LAW OF THE REPUBLIC OF ARMENIA

of January 7, 1997 No. ZR-100

About money transfers according to the payment order

Chapter 1. General provisions

Article 1. Subject of regulation of the Law

This Law determines legal regime of money transfers by the payment order and the rights and obligations of participants of the transaction of money transfer on the payment order in the Republic of Armenia, and also their responsibility for non-execution or improper execution of obligations.

Article 2. Money transfer according to the payment order

Money transfer according to the payment order (further - money transfer) - the combination of the consecutive actions performed for the purpose of payment of the provided amount to the beneficiary specified in it beginning with presentation by the payer of the payment order. Money transfer includes the payment order sent by payer bank or intermediary bank to the following bank for the purpose of execution of the payment order of the payer. Money transfer comes to the end with acceptance of the payment order of the payer by bank of benetsifiar for benefit of the beneficiary.

Article 3. Payment order

1. The payment order is this to bank in oral form or by electronic method the order to pay or charge to other bank to pay to the beneficiary the fixed or calculated amount if:

a) the order, except payment due date, does not establish other payment term of the beneficiary and

b) the bank receiver receives from the sender compensation by debiting of the account of the sender or otherwise,

c) the sender directly or indirectly - through the agent, money transfer system or telecommunication system - delivers the message to bank receiver.

If the order conforming to the requirements established by the first paragraph of this Item provides making more than one payment on the beneficiary, then it is the personal payment order on each payment.

2. The amount of the payment order is the amount specified in the payment order which is subject to payment to the beneficiary.

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