™Your Policy Risk Impact Agent
0 chapters · 650 sections in this title.
N.Y. Uniform Commercial Code Law § 4-501 Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor
0.5K chars
Section 4--501. Handling of Documentary Drafts; Duty to Send for\n Presentment and to Notify Customer of Dishonor.\n A bank which takes a documentary draft for collection must present or\nsend the draft and accompanying documents for presentment and upon\nlearning that the draft …
N.Y. Uniform Commercial Code Law § 4-502 Presentment of "On Arrival" Drafts
0.5K chars
Section 4--502. Presentment of "On Arrival" Drafts.\n When a draft or the relevant instructions require presentment "on\narrival", "when goods arrive" or the like, the collecting bank need not\npresent until in its judgment a reasonable time for arrival of the goods\nhas expired.…
N.Y. Uniform Commercial Code Law § 4-503 Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referee in Case of Need
1.2K chars
Section 4--503. Responsibility of Presenting Bank for Documents and\n Goods; Report of Reasons for Dishonor; Referee in Case\n of Need.\n Unless otherwise instructed and except as provided in Article 5 a bank\npresenting a documentary draft\n (a) must deliver the documents to the…
N.Y. Uniform Commercial Code Law § 4-504 Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses
0.6K chars
Section 4--504. Privilege of Presenting Bank to Deal With Goods;\n Security Interest for Expenses.\n (1) A presenting bank which, following the dishonor of a documentary\ndraft, has seasonably requested instructions but does not receive them\nwithin a reasonable time may store, s…
N.Y. Uniform Commercial Code Law § 4-A-101 Short Title
0.1K chars
Section 4-A-101. Short Title.\n This Article may be cited as uniform commercial code -- funds\ntransfers.\n
N.Y. Uniform Commercial Code Law § 4-A-102 Subject Matter
0.2K chars
Section 4-A-102. Subject Matter.\n Except as otherwise provided in Section 4-A-108, this Article applies\nto funds transfers defined in Section 4-A-104.\n
N.Y. Uniform Commercial Code Law § 4-A-103 Payment Order-Definitions
1.7K chars
Section 4-A-103. Payment Order-Definitions.\n (1) In this article:\n (a) "Payment order" means an instruction of a sender to a\n receiving bank, transmitted orally or in a record, to pay, or\n to cause another bank to pay, a fixed or determinable amount\n of money to a beneficiar…
N.Y. Uniform Commercial Code Law § 4-A-104 Funds Transfer-Definitions
0.9K chars
Section 4-A-104. Funds Transfer-Definitions.\n In this article:\n (1) "Funds transfer" means the series of transactions, beginning with\nthe originator's payment order, made for the purpose of making payment\nto the beneficiary of the order. The term includes any payment order\ni…
N.Y. Uniform Commercial Code Law § 4-A-105 Other Definitions
3.4K chars
Section 4-A-105. Other Definitions.\n (1) In this Article:\n (a) "Authorized account" means a deposit account of a customer\n in a bank designated by the customer as a source of payment\n of payment orders issued by the customer to the bank. If a\n customer does not so designate…
N.Y. Uniform Commercial Code Law § 4-A-106 Time Payment Order is Received
1.4K chars
Section 4-A-106. Time Payment Order is Received.\n (1) The time of receipt of a payment order or communication cancelling\nor amending a payment order is determined by the rules applicable to\nreceipt of a notice stated in Section 1--202. A receiving bank may fix a\ncut-off time …
N.Y. Uniform Commercial Code Law § 4-A-107 Federal Reserve Regulations and Operating Circulars
0.3K chars
Section 4-A-107. Federal Reserve Regulations and Operating Circulars.\n Regulations of the Board of Governors of the Federal Reserve System\nand operating circulars of the Federal Reserve Banks supersede any\ninconsistent provision of this Article to the extent of the\ninconsiste…
N.Y. Uniform Commercial Code Law § 4-A-108 Relationship to Electronic Fund Transfer Act
1.0K chars
Section 4-A-108. Relationship to Electronic Fund Transfer Act.\n (1) Except as provided in subsection (2) of this section, this Article\ndoes not apply to a funds transfer any part of which is governed by the\nElectronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92\…
N.Y. Uniform Commercial Code Law § 4-A-201 Security Procedure
0.9K chars
Section 4-A-201. Security Procedure.\n "Security procedure" means a procedure established by agreement of a\ncustomer and a receiving bank for the purpose of (1) verifying that a\npayment order or communication amending or cancelling a payment order is\nthat of the customer, or (…
