New York § 4-A-304 Duty of Sender to Report Erroneously Executed Payment Order

New York Statutes

§ 4-A-304 — Duty of Sender to Report Erroneously Executed Payment Order

New York § 4-A-304

Law UCCUniform Commercial Code

Part 3Execution of Sender's Payment Order By Receiving Bank

Art. 4-AFunds Transfers

This text of New York § 4-A-304 (Duty of Sender to Report Erroneously Executed Payment Order) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Uniform Commercial Code § 4-A-304 (2026).

Text

Section 4-A-304. Duty of Sender to Report Erroneously Executed Payment\n                   Order.\n  If the sender of a payment order that is erroneously executed as\nstated in Section 4-A-303 receives notification from the receiving bank\nthat the order was executed or that the sender's account was debited\nwith respect to the order, the sender has a duty to exercise ordinary\ncare to determine, on the basis of information available to the sender,\nthat the order was erroneously executed and to notify the bank of the\nrelevant facts within a reasonable time not exceeding ninety days after\nthe notification from the bank was received by the sender. If the sender\nfails to perform that duty, the bank is not obliged to pay interest on\nany amount refundable to the sender under subsection (4)

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Section 4-A-304. Duty of Sender to Report Erroneously Executed Payment\n Order.\n If the sender of a payment order that is erroneously executed as\nstated in Section 4-A-303 receives notification from the receiving bank\nthat the order was executed or that the sender's account was debited\nwith respect to the order, the sender has a duty to exercise ordinary\ncare to determine, on the basis of information available to the sender,\nthat the order was erroneously executed and to notify the bank of the\nrelevant facts within a reasonable time not exceeding ninety days after\nthe notification from the bank was received by the sender. If the sender\nfails to perform that duty, the bank is not obliged to pay interest on\nany amount refundable to the sender under subsection (4) of Section\n4-A-402 for the period before the bank learns of the execution error.\nThe bank is not entitled to any recovery from the sender on account of a\nfailure by the sender to perform the duty stated in this section.\n