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Uniform Commercial Code | |
Uniform Commercial Code - Funds Transfers | |
Section 503 | Injunction or restraining order with respect to funds transfer. |
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70A-4a-503. Injunction or restraining order with respect to funds transfer. (1) For proper cause and in compliance with applicable law, a court may restrain: (a) a person from issuing a payment order to initiate a funds transfer; (b) an originator's bank from executing the payment order of the originator; or (c) the beneficiary's bank from releasing funds to the beneficiary or the beneficiary from withdrawing the funds. (2) 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.
Enacted by Chapter 294, 1990 General Session |
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