§ 6A-4.1-302 Obligations of receiving bankin execution of payment order. – (a) Except as provided in subsections (b) through (d), if the receiving bankaccepts a payment order pursuant to § 6A-4.1-209(a), the bank has thefollowing obligations in executing the order.
(1) The receiving bank is obliged to issue, on the executiondate, a payment order complying with the sender's order and to follow thesender's instructions concerning (i) any intermediary bank or funds transfersystem to be used in carrying out the funds transfer, or (ii) the means bywhich payment orders are to be transmitted in the funds transfer. If theoriginator's bank issues a payment order to an intermediary bank, theoriginator's bank is obliged to instruct the intermediary bank according to theinstruction of the originator. An intermediary bank in the funds transfer issimilarly bound by an instruction given to it by the sender of the paymentorder it accepts.
(2) If the sender's instruction states that the fundstransfer is to be carried out telephonically or by wire transfer or otherwiseindicates that the funds transfer is to be carried out by the most expeditiousmeans, the receiving bank is obliged to transmit its payment order by the mostexpeditious available means, and to instruct any intermediary bank accordingly.If a sender's instruction states a payment date, the receiving bank is obligedto transmit its payment order at a time and by means reasonably necessary toallow payment to the beneficiary on the payment date or as soon thereafter asis feasible.
(b) Unless otherwise instructed, a receiving bank executing apayment order may (i) use any funds transfer system if use of that system isreasonable in the circumstances, and (ii) issue a payment order to thebeneficiary's bank or to an intermediary bank through which a payment orderconforming to the sender's order can expeditiously be issued to thebeneficiary's bank if the receiving bank exercises ordinary care in theselection of the intermediary bank. A receiving bank is not required to followan instruction of the sender designating a funds transfer system to be used incarrying out the funds transfer if the receiving bank, in good faith,determines that it is not feasible to follow the instruction or that followingthe instruction would unduly delay completion of the funds transfer.
(c) Unless subsection (a)(2) applies or the receiving bank isotherwise instructed, the bank may execute a payment order by transmitting itspayment order by first class mail or by any means reasonable in thecircumstances. If the receiving bank is instructed to execute the sender'sorder by transmitting its payment order by a particular means, the receivingbank may issue its payment order by the means stated or by any means asexpeditious as the means stated.
(d) Unless instructed by the sender, (i) the receiving bankmay not obtain payment of its charges for services and expenses in connectionwith the execution of the sender's order by issuing a payment order in anamount equal to the amount of the sender's order less the amount of thecharges, and (ii) may not instruct a subsequent receiving bank to obtainpayment of its charges in the same manner.
§ 6A-4.1-302 Obligations of receiving bankin execution of payment order. – (a) Except as provided in subsections (b) through (d), if the receiving bankaccepts a payment order pursuant to § 6A-4.1-209(a), the bank has thefollowing obligations in executing the order.
(1) The receiving bank is obliged to issue, on the executiondate, a payment order complying with the sender's order and to follow thesender's instructions concerning (i) any intermediary bank or funds transfersystem to be used in carrying out the funds transfer, or (ii) the means bywhich payment orders are to be transmitted in the funds transfer. If theoriginator's bank issues a payment order to an intermediary bank, theoriginator's bank is obliged to instruct the intermediary bank according to theinstruction of the originator. An intermediary bank in the funds transfer issimilarly bound by an instruction given to it by the sender of the paymentorder it accepts.
(2) If the sender's instruction states that the fundstransfer is to be carried out telephonically or by wire transfer or otherwiseindicates that the funds transfer is to be carried out by the most expeditiousmeans, the receiving bank is obliged to transmit its payment order by the mostexpeditious available means, and to instruct any intermediary bank accordingly.If a sender's instruction states a payment date, the receiving bank is obligedto transmit its payment order at a time and by means reasonably necessary toallow payment to the beneficiary on the payment date or as soon thereafter asis feasible.
