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N.Y. Uniform Commercial Code Law § 4-501 Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor
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Section 4--501. Handling of Documentary Drafts; Duty to Send for Presentment and to Notify Customer of Dishonor. A bank which takes a documentary draft for collection must present or send the draft and accompanying documents for presentment and upon learning that the draft has no…
N.Y. Uniform Commercial Code Law § 4-502 Presentment of "On Arrival" Drafts
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Section 4--502. Presentment of "On Arrival" Drafts. When a draft or the relevant instructions require presentment "on arrival", "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refu…
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
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Section 4--503. Responsibility of Presenting Bank for Documents and Goods; Report of Reasons for Dishonor; Referee in Case of Need. Unless otherwise instructed and except as provided in Article 5 a bank presenting a documentary draft (a) must deliver the documents to the drawee o…
N.Y. Uniform Commercial Code Law § 4-504 Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses
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Section 4--504. Privilege of Presenting Bank to Deal With Goods; Security Interest for Expenses. (1) A presenting bank which, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, o…
N.Y. Uniform Commercial Code Law § 4-A-101 Short Title
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Section 4-A-101. Short Title. This Article may be cited as uniform commercial code -- funds transfers.
N.Y. Uniform Commercial Code Law § 4-A-102 Subject Matter
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Section 4-A-102. Subject Matter. Except as otherwise provided in Section 4-A-108, this Article applies to funds transfers defined in Section 4-A-104.
N.Y. Uniform Commercial Code Law § 4-A-103 Payment Order-Definitions
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Section 4-A-103. Payment Order-Definitions. (1) In this article: (a) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if: (i) …
N.Y. Uniform Commercial Code Law § 4-A-104 Funds Transfer-Definitions
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Section 4-A-104. Funds Transfer-Definitions. In this article: (1) "Funds transfer" means the series of transactions, beginning 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 b…
N.Y. Uniform Commercial Code Law § 4-A-105 Other Definitions
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Section 4-A-105. Other Definitions. (1) In this Article: (a) "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 accoun…
N.Y. Uniform Commercial Code Law § 4-A-106 Time Payment Order is Received
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Section 4-A-106. Time Payment Order is Received. (1) 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 1--202. A receiving bank may fix a cut-off time or ti…
N.Y. Uniform Commercial Code Law § 4-A-107 Federal Reserve Regulations and Operating Circulars
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Section 4-A-107. Federal Reserve Regulations and Operating Circulars. 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. …
N.Y. Uniform Commercial Code Law § 4-A-108 Relationship to Electronic Fund Transfer Act
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Section 4-A-108. Relationship to Electronic Fund Transfer Act. (1) Except as provided in subsection (2) of this section, this Article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat…
N.Y. Uniform Commercial Code Law § 4-A-201 Security Procedure
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Section 4-A-201. Security Procedure. "Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (1) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (2) de…
N.Y. Uniform Commercial Code Law § 4-A-202 Authorized and Verified Payment Orders
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Section 4-A-202. Authorized and Verified Payment Orders. (1) 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. (2) If a bank and its cu…
N.Y. Uniform Commercial Code Law § 4-A-203 Unenforceability of Certain Verified Payment Orders
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Section 4-A-203. Unenforceability of Certain Verified Payment Orders. (1) If an accepted payment order is not, under subsection (1) of Section 4-A-202, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to subsection (2) …
N.Y. Uniform Commercial Code Law § 4-A-204 Refund of Payment and Duty of Customer to Report With Respect to Unauthorized Payment Order
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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
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Section 4-A-205. Erroneous Payment Orders. (1) 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 instructe…
N.Y. Uniform Commercial Code Law § 4-A-206 Transmission of Payment Order Through Funds-Transfer or Other Communication System
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Section 4-A-206. Transmission of Payment Order Through Funds-Transfer or Other Communication System. (1) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is…
N.Y. Uniform Commercial Code Law § 4-A-207 Misdescription of Beneficiary
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Section 4-A-207. Misdescription of Beneficiary. (1) Subject to subsection (2), 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 pers…
N.Y. Uniform Commercial Code Law § 4-A-208 Misdescription of Intermediary Bank or Beneficiary's Bank
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Section 4-A-208. Misdescription of Intermediary Bank or Beneficiary's Bank. (1) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number. (a) The receiving bank may rely on the number as the proper identif…
N.Y. Uniform Commercial Code Law § 4-A-209 Acceptance of Payment Order
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Section 4-A-209. Acceptance of Payment Order. (1) Subject to subsection (4), a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order. (2) Subject to subsections (3) and (4), a beneficiary's bank accepts a payment order at the earliest…
N.Y. Uniform Commercial Code Law § 4-A-210 Rejection of Payment Order
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Section 4-A-210. Rejection of Payment Order. (1) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally, or in a record. A notice of rejection need not use any particular words and is sufficient if it indicates that the receivi…
N.Y. Uniform Commercial Code Law § 4-A-211 Cancellation and Amendment of Payment Order
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Section 4-A-211. Cancellation and Amendment of Payment Order. (1) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally or in a record. If a security procedure is in effect between the sender and the rece…
N.Y. Uniform Commercial Code Law § 4-A-212 Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
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Section 4-A-212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order. 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 …
N.Y. Uniform Commercial Code Law § 4-A-301 Execution and Execution Date
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Section 4-A-301. Execution and Execution Date. (1) 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 exe…
N.Y. Uniform Commercial Code Law § 4-A-302 Obligations of Receiving Bank in Execution of Payment Order
