THE LAW ON AMEDMENTS AND SUPPLEMENTS TO THE LAW ON PAYMENT TRANSFERS

Expert article
Autor: Svetlana Negovan

Summary: With the adoption of the Law on Payment Transfers (“Official Gazette of the Federal Republic of Yugoslavia”, No. 3/02 and 5/03, and the “Official Gazette of the Republic of Serbia”, No. 43/04 and 11/09), the rights and obligations of banks and clients in the execution of payment transfers were regulated in more detail, and also the opening and keeping of bank accounts for payment transfer operations, deployment of payment instruments (payment orders and collection orders), execution of payment transactions (debiting and crediting transfers of funds), responsibilities, compensation of damages, and reimbursement of funds, as well as forced collection of claims from client’s accounts. In addition, a law was also passed entitled Law on Amendments to the Law on Payment Transfers, published on 9 May 2011 in the Official Gazette of the Republic of Serbia, under No. 31.

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