0 chapters · 563 sections in this title.
O.C.G.A. § 11-4A-101 Short title
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This article shall be known and may be cited as the “Uniform Commercial Code—Funds Transfers.” History. Code 1981, § 11-4A-101, enacted by Ga. L. 1992, p. 2685, § 4.
O.C.G.A. § 11-4A-102 Subject matter
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Except as otherwise provided in Code Section 11-4A-108, this article applies to funds transfers defined in Code Section 11-4A-104. History. Code 1981, § 11-4A-102, enacted by Ga. L. 1992, p. 2685, § 4.
O.C.G.A. § 11-4A-103 Payment order — Definitions
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(a) In this article: (1) “Payment order” means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (i) The instruction does not state…
O.C.G.A. § 11-4A-104 Funds transfer — Definitions
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In this article: (a) “Funds transfer” means the series of transactions, beginning 528 11-4A-105 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 in…
O.C.G.A. § 11-4A-105 Other definitions
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(a) In this article: (1) “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an …
O.C.G.A. § 11-4A-106 Time payment order is received
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(a) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in Code Section 11-1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the…
O.C.G.A. § 11-4A-107 Federal Reserve regulations and operating circulars
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Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the federal reserve banks supersede any inconsistent provision of this article to the extent of the inconsistency. History. Code 1981, § 11-4A-107, enacted by Ga. L. 1992, p. 2685, § 4;…
O.C.G.A. § 11-4A-108 Relationship to federal Electronic Fund Transfer Act
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Part 2 Issue and Acceptance of Payment Order 11-4A-201. Security procedure.
O.C.G.A. § 11-4A-201 Security procedure
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“Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or canceling a payment order is that of the customer, or (ii) detecting error in the transmission or …
O.C.G.A. § 11-4A-202 Authorized and verified payment orders
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(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…
O.C.G.A. § 11-4A-203 Unenforceability of certain verified payment orders
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(a) If an accepted payment order is not, under Code Section 11-4A202(a), an authorized order of a customer identified as sender, but is 534 11-4A-204 effective as an order of the customer pursuant to Code Section 11-4A202(b), the following rules apply: (1) By express written agree…
O.C.G.A. § 11-4A-204 Refund of payment, §11-4A-204
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Verified orders, §11-4A-202. Unenforceability of certain orders, §11-4A-203. Restraining orders, §11-4A-503.
O.C.G.A. § 11-4A-205 Erroneous payment orders
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(a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed payment in an amount greater than the amou…
O.C.G.A. § 11-4A-207 Misdescription of beneficiary
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(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 accep…
O.C.G.A. § 11-4A-209 Acceptance of payment order
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(a) Subject to subsection (d), a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order. 540 11-4A-209 (b) Subject to subsections (c) and (d), a beneficiary’s bank accepts a payment order at the earliest of the following times: (1) When …
O.C.G.A. § 11-4A-210 Rejection of payment order
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(a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, electronically, or in writing. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order…
O.C.G.A. § 11-4A-211 Cancellation and amendment of payment order
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(a) A communication of the sender of a payment order canceling 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 …
O.C.G.A. § 11-4A-212 Liability and duty of receiving bank regarding unaccepted payment order
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If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise have any duty to accept a payment order or, bef…
O.C.G.A. § 11-4A-301 Execution and execution date
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(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 m…
O.C.G.A. § 11-4A-302 Obligations of receiving bank in execution of payment order
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(a) Except as provided in subsections (b) through (d), if the receiving 545 11-4A-302 bank accepts a payment order pursuant to Code Section 11-4A-209(a), the bank has the following obligations in executing the order: (1) The receiving bank is obliged to issue, on the execution da…
O.C.G.A. § 11-4A-303 Erroneous execution of payment order
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(a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or (ii) issues a payment order in execution of the sender’s order and then issues a duplicate order, is entitled to paymen…
O.C.G.A. § 11-4A-304 Duty of sender to report erroneously executed payment order
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If the sender of a payment order that is erroneously executed as stated in Code Section 11-4A-303 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinar…
O.C.G.A. § 11-4A-305 Improper execution
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Liability, §11-4A-305. UNIFORM COMMERCIAL CODE —Cont’d Funds transfers —Cont’d Payment orders —Cont’d Execution —Cont’d Late execution. Liability, §11-4A-305. Liability, §11-4A-305. Obligations of receiving bank, §11-4A-302. Interest, §11-4A-506.
O.C.G.A. § 11-4A-401 Payment date
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“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 549 11-4A-402 be…
O.C.G.A. § 11-4A-402 Obligation of sender to pay receiving bank
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(a) This section is subject to Code Sections 11-4A-205 and 11-4A-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…
O.C.G.A. § 11-4A-403 Payment by sender to receiving bank
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(a) Payment of the sender’s obligation under Code Section 11-4A-402 to pay the receiving bank occurs as follows: (1) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a federal reserve bank or through a funds-transf…
O.C.G.A. § 11-4A-405 Payment by beneficiary’s bank to beneficiary
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(a) If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under Code Section 11-4A-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 t…
O.C.G.A. § 11-4A-406 Payment by originator to beneficiary; discharge of underlying obligation
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Part 5 Miscellaneous Provisions 11-4A-501. Variation by agreement and effect of funds-transfer system rule. 11-4A-502. Creditor process served on receiving bank; setoff by beneficiary’s bank.
O.C.G.A. § 11-4A-501 FUNGIBLE GOODS
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Documents of title. Overissue of documents for, §11-7-402. Warehouses. Commingled by warehouse, liability, §11-7-207. Overissue, insufficient to meet receipts, §11-7-207. Selling and delivering to buyer in ordinary course of business. Goods taken free of claims under warehouse re…
O.C.G.A. § 11-4A-502 Creditor process served on receiving bank; setoff by beneficiary’s bank
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11-4A-503. Injunction or restraining order with respect to funds transfer. 11-4A-504. Order in which items and payment orders may be charged to account; order of withdrawals from account. 11-4A-505. Preclusion of objection to debit of customer’s account. 11-4A-506. Rate of intere…
O.C.G.A. § 11-4A-504 Applicability of article, §11-4A-102
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Citation of article. Short title, §11-4A-101. Conflict of laws, §11-4A-507. Federal electronic fund transfer act, §§11-4A-107, 11-4A-108. 1072 INDEX UNIFORM COMMERCIAL CODE —Cont’d Funds transfers —Cont’d Conflict of laws —Cont’d Federal reserve regulations and operating circulars,…
O.C.G.A. § 11-4A-505 Preclusion of objection to debit of customer’s account
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If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that …
O.C.G.A. § 11-4A-506 Rate of interest
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(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, 558 11-4A-507 or (ii) by a funds-transfer system rule if the payment…
O.C.G.A. § 11-4A-507 Choice of law
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(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)…