Volume 17, Issue 2 (2013)
CLR 2013, 17(2): 1-23 |
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Parsapour[1]* M B, Bayat[2] F. Review of Legal Aspects of Banking Order Payment Performance. CLR 2013; 17 (2) :1-23
URL: http://clr.modares.ac.ir/article-20-6375-en.html
URL: http://clr.modares.ac.ir/article-20-6375-en.html
1- 1- Assistant Professor of Private Law, Qom University, Qom, Iran
2- 2- Ph.D. student, Department of Private Law ,Qom University, Qom, Iran
2- 2- Ph.D. student, Department of Private Law ,Qom University, Qom, Iran
Abstract: (8771 Views)
Fund transfer through banking system is a common device to fulfill the contractual obligations. This process usually starts with the debtor`s order and finishes with intercession of several banks when the fund is deposited to the creditor´s account. The process of fund transfer has several important aspects legally such as the method of performing the process and its obstacles, and the bank´s deadline for exercising the payment order; however, determining the exact time that the process is finished has significant importance because in that time, the obligated will be discharged and his/her purpose of starting this process will be reached. According to the UNCITRAL model law on international credit transfers [1992], when the beneficiary bank accepts the payment order, the process will finish, and the issuer will be discharged. Based on the current banking law that beneficiary´s bank is responsible for fund transfer to the beneficiary´s account, this idea seems acceptable in Iran.
Received: 2012/12/15 | Accepted: 2013/07/3 | Published: 2013/09/21
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