Cancellation And Amendment Of Payment Orders

LexisNexis (February 15, 2019, 10:19 AM EST) -- In our prior article, we analyzed a recent Pennsylvania decision where a hacker tricked a law firm into making a $580,000 wire transfer to a non-existing client. Part of the court’s decision turns on the cancellation and amendment rules governing wire transfers under UCC 4A-211. As the decision shows, the rules are quite bank-friendly. Let’s now step back and look at the rules in a nutshell....