Kansas Statutes 84-4a-503. Injunction or restraining order with respect to funds transfer
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 84-4a-503
- 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
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.