Indiana § 26-1-4.1-212 Liability and duty of receiving bank regarding unaccepted payment
order

Indiana Statutes

§ 26-1-4.1-212 — Liability and duty of receiving bank regarding unaccepted payment order

Indiana § 26-1-4.1-212

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 4.1Fund Transfers

This text of Indiana § 26-1-4.1-212 (Liability and duty of receiving bank regarding unaccepted payment order) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-4.1-212 (2026).

Text

If a receiving bank fails to accept a
payment order that it is obliged by express agreement to accept, the
bank is liable for breach of the agreement to the extent provided in the
agreement or in IC 26-1-4.1, but does not otherwise have any duty to
accept a payment order or, before acceptance, to take any action, or
refrain from taking action, with respect to the order except as provided
in IC 26-1-4.1 or by express agreement. Liability based on acceptance
arises only when acceptance occurs as stated in IC 26-1-4.1-209, and
liability is limited to that provided in IC 26-1-4.1. A receiving bank is
not the agent of the sender or beneficiary of the payment order it
accepts, or of any other party to the funds transfer, and the bank owes
no duty to any party to the funds transfer except as prov

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If a receiving bank fails to accept a
payment order that it is obliged by express agreement to accept, the
bank is liable for breach of the agreement to the extent provided in the
agreement or in IC 26-1-4.1, but does not otherwise have any duty to
accept a payment order or, before acceptance, to take any action, or
refrain from taking action, with respect to the order except as provided
in IC 26-1-4.1 or by express agreement. Liability based on acceptance
arises only when acceptance occurs as stated in IC 26-1-4.1-209, and
liability is limited to that provided in IC 26-1-4.1. A receiving bank is
not the agent of the sender or beneficiary of the payment order it
accepts, or of any other party to the funds transfer, and the bank owes
no duty to any party to the funds transfer except as provided in IC 26-1-4.1 or by express agreement.