reglab/housing_qa huggingface dataset:
NY UCC § 4-A-402 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 4 - Payment 4-A-402 - Obligation of Sender to Pay Receiving Bank.

Section 4-A-402. Obligation of Sender to Pay Receiving Bank.  (1) This section is subject to Sections 4-A-205 and 4-A-207.  (2)  With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the sender to pay  the  bank the  amount  of the order, but payment is not due until the payment date of the order.  (3) This subsection is  subject  to  subsection  (5)  and  to  Section 4-A-303.  With  respect  to  a  payment order issued to a receiving bank other than the beneficiary's  bank,  acceptance  of  the  order  by  the receiving  bank  obliges  the  sender  to pay the bank the amount of the sender's order. Payment by the sender is not  due  until  the  execution date  of  the  sender's  order. The obligation of that sender to pay its payment order is excused if the  funds  transfer  is  not  completed  by acceptance  by  the  beneficiary's  bank  of a payment order instructing payment to the beneficiary of that sender's payment order.  (4) If the sender of a payment  order  pays  the  order  and  was  not obliged  to  pay  all  or  part  of  the amount paid, the bank receiving payment is obliged to refund payment to the extent the  sender  was  not obliged  to  pay.  Except  as  provided in Sections 4-A-204 and 4-A-304, interest is payable on the refundable amount from the date of payment.  (5) If a funds transfer is not completed as stated in  subsection  (3) and  an  intermediary  bank  is  obliged  to refund payment as stated in subsection (4)  but  is  unable  to  do  so  because  not  permitted  by applicable  law  or  because the bank suspends payments, a sender in the funds transfer that executed a  payment  order  in  compliance  with  an instruction,  as  stated  in  paragraph (a) of subsection (1) of Section 4-A-302, to route the funds transfer through that intermediary  bank  is entitled  to  receive  or  retain payment from the sender of the payment order that it accepted. The first sender  in  the  funds  transfer  that issued  an  instruction requiring routing through that intermediary bank is subrogated to the right of the bank that paid the  intermediary  bank to refund as stated in subsection (4).  (6)  The right of the sender of a payment order to be excused from the obligation to pay the order as stated in subsection (3)  or  to  receive refund under subsection (4) may not be varied by agreement.
NY UCC § 4-A-403 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 4 - Payment 4-A-403 - Payment by Sender to Receiving Bank.

Section 4-A-403. Payment by Sender to Receiving Bank.  (1)  Payment  of  the sender's obligation under Section 4-A-402 to pay the receiving bank occurs as follows:       (a) If the sender is a bank, payment occurs  when  the  receiving            bank  receives  final  settlement of the obligation through a            Federal Reserve Bank or through a funds-transfer system.       (b) If the sender is a  bank  and  the  sender  (i)  credited  an            account of the receiving bank with the sender, or (ii) caused            an  account  of  the  receiving  bank  in  another bank to be            credited, payment occurs when the credit is withdrawn or,  if            not  withdrawn, at midnight of the day on which the credit is            withdrawable and the receiving bank learns of that fact.       (c) If the receiving bank debits an account of  the  sender  with            the  receiving bank, payment occurs when the debit is made to            the extent the debit is  covered  by  a  withdrawable  credit            balance in the account.  (2)  If  the sender and receiving bank are members of a funds-transfer system that nets  obligations  multilaterally  among  participants,  the receiving  bank receives final settlement when settlement is complete in accordance with the rules of the system. The obligation of the sender to pay the amount of a payment order transmitted through the funds-transfer system may be satisfied, to the extent permitted by  the  rules  of  the system,  by setting off and applying against the sender's obligation the right of the sender to receive payment from the receiving  bank  of  the amount  of  any  other  payment  order  transmitted to the sender by the receiving bank through the funds-transfer system. The aggregate  balance of  obligations  owed  by  each  sender  to  each  receiving bank in the funds-transfer system may be satisfied, to the extent permitted  by  the rules  of  the  system, by setting off and applying against that balance the aggregate balance of obligations owed to the sender by other members of the system. The aggregate balance is determined after  the  right  of setoff  stated  in  the  second  sentence  of  this  subsection has been exercised.  (3) If two banks transmit  payment  orders  to  each  other  under  an agreement  that  settlement of the obligations of each bank to the other under Section 4-A-402 will be made at  the  end  of  the  day  or  other period,  the total amount owed with respect to all orders transmitted by one bank shall be set off against the total amount owed with respect  to all  orders  transmitted by the other bank. To the extent of the setoff, each bank has made payment to the other.  (4) In a case not covered by subsection (1), the time when payment  of the  sender's  obligation  under  subsection  (2)  or  subsection (3) of Section 4-A-402 occurs is governed by applicable principles of law  that determine when an obligation is satisfied.
NY UCC § 4-A-404 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 4 - Payment 4-A-404 - Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary.

