transfer isfinaloruntilthetransferee hasbeennotified ofthecredit. Exceptionally, thebank'sunilateral righttocorrect errorsmay beunlimited inpointoftime.However, inmanylegalsystems, thetransferee bankmay be allowed tocorrect theerrorbyreversing thecreditonlywiththeexpress permission ofthetransferee. Ifthetransferee doesnotgiveitspermission, thetransferee bankmightobtainreimbursement onlybytakinglegalaction. 80.Therightofatransferor bankorintermediary banktocorrect anerror byreversing acreditisessentially thesame as thatofthetransferee bank. However, suchabankmay beprecluded fromreversing thecredittothe receiving bankwithoutitspermission unlesseitherthereceiving bankhasnot asyetcredited itscreditpartyoritcansecurereimbursement fromthe creditparty. Insomecases,rulesoffinality governing thefundstransfer transaction between twointermediary banksmaypreclude reimbursement by reversal ofthecrediteventhoughthefundstransfer between transferor and transferee isnotyetfinal. 4.Availability offunds 81.Although theremay be no directlegalconnection between thefinality of afundstransfer andtheavailability ofthefundstothetransferee, the finality ofthetransfer astothetransferee isusually oneofthefactors determining thetimewhenthefundsaremadeavailable. Itisalsoimportant todistinguish between thetimewhenthefundsareavailable tothetransferee bankandthetimewhentheyareavailahle tothetransferee. Thetimewhen fundsareavailable tothetransferee shouldalsobedistinguished fromthe timewhenthosefundsbegintoaccrueinterest. Insomebanking systems the twopointsoftimecoincide, butinmanyotherbanking systems fundsmay beA/CN.9/266/Add.l English Page22 available foruseforoneormoredaysbeforetheybegintoearninterest in theaccount. Inotherbanking systems fundsmaybegintoearninterest inthe account beforetheyareavailable tothecustomer foruse. 82.Anyrulesonavailability couldbeexpected toprovide thetransferee banksufficient timetoprocess thefundstransfer instructions. Therefore, even 3deposit ofcashinanaccount maynotgiverisetoarighttodrawon theresulting credituntilthefollowing dayifthedeposit voucher wouldnot beposteduntilafterthecloseofbusiness. Theuseofon-line terminals for manyfundstransfer activities, including thereceipt ofdeposits, mayremove thisbasisfordelayinavailability insomebanks. However, adeposit of cashinanautomatic tellermachine, evenifrecorded on-line bythe depositor, wouldnormally notbeavailable immediately because ofthebank's needtohaveitspersonnel countandverifythedeposit. 83.Thetimewhenfundsaremadeavailable toatransferee isusually determined bythepractice ofthetransferee bankandisseldomgoverned eitherbythecontract between thetransferee andhisbankorbyprovisions of law.However, insomecases, andparticularly inregardtothoseaccounts fromortowhichlarge-value transfers aremadeorwhicharepartofacash management programme, individual contracts may benegotiated covering, among othermatters, thetimewhenfundswillbe made available tothecustomer. Themaximum periods oftimebeforewhichthefundsmustbe made available in certain typesoffundstransfers havebeenestablished bylawina fewStates. 84.Although theavailability offundstothetransferee isofprimary interest tothetransferee, itmayalsobeofinterest tothetransferor who, foravariety ofreasons, mayneedtobesurethatthefundsareatthefree disposal ofthetransferee by aparticular time.Thetransferor haslittle control overthetimeatwhichthefundswillbeavailable tothetransferee inadebittransfer, sinceitisthetransferee whoinitiates thefunds transfer process withhisbank.Thetransferor hasmorecontrol inacredit transfer sincehechooses thedateonwhichthefundstransfer begins and sincehe may be abletospecify a"paydate". 8S. The legalsignificance ofthepaydateinacredittransfer isunclear. Asnotedinthediscussion ontheperiodoftimewithin whichabankmustact onthefundstransfer instruction, ifthedefinition inISO/DIS/7982 thatthe paydateisthe"dateonwhichthefundsaretobeavailable tothe beneficiary [transferee] forwithdrawal incash"ispartofthecontract governing thefundstransfer, itwouldseemtocreate alegalobligation to thetransferor, andperhaps tothetransferee, onthepartofthetransferor bank.Thedefinition wouldmoreclearly create anobligation between the transferor bankandthenextbankinthechain, andbotween eachsubsequent pairofbanksthrough tothetransferee bank.However, itmay beunclear in manylegalsystems whether thetransferee bankcouldbelegally bound by the
**Analysis**
The text appears to be discussing the technical aspects of financial transactions, specifically the rules and regulations governing the transfer of funds between banks. The language used is formal and technical, suggesting a focus on financial and banking systems.

**Category**
Finance, Industry