reglab/housing_qa huggingface dataset:
NC Gen Stat § 25-4-405 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections.|§ 25-4-405 - Death or incompetence of customer.

 25-4-405. Death or incompetence of customer.(a) A payor or collecting bank's authority to accept, pay, or collect an item or to account for proceeds of its collection, if otherwise effective, is not rendered ineffective by incompetence of a customer of either bank existing at the time the item is issued or its collection is undertaken if the bank does not know of an adjudication of incompetence. Neither death nor incompetence of a customer revokes the authority to accept, pay, collect, or account until the bank knows of the fact of death or of an adjudication of incompetence and has reasonable opportunity to act on it.(b) Even with knowledge, a bank may for ten days after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account.(c) A transaction, although subject to this Article, is also subject to G.S. 41-2.1, 53C-6-6, 54-109.58, and 54B-129, and in case of conflict between the provisions of this section and either of those sections, the provisions of those sections control.  (1965, c. 700, s. 1; 1967, c. 24, s. 10; c. 562, s. 1; 1995, c. 232, s. 2; 1998-69, s. 10; 2012-56, s. 7.)
NC Gen Stat § 25-4-407 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections.|§ 25-4-407 - Payor bank's right to subrogation on improper payment.

 25-4-407. Payor bank's right to subrogation on improper payment.If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been closed, or otherwise under circumstances giving a basis for objection by the drawer or maker, to prevent unjust enrichment and only to the extent necessary to prevent loss to the bank by reason of its payment of the item, the payor bank is subrogated to the rights:(1) Of any holder in due course on the item against the drawer or maker;(2) Of the payee or any other holder of the item against the drawer or maker either on the item or under the transaction out of which the item arose; and(3) Of the drawer or maker against the payee or any other holder of the item with respect to the transaction out of which the item arose. (1965, c. 700, s. 1; 1995, c. 232, s. 2.)
NC Gen Stat § 25-4-501 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections.|§ 25-4-501 - Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.

 25-4-501. Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment, and upon learning that the draft has not been paid or accepted in due course, shall seasonably notify its customer of the fact even though it may have discounted or bought the draft or extended credit available for withdrawal as of right. (1965, c. 700, s. 1; 1995, c. 232, s. 2.)
NC Gen Stat § 25-4-502 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections.|§ 25-4-502 - Presentment of "on arrival" drafts.

 25-4-502. Presentment of "on arrival" drafts.If a draft or the relevant instructions require presentment "on arrival," "when goods arrive" or the like, the collecting bank need not present until in its judgment a reasonable time for arrival of the goods has expired. Refusal to pay or accept because the goods have not arrived is not dishonor; the bank must notify its transferor of the refusal but need not present the draft again until it is instructed to do so or learns of the arrival of the goods. (1965, c. 700, s. 1; 1995, c. 232, s. 2.)
NC Gen Stat § 25-4-503 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections.|§ 25-4-503 - Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.

 25-4-503. Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.Unless otherwise instructed and except as provided in Article 5, a bank presenting a documentary draft:(1) 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(2) 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. (1899, c. 733, s. 131; Rev., s. 2281; C.S., s. 3113; 1965, c. 700, s. 1; 1995, c. 232, s. 2.)
NC Gen Stat § 25-4-504 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4 - Bank Deposits and Collections.|§ 25-4-504 - Privilege of presenting bank to deal with goods; security interest for expenses.

 25-4-504. Privilege of presenting bank to deal with goods; security interest for expenses.(a) 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.(b) 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. (1965, c. 700, s. 1; 1995, c. 232, s. 2.)
NC Gen Stat § 25-4A-101 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-101 - Short title.

 25-4A-101. Short title.This Article may be cited as Uniform Commercial Code-Funds Transfers. (1993, c. 157, s. 1.)
NC Gen Stat § 25-4A-102 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-102 - Subject matter.

 25-4A-102. Subject matter.Except as otherwise provided in G.S. 25-4A-108, this Article applies to funds transfers defined in G.S. 25-4A-104. (1993, c. 157, s. 1.)
NC Gen Stat § 25-4A-103 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-103 - Payment order - definitions.

