§ 36-4A-101 Short title
§ 36-4A-102 Subject matter
§ 36-4A-103 Payment order-Definitions
§ 36-4A-104 Funds transfer-Definitions
§ 36-4A-105 Other definitions
§ 36-4A-106 Time payment order is received
§ 36-4A-107 Federal reserve regulations and operating circulars
§ 36-4A-108 Application of chapter
§ 36-4A-201 Security procedure
§ 36-4A-202 Authorized and verified payment orders
§ 36-4A-203 Unenforceability of certain verified payment orders
§ 36-4A-204 Refund of payment and duty of customer to report with respect to unauthorized payment order
§ 36-4A-205 Erroneous payment orders
§ 36-4A-206 Transmission of payment order through funds-transfer or other communication system
§ 36-4A-207 Misdescription of beneficiary
§ 36-4A-208 Misdescription of intermediary bank or beneficiary’s bank
§ 36-4A-209 Acceptance of payment order
§ 36-4A-210 Rejection of payment order
§ 36-4A-211 Cancellation and amendment of payment order
§ 36-4A-212 Liability and duty of receiving bank regarding unaccepted payment order
§ 36-4A-301 Execution and execution date
§ 36-4A-302 Obligations of receiving bank in execution of payment order
§ 36-4A-303 Erroneous execution of payment order
§ 36-4A-304 Duty of sender to report erroneously executed payment order
§ 36-4A-305 Liability for late or improper execution or failure to execute payment order
§ 36-4A-401 Payment date
§ 36-4A-402 Obligation of sender to pay receiving bank
§ 36-4A-403 Payment by sender to receiving bank
§ 36-4A-404 Obligation of beneficiary’s bank to pay and give notice to beneficiary
§ 36-4A-405 Payment by beneficiary’s bank to beneficiary
§ 36-4A-406 Payment by originator to beneficiary; discharge of underlying obligation
§ 36-4A-501 Variation by agreement and effect of funds-transfer system rule
§ 36-4A-502 Creditor process served on receiving bank; setoff by beneficiary’s bank
§ 36-4A-503 Injunction or restraining order with respect to funds transfer
§ 36-4A-504 Order in which items and payment orders may be charged to account; order of withdrawals from account
§ 36-4A-505 Preclusion of objection to debit of customer’s account
§ 36-4A-506 Rate of interest
§ 36-4A-507 Choice of law

Terms Used In South Carolina Code > Title 36 > Chapter 4A - Commercial Code - Funds Transfers

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • 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.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • 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
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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.
  • Organized militia: refers to both the National Guard and the organized militia not in National Guard service. See South Carolina Code 25-1-10
  • 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.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC