Colorado Statutes
§ 4-4.5-304 — Duty of sender to report erroneously executed payment order
Colorado § 4-4.5-304
This text of Colorado § 4-4.5-304 (Duty of sender to report erroneously executed payment order) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Colo. Rev. Stat. § 4-4.5-304 (2026).
Text
If the sender of a payment order that is erroneously executed as stated in section
4-4.5-303 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 section 4-4.5-402(d) for the period before the bank
learns of the execution error. The bank is not entitled to an
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Legislative History
Source: L. 90: Entire article added, p. 355, � 1, effective January 1, 1991.
Nearby Sections
15
§ 4-1-101
Short titles§ 4-1-102
Scope of article§ 4-1-104
Construction against implied repeal§ 4-1-105
Severability§ 4-1-106
Use of singular and plural - gender§ 4-1-107
Captions§ 4-1-201
General definitions§ 4-1-202
Notice - knowledge§ 4-1-204
Value§ 4-1-205
Reasonable time - seasonableness§ 4-1-302
Variation by agreement§ 4-1-304
Obligation of good faithCite This Page — Counsel Stack
Bluebook (online)
Colorado § 4-4.5-304, Counsel Stack Legal Research, https://law.counselstack.com/statute/co/04/4-4.5-304.