§ 25-4A-503. Injunction or restraining order with respect to funds transfer.

102 words·~1 min read·/nc/chapter-25/25-4a-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. (1993, c. 157, s. 1.)