Legal Aspects of Unauthorized Bank Payments

Mostafa Elsan ()
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Mostafa Elsan : Faculty of Law, Shahid Beheshti University

Journal of Money and Economy, 2012, vol. 6, issue 4, 89-100

Abstract: One of the complex matters in banking law is the problems and mistakes which occur in the process of bank payments. Mistake of banker or error in processing of information in bank networks may result in payment delay or paying money to the account of a person other than who was really intended. This article is about rules for allocation of losses between account holders implicated and the intermediary bank-based payments. The paper discusses common mistakes and usual forms of unauthorized payments with intermediation of one or more banks. The main idea of this paper is that the bank may be responsible for some errors and mistakes even if there is no agreement about or against this liability.

Keywords: Unauthorized Payment; Liability of Bank; Payment by Mistake; Misuses Notice; Customer's Obligation (search for similar items in EconPapers)
JEL-codes: K20 K22 K35 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:mbr:jmonec:v:6:y:2012:i:4:p:89-100

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