If a receiving bank fails to accept a payment order that it is obliged by express agreement to accept, the bank is liable for breach of the agreement to the extent provided in the agreement or in this division but does not otherwise have any duty to accept a payment order or, before acceptance, to take any action, or refrain from taking action, with respect to the order except as provided in this division or by express agreement. Liability based on acceptance arises only when acceptance occurs as stated in section 4A209 (relating to acceptance of payment order), and liability is limited to that provided in this division. A receiving bank is not the agent of the sender or beneficiary of the payment order it accepts or of any other party to the funds transfer, and the bank owes no duty to any party to the funds transfer except as provided in this division or by express agreement. CHAPTER 4A3 EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK Sec. 4A301. Execution and execution date. 4A302. Obligations of receiving bank in execution of payment order. 4A303. Erroneous execution of payment order. 4A304. Duty of sender to report erroneously executed payment order. 4A305. Liability for late or improper execution or failure to execute payment order.
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