§ 4A-210. Rejection of payment order
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 4A-210
§ 4A-210. Rejection of payment order
(b) This subsection applies if a receiving bank other than the beneficiary's bank fails to execute a payment order despite the existence on the execution date of a withdrawable credit balance in an authorized account of the sender sufficient to cover the order. If the sender does not receive notice of rejection of the order on the execution date and the authorized account of the sender does not bear interest, the bank is obliged to pay interest to the sender on the amount of the order for the number of days elapsing after the execution date to the earlier of the day the order is cancelled pursuant to § 4A-211(d) of this subtitle or the day the sender receives notice or learns that the order was not executed, counting the final day of the period as an elapsed day. If the withdrawable credit balance during that period falls below the amount of the order, the amount of interest is reduced accordingly.
Credits
Added by Acts 1991, c. 548, § 1, eff. July 1, 1991.
MD Code, Commercial Law, § 4A-210, MD COML § 4A-210
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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