All money in your account is legally called “electronic money”, which is recognised throughout the European Economic Area as a form of money suitable for online use. To use the Services PayPal, you must open a PayPal account. By opening and using a PayPal account, you agree to abide by all terms and conditions of this User Agreement. You also agree to comply with the following additional documents and any other documents on the Legal Agreements page that apply to you: Family matters: wills and estate planning documents, school and administrative hearings, adoption Marriage matters: marriage contracts, name changes, updating or preparing estate planning documents 6. “PayPal state licenses.” PayPal, www.paypal.com/us/webapps/mpp/licenses. If you are a natural person, you must be at least 18 years of age and have full legal capacity to enter into a contract to open a PayPal account and use the Services PayPal. If you are a company, the company must be registered in one of the countries mentioned above. All PayPal users must read and accept agreements in the “Agreements for all users” column. If you use any of the services listed in the other columns, you must read and accept the applicable agreement(s). The above legal agreements and policies contain the terms and conditions of the specific services PayPal offers. You will, at your expense, take any other action necessary to constitute a reserve or other form of security in a manner reasonably determined by us.
This may include signing all required documents and registering any form of documents reasonably required of us so that we can perfect any form of security. Email us at Lawenforcement@paypal.com if you have any questions about the exact request for documents. Generally, the Loan Adequacy Act is governed by a credit card transaction, specifically the relationship between an issuing bank and the cardholder, as enshrined in Regulation Z. TILA/Z includes special billing processes, dispute resolution and cardholder liability for illegal payments. Similarly, a legal relationship between the debit card holder and the issuing bank must be regulated by Regulation E. EFTA/E is designed to protect consumers and provides for strict procedures to correct errors. Since the payment intermediary is PayPal and is not directly regulated, TILA Z and EFTA E do not work exactly as stated after the credit/debit card transaction via PayPal. In essence, the customer has no compensation in case of fraud on the part of the seller, unless a transaction PayPal is financed by a credit card. If PayPal invalidates and cancels (on your own initiative or otherwise) a payment you have made to a recipient, you agree that PayPal will assume your rights against the recipient and third parties in connection with the payment and that you may assert such rights directly or on your behalf at PayPal discretion. This is legally called your “subrogation” or “assignment” to PayPal of your rights against the recipient and third parties in connection with the payment.
If we limit your PayPal account, if a payment is blocked or if your account or an associated account has a negative balance in any currency while a withdrawal from your PayPal account is pending, you must restart the withdrawal once the restriction or hold has been lifted or the negative balance has been paid in full.