30-4A-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 chapter 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 chapter or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in 30-4A-209, and liability is limited to that provided in this chapter. 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 chapter or by express agreement.
History: En. Sec. 208, Ch. 410, L. 1991.
Structure Montana Code Annotated
Chapter 4A. Uniform Commercial Code Funds Transfers
Part 2. Issue and Acceptance of Payment Order
30-4A-202. Authorized and verified payment orders
30-4A-203. Unenforceability of certain verified payment orders
30-4A-205. Erroneous payment orders
30-4A-206. Transmission of payment order through funds-transfer or other communication system
30-4A-207. Misdescription of beneficiary
30-4A-208. Misdescription of intermediary bank or beneficiary's bank
30-4A-209. Acceptance of payment order
30-4A-210. Rejection of payment order
30-4A-211. Cancellation and amendment of payment order
30-4A-212. Liability and duty of receiving bank regarding unaccepted payment order