reglab/housing_qa huggingface dataset:
CO Code § 4-4-503 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 5 - Collection of Documentary Drafts|§ 4-4-503. Responsibility of Presenting Bank for Documents and Goods - Report of Reason for Dishonor - Referee in Case of Need

 Unless otherwise instructed and except as provided in article 5 of this title, a bank presenting a documentary draft:    Must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment - otherwise only on payment; and    Upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or if the presenting bank does not choose to utilize the referee's services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor, and must request instructions.     However the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses.   History. Source: L. 94: Entire article amended with relocations, p. 903, § 2, effective January 1, 1995.    OFFICIAL COMMENT   1. This section states the rules governing, in the absence of instructions, the duty of the presenting bank in case either of honor or of dishonor of a documentary draft. The section should be read in connection with Section 2-514 on when documents are deliverable on acceptance, when on payment.   2. If the draft is drawn under a letter of credit, Article 5 controls. See Sections 5-109 through 5-114.
CO Code § 4-4-504 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections|Part 5 - Collection of Documentary Drafts|§ 4-4-504. Privilege of Presenting Bank to Deal With Goods - Security Interest for Expenses

  A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner.    For its reasonable expenses incurred by action under subsection (a) of this section, the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid seller's lien.     History. Source: L. 94: Entire article amended with relocations, p. 904, § 2, effective January 1, 1995.    OFFICIAL COMMENT   The section gives the presenting bank, after dishonor, a privilege to deal with the goods in any commercially reasonable manner pending instructions from its transferor and, if still unable to communicate with its principal after a reasonable time, a right to realize its expenditures as if foreclosing on an unpaid seller's lien (Section 2-706). The provision includes situations in which storage of goods or other action becomes commercially necessary pending receipt of any requested instructions, even if the requested instructions are later received.   The “reasonable manner” referred to means one reasonable in the light of business factors and the judgment of a business man.
CO Code § 4-4.5-101 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 1 - Subject Matter and Definitions|§ 4-4.5-101. Short Title

 This article may be cited as “Uniform Commercial Code — Funds Transfers”.   History. Source: L. 90: Entire article added, p. 342, § 1, effective January 1, 1991.    Cross references:   For offenses relating to this title, see part 5 of article 5 of title 18.   Official Comments   Copyright by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. Reproduced with the permission of the Permanent Editorial Board for the Uniform Commercial Code. All rights reserved. —   Editor's note:   The Official Comments to the Uniform Commercial Code are available only in the printed book form of Colorado Revised Statutes. As noted above, the Official Comments are subject to copyright by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. At this time, Colorado has a license to reprint the Official Comments in the printed book form.   Editor's note:   The National Conference of Commissioners on Uniform State Laws numbered this article as “4A”. In C.R.S., it is numbered as article “4.5”. References in the OFFICIAL COMMENTS to specific sections can be translated to C.R.S. numbers by changing “4A” to “4.5” and, where necessary, adding the appropriate title of C.R.S. For example, a reference in an OFFICIAL COMMENT to section “4A-101” would translate to section “4-4.5-101”.   Law reviews:   For article, “New Article 4.5 of the UCC: Funds Transfers”, see 20 Colo. Law. 457 .
CO Code § 4-4.5-103 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 1 - Subject Matter and Definitions|§ 4-4.5-103. Payment Order - Definitions

  In this article:   “Payment order” means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:   The instruction does not state a condition to payment to the beneficiary other than time of payment,    The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender, and    The instruction is transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank.       “Beneficiary” means the person to be paid by the beneficiary's bank.    “Beneficiary's bank” means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.    “Receiving bank” means the bank to which the sender's instruction is addressed.    “Sender” means the person giving the instruction to the receiving bank.       If an instruction complying with subsection (a)(1) of this section is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment.    A payment order is issued when it is sent to the receiving bank.     History. Source: L. 90: Entire article added, p. 342, § 1, effective January 1, 1991.    OFFICIAL COMMENT   This section is discussed in the Comment following Section 4A-104.
CO Code § 4-4.5-106 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 1 - Subject Matter and Definitions|§ 4-4.5-106. Time Payment Order Is Received

  The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 4-1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications cancelling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication cancelling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day.    If this article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in this article.     History. Source: L. 90: Entire article added, p. 344, § 1, effective January 1, 1991. L. 2006: (a) amended, p. 497, § 29, effective September 1.    OFFICIAL COMMENT   The time that a payment order is received by a receiving bank usually defines the payment date or the execution date of a payment order. Section 4A-401 and Section 4A-301. The time of receipt of a payment order, or communication cancelling or amending a payment order is defined in subsection (a) by reference to the rules stated in Section 1-201(27). Thus, time of receipt is determined by the same rules that determine when a notice is received. Time of receipt, however, may be altered by a cut-off time.
CO Code § 4-4.5-108 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 1 - Subject Matter and Definitions|§ 4-4.5-108. Relationship to Federal “Electronic Fund Transfer Act of 1978”

