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CONTENTS

Foreword Preface
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ix xiii

CHAPTER 1
Introduction to Article 4A
A. Nature of a Funds Transfer B. Article 4A Terminology 1. The Parties to a Funds Transfer 2. The Payment Order 3. The Funds Transfer C. Consumer Exclusion D. Funds Transfer Systems 1. Fedwire Funds Service 2. CHIPS 3. ACH System 4. SWIFTNet E. Variation by Agreement: Federal Reserve Regulations, Operating Circulars and Funds Transfer System Rules

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2 6 6 8 10 11 12 12 13 13 14

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CHAPTER 2
Originators and Intermediary Banks: Acceptance and Execution of Payment Orders 19

A. Receiving Banks Right to Reject Payment Orders 20 B. Cancellation or Amendment of Payment Orders 22 C. Accepting Banks Obligations 24 1. Execution and Execution Date 24 2. Duties of a Bank Executing a Payment Order 25 (a) Mirror Image Rule 26 (b) Effect of a Payment Date 27

(c) Time and Manner Rule D. Liability for Improper Execution - Consequential Damages E. Settlement of the Senders Payment Obligation F. The Money-Back Guarantee
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27 29 32 37

CHAPTER 3
Beneficiarys Bank: Acceptance of Payment Orders 43
A. How the Bank Accepts a Payment Order 45 1. Payment to the Beneficiary 45 2. Notification of the Beneficiary 46 3. Acceptance of Payment from the Sender 46 4. Passive Acceptance by Ability to Debit Sender 46 B. Cancellation and Amendment of Payment Orders 47 C. The Money-Back Guarantee 48 D. Banks Obligation to Pay the Beneficiary 48 E. Provisional Payment to the Beneficiary 50 F. Duty to Notify 52

CHAPTER 4
Discharge of the Originators Obligation to the Beneficiary 55

CHAPTER 5
Liability for Fraud Losses 61
A. Verification Rule for Unauthorized Payment Orders 61 1. Commercially Reasonable Security Procedure 62 2. Compliance with Instructions and Acceptance in Good Faith 65 3. Ineffective Payment Orders under the Verification Rule 66 B. Interloper Fraud 67 C. Shortening the Period under the Statute of Repose

67
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CHAPTER 6
Liability for Errors 69
A. Sender Errors 70 1. Errors in the Alpha or Numeric Identification of the Beneficiary or a Receiving Bank 70 (a) Single description, by name or number, of beneficiary: 70 (b) Single description, by number, of an intermediary or beneficiary bank. 71 (c) Dual description, by name and number, of beneficiary. 71 (d) Dual description, by name and number, of intermediary or beneficiarys bank. 73 2. Security Procedures for the Detection of Errors73 B. Erroneous Execution of Payment Orders 75 1. Transfer of Excessive or Deficient Amounts 75 2. Duplicate Transfers 76 3. Transfers to the Wrong Person 77 4. Duty to Report Erroneously Executed Payment Orders 78 C. Errors by the Beneficiarys Bank 79 D. Disclaiming the Banks Liability for Its Errors 80 1. Disclaiming Liability for Late or Improper Execution 80 2. Disclaiming Liability for Payment to the Wrong Person 81 3. Disclaiming Liability for Other Execution Errors 81 4. Shortening the Period under the Statute of Repose 83 5. Disclaiming Liability for Errors by the Beneficiarys Bank 84 E. Restitution 85

CHAPTER 7
Exclusion of Other Law When Article 4A Applies 87

CHAPTER 8
Miscellaneous Provisions
A. B. C. D. Statute of Repose Interest Compensation Set-off and Priority Choice of Law

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93 97 98 101 103 107 111

Glossary Bibliography About the Authors