Chapter 410

CHAPTER 410

UNIFORM COMMERCIAL CODE — FUNDS TRANSFERS

SUBCHAPTER I

SUBJECT MATTER AND DEFINITIONS

410.101   Short title.

410.102   Subject matter.

410.103   Payment order; definitions.

410.104   Funds transfer; definitions.

410.105   Other definitions.

410.106   Time payment order is received.

410.107   Federal reserve regulations and operating circulars.

410.108   Relationship to Electronic Fund Transfer Act.

SUBCHAPTER II

ISSUE AND ACCEPTANCE OF PAYMENT ORDER

410.201   Security procedure.

410.202   Authorized and verified payment orders.

410.203   Unenforceability of certain verified payment orders.

410.204   Refund of payment and duty of customer to report with respect to unauthorized payment order.

410.205   Erroneous payment orders.

410.206   Transmission of payment order through funds-transfer or other communication system.

410.207   Misdescription of beneficiary.

410.208   Misdescription of intermediary bank or beneficiary’s bank.

410.209   Acceptance of payment order.

410.210   Rejection of payment order.

410.211   Cancellation and amendment of payment order.

410.212   Liability and duty of receiving bank regarding unaccepted payment order.

SUBCHAPTER III

EXECUTION OF SENDER’S PAYMENT ORDER
BY RECEIVING BANK

410.301   Execution and execution date.

410.302   Obligations of receiving bank in execution of payment order.

410.303   Erroneous execution of payment order.

410.304   Duty of sender to report erroneously executed payment order.

410.305   Liability for late or improper execution or failure to execute payment order.

SUBCHAPTER IV

PAYMENT

410.401   Payment date.

410.402   Obligation of sender to pay receiving bank.

410.403   Payment by sender to receiving bank.

410.404   Obligation of beneficiary’s bank to pay and give notice to beneficiary.

410.405   Payment by beneficiary’s bank to beneficiary.

410.406   Payment by originator to beneficiary; discharge of underlying obligation.

SUBCHAPTER V

MISCELLANEOUS PROVISIONS

410.501   Variation by agreement and effect of funds-transfer system rule.

410.502   Creditor process served on receiving bank; setoff by beneficiary’s bank.

410.503   Injunction or restraining order with respect to funds transfer.

410.504   Order in which items and payment orders may be charged to account; order of withdrawals from account.

410.505   Preclusion of objection to debit of customer’s account.

410.506   Rate of interest.

410.507   Choice of law.

Ch. 410 Cross-reference Cross-reference: See definitions in s. 401.201.

subch. I of ch. 410 SUBCHAPTER I

SUBJECT MATTER AND DEFINITIONS

410.101 410.101 Short title. This chapter may be cited as uniform commercial code — funds transfers.

410.101 History History: 1991 a. 304.

410.102 410.102 Subject matter. Except as otherwise provided in s. 410.108, this chapter applies to funds transfers as defined in s. 410.104 (1).

410.102 History History: 1991 a. 304.

410.103 410.103 Payment order; definitions.