§4A-503. Injunction or restraining order with respect to funds transfer

Link to law: http://legislature.vermont.gov/statutes/section/09A/004A/00503
Published: 2015

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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

004A

:
Funds Transfers











 

§

4A-503. Injunction or restraining order with respect to funds transfer

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, (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. (Added 1993, No. 158 (Adj. Sess.), §

14, eff. Jan. 1, 1995.)
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