Opinion
February 4, 1992
Appeal from the Supreme Court, New York County (Irma Vidal Santaella, J.).
We agree with the IAS court that the Uniform Commercial Code was inapplicable to wire transfers prior to the enactment of article 4-A (see, Bradford Trust Co. v. Texas Am. Bank, 790 F.2d 407; Evra Corp. v. Swiss Bank Corp., 673 F.2d 951, cert denied 459 U.S. 1017; Delbrueck Co. v. Manufacturers Hanover Trust Co., 609 F.2d 1047), and that defendant's reliance on UCC 4-406 (4) as a one-year time bar to the action is therefore unavailing.
Article 4-A, which provides for a similar one-year limitation period (UCC 4-A-505), cannot be applied retroactively as a matter of law (Banque Worms v. BankAmerica Intl., 77 N.Y.2d 362). Plaintiff, a non-moving party before the IAS court, urges that it should be granted summary judgment upon a search of the record on appeal. Defendant not having had an opportunity to respond to such application before the Motion Court, it would be inappropriate to entertain such request at this juncture, particularly since discovery is still being conducted relative to possible defenses which may be available to defendant bank. (See, prior decision at 169 A.D.2d 560.)
Concur — Rosenberger, J.P., Ellerin, Wallach, Smith and Rubin, JJ.