Legislation

Search OpenLegislation Statutes

The Laws of New York
Consolidated Laws of New York
CHAPTER 38
Uniform Commercial Code
ARTICLE 4-A
Funds Transfers
PART 5
Miscellaneous Provisions
previous
SECTION 4-A-502
Creditor Process Served on Receiving Bank; Set Off by Beneficiary's Bank
up
PART 5
Miscellaneous Provisions
next
SECTION 4-A-504
Order in Which Items and Payment Orders May Be Charged to Account; Order of Withdrawals From Account
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 4-A-503
Injunction or Restraining Order With Respect to Funds Transfer
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 4-A, PART 5
Section 4-A-503. Injunction or Restraining Order With Respect to Funds

Transfer.

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.