North Dakota § 41-04.1-24 (4A-304) Duty of sender to report erroneously executed payment order

North Dakota Statutes

§ 41-04.1-24 — (4A-304) Duty of sender to report erroneously executed payment order

North Dakota § 41-04.1-24

Title 41Uniform Commercial Code

Ch. 41-04.1Funds Transfers

This text of North Dakota § 41-04.1-24 ((4A-304) Duty of sender to report erroneously executed payment order) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-04.1-24 (2026).

Text

If the sender of a payment order that is erroneously executed as stated in section
41-04.1-23 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 subsection 4 of section 41-04.1-27 for the period before the
bank learns of the execution error. The bank is not entitled

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If the sender of a payment order that is erroneously executed as stated in section
41-04.1-23 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 subsection 4 of section 41-04.1-27 for the period before the
bank learns of the execution error. The bank is not entitled to any recovery from the sender on
account of a failure by the sender to perform the duty stated in this section.