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RSA 382-A:4A-208 · Misdescription of Intermediary Bank or Beneficiary's Bank
382-A:4A-208 Misdescription of Intermediary Bank or Beneficiary's Bank. –
Copy linkThis subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number.
Copy linkThe receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank and need not determine whether the number identifies a bank.
Copy linkThe sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.
Copy linkThis subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank both by name and an identifying number if the name and number identify different persons.
Copy linkIf the sender is a bank, the receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank if the receiving bank, when it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person or whether the number refers to a bank. The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.
Copy linkIf the sender is not a bank and the receiving bank proves that the sender, before the payment order was accepted, had notice that the receiving bank might rely on the number as the proper identification of the intermediary or beneficiary's bank even if it identifies a person different from the bank identified by name, the rights and obligations of the sender and the receiving bank are governed by subsection (b)(1), as though the sender were a bank. Proof of notice may be made by any admissible evidence. The receiving bank satisfies the burden of proof if it proves that the sender, before the payment order was accepted, signed a record stating the information to which the notice relates.
Copy linkRegardless of whether the sender is a bank, the receiving bank may rely on the name as the proper identification of the intermediary or beneficiary's bank if the receiving bank, at the time it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person.
Copy linkIf the receiving bank knows that the name and number identify different persons, reliance on either the name or the number in executing the sender's payment order is a breach of the obligation stated in Section 4A-302(a)(1). Source. 1993, 346:7, eff. Jan. 1, 1994. 2022, 281:31, eff. Jan. 1, 2023.
Copy linkSource note
Source. 1993, 346:7, eff. Jan. 1, 1994. 2022, 281:31, eff. Jan. 1, 2023.
Source history
- 1993, 346:7, eff. Jan. 1, 1994
- 2022, 281:31, eff. Jan. 1, 2023
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