70A-4a-212 - Liability and duty of receiving bank regarding unaccepted payment order. - Utah Statutes

70A-4a-212. Liability and duty of receiving bank regarding unaccepted paymentorder.
If a receiving bank fails to accept a payment order that it is obliged by express agreementto accept, the bank is liable for breach of the agreement to the extent as provided in the agreementor in this chapter, but does not otherwise have any duty to accept a payment order or, beforeacceptance, to take any action, or refrain from taking action, with respect to the order except asprovided in this chapter or by express agreement. Liability based on acceptance arises only whenacceptance occurs as stated in Section 70A-4a-209 and liability is limited to that provided in thischapter. A receiving bank is not the agent of the sender or beneficiary of the payment order itaccepts, or of any other party to the funds transfer, and the bank owes no duty to any party to thefunds transfer except as provided in this chapter or by express agreement.

Amended by Chapter 237, 1993 General Session