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46,252 statutes · page 9 of 2313
United States — Louisiana legislation
20 statutes shown from 46,252 source-backed records
This section governs erroneous payment orders sent under a security procedure, including when the sender does not have to pay, when the receiving bank may recover money from the beneficiary, and the sender’s duty to report the error within up to 90 days.
If a payment order for a receiving bank is sent through a funds-transfer or similar third-party system, the system is treated as the sender’s agent for transmission purposes.
Rules for misdescribed beneficiaries in payment orders: banks may rely on account numbers in some cases, and certain parties may recover mistaken payments.
A receiving bank may rely on a bank identifier number or name in certain payment orders, but the sender must reimburse the receiving bank for losses and expenses caused by that reliance.
This section says when a bank accepts a payment order and when certain fees or interest are allowed or barred.
A receiving bank may reject a payment order by notice to the sender; if it fails to execute an order in the stated circumstances, it may have to pay interest.
Rules for cancelling or amending a payment order depend on timing, verification, and bank agreement.
A receiving bank must accept a payment order only when it is bound to do so by express agreement; otherwise it has no duty to accept it or act on it before acceptance.
This section defines when a payment order is executed and how the execution date is set.
A receiving bank that accepts a payment order must follow the sender’s instructions, but it has some limited discretion unless the sender says otherwise.
This section gives a receiving bank and certain other parties rights to payment or recovery when a payment order is executed incorrectly, and requires correction in one underpayment scenario.
If a sender learns a payment order was executed in error, the sender must act with ordinary care and tell the bank the relevant facts within 90 days of the bank’s notice.
A receiving bank may have to pay interest, expenses, and some fees if it improperly executes or fails to execute a payment order.
Defines “payment date” for a payment order and lets the sender set it by instruction, but not earlier than when the beneficiary’s bank receives the order.
A sender must pay the receiving bank the order amount when a payment order is accepted, with payment timing depending on the bank and the order date rules.
This section says when the sender’s payment to the receiving bank is treated as made.
A beneficiary’s bank that accepts a payment order must pay the beneficiary and give the required notice on time.
This section says when a beneficiary’s bank payment counts as made, when provisional payments can be refunded, and when senders are excused if a funds transfer is not completed.
An originator must pay the beneficiary when the beneficiary’s bank accepts the payment order, subject to stated cross-references and limits.
An affected party may agree to vary the rights and obligations tied to a funds transfer, unless this Chapter provides otherwise.
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