Hamid Miri; Mansour Amini; Saman Motaghi Shahri
Abstract
This article discusses Electronic Funds Transfer (EFT) based on an assignment framework. Payment order in EFT is considered to be an assignment offer. If the Fund Transfer is considered on this basis, it must contain conditions for the emergence of an assignment and its legal consequences. In this ...
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This article discusses Electronic Funds Transfer (EFT) based on an assignment framework. Payment order in EFT is considered to be an assignment offer. If the Fund Transfer is considered on this basis, it must contain conditions for the emergence of an assignment and its legal consequences. In this respect, debt or credit as subject matter of this agreement is available in most cases of EFT, even if there is no debtor and creditor relationship between the issuer of the payment order and beneficiary. In terms of intent for creation an assignment, since the issuer is willing to transfer funds that is being holding by bank and there is no need for debtor’s consent and there is no fiduciary relationship between them, the legal relationship created between the issuer and the bank has to be interfered as an assignment. As regards consequences, by accepted this idea, the right of the bank to reject Fund Transfer order can easily be interpreted. Having said that, what a bank does on order after receipt of payment order should not be considered to be the acceptance of the offer, because this is a regular and preliminary process. Since the doctrine is not able to respond to some situations for Fund Transfer, including Fund Transfer to another account of the issuer, it has been subject to some criticisms.
Mohammad Salehi Mazandarani; Farhad Bayat
Volume 2, Issue 6 , February 2015, , Pages 33-61
Abstract
At first glance, the transfer of credit is a legal action taken between a sender and a receiver of credit through which the receiver is obligated to transfer the monetary value of the payment order to the beneficiary in accordance with the instruction received from the transferor. The sender is also ...
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At first glance, the transfer of credit is a legal action taken between a sender and a receiver of credit through which the receiver is obligated to transfer the monetary value of the payment order to the beneficiary in accordance with the instruction received from the transferor. The sender is also obliged to transfer that money, in addition to the cost of transfer, to the other party.Although, on a primary analysis, a credit transfer is more assimilated to a kind of payment instrument that facilitates transfer of money, it might, on a second consideration, seem to be a sort of payment method. A careful scrutiny of this legal institution proves that none of the current traditional contractual forms could properly illustrate the true nature, features and function of this legal entity. This article shows that the nature of this legal entity could well be justified as a non-defined, innominate contract (Aghd-e Gheir-e Moayyan) subject to Article 10 of the Iranian Civil Code. An attempt to accommodate this contract in the form of a defined and specific contract (Adhd-e Moayyan) stems from the traditional view held by certain Islamic jurists who believe in the non-binding nature of non-defined innominate contracts, an idea which has surely no place in the existing Iranian legal system.
