§12A-4A-402.

§12A-4A-402.
   
   OBLIGATION OF SENDER TO PAY RECEIVING BANK
   
   (a) This section is subject to Sections 13 and 15 of this act.
   
   (b) With respect to a payment order issued to the beneficiary's bank,
   acceptance of the order by the bank obliges the sender to pay the bank
   the amount of the order, but payment is not due until the payment date
   of the order.
   
   (c) This subsection is subject to subsection (e) of this section and
   to Section 23 of this act. With respect to a payment order issued to a
   receiving bank other than the beneficiary's bank, acceptance of the
   order by the receiving bank obliges the sender to pay the bank the
   amount of the sender's order. Payment by the sender is not due until
   the execution date of the sender's order. The obligation of that
   sender to pay its payment order is excused if the funds transfer is
   not completed by acceptance by the beneficiary's bank of a payment
   order instructing payment to the beneficiary of that sender's payment
   order.
   
   (d) If the sender of a payment order pays the order and was not
   obliged to pay all or part of the amount paid, the bank receiving
   payment is obliged to refund payment to the extent the sender was not
   obliged to pay. Except as provided in Sections 12 and 24 of this act,
   interest is payable on the refundable amount from the date of payment.
   
   (e) If a funds transfer is not completed as stated in subsection (c)
   of this section and an intermediary bank is obliged to refund payment
   as stated in subsection (d) of this section but is unable to do so
   because not permitted by applicable law or because the bank suspends
   payments, a sender in the funds transfer that executed a payment order
   in compliance with an instruction, as stated in paragraph (1) of
   subsection (a) of Section 22 of this act, to route the funds transfer
   through that intermediary bank is entitled to receive or retain
   payment from the sender of the payment order that it accepted. The
   first sender in the funds transfer that issued an instruction
   requiring routing through that intermediary bank is subrogated to the
   right of the bank that paid the intermediary bank to refund as stated
   in subsection (d) of this section.
   
   (f) The right of the sender of a payment order to be excused from the
   obligation to pay the order as stated in subsection (c) or to receive
   refund under subsection (d) of this section may not be varied by
   agreement.