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Section 4-A-302. Obligations of Receiving Bank in Execution of Payment Order. (1) Except as provided in subsections (2) through (4); if the receiving bank accepts a payment order pursuant to subsection (1) of Section 4-A-209, the bank has the following obligations in executing th…
N.Y. Uniform Commercial Code Law § 4-A-303 Erroneous Execution of Payment Order
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Section 4-A-303. Erroneous Execution of Payment Order. (1) 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 a…
N.Y. Uniform Commercial Code Law § 4-A-304 Duty of Sender to Report Erroneously Executed Payment Order
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Section 4-A-304. Duty of Sender to Report Erroneously Executed Payment Order. If the sender of a payment order that is erroneously executed as stated in Section 4-A-303 receives notification from the receiving bank that the order was executed or that the sender's account was debi…
N.Y. Uniform Commercial Code Law § 4-A-305 Liability for Late or Improper Execution or Failure to Execute Payment Order
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Section 4-A-305. Liability for Late or Improper Execution or Failure to Execute Payment Order. (1) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of Section 4-A-302 results in delay in payment to the beneficiary, the bank is obli…
N.Y. Uniform Commercial Code Law § 4-A-401 Payment Date
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Section 4-A-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…
N.Y. Uniform Commercial Code Law § 4-A-402 Obligation of Sender to Pay Receiving Bank
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Section 4-A-402. Obligation of Sender to Pay Receiving Bank. (1) This section is subject to Sections 4-A-205 and 4-A-207. (2) 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…
N.Y. Uniform Commercial Code Law § 4-A-403 Payment by Sender to Receiving Bank
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Section 4-A-403. Payment by Sender to Receiving Bank. (1) Payment of the sender's obligation under Section 4-A-402 to pay the receiving bank occurs as follows: (a) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through …
N.Y. Uniform Commercial Code Law § 4-A-404 Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary
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Section 4-A-404. Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary. (1) Subject to subsection (5) of Section 4-A-211 and subsections (4) and (5) of Section 4-A-405, if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the …
N.Y. Uniform Commercial Code Law § 4-A-405 Payment by Beneficiary's Bank to Beneficiary
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Section 4-A-405. Payment by Beneficiary's Bank to Beneficiary. (1) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under subsection (1) of Section 4-A-404 occurs when and to the extent (i) the beneficiary is not…
N.Y. Uniform Commercial Code Law § 4-A-406 Payment by Originator to Beneficiary; Discharge of Underlying Obligation
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Section 4-A-406. Payment by Originator to Beneficiary; Discharge of Underlying Obligation. (1) Subject to subsection (5) of Section 4-A-211 and subsections (4) and (5) of Section 4-A-405, the originator of a funds transfer pays the beneficiary of the originator's payment order (i…
N.Y. Uniform Commercial Code Law § 4-A-501 Variation by Agreement and Effect of Funds-Transfer System Rule
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Section 4-A-501. Variation by Agreement and Effect of Funds-Transfer System Rule. (1) Except as otherwise provided in this Article, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party. (2) "Funds-transfer system rule" means a…
N.Y. Uniform Commercial Code Law § 4-A-502 Creditor Process Served on Receiving Bank; Set Off by Beneficiary's Bank
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Section 4-A-502. Creditor Process Served on Receiving Bank; Set Off by Beneficiary's Bank. (1) As used in this section, "creditor process" means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant…
N.Y. Uniform Commercial Code Law § 4-A-503 Injunction or Restraining Order With Respect to Funds Transfer
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Section 4-A-503. Injunction or Restraining Order With Respect to Funds Transfer. For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator's bank from executing the payme…
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
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Section 4-A-504. Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals From Account. (1) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender's a…
N.Y. Uniform Commercial Code Law § 4-A-505 Preclusion of Objection to Debit of Customer's Account
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Section 4-A-505. Preclusion of Objection to Debit of Customer's Account. 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 reason…
N.Y. Uniform Commercial Code Law § 4-A-506 Rate of Interest
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Section 4-A-506. Rate of Interest. (1) 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, or (ii) by a funds-transfer syste…
N.Y. Uniform Commercial Code Law § 4-A-507 Choice of Law
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Section 4-A-507. Choice of Law. (1) The following rules apply unless the affected parties otherwise agree or subsection (3) applies: (a) 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 th…
N.Y. Uniform Commercial Code Law § 5-101 Short title
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Section 5--101. Short title. This article may be cited as "Uniform Commercial Code--Letters of Credit".
N.Y. Uniform Commercial Code Law § 5-102 Definitions
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Section 5--102. Definitions. (a) In this article: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended. (2) "A…
N.Y. Uniform Commercial Code Law § 5-103 Scope
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Section 5--103. Scope. (a) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement of a rule in this article does not by itself require, imply, or negate application of the same or …
N.Y. Uniform Commercial Code Law § 5-104 Formal requirements
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Section 5--104. Formal requirements. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record.
N.Y. Uniform Commercial Code Law § 5-105 Consideration
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Section 5--105. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
N.Y. Uniform Commercial Code Law § 5-106 Issuance, amendment, cancellation, and duration
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Section 5--106. Issuance, amendment, cancellation, and duration. (a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of…
N.Y. Uniform Commercial Code Law § 5-107 Confirmer, nominated person, and advisor
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Section 5--107. Confirmer, nominated person, and advisor. (a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the i…
N.Y. Uniform Commercial Code Law § 5-108 Issuer's rights and obligations
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Section 5--108. Issuer's rights and obligations. (a) Except as otherwise provided in section 5--109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e) of this section, appears on its face strictly to comply with the te…