(b) Unless otherwise instructed, a receiving bank executing apayment order may (i) use any funds transfer system if use of that system isreasonable in the circumstances, and (ii) issue a payment order to thebeneficiary's bank or to an intermediary bank through which a payment orderconforming to the sender's order can expeditiously be issued to thebeneficiary's bank if the receiving bank exercises ordinary care in theselection of the intermediary bank. A receiving bank is not required to followan instruction of the sender designating a funds transfer system to be used incarrying out the funds transfer if the receiving bank, in good faith,determines that it is not feasible to follow the instruction or that followingthe instruction would unduly delay completion of the funds transfer.
(c) Unless subsection (a)(2) applies or the receiving bank isotherwise instructed, the bank may execute a payment order by transmitting itspayment order by first class mail or by any means reasonable in thecircumstances. If the receiving bank is instructed to execute the sender'sorder by transmitting its payment order by a particular means, the receivingbank may issue its payment order by the means stated or by any means asexpeditious as the means stated.
(d) Unless instructed by the sender, (i) the receiving bankmay not obtain payment of its charges for services and expenses in connectionwith the execution of the sender's order by issuing a payment order in anamount equal to the amount of the sender's order less the amount of thecharges, and (ii) may not instruct a subsequent receiving bank to obtainpayment of its charges in the same manner.
§ 6A-4.1-302 Obligations of receiving bankin execution of payment order. – (a) Except as provided in subsections (b) through (d), if the receiving bankaccepts a payment order pursuant to § 6A-4.1-209(a), the bank has thefollowing obligations in executing the order.
(1) The receiving bank is obliged to issue, on the executiondate, a payment order complying with the sender's order and to follow thesender's instructions concerning (i) any intermediary bank or funds transfersystem to be used in carrying out the funds transfer, or (ii) the means bywhich payment orders are to be transmitted in the funds transfer. If theoriginator's bank issues a payment order to an intermediary bank, theoriginator's bank is obliged to instruct the intermediary bank according to theinstruction of the originator. An intermediary bank in the funds transfer issimilarly bound by an instruction given to it by the sender of the paymentorder it accepts.
(2) If the sender's instruction states that the fundstransfer is to be carried out telephonically or by wire transfer or otherwiseindicates that the funds transfer is to be carried out by the most expeditiousmeans, the receiving bank is obliged to transmit its payment order by the mostexpeditious available means, and to instruct any intermediary bank accordingly.If a sender's instruction states a payment date, the receiving bank is obligedto transmit its payment order at a time and by means reasonably necessary toallow payment to the beneficiary on the payment date or as soon thereafter asis feasible.
(b) Unless otherwise instructed, a receiving bank executing apayment order may (i) use any funds transfer system if use of that system isreasonable in the circumstances, and (ii) issue a payment order to thebeneficiary's bank or to an intermediary bank through which a payment orderconforming to the sender's order can expeditiously be issued to thebeneficiary's bank if the receiving bank exercises ordinary care in theselection of the intermediary bank. A receiving bank is not required to followan instruction of the sender designating a funds transfer system to be used incarrying out the funds transfer if the receiving bank, in good faith,determines that it is not feasible to follow the instruction or that followingthe instruction would unduly delay completion of the funds transfer.
(c) Unless subsection (a)(2) applies or the receiving bank isotherwise instructed, the bank may execute a payment order by transmitting itspayment order by first class mail or by any means reasonable in thecircumstances. If the receiving bank is instructed to execute the sender'sorder by transmitting its payment order by a particular means, the receivingbank may issue its payment order by the means stated or by any means asexpeditious as the means stated.
(d) Unless instructed by the sender, (i) the receiving bankmay not obtain payment of its charges for services and expenses in connectionwith the execution of the sender's order by issuing a payment order in anamount equal to the amount of the sender's order less the amount of thecharges, and (ii) may not instruct a subsequent receiving bank to obtainpayment of its charges in the same manner.
