F!I.r:CO···O'({1\"""1"-•, UNITED NATIONS GENERAt ASSEMBLY UNITED NATIONS COMMISSION ON INTERNATIONAL TRADELAW Eighteenth session Vienna, 3--21June1985Dish-. GENP.RAL A/CN.9/266/Add.1 30April1985 ORIGINAL: ENGLISH •DRAFTLEGALGUIDE ONELECTRONIC FUNDSTRANSFERS CHAPTER ON FINALITY OFFUNDSTRANSFER ReportoftheSecretary-General (continued) CONTENTS Paragraphs Page Introductory Note .1-3 3 A.Whenfundstransfers becomefinal .4-22 3 •••1. 2.Credittransfers . (a)Debittotheaccount ofthet~ansferor ... (b)Credittotheaccount ofthetransferee bank . (c)Noticeofcredittotheaccount ofthe transferee bank . (d)Transferee bankdecides toacceptcredit transfer . (e)Entryofcredittotransferee's account .. (f)Entryatcreditsubject toreversal . (g)Noticetothetransferee . (h)Payment incash . Debittransfers5-20 5-7 8 9 10-11 12-16 17 18-19 20 21-223 3 4 4 4 5 6 6 6 7 B. C.Relationship between finality oftransfer between customers andfinality oftransfer between banks... Changes intechnology affecting finality .23-30 31-/187 9 V.85-25584A/CN.91266/Add.l English Page2 Paragraphs 1. 2. ~. 4. 5. 6. 7.Individual processing ofpaper-based instructions . Batch-processing . On-line dataprocessing . Customer-activated terminals '" '" Guarantee ofhonourbytransferor bank . Microcircuit cards . Computer-ta-computer teleconwunication of fundstransfer instructions .32 33 34-37 38-40 41-43 114-479 10 10 11 12 13 14 D.Consequences associated withfinality 49-96 14 Rulesonfinality andsystemrisk . E.1. 2. 3. 4. 5.General rulesgivingpriority tofunds transfer . Specific conflicts inpriority . (a)Effect onfundstransfer oflegalrightsof thirdpersons . (i)Deathofthetransferor . (ii)Commencement ofinsolvency proceedings against transferor (iii)Legalincapacity oftransferor (iv)Attachment ofthetransferor's account . (v)Withdrawal offundtransfer instruction bytransferor . (b)Notices giventoabank . Reversal oferroneous fundstransfers (a)Reversal ofdebiton demand of transferor . (b)Recovery ofcreditinadebittransfer on demandoftransferor bank . (c)Recovery ofcreditinacredittransfer .. (d)Rightofbanktorecover creditby reversing entry . Availability offunds . Discharge oftheunderlying obligation .49-50 51-68 51-61 53 54 55 56-59 60-61 62-68 69-80 71-73 74-76 77-78 79-80 81-91 92-96 97-9914 15 15 15 15 16 16 17 17 19 19 20 21 21 21 24 25• • • Annex National experience inreducing systemrisk..... 271• • •A/CN.9/266/Add.l English Page3 Introductory Note 1.Finality ofafundstransfer isoftenconsidered tobe oneofthe important unifying concepts inthelawoffundstransfers. Inmanylegal systems, important legalconsequences areconsidered tooccuratthetimewhen
**Analysis**
This text appears to be related to the legal framework and regulations surrounding international transactions, specifically in the context of electronic fund transfers. The language used is technical and formal, indicating a focus on legal and financial concepts. The content discusses the concept of finality in fund transfers, the relationship between banks and customers, and the consequences of finality. These topics suggest that the text is related to the field of finance and international trade.

**Category**
International trade, Industry