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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 I. - GENERAL PROVISIONS
(1) When an instruction is not a payment order because it is subject to a condition but a bank that has received the instruction executes it by issuing an unconditional payment order, thereafter the sender of the instruction has the same rights and obligations under this law as the sender of a payment order and the beneficiary designated in the instruction shall be treated as the beneficiary of a payment order.
(2) This law does not govern the time of execution of a conditional instruction received by a bank, nor does it affect any right or obligation of the sender of a conditional instruction that depends on whether the condition has been satisfied.
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