2006 New York Code - Liability And Duty Of Receiving Bank Regarding Unaccepted Payment Order

 
  Section 4-A-212. Liability   and   Duty   of  Receiving  Bank  Regarding
                     Unaccepted Payment Order.
    If a receiving bank fails to accept a payment order that it is obliged
  by express agreement to accept, the bank is liable  for  breach  of  the
  agreement  to  the  extent provided in the agreement or in this Article,
  but does not otherwise have any duty  to  accept  a  payment  order  or,
  before  acceptance,  to  take any action, or refrain from taking action,
  with respect to the order except as  provided  in  this  Article  or  by
  express  agreement.  Liability  based  on  acceptance  arises  only when
  acceptance occurs as stated in Section 4-A-209, and liability is limited
  to that provided in this Article. A receiving bank is not the  agent  of
  the  sender  or  beneficiary  of the payment order it accepts, or of any
  other party to the funds transfer, and the bank  owes  no  duty  to  any
  party  to  the  funds  transfer except as provided in this Article or by
  express agreement.