§ 4A-101 Short Title
§ 4A-102 Subject Matter
§ 4A-103 Payment Order — Definitions
§ 4A-104 Funds Transfer — Definitions
§ 4A-105 Other Definitions
§ 4A-106 Time Payment Order Is Received
§ 4A-107 Federal Reserve Regulations and Operating Circulars
§ 4A-108 Relationship to Electronic Fund Transfer Act
§ 4A-201 Security Procedure
§ 4A-202 Authorized and Verified Payment Orders
§ 4A-203 Unenforceability of Certain Verified Payment Orders
§ 4A-204 Refund of Payment and Duty of Customer to Report with Respect to Unauthorized Payment Order
§ 4A-205 Erroneous Payment Orders
§ 4A-206 Transmission of Payment Order Through Funds Transfer or Other Communication System
§ 4A-207 Misdescription of Beneficiary
§ 4A-208 Misdescription of Intermediary Bank or Beneficiary’s Bank
§ 4A-209 Acceptance of Payment Order
§ 4A-210 Rejection of Payment Order
§ 4A-211 Cancellation and Amendment of Payment Order
§ 4A-212 Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
§ 4A-301 Execution and Execution Date
§ 4A-302 Obligations of Receiving Bank in Execution of Payment Order
§ 4A-303 Erroneous Execution of Payment Order
§ 4A-304 Duty of Sender to Report Erroneously Executed Payment Order
§ 4A-305 Liability for Late or Improper Execution or Failure to Execute Payment Order
§ 4A-401 Payment Date
§ 4A-402 Obligation of Sender to Pay Receiving Bank
§ 4A-403 Payment by Sender to Receiving Bank
§ 4A-404 Obligation of Beneficiary’s Bank to Pay and Give Notice to Beneficiary
§ 4A-405 Payment by Beneficiary’s Bank to Beneficiary
§ 4A-406 Payment by Originator to Beneficiary; Discharge of Underlying Obligation
§ 4A-501 Variation by Agreement and Effect of Funds Transfer System Rule
§ 4A-502 Creditor Process Served on Receiving Bank; Setoff by Beneficiary’s Bank
§ 4A-503 Injunction or Restraining Order with Respect to Funds Transfer
§ 4A-504 Order in Which Items and Payment Orders May Be Charged to Account; Order or Withdrawals from Account
§ 4A-505 Preclusion of Objection to Debit of Customer’s Account
§ 4A-506 Rate of Interest
§ 4A-507 Choice of Law
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Terms Used In Massachusetts General Laws > Chapter 106 > Article 4A - Funds Transfers

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.