California Commercial Code

§ 11208

COM § 11208 Effective Jan 1, 2024Div. 11 · Ch. 2

Statute text

(a)This subdivision applies to a payment order identifying an intermediary bank or the beneficiary’s bank only by an identifying number.

(1)The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary’s bank and need not determine whether the number identifies a bank.

(2)The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.

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Legislative history

Amended by Stats. 2023, Ch. 210, Sec. 86. (SB 95) Effective January 1, 2024.