The Risky Race To Set Off Against Wire Transfers: When Common Law Fills The Gap Under UCC Article 4A

LexisNexis ( September 15, 2020, 9:54 AM EDT) -- Article 4A of the Uniform Commercial Code (UCC) does not always occupy the field of loss allocation for wire transfers. When the race to set off is in trouble, common law causes of action such as unjust enrichment, fraud, and conversion may come into play as well. A federal district court order dated March 20, 2020, denying a motion for a judgment on the pleadings, illustrates this point....