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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.
1. The Commission suggests the following text for States that might wish to adopt it:
Article Y - Conflict of laws
(1) The rights and obligations arising out of a payment order shall be governed by the law chosen by the parties. In the absence of agreement, the law of the State of the receiving bank shall apply.
(2) The second sentence of paragraph (1) shall not affect the determination of which law governs the question whether the actual sender of the payment order had the authority to bind the purported sender.
(3) For the purposes of this article:
(a) where a State comprises several territorial units having different rules of law, each territorial unit shall be considered to be a separate State;
(b) branches and separate offices of a bank in different States are separate banks.
2. This law does not deal with issues related to the protection of consumers.
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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