§ 6A-4.1-212. 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 § 6A-4.1-209, 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 of Section.P.L. 1991, ch. 189, § 1.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-4.1 - Funds Transfers
Part 2 - Issue and Acceptance of Payment Order
Section 6A-4.1-201. - Security procedure.
Section 6A-4.1-202. - Authorized and verified payment orders.
Section 6A-4.1-203. - Unenforceability of certain verified payment orders.
Section 6A-4.1-205. - Erroneous payment orders.
Section 6A-4.1-207. - Misdescription of beneficiary.
Section 6A-4.1-208. - Misdescription of intermediary bank or beneficiary’s bank.
Section 6A-4.1-209. - Acceptance of payment order.
Section 6A-4.1-210. - Rejection of payment order.
Section 6A-4.1-211. - Cancellation and amendment of payment order.
Section 6A-4.1-212. - Liability and duty of receiving bank regarding unaccepted payment order.