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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 IV. COMPLETION OF CREDIT TRANSFER
Article 19 - Completion of credit transfer 3
(1) A credit transfer is completed when the beneficiary's bank accepts a payment order for the benefit of the beneficiary. When the credit transfer is completed, the beneficiary's bank becomes indebted to the beneficiary to the extent of the payment order accepted by it. Completion does not otherwise affect the relationship between the beneficiary and the beneficiary's bank.
(2) A credit transfer is completed notwithstanding that the amount of the payment order accepted by the beneficiary's bank is less than the amount of the originator's payment order because one or more receiving banks have deducted charges. The completion of the credit transfer shall not prejudice any right of the beneficiary under the applicable law governing the underlying obligation to recover the amount of those charges from the originator.
3. The Commission suggests the following text for States that might wish to adopt it:
If a credit transfer was for the purpose of discharging an obligation of the originator to the beneficiary that can be discharged by credit transfer to the account indicated by the originator, the obligation is discharged when the beneficiary's bank accepts the payment order and to the extent that it would be discharged by payment of the same amount in cash.
4. This note has been prepared by the secretariat of the United Nations Commission on International Trade Law (UNCITRAL) for informational purposes only; it is not an official commentary on the Model Law. A commentary prepared by the secretariat on an earlier draft of the Model Law appears in A/CN.9/346 (reproduced in UNCITRAL Yearbook, vol. XXII-1991).
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