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Adams on Contract Drafting

“By Wire Transfer of Immediately Available Funds”

Posted on August 21, 2011 by Ken Adams

I’d appreciate your thoughts on the phrase “by wire transfer of immediately available funds”.

Are wire-transfer funds always immediately available? If not, why not? Is it a function of the person paying or the person receiving? What, if anything, does the Uniform Commercial Code have to say? How do things work outside the U.S.? Would some other formulation be clearer?

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