N.Y. Uniform Commercial Code Law § 4-A-202 Authorized and Verified Payment Orders
2.8K chars
Section 4-A-202. Authorized and Verified Payment Orders.\n (1) A payment order received by the receiving bank is the authorized\norder of the person identified as sender if that person authorized the\norder or is otherwise bound by it under the law of agency.\n (2) If a bank and …
N.Y. Uniform Commercial Code Law § 4-A-203 Unenforceability of Certain Verified Payment Orders
1.5K chars
Section 4-A-203. Unenforceability of Certain Verified Payment Orders.\n (1) If an accepted payment order is not, under subsection (1) of\nSection 4-A-202, an authorized order of a customer identified as sender,\nbut is effective as an order of the customer pursuant to subsection …
N.Y. Uniform Commercial Code Law § 4-A-204 Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order
1.6K chars
Section 4-A-204. Refund of Payment and Duty of Customer to Report With\n Respect to Unauthorized Payment Order.\n (1) If a receiving bank accepts a payment order issued in the name of\nits customer as sender which is (a) not authorized and not effective as\nthe order of the custo…
N.Y. Uniform Commercial Code Law § 4-A-205 Erroneous Payment Orders
2.8K chars
Section 4-A-205. Erroneous Payment Orders.\n (1) If an accepted payment order was transmitted pursuant to a\nsecurity procedure for the detection of error and the payment order (i)\nerroneously instructed payment to a beneficiary not intended by the\nsender, (ii) erroneously inst…
N.Y. Uniform Commercial Code Law § 4-A-206 Transmission of Payment Order Through Funds-Transfer or Other Communication System
0.9K chars
Section 4-A-206. Transmission of Payment Order Through Funds-Transfer or\n Other Communication System.\n (1) If a payment order addressed to a receiving bank is transmitted to\na funds-transfer system or other third-party communication system for\ntransmittal to the bank, the sys…
N.Y. Uniform Commercial Code Law § 4-A-207 Misdescription of Beneficiary
3.5K chars
Section 4-A-207. Misdescription of Beneficiary.\n (1) Subject to subsection (2), if, in a payment order received by the\nbeneficiary's bank, the name, bank account number, or other\nidentification of the beneficiary refers to a nonexistent or\nunidentifiable person or account, no…
N.Y. Uniform Commercial Code Law § 4-A-208 Misdescription of Intermediary Bank or Beneficiary's Bank
3.3K chars
Section 4-A-208. Misdescription of Intermediary Bank or Beneficiary's\n Bank.\n (1) This subsection applies to a payment order identifying an\nintermediary bank or the beneficiary's bank only by an identifying\nnumber.\n (a) The receiving bank may rely on the number as the proper…
N.Y. Uniform Commercial Code Law § 4-A-209 Acceptance of Payment Order
3.3K chars
Section 4-A-209. Acceptance of Payment Order.\n (1) Subject to subsection (4), a receiving bank other than the\nbeneficiary's bank accepts a payment order when it executes the order.\n (2) Subject to subsections (3) and (4), a beneficiary's bank accepts a\npayment order at the ea…
N.Y. Uniform Commercial Code Law § 4-A-210 Rejection of Payment Order
2.2K chars
Section 4-A-210. Rejection of Payment Order.\n (1) A payment order is rejected by the receiving bank by a notice of\nrejection transmitted to the sender orally, or in a record. A notice of\nrejection need not use any particular words and is sufficient if it\nindicates that the re…
N.Y. Uniform Commercial Code Law § 4-A-211 Cancellation and Amendment of Payment Order
3.9K chars
Section 4-A-211. Cancellation and Amendment of Payment Order.\n (1) A communication of the sender of a payment order cancelling or\namending the order may be transmitted to the receiving bank orally or in\na record. If a security procedure is in effect between the sender and\nthe…
N.Y. Uniform Commercial Code Law § 4-A-212 Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
1.0K chars
Section 4-A-212. Liability and Duty of Receiving Bank Regarding\n Unaccepted Payment Order.\n If a receiving bank fails to accept a payment order that it is obliged\nby express agreement to accept, the bank is liable for breach of the\nagreement to the extent provided in the agre…
N.Y. Uniform Commercial Code Law § 4-A-301 Execution and Execution Date
0.9K chars
Section 4-A-301. Execution and Execution Date.\n (1) A payment order is "executed" by the receiving bank when it issues\na payment order intended to carry out the payment order received by the\nbank. A payment order received by the beneficiary's bank can be accepted\nbut cannot b…
