Indiana Statutes
§ 26-1-4.1-304 — Duty of sender to report erroneously executed payment order
Indiana § 26-1-4.1-304
This text of Indiana § 26-1-4.1-304 (Duty of sender to report erroneously executed 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 § 26-1-4.1-304 (2026).
Text
If the sender of a payment order that is
erroneously executed as stated in IC 26-1-4.1-303 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 (90) 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 IC 26-1-4.1-402(d) for the period before the bank learns of the
execution error. The bank is not entitled to any recove
Free access — add to your briefcase to read the full text and ask questions with AI
Legislative History
As added by P.L.189-1991, SEC.4.
Nearby Sections
15
§ 26-1-1-0.3
Certain security interests considered perfected§ 26-1-1-0.5
Status of certain security interests; conditions; lapsing of perfection;
filing of financing statements§ 26-1-1-101
Short title; application§ 26-1-1-104
Construction against implicit repeal§ 26-1-1-105
Repealed§ 26-1-1-106
Remedies to be liberally administered§ 26-1-1-108
SeverabilityCite This Page — Counsel Stack
Bluebook (online)
Indiana § 26-1-4.1-304, Counsel Stack Legal Research, https://law.counselstack.com/statute/in/26-1-4.1-304.