Find Laws Find Lawyers Free Legal Forms USA State Laws

NORTH CAROLINA STATUTES AND CODES

§ 25-4A-402. Obligation of sender to pay receiving bank.

§25‑4A‑402.  Obligation of sender to pay receiving bank.

(a)        This section issubject to G.S. 25‑4A‑205 and G.S. 25‑4A‑207.

(b)        With respect to apayment order issued to the beneficiary's bank, acceptance of the order by thebank obliges the sender to pay the bank the amount of the order, but payment isnot due until the payment date of the order.

(c)        This subsection issubject to subsection (e) and to G.S. 25‑4A‑303.  With respect to apayment order issued to a receiving bank other than the beneficiary's bank,acceptance of the order by the receiving bank obliges the sender to pay thebank the amount of the sender's order.  Payment by the sender is not due untilthe execution date of the sender's order.  The obligation of that sender to payits payment order is excused if the funds transfer is not completed byacceptance by the beneficiary's bank of a payment order instructing payment tothe beneficiary of that sender's payment order.

(d)        If the sender of apayment order pays the order and was not obliged to pay all or part of theamount paid, the bank receiving payment is obliged to refund payment to theextent the sender was not obliged to pay.  Except as provided in G.S. 25‑4A‑204and G.S. 25‑4A‑304, interest is payable on the refundable amountfrom the date of payment.

(e)        If a funds transferis not completed as stated in subsection (c) and an intermediary bank isobliged to refund payment as stated in subsection (d) but is unable to do sobecause not permitted by applicable law or because the bank suspends payments,a sender in the funds transfer that executed a payment order in compliance withan instruction, as stated in G.S. 25‑4A‑302(a)(1), to route thefunds transfer through that intermediary bank is entitled to receive or retainpayment from the sender of the payment order that it accepted.  The firstsender in the funds transfer that issued an instruction requiring routingthrough that intermediary bank is subrogated to the right of the bank that paidthe intermediary bank to refund as stated in subsection (d).

(f)         The right of thesender of a payment order to be excused from the obligation to pay the order asstated in subsection (c) or to receive refund under subsection (d) may not bevaried by agreement. (1993, c. 157, s. 1.)

North Carolina Forms by Issue

North Carolina Gun Forms
North Carolina Real Estate Forms
North Carolina Tax Forms

North Carolina Law

North Carolina State Laws
    > North Carolina Child Support
    > North Carolina Gun Laws
    > North Carolina Statute
North Carolina Tax
    > North Carolina State Tax
North Carolina Labor Laws
    > North Carolina Unemployment
North Carolina Agencies
    > North Carolina Department of Corrections
    > North Carolina DMV
    > North Carolina Employment Security Commission
    > North Carolina Real Estate
    > North Carolina Secretary of State

North Carolina Court Map

Tips