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Funds Transfers

Article 4A of the Uniform Commercial Code governs methods of payment whereby a person making a payment (called the “originator”) transmits directly an instruction to a bank to make a payment to a third person (called the “beneficiary”). Article 4A covers the issuance and acceptance of a payment order from a customer to a bank, the execution of a payment order by a receiving bank and the actual payment of the payment order.

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