CHAPTER 2. Issue and Acceptance of Payment Order [11201. - 11212.]
Chapter 2 added by Stats. 1990, Ch. 125, Sec. 2.
§§ 11201–11212 · 12 sections
- § 11201 “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…
- § 11202 (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…
- § 11203 (a) If an accepted payment order is not, under subdivision (a) of Section 11202, an authorized order of a customer identified as sender, but is effective as an…
- § 11204 (a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the…
- § 11205 (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…
- § 11206 (a) 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…
- § 11207 (a) Subject to subdivision (b), if, in a payment order received by the beneficiary’s bank, the name, bank account number, or other identification of the…
- § 11208 (a) This subdivision applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number. (1) The receiving…
- § 11209 (a) Subject to subdivision (d), a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order. (b) Subject to…
- § 11210 (a) 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…
- § 11211 (a) A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally or in a record. If a…
- § 11212 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…