§ 4A-305. Liability for late or improper execution or failure to execute payment order
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 4A-305
§ 4A-305. Liability for late or improper execution or failure to execute payment order
(a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of § 4A-302 of this subtitle 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 period of delay caused by the improper execution. Except as provided in subsection (c) of this section, additional damages are not recoverable.
(iii) Issuance of a payment order that does not comply with the terms of the payment order of the originator, the bank is liable to the originator for its expenses in the funds transfer and for incidental expenses and interest losses, to the extent not covered by subsection (a) of this section, resulting from the improper execution.
(2) If a claim is made for breach of an agreement under subsection (d) of this section and the agreement does not provide for damages, reasonable attorney's fees are recoverable if demand for compensation under subsection (d) of this section is made and refused before an action is brought on the claim.
Credits
Added by Acts 1991, c. 548, § 1, eff. July 1, 1991.
MD Code, Commercial Law, § 4A-305, MD COML § 4A-305
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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