Kentucky Statutes 355.4A-503 – Injunction or restraining order with respect to funds transfer
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For proper cause and in compliance with applicable law, a court may restrain: (1) A person from issuing a payment order to initiate a funds transfer;
(2) An originator’s bank from executing the payment order of the originator; or
(3) 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.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 116, sec. 57, effective July 14, 1992.
(2) An originator’s bank from executing the payment order of the originator; or
Terms Used In Kentucky Statutes 355.4A-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
(3) 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.
Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 116, sec. 57, effective July 14, 1992.