§ 25-4A-212. Liability and duty of receiving bank regarding unaccepted payment order. - North Carolina Statutes

§25‑4A‑212.  Liability and duty of receiving bank regardingunaccepted payment order.

If a receiving bank fails toaccept a payment order that it is obliged by express agreement to accept, thebank is liable for breach of the agreement to the extent provided in theagreement or in this Article, but does not otherwise have any duty to accept apayment order or, before acceptance, to take any action, or refrain from takingaction, with respect to the order except as provided in this Article or byexpress agreement.  Liability based on acceptance arises only when acceptanceoccurs as stated in G.S. 25‑4A‑209, and liability is limited tothat provided in this Article.  A receiving bank is not the agent of the senderor beneficiary of the payment order it accepts, or of any other party to thefunds transfer, and the bank owes no duty to any party to the funds transferexcept as provided in this Article or by express agreement. (1993,c. 157, s. 1.)