§ 6A-4.1-402 Obligation of sender to payreceiving bank. – (a) This section is subject to §§ 6A-4.1-205 and 6A-4.1-207.
(b) With respect to a payment order issued to thebeneficiary's bank, acceptance of the order by the bank obliges the sender topay the bank the amount of the order, but payment is not due until the paymentdate of the order.
(c) This subsection is subject to subsection (e) and to§ 6A-4.1-303. With respect to a payment order issued to a receiving bankother than the beneficiary's bank, acceptance of the order by the receivingbank obliges the sender to pay the bank the amount of the sender's order.Payment by the sender is not due until the execution date of the sender'sorder. The obligation of that sender to pay its payment order is excused if thefunds transfer is not completed by acceptance by the beneficiary's bank of apayment order instructing payment to the beneficiary of that sender's paymentorder.
(d) If the sender of a payment order pays the order and wasnot obliged to pay all or part of the amount paid, the bank receiving paymentis obliged to refund payment to the extent the sender was not obliged to pay.Except as provided in §§ 6A-4.1-204 and 6A-4.1-304, interest ispayable on the refundable amount from the date of payment.
(e) If a funds transfer is not completed as stated insubsection (c) and an intermediary bank is obliged to refund payment as statedin subsection (d) but is unable to do so because not permitted by applicablelaw or because the bank suspends payments, a sender in the funds transfer thatexecuted a payment order in compliance with an instruction, as stated in §6A-4.1-302(a)(1), to route the funds transfer through that intermediary bank isentitled to receive or retain payment from the sender of the payment order thatit accepted. The first sender in the funds transfer that issued an instructionrequiring routing through that intermediary bank is subrogated to the right ofthe bank that paid the intermediary bank to refund as stated in subsection (d).
(f) The right of the sender of a payment order to be excusedfrom the obligation to pay the order as stated in subsection (c) or to receiverefund under subsection (d) may not be varied by agreement.
§ 6A-4.1-402 Obligation of sender to payreceiving bank. – (a) This section is subject to §§ 6A-4.1-205 and 6A-4.1-207.
(b) With respect to a payment order issued to thebeneficiary's bank, acceptance of the order by the bank obliges the sender topay the bank the amount of the order, but payment is not due until the paymentdate of the order.
(c) This subsection is subject to subsection (e) and to§ 6A-4.1-303. With respect to a payment order issued to a receiving bankother than the beneficiary's bank, acceptance of the order by the receivingbank obliges the sender to pay the bank the amount of the sender's order.Payment by the sender is not due until the execution date of the sender'sorder. The obligation of that sender to pay its payment order is excused if thefunds transfer is not completed by acceptance by the beneficiary's bank of apayment order instructing payment to the beneficiary of that sender's paymentorder.
(d) If the sender of a payment order pays the order and wasnot obliged to pay all or part of the amount paid, the bank receiving paymentis obliged to refund payment to the extent the sender was not obliged to pay.Except as provided in §§ 6A-4.1-204 and 6A-4.1-304, interest ispayable on the refundable amount from the date of payment.
(e) If a funds transfer is not completed as stated insubsection (c) and an intermediary bank is obliged to refund payment as statedin subsection (d) but is unable to do so because not permitted by applicablelaw or because the bank suspends payments, a sender in the funds transfer thatexecuted a payment order in compliance with an instruction, as stated in §6A-4.1-302(a)(1), to route the funds transfer through that intermediary bank isentitled to receive or retain payment from the sender of the payment order thatit accepted. The first sender in the funds transfer that issued an instructionrequiring routing through that intermediary bank is subrogated to the right ofthe bank that paid the intermediary bank to refund as stated in subsection (d).
(f) The right of the sender of a payment order to be excusedfrom the obligation to pay the order as stated in subsection (c) or to receiverefund under subsection (d) may not be varied by agreement.
§ 6A-4.1-402 Obligation of sender to payreceiving bank. – (a) This section is subject to §§ 6A-4.1-205 and 6A-4.1-207.
(b) With respect to a payment order issued to thebeneficiary's bank, acceptance of the order by the bank obliges the sender topay the bank the amount of the order, but payment is not due until the paymentdate of the order.
(c) This subsection is subject to subsection (e) and to§ 6A-4.1-303. With respect to a payment order issued to a receiving bankother than the beneficiary's bank, acceptance of the order by the receivingbank obliges the sender to pay the bank the amount of the sender's order.Payment by the sender is not due until the execution date of the sender'sorder. The obligation of that sender to pay its payment order is excused if thefunds transfer is not completed by acceptance by the beneficiary's bank of apayment order instructing payment to the beneficiary of that sender's paymentorder.
(d) If the sender of a payment order pays the order and wasnot obliged to pay all or part of the amount paid, the bank receiving paymentis obliged to refund payment to the extent the sender was not obliged to pay.Except as provided in §§ 6A-4.1-204 and 6A-4.1-304, interest ispayable on the refundable amount from the date of payment.
(e) If a funds transfer is not completed as stated insubsection (c) and an intermediary bank is obliged to refund payment as statedin subsection (d) but is unable to do so because not permitted by applicablelaw or because the bank suspends payments, a sender in the funds transfer thatexecuted a payment order in compliance with an instruction, as stated in §6A-4.1-302(a)(1), to route the funds transfer through that intermediary bank isentitled to receive or retain payment from the sender of the payment order thatit accepted. The first sender in the funds transfer that issued an instructionrequiring routing through that intermediary bank is subrogated to the right ofthe bank that paid the intermediary bank to refund as stated in subsection (d).
(f) The right of the sender of a payment order to be excusedfrom the obligation to pay the order as stated in subsection (c) or to receiverefund under subsection (d) may not be varied by agreement.
