Section 7-4A-503 Injunction or Restraining Order with Respect to Funds Transfer.
86 words·~1 min read·
/al/title-7-commercial-code/part-5-miscellaneous-provisions/7-4a-503·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.