N.Y. Uniform Commercial Code Law § 4-a-212: Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order

Section 4-A-212. Liability and Duty of Receiving Bank Regarding

Unaccepted Payment Order.

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 Article,

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 Article or by

express agreement. Liability based on acceptance arises only when

acceptance occurs as stated in Section 4-A-209, and liability is limited

to that provided in this Article. 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 Article or by

express agreement.