What is UCC4A?
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Uniform Commercial Code Article 4A (UCC4A) means the portion of the Uniform Commercial Code which deals with certain funds transfers, including ACH credit transactions not subject to the Electronic Fund Transfer Act of Regulation E.
How do you transfer a negotiable instrument?
A negotiable instrument can be transferred from one person to another by a simple process. In the case of bearer instruments, simple delivery to the transferee is sufficient. In case of order instrument, two things are required for a valid transfer: endorsement or signature of the holder and delivery.
Who is an Indorser in law?
Indorser means a person who makes an indorsement.
What is the shelter rule in business law?
The shelter rule is a doctrine in the common law of property under which a grantee who has received an interest in property from a bona fide purchaser will also be protected as a bona fide purchaser, even if the grantee would not legally qualify for this status.
What does the UCC cover?
The Uniform Commercial Code (UCC) contains rules applying to many types of commercial contracts, including contracts related to the sale of goods, leasing of goods, use of negotiable instruments, banking transactions, letters of credit, documents of title for goods, investment securities, and secured transactions.
What does the Electronic Funds Transfer Act cover?
The Electronic Fund Transfer Act (EFTA) is a federal law that protects consumers when they transfer funds electronically, including through the use of debit cards, automated teller machines (ATMs), and automatic withdrawals from a bank account.
Does the UCC 3-606 (1) (a) discharge the Accommodator?
Discussion Under former UCC § 3-606(1)(a), a release, extension, or other modification of the accommodated party’s duty accompanied by an express “reservation of rights” against the accommodation party would not discharge that party. This provision paralleled the general law of suretyship in many jurisdictions.
Are there any federal statutes that supersede the UCC?
Federal statutes may also preempt Article 3. For example, the Expedited Funds Availability Act, 12 U.S.C. § 4001 et seq., provides that the Act and the regulations issued pursuant to the Act supersede any inconsistent provisions of the UCC. 12 U.S.C. § 4007(b). 4.
When is an instrument transferred under § 3203?
§ 3-203. TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER. (a) An instrument is transferred when it is delivered by a person other than its issue r for the purpose of giving to the person receiving delivery the right to enforce the instrument.
Does Expedited Funds Availability Act supersede the UCC?
For example, the Expedited Funds Availability Act, 12 U.S.C. § 4001 et seq., provides that the Act and the regulations issued pursuant to the Act supersede any inconsistent provisions of the UCC. 12 U.S.C. § 4007(b). 4.