§ 6A-4.1-401 Payment date
§ 6A-4.1-402 Obligation of sender to pay receiving bank
§ 6A-4.1-403 Payment by sender to receiving bank
§ 6A-4.1-404 Obligation of beneficiary’s bank to pay and give notice to beneficiary
§ 6A-4.1-405 Payment by beneficiary’s bank to beneficiary
§ 6A-4.1-406 Payment by originator to beneficiary — Discharge of underlying obligation
lawyer at desk

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Rhode Island General Laws > Chapter 6A-4.1 > Part 4 - Payment

  • 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.
  • 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.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • 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.