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84-4a-503. Injunction or restraining order with respect to funds transfer. 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.

History: L. 1990, ch. 367, ยง 34; January 1, 1991.

KANSAS COMMENT, 1996

This section is identical to the 1995 Official Text.

It authorizes a limited number of injunctions or restraining orders to minimize their effect on the funds transfer system. It basically allows an injunction against an originator or an originator's bank, or withdrawals by the beneficiary, but prohibits interference with intermediary banks, as such.


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