IC 26-1-4.1 – Fund Transfers | Midpage

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Indiana Code

Chapter 4.1

IC 26-1-4.1

Fund Transfers

101Short title 102Subject matter 103Payment order—definitions 104Funds transfer—definitions 105Other definitions 106Time payment order is received 107Federal reserve regulations and operating circulars 108Exclusion of consumer transactions governed by federal law 201"Security procedure"202Authorized and verified payment orders; security procedures; commercial reasonableness 203Unenforceability of certain verified payment orders 204Refund of payment and duty of customer to report with respect to unauthorized payment order 205Erroneous payment orders 206Transmission of payment order through funds-transfer or other communication system 207Misdescription of beneficiary 208Misdescription of intermediary bank or beneficiary's bank 209Acceptance of payment order 210Rejection of payment order 211Cancellation and amendment of payment order 212Liability and duty of receiving bank regarding unaccepted payment order 301Execution and execution date 302Obligations of receiving bank in execution of payment order 303Erroneous execution of payment order 304Duty of sender to report erroneously executed payment order 305Liability for late or improper execution or failure to execute payment order 401"Payment date"402Obligation of sender to pay receiving bank 403Payment by sender to receiving bank 404Obligation of beneficiary's bank to pay and give notice to beneficiary 405Payment by beneficiary's bank to beneficiary 406Payment by originator to beneficiary; discharge of underlying obligation 501Variation by agreement and effect of funds transfer system rule 502Creditor process served on receiving bank; setoff by beneficiary's bank 503Injunction or restraining order with respect to funds transfer 504Order in which items and payment orders may be charged to account; order of withdrawals from account 505Preclusion of objection to debit of customer's account 506Rate of interest 507Choice of law