47-4A501. 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 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 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 section 47-4A404, subsection C, section
47-4A405, subsection D and section 47-4A507, subsection C.
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