Electronic Fund Transfer: A Comparative Study
Dr. Aied Rashed Al-Mirri
Assistant Professor of Commercial Law – College of Business Studies – Kuwait
Abstract:
Electronic transfers of money between financial institutions take place frequently and with huge amounts of money that reach billions of dollars daily, whether nationally or internationally. These transfers are regulated in several states’ laws. Also, the UNCITRAL issued a Model Law on International Credit.
Due to its importance, this article attempts to explain the process of money electronic transfer, highlighting the obligations of the parties to this process as well as their liability for misrepresentation, delay or nonperformance. The article is organized as follows:
– Part One: Electronic Fund Transfer Definition.
– Part Two: Parties Obligations in the Credit Electronic Transfer.
– Part Three: Parties Liability in the Electronic Transfer.