Colorado § 4-4.5-304 - Duty of sender to report erroneously executed payment order.
Full text of Colorado Colorado Revised Statutes § 4-4.5-304 — Duty of sender to report erroneously executed payment order., with citation guidance and answers to common questions.
§ 4-4.5-304. Duty of sender to report erroneously executed payment order.
If the sender of a payment order that is erroneously executed as stated in section 4-4.5-303 receives notification from the receiving bank that the order was executed or that the sender's account was debited with respect to the order, the sender has a duty to exercise ordinary care to determine, on the basis of information available to the sender, that the order was erroneously executed and to notify the bank of the relevant facts within a reasonable time not exceeding ninety days after the notification from the bank was received by the sender. If the sender fails to perform that duty, the bank is not obliged to pay interest on any amount refundable to the sender under section 4-4.5-402(d) for the period before the bank learns of the execution error. The bank is not entitled to any recovery from the sender on account of a failure by the sender to perform the duty stated in this section.
Source: L. 90: Entire article added, p. 355, § 1, effective January 1, 1991.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 4-4.5-304
What does Colorado Revised Statutes § 4-4.5-304 cover?
Section 4-4.5-304 ("Duty of sender to report erroneously executed payment order.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 4-4.5-304?
A common citation format is "Colorado Revised Statutes § 4-4.5-304" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 4-4.5-304 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.