57A-4A-501 Variation by agreement and effect of funds-transfer system rule.
Variation by agreement and effect of funds-transfer system rule.
(a) Except as
otherwise provided in this chapter, the rights and obligations of a party to a funds transfer may be
varied by agreement of the affected party.
(b) "Funds-transfer system rule" means a rule of an association of banks (i) governing
transmission of payment orders by means of a funds-transfer system of the association or rights and
obligations with respect to those orders, or (ii) to the extent the rule governs rights and obligations
between banks that are parties to a funds-transfer in which a federal reserve bank, acting as an
intermediary bank, sends a payment order to the beneficiary's bank. Except as otherwise provided
in this chapter, a funds-transfer system rule governing rights and obligations between participating
banks using the system may be effective even if the rule conflicts with this chapter and indirectly
affects another party to the funds transfer who does not consent to the rule. A funds-transfer system
rule may also govern rights and obligations of parties other than participating banks using the system
to the extent stated in §§ 57A-4A-404(c), 57A-4A-405(d) and 57A-4A-507(c).
Source: SL 1991, ch 397, § 1.