New York § 4-A-503 Injunction or Restraining Order With Respect to Funds Transfer

New York Statutes

§ 4-A-503 — Injunction or Restraining Order With Respect to Funds Transfer

New York·Law UCC Uniform Commercial Code·Part 5 Miscellaneous Provisions·Art. 4-A Funds Transfers

Section 4-A-503. Injunction or Restraining Order With Respect to Funds\n                   Transfer.\n  For proper cause and in compliance with applicable law, a court may\nrestrain (i) a person from issuing a payment order to initiate a funds\ntransfer, (ii) an originator's bank from executing the payment order of\nthe originator, or (iii) the beneficiary's bank from releasing funds to\nthe beneficiary or the beneficiary from withdrawing the funds. A court\nmay not otherwise restrain a person from issuing a payment order, paying\nor receiving payment of a payment order, or otherwise acting with\nrespect to a funds transfer.\n

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Section 4-A-503. Injunction or Restraining Order With Respect to Funds\n Transfer.\n For proper cause and in compliance with applicable law, a court may\nrestrain (i) a person from issuing a payment order to initiate a funds\ntransfer, (ii) an originator's bank from executing the payment order of\nthe originator, or (iii) the beneficiary's bank from releasing funds to\nthe beneficiary or the beneficiary from withdrawing the funds. A court\nmay not otherwise restrain a person from issuing a payment order, paying\nor receiving payment of a payment order, or otherwise acting with\nrespect to a funds transfer.\n

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