§4-1212. 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 Article 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 Article or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in section 4-1209 and liability is limited to that provided in this Article. 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 this Article or by express agreement. [PL 1991, c. 812, §2 (NEW).]
SECTION HISTORY
PL 1991, c. 812, §2 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Part 2: ISSUE AND ACCEPTANCE OF PAYMENT ORDER
11 §4-1201. Security procedure
11 §4-1202. Authorized and verified payment orders
11 §4-1203. Unenforceability of certain verified payment orders
11 §4-1205. Erroneous payment orders
11 §4-1206. Transmission of payment order through funds transfer or other communication system
11 §4-1207. Misdescription of beneficiary
11 §4-1208. Misdescription of intermediary bank or beneficiary's bank
11 §4-1209. Acceptance of payment order
11 §4-1210. Rejection of payment order
11 §4-1211. Cancellation and amendment of payment order
11 §4-1212. Liability and duty of receiving bank regarding unaccepted payment order