Sec. 42a-4A-212. Liability and duty of receiving bank regarding unaccepted payment order.
Sec. 42a-4A-212. Liability and duty of receiving bank regarding unaccepted
payment order. If a receiving bank fails to accept a payment order that it is obliged by
express agreement to accept, the bank is liable for breach of the agreement to the extent
provided in the agreement or in this article, but does not otherwise have any duty to
accept a payment order or, before acceptance, to take any action, or refrain from taking
action, with respect to the order except as provided in this article or by express agreement.
Liability based on acceptance arises only when acceptance occurs as stated in section
42a-4A-209, and liability is limited to that provided in this article. A receiving bank is
not the agent of the sender or beneficiary of the payment order it accepts, or of any other
party to the funds transfer, and the bank owes no duty to any party to the funds transfer
except as provided in this article or by express agreement.
(P.A. 90-202, S. 1(4A-212), 3.)