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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
Explanatory Note by the UNCITRAL Secretariat on the Model Law on International Credit Transfers 4
1. The UNCITRAL Model Law on International Credit Transfers, adopted by the United Nations Commission on International Trade Law (UNCITRAL) in 1992, was prepared in response to a major change in the means by which funds transfers are made internationally. This change involved two elements: the increased use of payment orders sent by electronic means rather than on paper, and the shift from the generalized use of debit transfers to the generalized use of credit transfers. One result was that previous efforts to unify the law governing international debit transfers were not relevant to the new funds transfer techniques. The Model Law offers the opportunity to unify the law of credit transfers by enacting a text that is drafted to meet the needs of modern funds transfer techniques.
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