400.4A-212. Liability and duty of receiving bank regarding unaccepted payment order. - Missouri Statutes

Liability and duty of receiving bank regarding unaccepted paymentorder.

400.4A-212. If a receiving bank fails to accept a paymentorder that it is obliged by express agreement to accept, the bankis liable for breach of the agreement to the extent provided inthe agreement or in this Article, but does not otherwise have anyduty to accept a payment order or, before acceptance, to take anyaction, or refrain from taking action, with respect to the orderexcept as provided in this Article or by express agreement.Liability based on acceptance arises only when acceptance occursas stated in section 400.4A-209, and liability is limited to thatprovided in this Article. A receiving bank is not the agent ofthe sender or beneficiary of the payment order it accepts, or ofany other party to the funds transfer, and the bank owes no dutyto any party to the funds transfer except as provided in thisArticle or by express agreement.

(L. 1992 S.B. 448)