Find Laws Find Lawyers Free Legal Forms USA State Laws

SOUTH DAKOTA STATUTES AND CODES

Section 57A-4A-304 - Duty of sender to report erroneously executed payment order.

57A-4A-304. Duty of sender to report erroneously executed payment order. If the sender of a payment order that is erroneously executed as stated in § 57A-4A-303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under § 57A-4A-402(d) for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section.

Source: SL 1991, ch 397, § 1.

South Dakota Forms by Issue

South Dakota Court Forms
> Personal Protection
South Dakota Divorce Forms
South Dakota Family Forms
South Dakota Name Change Forms
South Dakota Parental Notification Forms

South Dakota Law

South Dakota State Laws
    > South Dakota Child Support
    > South Dakota Gun Laws
    > South Dakota Statute
South Dakota Tax
    > South Dakota State Tax
South Dakota Agencies
    > South Dakota Department of Labor

South Dakota Court Map

Tips