reglab/housing_qa huggingface dataset:
13 PA Cons Stat § 4A406 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 4A4 - Payment|Section 4A406 - Payment by originator to beneficiary; discharge of underlying obligation

§ 4A406. Payment by originator to beneficiary; discharge of  underlying obligation.  (a) Payment.--Subject to sections 4A211(e) (relating to cancellation and amendment of payment order) and 4A405(d) and (e) (relating to payment by beneficiary's bank to beneficiary), the originator of a funds transfer pays the beneficiary of the originator's payment order:  (1) at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary's bank in the funds transfer; and  (2) in an amount equal to the amount of the order accepted by the beneficiary's bank, but not more than the amount of the originator's order.  (b) Discharge.--If payment under subsection (a) is made to satisfy an obligation, the obligation is discharged to the same extent discharge would result from payment to the beneficiary of the same amount in money, unless:  (1) the payment under subsection (a) was made by a means prohibited by the contract of the beneficiary with respect to the obligation;  (2) the beneficiary, within a reasonable time after receiving notice of receipt of the order by the beneficiary's bank, notified the originator of the beneficiary's refusal of the payment;  (3) funds with respect to the order were not withdrawn by the beneficiary or applied to a debt of the beneficiary; and  (4) the beneficiary would suffer a loss that could reasonably have been avoided if payment had been made by a means complying with the contract. If payment by the originator does not result in discharge under this section, the originator is subrogated to the rights of the beneficiary to receive payment from the beneficiary's bank under section 4A404(a) (relating to obligation of beneficiary's bank to pay and give notice to beneficiary).  (c) Rule for determining whether discharge occurs.--For the purpose of determining whether discharge of an obligation occurs under subsection (b), if the beneficiary's bank accepts a payment order in an amount equal to the amount of the originator's payment order less charges of one or more receiving banks in the funds transfer, payment to the beneficiary is deemed to be in the amount of the originator's order unless, upon demand by the beneficiary, the originator does not pay the beneficiary the amount of the deducted charges.  (d) Rights may be varied only by agreement.--Rights of the originator or of the beneficiary of a funds transfer under this section may be varied only by agreement of the originator and the beneficiary.  Cross References. Section 4A406 is referred to in sections 4213, 4A105, 4A405 of this title.
13 PA Cons Stat § 4A501 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 4A5 - Miscellaneous Provisions|Section 4A501 - Variation by agreement and effect of funds-transfer system rule

transfer. 4A504. Order in which items and payment orders may be charged to account; order of withdrawals from account. 4A505. Preclusion of objection to debit of customer's account. 4A506. Rate of interest. 4A507. Choice of law.    Enactment. Chapter 4A5 was added July 9, 1992, P.L.507, No.97, effective in one year.  § 4A501. Variation by agreement and effect of funds-transfer system rule.   (a) Variation by agreement.--Except as otherwise provided in this division, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party.  (b) Effect of funds-transfer system rule.--"Funds-transfer system rule" means a rule of an association of banks: (1) governing transmission of payment orders by means of a funds-transfer system of the association or rights and obligations with respect to those orders; or (2) to the extent the rule governs rights and obligations between banks that are parties to a funds transfer in which a Federal Reserve bank, acting as an intermediary bank, sends a payment order to the beneficiary's bank. Except as otherwise provided in this division, a funds-transfer system rule governing rights and obligations between participating banks using the system may be effective even if the rule conflicts with this division and indirectly affects another party to the funds transfer who does not consent to the rule. A funds-transfer system rule may also govern rights and obligations of parties other than participating banks using the system to the extent stated in sections 4A404(c) (relating to obligation of beneficiary's bank to pay and give notice to beneficiary), 4A405(d) (relating to payment by beneficiary's bank to beneficiary) and 4A507(c) (relating to choice of law).    Cross References. Section 4A501 is referred to in section 4A105 of this title.
13 PA Cons Stat § 4A502 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 4A5 - Miscellaneous Provisions|Section 4A502 - Creditor process served on receiving bank; setoff by beneficiary's bank