 25-4A-103. Payment order - definitions.(a) In this Article:(1) "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:(i) The instruction does not state a condition of payment to the beneficiary other than time of payment,(ii) The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender, and(iii) 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.(2) "Beneficiary" means the person to be paid by the beneficiary's bank.(3) "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.(4) "Receiving bank" means the bank to which the sender's instruction is addressed.(5) "Sender" means the person giving the instruction to the receiving bank.(b) If an instruction complying with subsection (a)(1) is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment.(c) A payment order is issued when it is sent to the receiving bank. (1993, c. 157, s. 1.)
NC Gen Stat § 25-4A-104 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-104 - Funds transfer - definitions.

 25-4A-104. Funds transfer - definitions.In this Article:(a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.(b) "Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.(c) "Originator" means the sender of the first payment order in a funds transfer.(d) "Originator's bank" means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank. (1993, c. 157, s. 1.)
NC Gen Stat § 25-4A-105 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-105 - Other definitions.

 25-4A-105. Other definitions.(a) In this Article:(1) "Authorized account" means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account if payment of a payment order from that account is not inconsistent with a restriction on the use of that account.(2) "Bank" means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. A branch or separate office of a bank is a separate bank for purposes of this Article.(3) "Customer" means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders.(4) "Funds-transfer business day" of a receiving bank means the part of a day during which the receiving bank is open for the receipt, processing, and transmittal of payment orders and cancellations and amendments of payment orders.(5) "Funds-transfer system" means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed.(6) Repealed by Session Laws 2006-112, s. 15, effective October 1, 2006.(7) "Prove" with respect to a fact means to meet the burden of establishing the fact (G.S. 25-1-201(b)(8)).(b) Other definitions applying to this Article and the sections in which they appear are:"Acceptance"  G.S. 25-4A-209  "Beneficiary"  G.S. 25-4A-103  "Beneficiary's bank"  G.S. 25-4A-103  "Executed"  G.S. 25-4A-301  "Execution date"  G.S. 25-4A-301  "Funds transfer"  G.S. 25-4A-104  "Funds-transfer system rule"  G.S. 25-4A-501  "Intermediary bank"  G.S. 25-4A-104  "Originator"  G.S. 25-4A-104  "Originator's bank"  G.S. 25-4A-104  "Payment by beneficiary's bank to beneficiary"  G.S. 25-4A-405  "Payment by originator to beneficiary"  G.S. 25-4A-406  "Payment by sender to receiving bank"  G.S. 25-4A-403  "Payment date"  G.S. 25-4A-401  "Payment order"  G.S. 25-4A-103  "Receiving bank"  G.S. 25-4A-103  "Security procedure"  G.S. 25-4A-201  "Sender"  G.S. 25-4A-103.  (c) The following definitions in Article 4 apply to this Article:"Clearing house"  G.S. 25-4-104  "Item"  G.S. 25-4-104  "Suspends payments"  G.S. 25-4-104.  (d) In addition, Article 1 of this Chapter contains general definitions and principles of construction and interpretation applicable throughout this Article. (1993, c. 157, s. 1; 2006-112, ss. 15, 16.)
NC Gen Stat § 25-4A-106 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-106 - Time payment order is received.

 25-4A-106. Time payment order is received.(a) 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 G.S. 25-1-202. A receiving bank may fix a cutoff 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 cutoff times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cutoff time may apply to senders generally or different cutoff 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 cutoff 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.(b) 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. (1993, c. 157, s. 1; 2006-112, s. 17.)
NC Gen Stat § 25-4A-107 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-107 - Federal reserve regulations and operating circulars.

 25-4A-107. Federal reserve regulations and operating circulars.Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this Article to the extent of the inconsistency. (1993, c. 157, s. 1.)
NC Gen Stat § 25-4A-108 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-108 - Relationship to Electronic Fund Transfer Act.

