Refund of payment and duty of customer to report with respect to unauthorized payment order (a) “funds transfer” means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order (1) authorized account means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank.
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Ucc article 4a applies to funds transfers
Beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order.
Banks can shift liability to accountholders for unauthorized wire transfers if the bank and accountholder use a commercially reasonable security procedure to validate the authenticity of the transfer. Uniform commercial code article 4a (ucc4a) means the portion of the uniform commercial code which deals with certain funds transfers, including ach credit transactions not subject to the electronic fund transfer act of regulation e. This article explains key issues that litigators need to understand when handling matters governed by article 4a, as enacted in the relevant jurisdiction’s version of the ucc. Article 4a provides coverage of commercial, wholesale “funds transfers” from the order of the originator to the originator’s bank, through intermediary banks and to the beneficiary’s bank.
