47-4A212. Liability and duty of receiving
bank regarding unaccepted payment order
If a receiving bank fails to accept a payment order that it is obliged by express
agreement to accept, the bank is liable for breach of the agreement to the extent
provided in the agreement or in this chapter, but does not otherwise have any duty to
accept a payment order or, before acceptance, to take any action, or refrain from taking
action, with respect to the order except as provided in this chapter or by express
agreement. Liability based on acceptance arises only when acceptance occurs as stated in
section 47-4A209, and liability is limited to that provided in this chapter. A receiving
bank is not the agent of the sender or beneficiary of the payment order it accepts, or of
any other party to the funds transfer, and the bank owes no duty to any party to the
funds transfer except as provided in this chapter or by express agreement.
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