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UNCITRAL Model Law On International Credit Transfers, 1992
CHAPTER I. - GENERAL PROVISIONS 1
Article 1 - Sphere of application 2
Article 2 - Definitions
Article 3 - Conditional instructions
Article 4 - Variation by agreement
CHAPTER II. - OBLIGATIONS OF THE PARTIES
Article 5 - Obligations of sender
Article 6 - Payment to receiving bank
Article 7 - Acceptance or rejection of a payment order by receiving bank other than the beneficiary's bank
Article 8 - Obligations of receiving bank other than the beneficiary's bank
Article 9 - Acceptance or rejection of a payment order by beneficiary's bank
Article 10 - Obligations of beneficiary's bank
Article 11 - Time for receiving bank to execute payment order and give notices
Article 12 - Revocation
CHAPTER III. - CONSEQUENCES OF FAILED, ERRONEOUS OR DELAYED CREDIT TRANSFERS
Article 13 - Assistance
Article 14 - Refund
Article 15 - Correction of underpayment
Article 16 - Restitution of overpayment
Article 17 - Liability for interest
Article 18 - Exclusivity of remedies
CHAPTER IV. COMPLETION OF CREDIT TRANSFER
Article 19 - Completion of credit transfer 3
Explanatory Note by the UNCITRAL Secretariat on the Model Law on International Credit Transfers 4
Introduction
A. Funds Transfers In General
B. Unification of the Law
C. Scope of Application
1. Categories of transactions covered by Model Law
2. Portions of an international credit transfer
D. Extent to which Model Law is Mandatory
E. Salient Features of the Model Law
1. Obligations of sender of payment order
2. Sender's payment to receiving bank
3. Obligations of receiving bank
4. Bank's liability for failure to perform one of its obligations
5. Completion of credit transfer and its consequences
Endnotes
Endnotes
Metadata
SiSU Metadata, document information
Manifest
SiSU Manifest, alternative outputs etc.
UNCITRAL Model Law On International Credit Transfers, 1992
United Nations (UN)
copy @ Lex Mercatoria
CHAPTER II. - OBLIGATIONS OF THE PARTIES
(1) In principle, a receiving bank that is obligated to execute a payment order is obligated to do so on the banking day it is received. If it does not, it shall do so on the banking day after the order is received. Nevertheless, if
(a) a later date is specified in the payment order, the payment order shall be executed on that date, or
(b) the payment order specifies a date when the funds are to be placed at the disposal of the beneficiary and that date indicates that later execution is appropriate in order for the beneficiary's bank to accept a payment order and execute it on that date, the order shall be executed on that date.
(2) If the receiving bank executes the payment order on the banking day after it is received, except when complying with subparagraph (a) or (b) of paragraph (1), the receiving bank must execute for value as of the day of receipt.
(3) A receiving bank that becomes obligated to execute a payment order by virtue of accepting a payment order under article 7(2)(e) must execute for value as of the later of the day on which the payment order is received and the day on which
(a) where payment is to be made by debiting an account of the sender with the receiving bank, there are sufficient funds available in the account to pay for the payment order, or
(b) where payment is to be made by other means, payment has been made.
(4) A notice required to be given under article 8(4) or (5) or article 10(2), (3) or (4) shall be given on or before the banking day following the end of the execution period.
(5) A receiving bank that receives a payment order after the receiving bank's cut-off time for that type of payment order is entitled to treat the order as having been received on the next day the bank executes that type of payment order.
(6) If a receiving bank is required to perform an action on a day when it does not perform that type of action, it must perform the required action on the next day it performs that type of action.
(7) For the purposes of this article, branches and separate offices of a bank, even if located in the same State, are separate banks.
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