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Kentucky Revised Statutes

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Statutes Last Updated July 23, 2012

Includes Enactments through the 2012 Extraordinary Session
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KRS Chapter 355.04A

Part 1.  Subject Matter and Definitions

  • .101   Short title.

  • .102   Subject matter.

  • .103   Payment order -- Definitions.

  • .104   Funds transfer -- Definitions.

  • .105   Other definitions.

  • .106   Time payment order is received.

  • .107   Federal Reserve regulations and operating circulars.

  • .108   Exclusion of consumer transactions.

    • Part 2.  Issue and Acceptance of Payment Order

  • .201   Security procedure.

  • .202   Authorized and verified payment orders.

  • .203   Unenforceability of certain verified payment orders.

  • .204   Refund of payment and duty of customer to report with respect to unauthorized payment order.

  • .205   Erroneous payment orders.

  • .206   Transmission of payment order through funds -- Transfer or other communication system.

  • .207   Misdescription of beneficiary.

  • .208   Misdescription of intermediary bank or beneficiary's bank.

  • .209   Acceptance of payment order.

  • .210   Rejection of payment order.

  • .211   Cancellation and amendment of payment order.

  • .212   Liability and duty of receiving bank regarding unaccepted payment order.

    • Part 3.  Execution of Sender's Payment Order

  • .301   Execution and execution date.

  • .302   Obligation of receiving bank in execution of payment order.

  • .303   Erroneous execution of payment order.

  • .304   Duty of sender to report erroneously executed payment order.

  • .305   Liability for late or improper execution or failure to execute payment order.

    • Part 4.  Payment

  • .401   Payment date.

  • .402   Obligation of sender to pay receiving bank.

  • .403   Payment by sender to receiving bank.

  • .404   Obligation of beneficiary's bank to pay and give notice to beneficiary.

  • .405   Payment by beneficiary's bank to beneficiary.

  • .406   Payment by originator to beneficiary -- Discharge of underlying obligation.

    • Part 5.  Miscellaneous Provisions

  • .501   Variation by agreement and effect of funds-transfer system rule.

  • .502   Creditor process served on receiving bank -- Set-off by beneficiary's bank.

  • .503   Injunction or restraining order with respect to funds transfer.

  • .504   Order in which items and payment orders may be charged to account -- Order of withdrawals from account.

  • .505   Preclusion of objection to debit of customer's account.

  • .506   Rate of interest.

  • .507   Choice of law.

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