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Commercial Code - COM - COM § 11105

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11105

(a) In this division: (1) “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an

Commercial Code - COM - COM § 11106

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11106

(a) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in Section 1202. A receiving bank may fix a cutoff time or times on a funds-transfer business day for the receipt

Commercial Code - COM - COM § 11107

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11107

Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this division to the extent of the inconsistency.

Commercial Code - COM - COM § 11108

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11108

(a) Except as provided in subdivision (b), this division does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. Sec. 1693 et seq.) as amended from time to time. (b) This d

Commercial Code - COM - COM § 11201

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11201

“Security procedure” means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or canceling a payment order is that of the customer, or (ii) detecting error in the transmission or

Commercial Code - COM - COM § 11202

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11202

(a) A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency. (b) If a bank and its customer have agreed that the authenticity of payment order

Commercial Code - COM - COM § 11203

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11203

(a) If an accepted payment order is not, under subdivision (a) of Section 11202, an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to subdivision (b) of Section 11202, the following rules apply: (1) By express agreement

Commercial Code - COM - COM § 11204

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11204

(a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the customer under Section 11202, or (ii) not enforceable, in whole or in part, against the customer under Section 11203, the

Commercial Code - COM - COM § 11205

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11205

(a) If an accepted payment order was transmitted pursuant to a security procedure for the detection of error and the payment order (i) erroneously instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed payment in an amount greater than the amo

Commercial Code - COM - COM § 11206

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11206

(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. I

Commercial Code - COM - COM § 11207

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11207

(a) Subject to subdivision (b), if, in a payment order received by the beneficiary’s bank, the name, bank account number, or other identification of the beneficiary refers to a nonexistent or unidentifiable person or account, no person has rights as a beneficiary of the order and

Commercial Code - COM - COM § 11208

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11208

(a) This subdivision applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number. (1) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary’s bank and need not determine wh

Commercial Code - COM - COM § 11209

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11209

(a) Subject to subdivision (d), a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order. (b) Subject to subdivisions (c) and (d), a beneficiary’s bank accepts a payment order at the earliest of the following times: (1) When the bank (

Commercial Code - COM - COM § 11210

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11210

(a) A payment order is rejected by the receiving bank by a notice of rejection transmitted to the sender orally or in a record. A notice of rejection need not use any particular words and is sufficient if it indicates that the receiving bank is rejecting the order or will not exe

Commercial Code - COM - COM § 11211

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11211

(a) A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally or in a record. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or ame

Commercial Code - COM - COM § 11212

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11212

If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this division, but does not otherwise have any duty to accept a payment order or, be

Commercial Code - COM - COM § 11301

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11301

(a) A payment order is “executed” by the receiving bank when it issues a payment order intended to carry out the payment order received by the bank. A payment order received by the beneficiary’s bank can be accepted but cannot be executed. (b) “Execution date” of a payment order

Commercial Code - COM - COM § 11302

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11302

(a) Except as provided in subdivisions (b) to (d), inclusive, if the receiving bank accepts a payment order pursuant to subdivision (a) of Section 11209, the bank has the following obligations in executing the order: (1) The receiving bank is obliged to issue, on the execution da

Commercial Code - COM - COM § 11303

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11303

(a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or (ii) issues a payment order in execution of the sender’s order and then issues a duplicate order, is entitled to paymen

Commercial Code - COM - COM § 11304

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11304

If the sender of a payment order that is erroneously executed as stated in Section 11303 receives notification from the receiving bank that the order was executed or that the sender’s account was debited with respect to the order, the sender has a duty to exercise ordinary care t

Commercial Code - COM - COM § 11305

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11305

(a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of Section 11302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the per

Commercial Code - COM - COM § 11401

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11401

“Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s

Commercial Code - COM - COM § 11402

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11402

(a) This section is subject to Sections 11205 and 11207. (b) With respect to a payment order issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the orde

Commercial Code - COM - COM § 11403

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11403

(a) Payment of the sender’s obligation under Section 11402 to pay the receiving bank occurs as follows: (1) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve Bank or through a funds-transfer syste

Commercial Code - COM - COM § 11404

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 11404

(a) Subject to subdivision (e) of Section 11211, and subdivisions (d) and (e) of Section 11405, if a beneficiary’s bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, bu