1. Where the transfer order is addressed directly by the person making the order to the bank, the latter may, where the balance of such person is less than the value indicated in the transfer order, refuse to execute the order; provided that it notifies, without delay, such refusal to the person ordering the transfer. 2. Where the transfer order is presented by the beneficiary and its value is higher than the ordering person's balance, the bank shall credit the beneficiary's account with the partial balance, unless the beneficiary refuses the same. The bank shall further annotate on the transfer order the crediting of the partial balance or the beneficiary's refusal of the transfer. 3. Where several beneficiaries present themselves to the bank at the same time and the value of the transfer orders held by them exceed the balance of the person ordering the transfer, they shall be entitled to require the distribution of the insufficient balance between them, each according to his share. 4. Where the bank refuses to execute the transfer order or where the beneficiary refuses to accept the transfer of the partial balance, pursuant to Clauses (1) and (2) above, the person ordering the transfer shall have the right to dispose of such balance. 5. Where the bank fails to execute the transfer order on the first business day following the day on which it is presented, the order shall, within the limits of the non-executed part, be considered null and void and must be returned to the person who presented it against a receipt. Where an agreement is reached for a longer period, the transfer order which has not been executed shall be added to the orders submitted on the following days.
Interpretation and application must be checked against the official text and current version.