§490:4A-206  Transmission of payment order
through funds-transfer or other communication system.  (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.
[L 1991, c 41, pt of §1]