Section 4-A-404. Obligation of Beneficiary's Bank to Pay and Give Notice                    to Beneficiary.  (1)  Subject  to subsection (5) of Section 4-A-211 and subsections (4) and (5) of Section 4-A-405, if a beneficiary's bank  accepts  a  payment order,  the  bank  is  obliged  to  pay  the  amount of the order to the beneficiary of the order. Payment is due on  the  payment  date  of  the order,  but  if acceptance occurs on the payment date after the close of the funds-transfer business day of the bank, payment is due on the  next funds-transfer  business day. If the bank refuses to pay after demand by the beneficiary and receipt of notice of particular  circumstances  that will  give  rise to consequential damages as a result of nonpayment, the beneficiary may recover damages resulting from the refusal to pay to the extent the bank had notice of the damages, unless the bank  proves  that it did not pay because of a reasonable doubt concerning the right of the beneficiary to payment.  (2)  If  a  payment order accepted by the beneficiary's bank instructs payment to an account of the beneficiary, the bank is obliged to  notify the  beneficiary  of  receipt  of  the order before midnight of the next funds-transfer business day following the payment date. If  the  payment order  does  not  instruct payment to an account of the beneficiary, the bank is required to notify the beneficiary only if notice is required by the order. Notice may be given by first class mail or  any  other  means reasonable  in the circumstances. If the bank fails to give the required notice, the bank is obliged to pay interest to the  beneficiary  on  the amount  of  the payment order from the day notice should have been given until the day the beneficiary learned of receipt of the payment order by the bank. No other damages are recoverable. Reasonable  attorney's  fees are  also  recoverable if demand for interest is made and refused before an action is brought on the claim.  (3) The right of a beneficiary  to  receive  payment  and  damages  as stated   in  subsection  (1)  may  not  be  varied  by  agreement  or  a funds-transfer system rule. The right of a beneficiary to be notified as stated in subsection (2) may be varied by agreement of  the  beneficiary or by a funds-transfer system rule if the beneficiary is notified of the rule before initiation of the funds transfer.
NY UCC § 4-A-406 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 4 - Payment 4-A-406 - Payment by Originator to Beneficiary; Discharge of Underlying Obligation.

Section 4-A-406. Payment  by  Originator  to  Beneficiary;  Discharge of                    Underlying Obligation.  (1) Subject to subsection (5) of Section 4-A-211 and  subsections  (4) and  (5) of Section 4-A-405, the originator of a funds transfer pays the beneficiary of the originator's payment order (i) at the time a  payment order   for   the   benefit  of  the  beneficiary  is  accepted  by  the beneficiary's bank in the funds transfer and (ii) 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.  (2)  If payment under subsection (1) 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 (i) the payment under subsection (1) was made by a means prohibited  by  the contract  of  the  beneficiary  with respect to the obligation, (ii) 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, (iii) funds with  respect  to  the order  were not withdrawn by the beneficiary or applied to a debt of the beneficiary, and (iv) 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 subsection (1) of Section 4-A-404.  (3)  For the purpose of determining whether discharge of an obligation occurs under subsection (2), 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.  (4) 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.
NY UCC § 4-A-501 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 5 - Miscellaneous Provisions 4-A-501 - Variation by Agreement and Effect of Funds-Transfer System Rule.

