UNCITRAL Model Law on International Credit Transfers (1992)

Date of adoption: 15 May 1992

Adopted by UNCITRAL on 15 May 1992, the Model Law deals with operations beginning with an instruction by an originator to a bank to place at the disposal of a beneficiary a specified amount of money. It covers such matters as the obligations of a sender of the instruction and of a receiving bank, time of payment of a receiving bank and liability of a bank to its sender or to the originator when the transfer is delayed or another error occurs.