25-4A-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 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 G.S. 25-4A-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. (1993, c. 157, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 25 - Uniform Commercial Code
§ 25-4A-103 - Payment order - definitions.
§ 25-4A-104 - Funds transfer - definitions.
§ 25-4A-105 - Other definitions.
§ 25-4A-106 - Time payment order is received.
§ 25-4A-107 - Federal reserve regulations and operating circulars.
§ 25-4A-108 - Relationship to Electronic Fund Transfer Act.
§ 25-4A-201 - Security procedure.
§ 25-4A-202 - Authorized and verified payment orders.
§ 25-4A-203 - Unenforceability of certain verified payment orders.
§ 25-4A-205 - Erroneous payment orders.
§ 25-4A-206 - Transmission of payment order through funds-transfer or other communication system.
§ 25-4A-207 - Misdescription of beneficiary.
§ 25-4A-208 - Misdescription of intermediary bank or beneficiary's bank.
§ 25-4A-209 - Acceptance of payment order.
§ 25-4A-210 - Rejection of payment order.
§ 25-4A-211 - Cancellation and amendment of payment order.
§ 25-4A-212 - Liability and duty of receiving bank regarding unaccepted payment order.
§ 25-4A-301 - Execution and execution date.
§ 25-4A-302 - Obligations of receiving bank in execution of payment order.
§ 25-4A-303 - Erroneous execution of payment order.
§ 25-4A-304 - Duty of sender to report erroneously executed payment order.
§ 25-4A-305 - Liability for late or improper execution or failure to execute payment order.
§ 25-4A-402 - Obligation of sender to pay receiving bank.
§ 25-4A-403 - Payment by sender to receiving bank.
§ 25-4A-404 - Obligation of beneficiary's bank to pay and give notice to beneficiary.
§ 25-4A-405 - Payment by beneficiary's bank to beneficiary.
§ 25-4A-406 - Payment by originator to beneficiary; discharge of underlying obligation.
§ 25-4A-501 - Variation by agreement and effect of funds-transfer system rule.
§ 25-4A-502 - Creditor process served on receiving bank; setoff by beneficiary's bank.
§ 25-4A-503 - Injunction or restraining order with respect to funds transfer.
§ 25-4A-505 - Preclusion of objection to debit of customer's account.