Sec. 212. 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 IC 26-1-4.1, 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 IC 26-1-4.1 or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in IC 26-1-4.1-209, and liability is limited to that provided in IC 26-1-4.1. A receiving bank is not the agent of the sender or beneficiary of the payment order 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 IC 26-1-4.1 or by express agreement.
As added by P.L.189-1991, SEC.4. Amended by P.L.1-1992, SEC.139.
Structure Indiana Code
Article 1. Uniform Commercial Code
26-1-4.1-103. Payment Order—definitions
26-1-4.1-104. Funds Transfer—definitions
26-1-4.1-105. Other Definitions
26-1-4.1-106. Time Payment Order Is Received
26-1-4.1-107. Federal Reserve Regulations and Operating Circulars
26-1-4.1-108. Exclusion of Consumer Transactions Governed by Federal Law
26-1-4.1-201. "Security Procedure"
26-1-4.1-202. Authorized and Verified Payment Orders
26-1-4.1-203. Unenforceability of Certain Verified Payment Orders
26-1-4.1-205. Erroneous Payment Orders
26-1-4.1-206. Transmission of Payment Order Through Funds-Transfer or Other Communication System
26-1-4.1-207. Misdescription of Beneficiary
26-1-4.1-208. Misdescription of Intermediary Bank or Beneficiary's Bank
26-1-4.1-209. Acceptance of Payment Order
26-1-4.1-210. Rejection of Payment Order
26-1-4.1-211. Cancellation and Amendment of Payment Order
26-1-4.1-212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
26-1-4.1-301. Execution and Execution Date
26-1-4.1-302. Obligations of Receiving Bank in Execution of Payment Order
26-1-4.1-303. Erroneous Execution of Payment Order
26-1-4.1-304. Duty of Sender to Report Erroneously Executed Payment Order
26-1-4.1-305. Liability for Late or Improper Execution or Failure to Execute Payment Order
26-1-4.1-402. Obligation of Sender to Pay Receiving Bank
26-1-4.1-403. Payment by Sender to Receiving Bank
26-1-4.1-404. Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary
26-1-4.1-405. Payment by Beneficiary's Bank to Beneficiary
26-1-4.1-406. Payment by Originator to Beneficiary; Discharge of Underlying Obligation
26-1-4.1-501. Variation by Agreement and Effect of Funds Transfer System Rule
26-1-4.1-502. Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank
26-1-4.1-503. Injunction or Restraining Order With Respect to Funds Transfer
26-1-4.1-505. Preclusion of Objection to Debit of Customer's Account