If the sender of a payment order that is erroneously executed as stated in section three hundred three of this article receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under subsection (d), section four hundred two of this article for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section.
Structure West Virginia Code
Chapter 46. Uniform Commercial Code
§46-4A-103. Payment Order -- Definitions
§46-4A-104. Funds Transfer -- Definitions
§46-4A–106. Time Payment Order Is Received
§46-4A-107. Federal Reserve Regulations and Operating Circulars
§46-4A-108. Relationship to Electronic Fund Transfer Act
§46-4A-201. Security Procedure
§46-4A-202. Authorized and Verified Payment Orders
§46-4A-203. Unenforceability of Certain Verified Payment Orders
§46-4A-205. Erroneous Payment Orders
§46-4A-206. Transmission of Payment Order Through Funds Transfer or Other Communication System
§46-4A-207. Misdescription of Beneficiary
§46-4A-208. Misdescription of Intermediary Bank or Beneficiary's Bank
§46-4A-209. Acceptance of Payment Order
§46-4A-210. Rejection of Payment Order
§46-4A-211. Cancellation and Amendment of Payment Order
§46-4A-212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
§46-4A-301. Execution and Execution Date
§46-4A-302. Obligations of Receiving Bank in Execution of Payment Order
§46-4A-303. Erroneous Execution of Payment Order
§46-4A-304. Duty of Sender to Report Erroneously Executed Payment Order
§46-4A-305. Liability for Late or Improper Execution or Failure to Execute Payment Order
§46-4A-402. Obligation of Sender to Pay Receiving Bank
§46-4A-403. Payment by Sender to Receiving Bank
§46-4A-404. Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary
§46-4A-405. Payment by Beneficiary's Bank to Beneficiary
§46-4A-406. Payment by Originator to Beneficiary; Discharge of Underlying Obligation
§46-4A-501. Variation by Agreement and Effect of Funds-Transfer System Rule
§46-4A-502. Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank
§46-4A-503. Injunction or Restraining Order With Respect to Funds Transfer
§46-4A-505. Preclusion of Objection to Debit of Customer's Account