N.Y. Uniform Commercial Code Law § 4-A-302 Obligations of Receiving Bank in Execution of Payment Order
3.6K chars
Section 4-A-302. Obligations of Receiving Bank in Execution of Payment\n Order.\n (1) Except as provided in subsections (2) through (4); if the\nreceiving bank accepts a payment order pursuant to subsection (1) of\nSection 4-A-209, the bank has the following obligations in execut…
N.Y. Uniform Commercial Code Law § 4-A-303 Erroneous Execution of Payment Order
2.2K chars
Section 4-A-303. Erroneous Execution of Payment Order.\n (1) A receiving bank that (i) executes the payment order of the sender\nby issuing a payment order in an amount greater than the amount of the\nsender's order, or (ii) issues a payment order in execution of the\nsender's or…
N.Y. Uniform Commercial Code Law § 4-A-304 Duty of Sender to Report Erroneously Executed Payment Order
1.0K chars
Section 4-A-304. Duty of Sender to Report Erroneously Executed Payment\n Order.\n If the sender of a payment order that is erroneously executed as\nstated in Section 4-A-303 receives notification from the receiving bank\nthat the order was executed or that the sender's account wa…
N.Y. Uniform Commercial Code Law § 4-A-305 Liability for Late or Improper Execution or Failure to Execute Payment Order
2.4K chars
Section 4-A-305. Liability for Late or Improper Execution or Failure to\n Execute Payment Order.\n (1) If a funds transfer is completed but execution of a payment order\nby the receiving bank in breach of Section 4-A-302 results in delay in\npayment to the beneficiary, the bank i…
N.Y. Uniform Commercial Code Law § 4-A-401 Payment Date
0.4K chars
Section 4-A-401. Payment Date.\n "Payment date" of a payment order means the day on which the amount of\nthe order is payable to the beneficiary by the beneficiary's bank. The\npayment date may be determined by instruction of the sender but cannot\nbe earlier than the day the ord…
N.Y. Uniform Commercial Code Law § 4-A-402 Obligation of Sender to Pay Receiving Bank
2.3K chars
Section 4-A-402. Obligation of Sender to Pay Receiving Bank.\n (1) This section is subject to Sections 4-A-205 and 4-A-207.\n (2) With respect to a payment order issued to the beneficiary's bank,\nacceptance of the order by the bank obliges the sender to pay the bank\nthe amount …
N.Y. Uniform Commercial Code Law § 4-A-403 Payment by Sender to Receiving Bank
2.9K chars
Section 4-A-403. Payment by Sender to Receiving Bank.\n (1) Payment of the sender's obligation under Section 4-A-402 to pay\nthe receiving bank occurs as follows:\n (a) If the sender is a bank, payment occurs when the receiving\n bank receives final settlement of the obligation t…
N.Y. Uniform Commercial Code Law § 4-A-404 Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary
2.4K chars
Section 4-A-404. Obligation of Beneficiary's Bank to Pay and Give Notice\n to Beneficiary.\n (1) Subject to subsection (5) of Section 4-A-211 and subsections (4)\nand (5) of Section 4-A-405, if a beneficiary's bank accepts a payment\norder, the bank is obliged to pay the amount o…
N.Y. Uniform Commercial Code Law § 4-A-405 Payment by Beneficiary's Bank to Beneficiary
3.3K chars
Section 4-A-405. Payment by Beneficiary's Bank to Beneficiary.\n (1) If the beneficiary's bank credits an account of the beneficiary of\na payment order, payment of the bank's obligation under subsection (1)\nof Section 4-A-404 occurs when and to the extent (i) the beneficiary is…
N.Y. Uniform Commercial Code Law § 4-A-406 Payment by Originator to Beneficiary; Discharge of Underlying Obligation
2.3K chars
Section 4-A-406. Payment by Originator to Beneficiary; Discharge of\n Underlying Obligation.\n (1) Subject to subsection (5) of Section 4-A-211 and subsections (4)\nand (5) of Section 4-A-405, the originator of a funds transfer pays the\nbeneficiary of the originator's payment or…
N.Y. Uniform Commercial Code Law § 4-A-501 Variation by Agreement and Effect of Funds-Transfer System Rule
1.3K chars
Section 4-A-501. Variation by Agreement and Effect of Funds-Transfer\n System Rule.\n (1) Except as otherwise provided in this Article, the rights and\nobligations of a party to a funds transfer may be varied by agreement of\nthe affected party.\n (2) "Funds-transfer system rule"…
N.Y. Uniform Commercial Code Law § 4-A-502 Creditor Process Served on Receiving Bank; Set Off by Beneficiary's Bank
2.3K chars
