(a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of section three hundred two of this article results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper execution. Except as provided in subsection (c) of this section, additional damages are not recoverable.
(b) If execution of a payment order by a receiving bank in breach of section three hundred two of this article results in (1) noncompletion of the funds transfer, (2) failure to use an intermediary bank designated by the originator or (3) issuance of a payment order that does not comply with the terms of the payment order of the originator, the bank is liable to the originator for its expenses in the funds transfer and for incidental expenses and interest losses, to the extent not covered by subsection (a) of this section resulting from the improper execution. Except as provided in subsection (c) of this section, additional damages are not recoverable.
(c) In addition to the amounts payable under subsections (a) and (b) of this section, damages, including consequential damages, are recoverable to the extent provided in an express written agreement of the receiving bank.
(d) If a receiving bank fails to execute a payment order it was obliged by express agreement to execute, the receiving bank is liable to the sender for its expenses in the transaction and for incidental expenses and interest losses resulting from the failure to execute. Additional damages, including consequential damages, are recoverable to the extent provided in an express written agreement of the receiving bank, but are not otherwise recoverable.
(e) Reasonable attorney's fees are recoverable if demand for compensation under subsection (a) or (b) of this section is made and refused before an action is brought on the claim. If a claim is made for breach of an agreement under subsection (d) of this section and the agreement does not provide for damages, reasonable attorney's fees are recoverable if demand for compensation under subsection (d) of this section is made and refused before an action is brought on the claim.
(f) Except as stated in this section, the liability of a receiving bank under subsections (a) and (b) of this section may not be varied by agreement.
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