  Except as provided in subsection (2) of this section, this article does not apply to a funds transfer any part of which is governed by the “Electronic Fund Transfer Act of 1978”, Title XX, Pub.L. 95-630, 92 Stat. 3728, 15 U.S.C. sec. 1693 et seq., as amended from time to time.    This article applies to a funds transfer that is a remittance transfer as defined in the federal “Electronic Fund Transfer Act of 1978”, 15 U.S.C. sec. 1693o-1, as amended from time to time, unless the remittance transfer is an electronic fund transfer as defined in the federal “Electronic Fund Transfer Act of 1978”, 15 U.S.C. sec. 1693a, as amended from time to time.    In a funds transfer to which this article applies, in the event of an inconsistency between an applicable provision of this article and an applicable provision of the federal “Electronic Fund Transfer Act of 1978”, the provision of the federal “Electronic Fund Transfer Act of 1978” governs to the extent of the inconsistency.     History. Source: L. 90: Entire article added, p. 345, § 1, effective January 1, 1991. L. 2013: Entire section amended, (HB 13-1157), ch. 99, p. 316, § 1, effective April 4.    OFFICIAL COMMENT   The Electronic Fund Transfer Act of 1978 is a federal statute that covers a wide variety of electronic funds transfers involving consumers. The types of transfers covered by the federal statute are essentially different from the wholesale wire transfers that are the primary focus of Article 4A. Section 4A-108 excludes a funds transfer from Article 4A if any part of the transfer is covered by the federal law. Existing procedures designed to comply with federal law will not be affected by Article 4A. The effect of Section 4A-108 is to make Article 4A and EFTA mutually exclusive. For example, if a funds transfer is to a consumer account in the beneficiary's bank and the funds transfer is made in part by use of Fedwire and in part by means of an automated clearing house, EFTA applies to the ACH part of the transfer but not to the Fedwire part. Under Section 4A-108, Article 4A does not apply to any part of the transfer. However, in the absence of any law to govern the part of the funds transfer that is not subject to EFTA, a court might apply appropriate principles from Article 4A by analogy.
CO Code § 4-4.5-202 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 2 - Issue and Acceptance of Payment Order|§ 4-4.5-202. Authorized and Verified Payment Orders

  A payment order received by the receiving bank is the authorized order of the person identified as sender if that person authorized the order or is otherwise bound by it under the law of agency.    If a bank and its customer have agreed that the authenticity of payment orders issued to the bank in the name of the customer as sender will be verified pursuant to a security procedure, a payment order received by the receiving bank is effective as the order of the customer, whether or not authorized, if (i) the security procedure is a commercially reasonable method of providing security against unauthorized payment orders, and (ii) the bank proves that it accepted the payment order in good faith and in compliance with the security procedure and any written agreement or instruction of the customer restricting acceptance of payment orders issued in the name of the customer. The bank is not required to follow an instruction that violates a written agreement with the customer or notice of which is not received at a time and in a manner affording the bank a reasonable opportunity to act on it before the payment order is accepted.    Commercial reasonableness of a security procedure is a question of law to be determined by considering the wishes of the customer expressed to the bank, the circumstances of the customer known to the bank, including the size, type, and frequency of payment orders normally issued by the customer to the bank, alternative security procedures offered to the customer, and security procedures in general use by customers and receiving banks similarly situated. A security procedure is deemed to be commercially reasonable if (i) the security procedure was chosen by the customer after the bank offered, and the customer refused, a security procedure that was commercially reasonable for that customer, and (ii) the customer expressly agreed in writing to be bound by any payment order, whether or not authorized, issued in its name and accepted by the bank in compliance with the security procedure chosen by the customer.    The term “sender” in this article includes the customer in whose name a payment order is issued if the order is the authorized order of the customer under subsection (a) of this section, or it is effective as the order of the customer under subsection (b) of this section.    This section applies to amendments and cancellations of payment orders to the same extent it applies to payment orders.    Except as provided in this section and in section 4-4.5-203 (a)(1), rights and obligations arising under this section or section 4-4.5-203 may not be varied by agreement.     History. Source: L. 90: Entire article added, p. 345, § 1, effective January 1, 1991.    OFFICIAL COMMENT   This section is discussed in the Comment following Section 4A-203.
CO Code § 4-4.5-212 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 2 - Issue and Acceptance of Payment Order|§ 4-4.5-212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order

