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-A-209, 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.
Structure New York Laws
Part 2 - Issue and Acceptance of Payment Order
4-A-202 - Authorized and Verified Payment Orders.
4-A-203 - Unenforceability of Certain Verified Payment Orders.
4-A-205 - Erroneous Payment Orders.
4-A-206 - Transmission of Payment Order Through Funds-Transfer or Other Communication System.
4-A-207 - Misdescription of Beneficiary.
4-A-208 - Misdescription of Intermediary Bank or Beneficiary's Bank.
4-A-209 - Acceptance of Payment Order.
4-A-210 - Rejection of Payment Order.
4-A-211 - Cancellation and Amendment of Payment Order.
4-A-212 - Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order.