 25-4A-108. Relationship to Electronic Fund Transfer Act.(a) Except as provided in subsection (b) 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, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. 1693, et seq.), as amended from time to time.(b) This Article applies to a funds transfer that is a remittance transfer as defined in the Electronic Fund Transfer Act (15 U.S.C. 1693o-1), as amended from time to time, unless the remittance transfer is an electronic fund transfer as defined in the Electronic Fund Transfer Act (15 U.S.C. 1693a), as amended from time to time.(c) 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 Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs to the extent of the inconsistency.  (1993, c. 157, s. 1; 2013-14, s. 1.)
NC Gen Stat § 25-4A-201 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-201 - Security procedure.

 25-4A-201. Security procedure."Security procedure" means a procedure established by agreement of a customer and a receiving bank for the purpose of (i) verifying that a payment order or communication amending or cancelling a payment order is that of the customer, or (ii) detecting error in the transmission or the content of the payment order or communication. A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, call-back procedures, or similar security devices. Comparison of a signature on a payment order or communication with an authorized specimen signature of the customer is not by itself a security procedure. (1993, c. 157, s. 1.)
NC Gen Stat § 25-4A-202 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-202 - Authorized and verified payment orders.

 25-4A-202. Authorized and verified payment orders.(a) 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.(b) 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.(c) 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.(d) 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), or it is effective as the order of the customer under subsection (b).(e) This section applies to amendments and cancellations of payment orders to the same extent it applies to payment orders.(f) Except as provided in this section and in G.S. 25-4A-203(a)(1), rights and obligations arising under this section or G.S. 25-4A-203 may not be varied by agreement. (1993, c. 157, s. 1.)
NC Gen Stat § 25-4A-203 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-203 - Unenforceability of certain verified payment orders.

 25-4A-203. Unenforceability of certain verified payment orders.(a) If an accepted payment order is not, under G.S. 25-4A-202(a), an authorized order of a customer identified as sender, but is effective as an order of the customer pursuant to G.S. 25-4A-202(b), the following rules apply:(1) By express written agreement, the receiving bank may limit the extent to which it is entitled to enforce or retain payment of the payment order.(2) The receiving bank is not entitled to enforce or retain payment of the payment order if the customer proves that the order was not caused, directly or indirectly, by a person (i) entrusted at any time with duties to act for the customer with respect to payment orders or the security procedure, or (ii) who obtained access to transmitting facilities of the customer or who obtained, from a source controlled by the customer and without authority of the receiving bank, information facilitating breach of the security procedure, regardless of how the information was obtained or whether the customer was at fault. Information includes any access device, computer software, or the like.(b) This section applies to amendments of payment orders to the same extent it applies to payment orders. (1993, c. 157, s. 1.)
NC Gen Stat § 25-4A-204 (2021)
2021 North Carolina General Statutes|Chapter 25 - Uniform Commercial Code|Article 4A - Funds Transfers.|§ 25-4A-204 - Refund of payment and duty of customer to report with respect to unauthorized payment order.

 25-4A-204. Refund of payment and duty of customer to report with respect to unauthorized payment order.(a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the customer under G.S. 25-4A-202, or (ii) not enforceable, in whole or in part, against the customer under G.S. 25-4A-203, the bank shall refund any payment of the payment order received from the customer to the extent the bank is not entitled to enforce payment and shall pay interest on the refundable amount calculated from the date the bank received payment to the date of the refund. However, the customer is not entitled to interest from the bank on the amount to be refunded if the customer fails to exercise ordinary care to determine that the order was not authorized by the customer and to notify the bank of the relevant facts within a reasonable time not exceeding 90 days after the date the customer received notification from the bank that the order was accepted or that the customer's account was debited with respect to the order. The bank is not entitled to any recovery from the customer on account of a failure by the customer to give notification as stated in this section.(b) Reasonable time under subsection (a) of this section may be fixed by agreement as stated in G.S. 25-1-302(b), but the obligation of a receiving bank to refund payment as stated in subsection (a) of this section may not otherwise be varied by agreement. (1993, c. 157, s. 1; 2006-112, s. 18.)