Wire Transfer Operating Guidelines Articles 4a of the Uniform Commercial Code Clause Samples
The Wire Transfer Operating Guidelines/Articles 4A of the Uniform Commercial Code (UCC) establish the legal framework and procedures for electronic funds transfers between banks and their customers. These guidelines specify the rights and responsibilities of both parties, including how payment orders are initiated, executed, and settled, and outline the security procedures that must be followed to authenticate transfers. By providing clear rules for the processing and handling of wire transfers, this clause helps prevent disputes, allocates liability in cases of error or fraud, and ensures the efficient and secure movement of funds.
Wire Transfer Operating Guidelines Articles 4a of the Uniform Commercial Code. 7.1 The Transfer Agent is authorized to promptly debit the appropriate Portfolio account(s) upon the receipt of a payment order in compliance with the selected security procedure (the "Security Procedure") chosen for funds transfer and in the amount of money that the Transfer Agent has been instructed to transfer. The Transfer Agent shall execute payment orders in compliance with the Security Procedure and with the Fund instructions on the execution date provided that such payment order is received by the close of the funds-transfer business day of the Transfer Agent, unless the payment order specifies a later time. All payment orders and communications received after the customary deadline will be deemed to have been received the next business day.
7.2 The Transfer Agent acknowledges that the Security Procedure it has designated on the Fund Selection Form was selected by the Fund from security procedures offered by the Transfer Agent. The Fund shall restrict access to confidential information relating to the Security Procedure to authorized persons as communicated to the Transfer Agent in writing. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information or of any change in that party's authorized personnel. The Transfer Agent shall verify the authenticity of all Fund instructions according to the Security Procedure.
7.3 The Transfer Agent shall process all payment orders on the basis of the account number contained in the payment order. In the event of a discrepancy between any name indicated on the payment order and the account number, the account number shall take precedence and govern.
7.4 The Transfer Agent reserves the right to decline to process or delay the processing of a payment order which (a) is in excess of the collected balance in the account to be charged at the time of the Transfer Agent's receipt of such payment order; (b) would cause the Transfer Agent, in the Transfer Agent's reasonable judgement, to exceed any volume, aggregate dollar, network, time, credit or similar limits which are applicable to the Transfer Agent; or (c) the Transfer Agent, upon reasonable belief after verifying the authenticity of the payment order according to the Security Procedures is unable to satisfy itself that the transaction has been properly authorized.
7.5 The Transfer Agent shall use reasonable efforts to act on all authorized requests to cancel or amend payment order...
Wire Transfer Operating Guidelines Articles 4a of the Uniform Commercial Code. 5.1 The Bank is authorized to promptly debit the appropriate Fund account(s) upon the receipt of a payment order in compliance with the selected security procedure (the
Wire Transfer Operating Guidelines Articles 4a of the Uniform Commercial Code