§ 4A502. Creditor process served on receiving bank; setoff by  beneficiary's bank.  (a) Definition.--As used in this section, the term "creditor process" means levy, attachment, garnishment, notice of lien, sequestration or similar process issued by or on behalf of a creditor or other claimant with respect to an account.  (b) Creditor process served on receiving bank.--This subsection applies to creditor process with respect to an authorized account of the sender of a payment order if the creditor process is served on the receiving bank. For the purpose of determining rights with respect to the creditor process, if the receiving bank accepts the payment order, the balance in the authorized account is deemed to be reduced by the amount of the payment order to the extent the bank did not otherwise receive payment of the order, unless the creditor process is served at a time and in a manner affording the bank a reasonable opportunity to act on it before the bank accepts the payment order.  (c) Payment orders issued to beneficiary's bank.--If a beneficiary's bank has received a payment order for payment to the beneficiary's account in the bank, the following rules apply:  (1) The bank may credit the beneficiary's account. The amount credited may be set off against an obligation owed by the beneficiary to the bank or may be applied to satisfy creditor process served on the bank with respect to the account.  (2) The bank may credit the beneficiary's account and allow withdrawal of the amount credited unless creditor process with respect to the account is served at a time and in a manner affording the bank a reasonable opportunity to act to prevent withdrawal.  (3) If creditor process with respect to the beneficiary's account has been served and the bank has had a reasonable opportunity to act on it, the bank may not reject the payment order except for a reason unrelated to the service of process.  (d) Creditor process served on beneficiary's bank.--Creditor process with respect to a payment by the originator to the beneficiary pursuant to a funds transfer may be served only on the beneficiary's bank with respect to the debt owed by that bank to the beneficiary. Any other bank served with the creditor process is not obliged to act with respect to the process.
13 PA Cons Stat § 4A503 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 4A5 - Miscellaneous Provisions|Section 4A503 - Injunction or restraining order with respect to funds transfer

§ 4A503. Injunction or restraining order with respect to funds  transfer. For proper cause and in compliance with applicable law, a court may restrain:  (1) a person from issuing a payment order to initiate a funds transfer;  (2) an originator's bank from executing the payment order of the originator; or  (3) 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.
13 PA Cons Stat § 4A504 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 4A5 - Miscellaneous Provisions|Section 4A504 - Order in which items and payment orders may be charged to account; order of withdrawals from account

§ 4A504. Order in which items and payment orders may be charged  to account; order of withdrawals from account.  (a) Priority among obligations paid from account.--If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender's account, the bank may charge the sender's account with respect to the various orders and items in any sequence.  (b) Priority among withdrawals from account.--In determining whether a credit to an account has been withdrawn by the holder of the account or applied to a debt of the holder of the account, credits first made to the account are first withdrawn or applied.
13 PA Cons Stat § 4A505 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 4A5 - Miscellaneous Provisions|Section 4A505 - Preclusion of objection to debit of customer's account

§ 4A505. Preclusion of objection to debit of customer's  account. If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer's objection to the payment within one year after the notification was received by the customer.
13 PA Cons Stat § 4A506 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 4A5 - Miscellaneous Provisions|Section 4A506 - Rate of interest

§ 4A506. Rate of interest.  (a) By agreement or funds-transfer system rule.--If, under this division, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined:  (1) by agreement of the sender and receiving bank; or  (2) by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system.  (b) Method of calculation when not determined by agreement or rule.--If the amount of interest is not determined by an agreement or rule as stated in subsection (a), the amount is calculated by multiplying the applicable Federal Funds rate by the amount on which interest is payable and then multiplying the product by the number of days for which interest is payable. The applicable Federal Funds rate is the average of the Federal Funds rates published by the Federal Reserve Bank of New York for each of the days for which interest is payable divided by 360. The Federal Funds rate for any day on which a published rate is not available is the same as the published rate for the next preceding day for which there is a published rate. If a receiving bank that accepted a payment order is required to refund payment to the sender of the order because the funds transfer was not completed, but the failure to complete was not due to any fault by the bank, the interest payable is reduced by a percentage equal to the reserve requirement on deposits of the receiving bank.
13 PA Cons Stat § 4A507 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 4A5 - Miscellaneous Provisions|Section 4A507 - Choice of law

§ 4A507. Choice of law.  (a) General rule.--The following rules apply unless the affected parties otherwise agree or subsection (c) applies:  (1) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located.  (2) The rights and obligations between the beneficiary's bank and the beneficiary are governed by the law of the jurisdiction in which the beneficiary's bank is located.  (3) The issue of when payment is made pursuant to a funds transfer by the originator to the beneficiary is governed by the law of the jurisdiction in which the beneficiary's bank is located.  (b) By agreement.--If the parties described in each paragraph of subsection (a) have made an agreement selecting the law of a particular jurisdiction to govern rights and obligations between each other, the law of that jurisdiction governs those rights and obligations, whether or not the payment order or the funds transfer bears a reasonable relation to that jurisdiction.  (c) By funds-transfer system rule.--A funds-transfer system rule may select the law of a particular jurisdiction to govern:  (1) rights and obligations between participating banks with respect to payment orders transmitted or processed through the system; or  (2) the rights and obligations of some or all parties to a funds transfer, any part of which is carried out by means of the system. A choice of law made pursuant to paragraph (1) is binding on participating banks. A choice of law made pursuant to paragraph (2) is binding on the originator, other sender or a receiving bank having notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system when the originator, other sender or receiving bank issued or accepted a payment order. The beneficiary of a funds transfer is bound by the choice of law if, when the funds transfer is initiated, the beneficiary has notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system. The law of a jurisdiction selected pursuant to this subsection may govern, whether or not that law bears a reasonable relation to the matter in issue.  (d) Inconsistency between agreement and rule.--In the event of inconsistency between an agreement under subsection (b) and a choice-of-law rule under subsection (c), the agreement under subsection (b) prevails.  (e) Inconsistency between choice-of-law rules of systems.-- If a funds transfer is made by use of more than one funds- transfer system and there is inconsistency between choice-of-law rules of the system, the matter in issue is governed by the law of the selected jurisdiction that has the most significant relationship to the matter in issue.  Cross References. Section 4A507 is referred to in sections 1301, 4A501 of this title.
13 PA Cons Stat § 5101 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 51 - Letters of Credit|Section 5101 - Short title of division

