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§ 4A-212. Liability and duty of receiving bank regarding unaccepted payment order

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 4a. Funds Transfers (Refs & Annos)
Subtitle 2. Issue and Acceptance of Payment Order (Refs & Annos)
MD Code, Commercial Law, § 4A-212
§ 4A-212. Liability and duty of receiving bank regarding unaccepted payment order
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 title, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this title or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in § 4A-209 of this subtitle, and liability is limited to that provided in this title. A receiving bank is not the agent of the sender or of the beneficiary of the payment order that it accepts, or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this title or by express agreement.

Credits

Added by Acts 1991, c. 548, § 1, eff. July 1, 1991.
MD Code, Commercial Law, § 4A-212, MD COML § 4A-212
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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