57A-4A-206 Transmission of payment order through funds-transfer or other communication system.
Transmission of payment order through funds-transfer or other communication
(a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system
or other third-party communication system for transmittal to the bank, the system is deemed to be
an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a
discrepancy between the terms of the payment order transmitted to the system and the terms of the
payment order transmitted by the system to the bank, the terms of the payment order of the sender
are those transmitted by the system. This section does not apply to a funds-transfer system of the
federal reserve banks.
(b) This section applies to cancellations and amendments of payment orders to the same extent
it applies to payment orders.
Source: SL 1991, ch 397, § 1.