§ 5101. Short title of division. This division shall be known and may be cited as the Uniform Commercial Code, Article 5, Letters of Credit.  Special Provisions in Appendix. See section 28 of Act 18 of 2001 in the appendix to this title for special provisions relating to applicability of transitional provisions.  Cross References. Section 5101 is referred to in section 9700 of this title.
13 PA Cons Stat § 5103 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 51 - Letters of Credit|Section 5103 - Scope

§ 5103. Scope.  (a) Applicability of division.--This division applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.  (b) Effect of statement of rule in this division.--The statement of a rule in this division does not by itself require, imply or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in this division.  (c) Variation by agreement or undertaking.--With the exception of this subsection, subsections (a) and (d), the definitions of "issuer" and "letter of credit" under section 5102(a) (relating to definitions) and sections 5106(d) (relating to perpetual letters of credit) and 5114(d) (relating to assignment of proceeds), and except to the extent prohibited under sections 1302 (relating to variation by agreement) and 5117(d) (relating to time at which subrogation rights arise), the effect of this division may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this division.  (d) Independence of rights and obligations of issuer.-- Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary. (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)  2008 Amendment. Act 13 amended subsec. (c).  Special Provisions in Appendix. See section 28 of Act 18 of 2001 in the appendix to this title for special provisions relating to applicability of transitional provisions.  Cross References. Section 5103 is referred to in sections 5116, 9700 of this title.
13 PA Cons Stat § 5104 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 51 - Letters of Credit|Section 5104 - Formal requirements

§ 5104. Formal requirements. A letter of credit, confirmation, advice, transfer, amendment or cancellation may be issued in any form that is a record and is authenticated:  (1) by a signature; or  (2) in accordance with the agreement of the parties or the standard practice referred to in section 5108(e)  (relating to standard practice).  Special Provisions in Appendix. See section 28 of Act 18 of 2001 in the appendix to this title for special provisions relating to applicability of transitional provisions.  Cross References. Section 5104 is referred to in sections 5102, 5116, 9700 of this title.
13 PA Cons Stat § 5105 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 51 - Letters of Credit|Section 5105 - Consideration

§ 5105. Consideration. Consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation.  Special Provisions in Appendix. See section 28 of Act 18 of 2001 in the appendix to this title for special provisions relating to applicability of transitional provisions.  Cross References. Section 5105 is referred to in section 9700 of this title.
13 PA Cons Stat § 5106 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 51 - Letters of Credit|Section 5106 - Issuance, amendment, cancellation and duration

§ 5106. Issuance, amendment, cancellation and duration.  (a) Issuance; revocability.--A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.  (b) Effect of amendment or cancellation in certain circumstances.--After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent.  (c) No stated expiration date.--If there is no stated expiration date or other provision that determines its duration, a letter of credit expires one year after its stated date of issuance or, if none is stated, after the date on which it is issued.  (d) Perpetual letters of credit.--A letter of credit that states that it is perpetual expires five years after its stated date of issuance or, if none is stated, after the date on which it is issued.  Special Provisions in Appendix. See section 28 of Act 18 of 2001 in the appendix to this title for special provisions relating to applicability of transitional provisions.  Cross References. Section 5106 is referred to in sections 5103, 9700 of this title.
13 PA Cons Stat § 5107 (2021)
2021 Pennsylvania Consolidated & Unconsolidated Statutes|Title 13 - COMMERCIAL CODE|Chapter 51 - Letters of Credit|Section 5107 - Confirmer, nominated person and advisor

§ 5107. Confirmer, nominated person and adviser.  (a) Rights and obligations of a confirmer.--A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer.  (b) Nominated person.--A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.  (c) Advisers.--A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary accurately to advise the terms of the letter of credit, confirmation, amendment or advice received by that person and undertakes to the beneficiary to check the apparent authenticity of the request to advise. Even if the advice is inaccurate, the letter of credit, confirmation or amendment is enforceable as issued.  (d) Notice to transferee beneficiary.--A person who notifies a transferee beneficiary of the terms of a letter of credit, confirmation, amendment or advice has the rights and obligations of an adviser under subsection (c). The terms in the notice to the transferee beneficiary may differ from the terms in any notice to the transferor beneficiary to the extent permitted by the letter of credit, confirmation, amendment or advice received by the person who so notifies.  Special Provisions in Appendix. See section 28 of Act 18 of 2001 in the appendix to this title for special provisions relating to applicability of transitional provisions.  Cross References. Section 5107 is referred to in section 9700 of this title.