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Legal Aspects of Unauthorized Bank Payments

Author

Listed:
  • Elsan , Mostafa

    (Faculty of Law, Shahid Beheshti University)

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.

Suggested Citation

  • Elsan , Mostafa, 2012. "Legal Aspects of Unauthorized Bank Payments," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 6(4), pages 89-100, July.
    • Handle: RePEc:mbr:jmonec:v:6:y:2012:i:4:p:89-100
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    More about this item

    Keywords

    Unauthorized Payment; Liability of Bank; Payment by Mistake; Misuses Notice; Customer's Obligation;
    All these keywords.

    JEL classification:

    • K20 - Law and Economics - - Regulation and Business Law - - - General
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K35 - Law and Economics - - Other Substantive Areas of Law - - - Personal Bankruptcy Law

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