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Maestro Global Rules (PDF) - MasterCard

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Settlement and Reconciliation<br />

10.4 Failure of a Principal Customer to Discharge a Settlement Obligation<br />

10.4 Failure of a Principal Customer to Discharge a<br />

Settlement Obligation<br />

Subject to the limitation set forth in this Rule, if a Principal Customer fails<br />

to discharge a Settlement Obligation arising from or in connection with any<br />

Processed Transaction, the Corporation will satisfy such Settlement Obligation(s)<br />

to the extent such Settlement Obligation(s) is not otherwise satisfied.<br />

To the extent the Corporation satisfies a Customer’s Settlement Obligation, such<br />

satisfaction constitutes an automatic transfer, sale, and absolute assignment to<br />

the Corporation, and not an assignment for security purposes, of all right, title,<br />

and interest in the receivable. Such satisfaction of the Customer’s Settlement<br />

Obligation also entitles the Corporation to all records and documents related to<br />

the receivable, including the name and address of each Cardholder or other<br />

person obligated to satisfy any part of the receivable. The Customer must<br />

promptly deliver all such records and documents to the Corporation or to the<br />

Corporation’s designee. Any proceeds received by or on behalf of the Customer<br />

from any receivable must be held in trust by the Customer and paid to the<br />

Corporation as soon as practicable.<br />

The Corporation may take any action the Corporation deems necessary or<br />

appropriate to protect its interest in the receivable and to protect the integrity of<br />

the affairs of the Corporation, such as, by way of example and not limitation, by:<br />

1. Refusing or rejecting Transaction authorization requests relating to use of<br />

the Customer’s Cards.<br />

2. Establishing a settlement account for monies due to and from the Customer.<br />

3. Without prior notice to the Customer, holding any monies due, directly<br />

or indirectly and for any purpose, to the Customer from the Corporation<br />

and any Settlement Obligation(s) due to the Customer and apply those<br />

monies to the amounts the Customer owes to the Corporation and to other<br />

Customers arising from Participation.<br />

4. Listing some or all of a Customer’s Card account numbers on the Electronic<br />

Warning Bulletin file, the international Warning Notice(s), or both, or in<br />

other or similar publications.<br />

5. Effecting chargebacks on behalf of the Customer.<br />

6. Overseeing the disposition of unused Card stock and any other media<br />

bearing security-sensitive information, including Card Account information.<br />

The Corporation assumes no liability, responsibility, or obligation to satisfy,<br />

in full or in part:<br />

1. A Settlement Obligation arising from or in connection with a Transaction<br />

that was not a Processed Transaction.<br />

2. A Settlement Obligation arising from or in connection with a Transaction in<br />

which the Principal Customer, considered together with one or more of its<br />

Sponsored Affiliate Customers, acts as both the Issuer and the Acquirer.<br />

©1993–2012 <strong>MasterCard</strong>. Proprietary. All rights reserved.<br />

<strong>Maestro</strong> <strong>Global</strong> <strong>Rules</strong> • 9 November 2012 10-3

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