Section 4-A-502. Creditor Process Served on Receiving Bank; Set Off by\n Beneficiary's Bank.\n (1) As used in this section, "creditor process" means levy,\nattachment, garnishment, notice of lien, sequestration, or similar\nprocess issued by or on behalf of a creditor or other cl…
N.Y. Uniform Commercial Code Law § 4-A-503 Injunction or Restraining Order With Respect to Funds Transfer
0.6K chars
Section 4-A-503. Injunction or Restraining Order With Respect to Funds\n Transfer.\n For proper cause and in compliance with applicable law, a court may\nrestrain (i) a person from issuing a payment order to initiate a funds\ntransfer, (ii) an originator's bank from executing the…
N.Y. Uniform Commercial Code Law § 4-A-504 Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals From Account
0.6K chars
Section 4-A-504. Order in Which Items and Payment Orders May Be Charged\n to Account; Order of Withdrawals From Account.\n (1) If a receiving bank has received more than one payment order of\nthe sender or one or more payment orders and other items that are\npayable from the send…
N.Y. Uniform Commercial Code Law § 4-A-505 Preclusion of Objection to Debit of Customer's Account
0.6K chars
Section 4-A-505. Preclusion of Objection to Debit of Customer's\n Account.\n If a receiving bank has received payment from its customer with\nrespect to a payment order issued in the name of the customer as sender\nand accepted by the bank, and the customer received notification\…
N.Y. Uniform Commercial Code Law § 4-A-506 Rate of Interest
1.4K chars
Section 4-A-506. Rate of Interest.\n (1) If, under this Article, a receiving bank is obliged to pay\ninterest with respect to a payment order issued to the bank, the amount\npayable may be determined (i) by agreement of the sender and receiving\nbank, or (ii) by a funds-transfer …
N.Y. Uniform Commercial Code Law § 4-A-507 Choice of Law
2.8K chars
Section 4-A-507. Choice of Law.\n (1) The following rules apply unless the affected parties otherwise\nagree or subsection (3) applies:\n (a) The rights and obligations between the sender of a payment\n order and the receiving bank are governed by the law of the\n jurisdiction in…
N.Y. Uniform Commercial Code Law § 5-101 Short title
0.1K chars
Section 5--101. Short title.\n This article may be cited as "Uniform Commercial Code--Letters of\nCredit".\n
N.Y. Uniform Commercial Code Law § 5-102 Definitions
4.9K chars
Section 5--102. Definitions.\n (a) In this article:\n (1) "Adviser" means a person who, at the request of the issuer, a\n confirmer, or another adviser, notifies or requests another\n adviser to notify the beneficiary that a letter of credit has\n been issued, confirmed, or amend…
N.Y. Uniform Commercial Code Law § 5-103 Scope
1.4K chars
Section 5--103. Scope.\n (a) This article applies to letters of credit and to certain rights\nand obligations arising out of transactions involving letters of credit.\n (b) The statement of a rule in this article does not by itself\nrequire, imply, or negate application of the sa…
N.Y. Uniform Commercial Code Law § 5-104 Formal requirements
0.2K chars
Section 5--104. Formal requirements.\n A letter of credit, confirmation, advice, transfer, amendment, or\ncancellation may be issued in any form that is a signed record.\n
N.Y. Uniform Commercial Code Law § 5-105 Consideration
0.1K chars
Section 5--105. Consideration.\n Consideration is not required to issue, amend, transfer, or cancel a\nletter of credit, advice, or confirmation.\n
N.Y. Uniform Commercial Code Law § 5-106 Issuance, amendment, cancellation, and duration
1.1K chars
Section 5--106. Issuance, amendment, cancellation, and duration.\n (a) A letter of credit is issued and becomes enforceable according to\nits terms against the issuer when the issuer sends or otherwise\ntransmits it to the person requested to advise or to the beneficiary. A\nlett…
N.Y. Uniform Commercial Code Law § 5-107 Confirmer, nominated person, and advisor
1.5K chars
Section 5--107. Confirmer, nominated person, and advisor.\n (a) A confirmer is directly obligated on a letter of credit and has\nthe rights and obligations of an issuer to the extent of its\nconfirmation. The confirmer also has rights against and obligations to\nthe issuer as if …
N.Y. Uniform Commercial Code Law § 5-108 Issuer's rights and obligations
3.5K chars
Section 5--108. Issuer's rights and obligations.\n (a) Except as otherwise provided in section 5--109, an issuer shall\nhonor a presentation that, as determined by the standard practice\nreferred to in subsection (e) of this section, appears on its face\nstrictly to comply with t…