Rights and obligations of the person who gives instructions for electronic funds transfer
(1) Rights of the person who gives instructions. The person who gives instructions has the right to require the receiving bank to pay the specified amount to the designated beneficiary in a timely manner according to the time of the instructions. If the receiving bank fails to fulfill its obligations according to the instructions, the person who gives instructions has the right to require it to bear the liability for breach of contract and compensate for the losses caused thereby.
(2) Obligations of the person who gives instructions.
① Once the instructions are issued to the receiving bank, the bank itself is also bound by its instructions and assumes the obligation to pay from its designated account.
② Where necessary, not only should the signature be verified, but also, in accordance with commercial practices, the certification of the certification body should be accepted.
③ According to the procedures of the receiving bank, check whether the instructions are wrong or ambiguous, and have the obligation to issue correction instructions to modify erroneous or ambiguous instructions.
Rights of the receiving bank for electronic funds transfer
(1) Rights of the receiving bank.
① Require the payee or the person who gives instructions to pay the funds instructed and bear the expenses incurred by the payment.
② Refuse or require the person who gave the instruction to amend the instructions that cannot be executed or do not comply with the prescribed procedures and requirements.
③ As long as it can be proved that due to the fault of the person who gave the instruction, other people, including the person who gave the instruction’s responsibility or former employees or other parties related to the person who gave the instruction, passed the certification procedure by pretending to be the person who gave the instruction, the person who gave the instruction shall be entitled to require the person who gave the instruction to bear the consequences caused by the instruction.