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Common Law Defense to a Chargeback—Whether The UCC Right to a Chargeback Can Be Countered By the Common Law Right to an Offset When a Bank is Bound By a Wire Transfer Agreement
The Court concluded that Cadence breached the wire transfer agreement by using provisional credit funds and failing to transfer funds from a “collected balance,” using Elizondo’s construction of the term. Therefore, the breach entitled Elizondo to offset Cadence’s chargeback by the amount of overdrawn funds as a matter of law.