3 ms·
I find it fair and agree with it. General case: I receive an unexpected wire transfer from someone I wouldn't expect to pay me. It would be unreasonable for me
by mmmmmbop 6y ago
I find it fair and agree with it.
General case: I receive an unexpected wire transfer from someone I wouldn't expect to pay me. It would be unreasonable for me to expect that the money is fairly mine.
Exception: I loan out money to someone and ask them to pay me back no later than one year from now. Six months in I receive a wire transfer for the entire amount back. It's reasonable for me to expect that the money is mine and I'm free to spend it as I like. If now the debtor comes and asks for the money back because their wire transfer was a mistake, I may not even have the money anymore and would be put in a bad spot through no fault of my own.
- bdowling 6y ago> If now the debtor comes and asks for the money back because their wire transfer was a mistake... One of the questions here was at what point in time is notice of mistake required. The defendants argued that notice was required prior to funds actually being received. Citibank argued that notice prior to the debt being discharged should be sufficient. The court held that notice should be required prior to the funds being received. In the case of a wire transfer that happens instantaneously, that interpretation essentially eliminates the possibility of giving notice of a mistake.