A BILL TO BE ENTITLED AN ACT TO AMEND UNIFORM COMMERCIAL CODE ARTICLE 4A, FUNDS TRANSFERS, TO CONTINUE THE APPLICABILITY OF THAT ARTICLE TO REMITTANCE TRANSFERS THAT ARE NOT ELECTRONIC FUND TRANSFERS, AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION.
Amends GS 25-4A-108, providing that Article 4A (Funds Transfers) of the Uniform Commercial Code applies to a remittance transfer as defined in the Electronic Fund Transfer Act (Act) unless the transfer is an electronic fund transfer. Specifies that the Act governs in a conflict with Article 4A. Makes a conforming change.
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