Section 4-A-501. Variation  by  Agreement  and  Effect of Funds-Transfer                    System Rule.  (1) Except as otherwise provided  in  this  Article,  the  rights  and obligations of a party to a funds transfer may be varied by agreement of the affected party.  (2)  "Funds-transfer  system  rule"  means a rule of an association of banks (i) 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 (ii) 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   Article,  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 Article 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 subsection (3) of Section 4-A-404, subsection (4) of Section 4-A-405, and subsection (3) of Section 4-A-507.
NY UCC § 4-A-502 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 5 - Miscellaneous Provisions 4-A-502 - Creditor Process Served on Receiving Bank; Set Off by Beneficiary's Bank.

Section 4-A-502. Creditor  Process  Served on Receiving Bank; Set Off by                    Beneficiary's Bank.  (1)  As  used  in  this  section,  "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.  (2)  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.  (3) If a beneficiary's bank has received a payment order  for  payment to the beneficiary's account in the bank, the following rules apply:       (a) 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.       (b) 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.       (c) 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.  (4) 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.
NY UCC § 4-A-503 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 5 - Miscellaneous Provisions 4-A-503 - Injunction or Restraining Order With Respect to Funds Transfer.

Section 4-A-503. Injunction  or  Restraining Order With Respect to FundsTransfer.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.
NY UCC § 4-A-504 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 5 - Miscellaneous Provisions 4-A-504 - Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals From Account.

Section 4-A-504. Order  in Which Items and Payment Orders May Be Charged                    to Account; Order of Withdrawals From Account.  (1) 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.  (2)  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.
NY UCC § 4-A-505 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 5 - Miscellaneous Provisions 4-A-505 - Preclusion of Objection to Debit of Customer's Account.

Section 4-A-505. Preclusion   of   Objection   to  Debit  of  Customer'sAccount.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.
NY UCC § 4-A-506 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 5 - Miscellaneous Provisions 4-A-506 - Rate of Interest.

Section 4-A-506. Rate of Interest.  (1)  If,  under  this  Article,  a  receiving  bank  is obliged to pay interest with respect to a payment order issued to the bank, the  amount payable  may  be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer system rule if the  payment  order  is transmitted through a funds-transfer system.  (2)  If  the  amount  of interest is not determined by an agreement or rule  as  stated  in  subsection  (l),  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.
NY UCC § 4-A-507 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 5 - Miscellaneous Provisions 4-A-507 - Choice of Law.

Section 4-A-507. Choice of Law.  (1)  The  following  rules apply unless the affected parties otherwise agree or subsection (3) applies:       (a) 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.       (b) 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.       (c) 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.  (2) If the parties described in each paragraph of subsection (1)  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.  (3)  A  funds-transfer  system rule may select the law of a particular jurisdiction to govern (i) rights and obligations between  participating banks  with  respect  to payment orders transmitted or processed through the system, or (ii) 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 clause (i) is binding on participating banks. A choice of law made pursuant  to  clause  (ii)  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.  (4)   In  the  event  of  inconsistency  between  an  agreement  under subsection (2) and  a  choice-of-law  rule  under  subsection  (3),  the agreement under subsection (2) prevails.  (5) 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 systems, the matter in issue is governed by  the  law  of  the  selected jurisdiction that has the most significant relationship to the matter in issue.
NY UCC § 5-101 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-101 - Short Title.

Section 5--101. Short title.This  article  may  be  cited  as "Uniform Commercial Code--Letters of   Credit".
NY UCC § 5-103 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-103 - Scope.

Section 5--103. Scope.  (a) This  article  applies  to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.  (b) The statement of a  rule  in  this  article  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 article.  (c) With the exception of this subsection, subsections (a) and (d)  of this  section,  paragraphs  (9)  and  (10)  of subsection (a) of section 5--102, subsection (d) of section 5--106, and subsection (d) of  section 5--114,  and  except  to  the  extent  prohibited  in section 1--302 and subsection (d) of section 5--117, the effect  of  this  article  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 article.  (d) 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.