70A-4a-303 - Erroneous execution of payment order. - Utah Statutes

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Statutes > Utah > Title-70a > Chapter-04a > 70a-4a-303

70A-4a-303. Erroneous execution of payment order.
(1) A receiving bank that executes the payment order of the sender by issuing a paymentorder in an amount greater than the amount of the sender's order, or issues a payment order inexecution of the sender's order and then issues a duplicate order, is entitled to payment of theamount of the sender's order in accordance with Subsection 70A-4a-402(3) if that subsection isotherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous orderthe excess payment received to the extent allowed by the law governing mistake and restitution.
(2) (a) A receiving bank that executes the payment order of the sender by issuing apayment order in an amount less than the amount of the sender's order is entitled to payment ofthe amount of the sender's order in accordance with Subsection 70A-4a-402(3) if:
(i) that subsection is otherwise satisfied; and
(ii) the bank corrects its mistake by issuing an additional payment order for the benefit ofthe beneficiary of the sender's order.
(b) If the error is not corrected, the issuer of the erroneous order is entitled to receive orretain payment from the sender of the order it accepted only to the extent of the amount of theerroneous order. This subsection does not apply if the receiving bank executes the sender'spayment order by issuing a payment order in an amount less than the amount of the sender's orderfor the purpose of obtaining payment of its charges for services and expenses pursuant toinstruction of the sender.
(3) If a receiving bank executes the payment order of the sender by issuing a paymentorder to a beneficiary different from the beneficiary of the sender's order and the funds transfer iscompleted on the basis of that error, the sender of the payment order that was erroneouslyexecuted and all previous senders in the funds transfer are not obliged to pay the payment ordersthey issued. The issuer of the erroneous order is entitled to recover from the beneficiary of theorder the payment received to the extent allowed by the law governing mistake and restitution.

Amended by Chapter 237, 1993 General Session

State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-04a > 70a-4a-303

70A-4a-303. Erroneous execution of payment order.
(1) A receiving bank that executes the payment order of the sender by issuing a paymentorder in an amount greater than the amount of the sender's order, or issues a payment order inexecution of the sender's order and then issues a duplicate order, is entitled to payment of theamount of the sender's order in accordance with Subsection 70A-4a-402(3) if that subsection isotherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous orderthe excess payment received to the extent allowed by the law governing mistake and restitution.
(2) (a) A receiving bank that executes the payment order of the sender by issuing apayment order in an amount less than the amount of the sender's order is entitled to payment ofthe amount of the sender's order in accordance with Subsection 70A-4a-402(3) if:
(i) that subsection is otherwise satisfied; and
(ii) the bank corrects its mistake by issuing an additional payment order for the benefit ofthe beneficiary of the sender's order.
(b) If the error is not corrected, the issuer of the erroneous order is entitled to receive orretain payment from the sender of the order it accepted only to the extent of the amount of theerroneous order. This subsection does not apply if the receiving bank executes the sender'spayment order by issuing a payment order in an amount less than the amount of the sender's orderfor the purpose of obtaining payment of its charges for services and expenses pursuant toinstruction of the sender.
(3) If a receiving bank executes the payment order of the sender by issuing a paymentorder to a beneficiary different from the beneficiary of the sender's order and the funds transfer iscompleted on the basis of that error, the sender of the payment order that was erroneouslyexecuted and all previous senders in the funds transfer are not obliged to pay the payment ordersthey issued. The issuer of the erroneous order is entitled to recover from the beneficiary of theorder the payment received to the extent allowed by the law governing mistake and restitution.

Amended by Chapter 237, 1993 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-04a > 70a-4a-303

70A-4a-303. Erroneous execution of payment order.
(1) A receiving bank that executes the payment order of the sender by issuing a paymentorder in an amount greater than the amount of the sender's order, or issues a payment order inexecution of the sender's order and then issues a duplicate order, is entitled to payment of theamount of the sender's order in accordance with Subsection 70A-4a-402(3) if that subsection isotherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous orderthe excess payment received to the extent allowed by the law governing mistake and restitution.
(2) (a) A receiving bank that executes the payment order of the sender by issuing apayment order in an amount less than the amount of the sender's order is entitled to payment ofthe amount of the sender's order in accordance with Subsection 70A-4a-402(3) if:
(i) that subsection is otherwise satisfied; and
(ii) the bank corrects its mistake by issuing an additional payment order for the benefit ofthe beneficiary of the sender's order.
(b) If the error is not corrected, the issuer of the erroneous order is entitled to receive orretain payment from the sender of the order it accepted only to the extent of the amount of theerroneous order. This subsection does not apply if the receiving bank executes the sender'spayment order by issuing a payment order in an amount less than the amount of the sender's orderfor the purpose of obtaining payment of its charges for services and expenses pursuant toinstruction of the sender.
(3) If a receiving bank executes the payment order of the sender by issuing a paymentorder to a beneficiary different from the beneficiary of the sender's order and the funds transfer iscompleted on the basis of that error, the sender of the payment order that was erroneouslyexecuted and all previous senders in the funds transfer are not obliged to pay the payment ordersthey issued. The issuer of the erroneous order is entitled to recover from the beneficiary of theorder the payment received to the extent allowed by the law governing mistake and restitution.

Amended by Chapter 237, 1993 General Session