2014 Florida Statutes
UNIFORM COMMERCIAL CODE: FUNDS TRANSFERS
“Acceptance,” s. 670.209.
“Beneficiary,” s. 670.103.
“Beneficiary’s bank,” s. 670.103.
“Executed,” s. 670.301.
“Execution date,” s. 670.301.
“Funds transfer,” s. 670.104.
“Funds-transfer system rule,” s. 670.501.
“Intermediary bank,” s. 670.104.
“Originator,” s. 670.104.
“Originator’s bank,” s. 670.104.
“Payment by beneficiary’s bank to beneficiary,” s. 670.405.
“Payment by originator to beneficiary,” s. 670.406.
“Payment by sender to receiving bank,” s. 670.403.
“Payment date,” s. 670.401.
“Payment order,” s. 670.103.
“Receiving bank,” s. 670.103.
“Security procedure,” s. 670.201.
“Sender,” s. 670.103.
“Clearinghouse,” s. 674.104.
“Item,” s. 674.104.
“Suspends payments,” s. 674.104.
A security procedure may require the use of algorithms or other codes, identifying words or numbers, encryption, callback 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.
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 s. 670.404(1).
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.
A choice of law made pursuant to paragraph (a) is binding on participating banks. A choice of law made pursuant to paragraph (b) 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.