The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 4A-212)
-
§ 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 4A—209 of this title, 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. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)