400.4A-402. (a) This section is subject to sections400.4A-205 and 400.4A-207.
(b) With respect to a payment order issued to thebeneficiary's bank, acceptance of the order by the bank obligesthe sender to pay the bank the amount of the order, but paymentis not due until the payment date of the order.
(c) This subsection is subject to subsection (e) and tosection 400.4A-303. With respect to a payment order issued to areceiving bank other than the beneficiary's bank, acceptance ofthe order by the receiving bank obliges the sender to pay thebank the amount of the sender's order. Payment by the sender isnot due until the execution date of the sender's order. Theobligation of that sender to pay its payment order is excused ifthe funds transfer is not completed by acceptance by thebeneficiary's bank of a payment order instructing payment to thebeneficiary of that sender's payment order.
(d) If the sender of a payment order pays the order and wasnot obliged to pay all or part of the amount paid, the bankreceiving payment is obliged to refund payment to the extent thesender was not obliged to pay. Except as provided in sections400.4A-204 and 400.4A-304, interest is payable on the refundableamount from the date of payment.
(e) If a funds transfer is not completed as stated insubsection (c) and an intermediary bank is obliged to refundpayment as stated in subsection (d) but is unable to do sobecause not permitted by applicable law or because the banksuspends payments, a sender in the funds transfer that executed apayment order in compliance with an instruction, as stated insection 400.4A-302(a)(1), to route the funds transfer throughthat intermediary bank is entitled to receive or retain paymentfrom the sender of the payment order that it accepted. The firstsender in the funds transfer that issued an instruction requiringrouting through that intermediary bank is subrogated to the rightof the bank that paid the intermediary bank to refund as statedin subsection (d).
(f) The right of the sender of a payment order to beexcused from the obligation to pay the order as stated insubsection (c) or to receive refund under subsection (d) may notbe varied by agreement.
400.4A-402. (a) This section is subject to sections400.4A-205 and 400.4A-207.
(b) With respect to a payment order issued to thebeneficiary's bank, acceptance of the order by the bank obligesthe sender to pay the bank the amount of the order, but paymentis not due until the payment date of the order.
(c) This subsection is subject to subsection (e) and tosection 400.4A-303. With respect to a payment order issued to areceiving bank other than the beneficiary's bank, acceptance ofthe order by the receiving bank obliges the sender to pay thebank the amount of the sender's order. Payment by the sender isnot due until the execution date of the sender's order. Theobligation of that sender to pay its payment order is excused ifthe funds transfer is not completed by acceptance by thebeneficiary's bank of a payment order instructing payment to thebeneficiary of that sender's payment order.
(d) If the sender of a payment order pays the order and wasnot obliged to pay all or part of the amount paid, the bankreceiving payment is obliged to refund payment to the extent thesender was not obliged to pay. Except as provided in sections400.4A-204 and 400.4A-304, interest is payable on the refundableamount from the date of payment.
(e) If a funds transfer is not completed as stated insubsection (c) and an intermediary bank is obliged to refundpayment as stated in subsection (d) but is unable to do sobecause not permitted by applicable law or because the banksuspends payments, a sender in the funds transfer that executed apayment order in compliance with an instruction, as stated insection 400.4A-302(a)(1), to route the funds transfer throughthat intermediary bank is entitled to receive or retain paymentfrom the sender of the payment order that it accepted. The firstsender in the funds transfer that issued an instruction requiringrouting through that intermediary bank is subrogated to the rightof the bank that paid the intermediary bank to refund as statedin subsection (d).
(f) The right of the sender of a payment order to beexcused from the obligation to pay the order as stated insubsection (c) or to receive refund under subsection (d) may notbe varied by agreement.
400.4A-402. (a) This section is subject to sections400.4A-205 and 400.4A-207.
(b) With respect to a payment order issued to thebeneficiary's bank, acceptance of the order by the bank obligesthe sender to pay the bank the amount of the order, but paymentis not due until the payment date of the order.
(c) This subsection is subject to subsection (e) and tosection 400.4A-303. With respect to a payment order issued to areceiving bank other than the beneficiary's bank, acceptance ofthe order by the receiving bank obliges the sender to pay thebank the amount of the sender's order. Payment by the sender isnot due until the execution date of the sender's order. Theobligation of that sender to pay its payment order is excused ifthe funds transfer is not completed by acceptance by thebeneficiary's bank of a payment order instructing payment to thebeneficiary of that sender's payment order.
(d) If the sender of a payment order pays the order and wasnot obliged to pay all or part of the amount paid, the bankreceiving payment is obliged to refund payment to the extent thesender was not obliged to pay. Except as provided in sections400.4A-204 and 400.4A-304, interest is payable on the refundableamount from the date of payment.
(e) If a funds transfer is not completed as stated insubsection (c) and an intermediary bank is obliged to refundpayment as stated in subsection (d) but is unable to do sobecause not permitted by applicable law or because the banksuspends payments, a sender in the funds transfer that executed apayment order in compliance with an instruction, as stated insection 400.4A-302(a)(1), to route the funds transfer throughthat intermediary bank is entitled to receive or retain paymentfrom the sender of the payment order that it accepted. The firstsender in the funds transfer that issued an instruction requiringrouting through that intermediary bank is subrogated to the rightof the bank that paid the intermediary bank to refund as statedin subsection (d).
(f) The right of the sender of a payment order to beexcused from the obligation to pay the order as stated insubsection (c) or to receive refund under subsection (d) may notbe varied by agreement.
