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

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