South Carolina Court Rules On Liability Of Beneficiary's Bank In Handling Unauthorized Wire

LexisNexis ( August 23, 2017, 12:56 PM EDT) -- In a recent case from South Carolina, the apparent originator of an unauthorized $880,000 wire transfer sought to recover its loss from the beneficiary's bank, but was generally unsuccessful.  The case applies the rules of Article 4A governing misdescription of the beneficiary's identity, as well as the rules governing cancellation of payment orders. ...