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Federal Register / Vol. 86, No. 111 / Friday, June 11, 2021 / Proposed Rules
3 If the receiving bank debits an account of the sender with the receiving bank, payment occurs when the debit is made to the extent the debit is covered by a withdrawable credit balance in the account.
b If the sender and receiving bank are members of a funds-transfer system that nets obligations multilaterally among participants, the receiving bank receives final settlement when settlement is complete in accordance with the rules of the system. The obligation of the sender to pay the amount of a payment order transmitted through the funds-transfer system may be satisfied, to the extent permitted by the rules of the system, by setting off and applying against the senders obligation the right of the sender to receive payment from the receiving bank of the amount of any other payment order transmitted to the sender by the receiving bank through the funds-transfer system. The aggregate balance of obligations owed by each sender to each receiving bank in the funds-transfer system may be satisfied, to the extent permitted by the rules of the system, by setting off and applying against that balance the aggregate balance of obligations owed to the sender by other members of the system. The aggregate balance is determined after the right of setoff stated in the second sentence of this subsection has been exercised.
c If two banks transmit payment orders to each other under an agreement that settlement of the obligations of each bank to the other under section 4A402 will be made at the end of the day or other period, the total amount owed with respect to all orders transmitted by one bank shall be set off against the total amount owed with respect to all orders transmitted by the other bank.
To the extent of the setoff, each bank has made payment to the other.
d In a case not covered by paragraph a of this section, the time when payment of the senders obligation under section 4A402b or 4A402c occurs is governed by applicable principles of law that determine when an obligation is satisfied.
Section 4A404. Obligation of Beneficiarys Bank To Pay and Give Notice to Beneficiary a Subject to sections 4A211e, 4A
405d, and 4A405e, if a beneficiarys bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after the close of the funds-transfer business day of the bank, payment is due on the next funds-transfer business day. If the bank refuses to pay after demand by the beneficiary and receipt of notice of particular circumstances that will give rise to consequential damages as a result of nonpayment, the beneficiary may recover damages resulting from the refusal to pay to the extent the bank had notice of the damages, unless the bank proves that it did not pay because of a reasonable doubt concerning the right of the beneficiary to payment.
b If a payment order accepted by the beneficiarys bank instructs payment to an account of the beneficiary, the bank is obliged to notify the beneficiary of receipt of
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the order before midnight of the next fundstransfer business day following the payment date. If the payment order does not instruct payment to an account of the beneficiary, the bank is required to notify the beneficiary only if notice is required by the order. Notice may be given by first class mail or any other means reasonable in the circumstances. If the bank fails to give the required notice, the bank is obliged to pay interest to the beneficiary on the amount of the payment order from the day notice should have been given until the day the beneficiary learned of receipt of the payment order by the bank. No other damages are recoverable. Reasonable attorneys fees are also recoverable if demand for interest is made and refused before an action is brought on the claim.
c The right of a beneficiary to receive payment and damages as stated in subsection a may not be varied by agreement or a funds-transfer system rule. The right of a beneficiary to be notified as stated in subsection b of this section may be varied by agreement of the beneficiary or by a fundstransfer system rule if the beneficiary is notified of the rule before initiation of the funds transfer.
Section 4A405. Payment by Beneficiarys Bank To Beneficiary a If the beneficiarys bank credits an account of the beneficiary of a payment order, payment of the banks obligation under section 4A404a occurs when and to the extent i the beneficiary is notified of the right to withdraw the credit, ii the bank lawfully applies the credit to a debt of the beneficiary, or iii funds with respect to the order are otherwise made available to the beneficiary by the bank.
b If the beneficiarys bank does not credit an account of the beneficiary of a payment order, the time when payment of the banks obligation under section 4A404a occurs is governed by principles of law that determine when an obligation is satisfied.
c Except as stated in paragraphs d and e of this section, if the beneficiarys bank pays the beneficiary of a payment order under a condition to payment or agreement of the beneficiary giving the bank the right to recover payment from the beneficiary if the bank does not receive payment of the order, the condition to payment or agreement is not enforceable.
d A funds-transfer system rule may provide that payments made to beneficiaries of funds transfer made through the system are provisional until receipt of payment by the beneficiarys bank of the payment order it accepted. A beneficiarys bank that makes a payment that is provisional under the rule is entitled to refund from the beneficiary if i the rule requires that both the beneficiary and the originator be given notice of the provisional nature of the payment before the funds transfer is initiated, ii the beneficiary, the beneficiarys bank and the originators bank agreed to be bound by the rule, and iii the beneficiarys bank did not receive payment of the payment order that it accepted. If the beneficiary is obliged to refund payment to the beneficiarys bank, acceptance of the payment order by the beneficiarys bank is nullified and no payment by the originator of the funds
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transfer to the beneficiary occurs under section 4A406.
e This paragraph applies to a funds transfer that includes a payment order transmitted over a funds-transfer system that i nets obligations-multilaterally among participants, and ii has in effect a losssharing agreement among participants for the purpose of providing funds necessary to complete settlement of the obligations of one or more participants that do not meet their settlement obligations. If the beneficiarys bank in the funds transfer accepts a payment order and the system fails to complete settlement pursuant to its rules with respect to any payment order in the funds transfer, i the acceptance by the beneficiarys bank is nullified and no person has any right or obligation based on the acceptance, ii the beneficiarys bank is entitled to recover payment from the beneficiary, iii no payment by the originator to the beneficiary occurs under section 4A406, and iv subject to section 4A402e, each sender in the funds transfer is excused from its obligation to pay its payment order under section 4A
402c because the funds transfer has not been completed.
Section 4A406. Payment by Originator to Beneficiary; Discharge of Underlying Obligation a Subject to sections 4A211e, 4A
405d, and 4A405e, the originator of a funds transfer pays the beneficiary of the originators payment order i at the time a payment order for the benefit of the beneficiary is accepted by the beneficiarys bank in the funds transfer and ii in an amount equal to the amount of the order 40813 accepted by the beneficiarys bank, but not more than the amount of the originators order.
b If payment under paragraph a of this section is made to satisfy an obligation, the obligation is discharged to the same extent discharge would result from payment to the beneficiary of the same amount in money, unless i the payment under subsection a was made by a means prohibited by the contract of the beneficiary with respect to the obligation, ii the beneficiary, within a reasonable time after receiving notice of receipt of the order by the beneficiarys bank, notified the originator of the beneficiarys refusal of the payment, iii funds with respect to the order were not withdrawn by the beneficiary or applied to a debt of the beneficiary, and iv the beneficiary would suffer a loss that could reasonably have been avoided if payment had been made by a means complying with the contract. If payment by the originator does not result in discharge under this section, the originator is subrogated to the rights of the beneficiary to receive payment from the beneficiarys bank under section 4A404a.
c For the purpose of determining whether discharge of an obligation occurs under paragraph b of this section, if the beneficiarys bank accepts a payment order in an amount equal to the amount of the originators payment order less charges of one or more receiving banks in the funds transfer, payment to the beneficiary is deemed to be in the amount of the originators order unless upon demand by the
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