank is rejecting the order or that funds with respect to the order may not be withdrawn
or used until receipt of payment from the sender of the order; (2) when the bank receives
payment of the entire amount of the sender's order pursuant to Section 7-4A-403(a)(1) or 7-4A-403(a)(2);
or (3) the opening of the next funds-transfer business day of the bank following the payment
date of the order if, at that time, the amount of...
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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-406
Section 7-4A-406 Payment by originator to beneficiary; discharge of underlying obligation.
(a) Subject to Sections 7-4A-211(e), 7-4A-405(d), and 7-4A-405(e), the originator of a funds
transfer pays the beneficiary of the originator's payment order (i) at the time a payment
order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds
transfer and (ii) in an amount equal to the amount of the order accepted by the beneficiary's
bank, but not more than the amount of the originator's order. (b) If payment under subsection
(a) is made to satisfy an obligation, the obligation is discharged to the same extent discharge
would result from payment to the beneficiary of the same amount in money, unless (i) the payment
under subsection (a) was made by a means prohibited by the contract of the beneficiary with
respect to the obligation, (ii) the beneficiary, within a reasonable time after receiving
notice of receipt of the order by the beneficiary's bank, notified the...
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7-4A-211
Section 7-4A-211 Cancellation and amendment of payment order. (a) A communication of the sender
of a payment order cancelling or amending the order may be transmitted to the receiving bank
orally, electronically, or in writing. If a security procedure is in effect between the sender
and the receiving bank, the communication is not effective to cancel or amend the order unless
the communication is verified pursuant to the security procedure or the bank agrees to the
cancellation or amendment. (b) Subject to subsection (a), a communication by the sender cancelling
or amending a payment order is effective to cancel or amend the order if notice of the communication
is received at a time and in a manner affording the receiving bank a reasonable opportunity
to act on the communication before the bank accepts the payment order. (c) After a payment
order has been accepted, cancellation or amendment of the order is not effective unless the
receiving bank agrees or a funds-transfer system rule...
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7-4A-405
Section 7-4A-405 Payment by beneficiary's bank to beneficiary. (a) If the beneficiary's bank
credits an account of the beneficiary of a payment order, payment of the bank's obligation
under Section 7-4A-404(a) occurs when and to the extent (i) the beneficiary is notified of
the right to withdraw the credit, (ii) the bank lawfully applies the credit to a debt of the
beneficiary, or (iii) funds with respect to the order are otherwise made available to the
beneficiary by the bank. (b) If the beneficiary's bank does not credit an account of the beneficiary
of a payment order, the time when payment of the bank's obligation under Section 7-4A-404(a)
occurs is governed by principles of law that determine when an obligation is satisfied. (c)
Except as stated in subsections (d) and (e), if the beneficiary's bank pays the beneficiary
of a payment order under a condition to payment or agreement of the beneficiary giving the
bank the right to recover payment from the beneficiary if the bank does...
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7-4A-207
Section 7-4A-207 Misdescription of beneficiary. (a) Subject to subsection (b), if, in a payment
order received by the beneficiary's bank, the name, bank account number, or other identification
of the beneficiary refers to a nonexistent or unidentifiable person or account, no person
has rights as a beneficiary of the order and acceptance of the order cannot occur. (b) If
a payment order received by the beneficiary's bank identifies the beneficiary both by name
and by an identifying or bank account number and the name and number identify different persons,
the following rules apply: (1) Except as otherwise provided in subsection (c), if the beneficiary's
bank does not know that the name and number refer to different persons, it may rely on the
number as the proper identification of the beneficiary of the order. The beneficiary's bank
need not determine whether the name and number refer to the same person. (2) If the beneficiary's
bank pays the person identified by name or knows that the...
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8-20-4
Section 8-20-4 Unfair and deceptive trade practices. Notwithstanding the terms, provisions,
or conditions of any dealer agreement or franchise or the terms or provisions of any waiver,
prior to the termination, cancellation, or nonrenewal of any dealer agreement or franchise,
the following acts or conduct shall constitute unfair and deceptive trade practices: (1) For
any manufacturer, factory branch, factory representative, distributor, or wholesaler, distributor
branch, or distributor representative to coerce or attempt to coerce any motor vehicle dealer
to do any of the following: a. To accept, buy, or order any motor vehicle or vehicles, appliances,
equipment, parts, or accessories therefor, or any other commodity or commodities or service
or services which such motor vehicle dealer has not voluntarily ordered or requested except
items required by applicable local, state, or federal law; or to require a motor vehicle dealer
to accept, buy, order, or purchase such items in order to...
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7-4A-402
Section 7-4A-402 Obligation of sender to pay receiving bank. (a) This section is subject to
Sections 7-4A-205 and 7-4A-207. (b) With respect to a payment order 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, but payment is not due until the payment date of the order. (c) This subsection
is subject to subsection (e) and to Section 7-4A-303. With respect to a payment order issued
to a receiving bank other than the beneficiary's bank, acceptance of the order by the receiving
bank obliges the sender to pay the bank the amount of the sender's order. Payment by the sender
is not due until the execution date of the sender's order. The obligation of that sender to
pay its payment order is excused if the funds transfer is not completed by acceptance by the
beneficiary's bank of a payment order instructing payment to the beneficiary of that sender's
payment order. (d) If the sender of payment order pays the order...
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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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