New Jersey § 12a:4a-303
Full text of New Jersey New Jersey Statutes § 12a:4a-303, with citation guidance and answers to common questions.
§ 12a:4a-303.
(1) A receiving bank that (i) executes the payment order of the sender by issuing
a payment order in an amount greater than the amount of the sender's order, or (ii)
issues a payment order in execution of the sender's order and then issues a duplicate
order, is entitled to payment of the amount of the sender's order under section 12A:4A-402(3) if that subsection is otherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous order the
excess payment received to the extent allowed by the law governing mistake and restitution. (2) A receiving bank that executes the payment order of the sender by issuing a payment
order in an amount less than the amount of the sender's order is entitled to payment
of the amount of the sender's order under section 12A:4A-402(3) if (i) that subsection is otherwise satisfied and (ii) the bank corrects its mistake
by issuing an additional payment order for the benefit of the beneficiary of the sender's
order. If the error is not corrected, the issuer of the erroneous order is entitled to
receive or retain payment from the sender of the order it accepted only to the extent
of the amount of the erroneous order. This subsection does not apply if the receiving bank executes the sender's payment
order by issuing a payment order in an amount less than the amount of the sender's
order for the purpose of obtaining payment of its charges for services and expenses
pursuant to instruction of the sender. (3) If a receiving bank executes the payment order of the sender by issuing a payment
order to a beneficiary different from the beneficiary of the sender's order and the
funds transfer is completed on the basis of that error, the sender of the payment
order that was erroneously executed and all previous senders in the funds transfer
are not obliged to pay the payment orders they issued. The issuer of the erroneous order is entitled to recover from the beneficiary of
the order the payment received to the extent allowed by the law governing mistake
and restitution.
Frequently Asked Questions About New Jersey § 12a:4a-303
What does New Jersey Statutes § 12a:4a-303 cover?
Section 12a:4a-303 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:4a-303?
A common citation format is "New Jersey Statutes § 12a:4a-303" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:4a-303 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.