 If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this article, but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this article or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in section 4-4.5-209 , and liability is limited to that provided in this article. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts, or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this article or by express agreement.   History. Source: L. 90: Entire article added, p. 352, § 1, effective January 1, 1991.    OFFICIAL COMMENT   With limited exceptions stated in this Article, the duties and obligations of receiving banks that carry out a funds transfer arise only as a result of acceptance of payment orders or of agreements made by receiving banks. Exceptions are stated in Section 4A-209(b)(3) and Section 4A-210(b). A receiving bank is not like a collecting bank under Article 4. No receiving bank, whether it be an originator's bank, an intermediary bank or a beneficiary's bank, is an agent for any other party in the funds transfer.
CO Code § 4-4.5-304 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 3 - Execution of Sender's Payment Order by Receiving Bank|§ 4-4.5-304. Duty of Sender to Report Erroneously Executed Payment Order

 If the sender of a payment order that is erroneously executed as stated in section 4-4.5-303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under section 4-4.5-402 (d) for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section.   History. Source: L. 90: Entire article added, p. 355, § 1, effective January 1, 1991.    OFFICIAL COMMENT   This section is identical in effect to Section 4A-204 which applies to unauthorized orders issued in the name of a customer of the receiving bank. The rationale is stated in Comment 2 to Section 4A-204.
CO Code § 4-4.5-401 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 4 - Payment|§ 4-4.5-401. Payment Date

 “Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's bank and, unless otherwise determined, is the day the order is received by the beneficiary's bank.   History. Source: L. 90: Entire article added, p. 356, § 1, effective January 1, 1991.    Cross references:   For offenses relating to this title, see part 5 of article 5 of title 18.   Official Comments   Copyright by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. Reproduced with the permission of the Permanent Editorial Board for the Uniform Commercial Code. All rights reserved. —   Editor's note:   The Official Comments to the Uniform Commercial Code are available only in the printed book form of Colorado Revised Statutes. As noted above, the Official Comments are subject to copyright by the American Law Institute and the National Conference of Commissioners on Uniform State Laws. At this time, Colorado has a license to reprint the Official Comments in the printed book form.   Editor's note:   The National Conference of Commissioners on Uniform State Laws numbered this article as “4A”. In C.R.S., it is numbered as article “4.5”. References in the OFFICIAL COMMENTS to specific sections can be translated to C.R.S. numbers by changing “4A” to “4.5” and, where necessary, adding the appropriate title of C.R.S. For example, a reference in an OFFICIAL COMMENT to section “4A-101” would translate to section “4-4.5-101”.   Law reviews:   For article, “New Article 4.5 of the UCC: Funds Transfers”, see 20 Colo. Law. 457 .   OFFICIAL COMMENT   “Payment date” refers to the day the beneficiary's bank is to pay the beneficiary. The payment date may be expressed in various ways so long as it indicates the day the beneficiary is to receive payment. For example, in ACH transfers the payment date is the equivalent of “settlement date” or “effective date.” Payment date applies to the payment order issued to the beneficiary's bank, but a payment order issued to a receiving bank other than the beneficiary's bank may also state a date for payment to the beneficiary. In the latter case, the statement of a payment date is to instruct the receiving bank concerning time of execution of the sender's order. Section 4A-301(b).
CO Code § 4-4.5-503 (2021)
2021 Colorado Code|Title 4 - Uniform Commercial Code|Article 4.5 - Funds Transfers|Part 5 - Miscellaneous Provisions|§ 4-4.5-503. Injunction or Restraining Order With Respect to Funds Transfer

 For proper cause and in compliance with applicable law, a court may restrain (i) a person from issuing a payment order to initiate a funds transfer, (ii) an originator's bank from executing the payment order of the originator, or (iii) the beneficiary's bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. A court may not otherwise restrain a person from issuing a payment order, paying or receiving payment of a payment order, or otherwise acting with respect to a funds transfer.   History. Source: L. 90: Entire article added, p. 361, § 1, effective January 1, 1991.    OFFICIAL COMMENT   This section is related to Section 4A-502(d) and to Comment 4 to Section 4A-502. It is designed to prevent interruption of a funds transfer after it has been set in motion. The initiation of a funds transfer can be prevented by enjoining the originator or the originator's bank from issuing a payment order. After the funds transfer is completed by acceptance of a payment order by the beneficiary's bank, that bank can be enjoined from releasing funds to the beneficiary or the beneficiary can be enjoined from withdrawing the funds. No other injunction is permitted. In particular, intermediary banks are protected, and injunctions against the originator and the originator's bank are limited to issuance of a payment order. Except for the beneficiary's bank, nobody can be enjoined from paying a payment order, and no receiving bank can be enjoined from receiving payment from the sender of the order that it accepted.