PART 5. 
MISCELLANEOUS PROVISIONS



 



§490:4A-501  Variation by agreement and
effect of funds-transfer system rule.  (a)  Except as otherwise provided in
this article, 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 article, 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 article 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 sections 490:4A-404(c), 490:4A-405(d),
and 490:4A-507(c). [L 1991, c 41, pt of §1]