§ 6A-4.1-305 Liability for late orimproper execution or failure to execute payment order. – (a) If a funds transfer is completed but execution of a payment order by thereceiving bank in breach of § 6A-4.1-302 results in delay in payment tothe beneficiary, the bank is obliged to pay interest to either the originatoror the beneficiary of the funds transfer for the period of delay caused by theimproper execution. Except as provided in subsection (c), additional damagesare not recoverable.
(b) If execution of a payment order by a receiving bank inbreach of § 6A-4.1-302 results in (i) noncompletion of the funds transfer,(ii) failure to use an intermediary bank designated by the originator, or (iii)issuance of a payment order that does not comply with the terms of the paymentorder of the originator, the bank is liable to the originator for its expensesin the funds transfer and for incidental expenses and interest losses, to theextent not covered by subsection (a), resulting from the improper execution.Except as provided in subsection (c), additional damages are not recoverable.
(c) In addition to the amounts payable under subsections (a)and (b), damages, including consequential damages, are recoverable to theextent provided in an express written agreement of the receiving bank.
(d) If a receiving bank fails to execute a payment order itwas obliged by express agreement to execute, the receiving bank is liable tothe sender for its expenses in the transaction and for incidental expenses andinterest losses resulting from the failure to execute. Additional damages,including consequential damages, are recoverable to the extent provided in anexpress written agreement of the receiving bank, but are not otherwiserecoverable.
(e) Reasonable attorney's fees are recoverable if demand forcompensation under subsection (a) or (b) is made and refused before an actionis brought on the claim. If a claim is made for breach of an agreement undersubsection (d) and the agreement does not provide for damages, reasonableattorney's fees are recoverable if demand for compensation under subsection (d)is made and refused before an action is brought on the claim.
(f) Except as stated in this section, the liability of areceiving bank under subsections (a) and (b) may not be varied by agreement.
§ 6A-4.1-305 Liability for late orimproper execution or failure to execute payment order. – (a) If a funds transfer is completed but execution of a payment order by thereceiving bank in breach of § 6A-4.1-302 results in delay in payment tothe beneficiary, the bank is obliged to pay interest to either the originatoror the beneficiary of the funds transfer for the period of delay caused by theimproper execution. Except as provided in subsection (c), additional damagesare not recoverable.
(b) If execution of a payment order by a receiving bank inbreach of § 6A-4.1-302 results in (i) noncompletion of the funds transfer,(ii) failure to use an intermediary bank designated by the originator, or (iii)issuance of a payment order that does not comply with the terms of the paymentorder of the originator, the bank is liable to the originator for its expensesin the funds transfer and for incidental expenses and interest losses, to theextent not covered by subsection (a), resulting from the improper execution.Except as provided in subsection (c), additional damages are not recoverable.
(c) In addition to the amounts payable under subsections (a)and (b), damages, including consequential damages, are recoverable to theextent provided in an express written agreement of the receiving bank.
(d) If a receiving bank fails to execute a payment order itwas obliged by express agreement to execute, the receiving bank is liable tothe sender for its expenses in the transaction and for incidental expenses andinterest losses resulting from the failure to execute. Additional damages,including consequential damages, are recoverable to the extent provided in anexpress written agreement of the receiving bank, but are not otherwiserecoverable.
(e) Reasonable attorney's fees are recoverable if demand forcompensation under subsection (a) or (b) is made and refused before an actionis brought on the claim. If a claim is made for breach of an agreement undersubsection (d) and the agreement does not provide for damages, reasonableattorney's fees are recoverable if demand for compensation under subsection (d)is made and refused before an action is brought on the claim.
(f) Except as stated in this section, the liability of areceiving bank under subsections (a) and (b) may not be varied by agreement.
§ 6A-4.1-305 Liability for late orimproper execution or failure to execute payment order. – (a) If a funds transfer is completed but execution of a payment order by thereceiving bank in breach of § 6A-4.1-302 results in delay in payment tothe beneficiary, the bank is obliged to pay interest to either the originatoror the beneficiary of the funds transfer for the period of delay caused by theimproper execution. Except as provided in subsection (c), additional damagesare not recoverable.
(b) If execution of a payment order by a receiving bank inbreach of § 6A-4.1-302 results in (i) noncompletion of the funds transfer,(ii) failure to use an intermediary bank designated by the originator, or (iii)issuance of a payment order that does not comply with the terms of the paymentorder of the originator, the bank is liable to the originator for its expensesin the funds transfer and for incidental expenses and interest losses, to theextent not covered by subsection (a), resulting from the improper execution.Except as provided in subsection (c), additional damages are not recoverable.
(c) In addition to the amounts payable under subsections (a)and (b), damages, including consequential damages, are recoverable to theextent provided in an express written agreement of the receiving bank.
(d) If a receiving bank fails to execute a payment order itwas obliged by express agreement to execute, the receiving bank is liable tothe sender for its expenses in the transaction and for incidental expenses andinterest losses resulting from the failure to execute. Additional damages,including consequential damages, are recoverable to the extent provided in anexpress written agreement of the receiving bank, but are not otherwiserecoverable.
(e) Reasonable attorney's fees are recoverable if demand forcompensation under subsection (a) or (b) is made and refused before an actionis brought on the claim. If a claim is made for breach of an agreement undersubsection (d) and the agreement does not provide for damages, reasonableattorney's fees are recoverable if demand for compensation under subsection (d)is made and refused before an action is brought on the claim.
(f) Except as stated in this section, the liability of areceiving bank under subsections (a) and (b) may not be varied by agreement.
