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;

Terms Used In Tennessee Code 47-4A-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
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
(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.

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