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§ 4A304. Duty of sender to report erroneously executed payment order

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 4a. Funds Transfers (Refs & Annos)
Chapter 4A3. Execution of Sender's Payment Order by Receiving Bank
13 Pa.C.S.A. § 4A304
§ 4A304. Duty of sender to report erroneously executed payment order
If the sender of a payment order that is erroneously executed as stated in section 4A303 (relating to erroneous execution of payment order) 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 to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time, not exceeding 90 days, after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under section 4A402(d) (relating to obligation of sender to pay receiving bank) for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section.

Credits

1992, July 9, P.L. 507, No. 97, § 15, effective in one year.
13 Pa.C.S.A. § 4A304, PA ST 13 Pa.C.S.A. § 4A304
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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