(a) The following rules apply unless the affected parties otherwise agree orsubsection (c) of this section applies:
(1) The rights and obligations between the sender of a payment order and thereceiving bank are governed by the law of the jurisdiction in which thereceiving bank is located.
(2) The rights and obligations between the beneficiary's bank and thebeneficiary are governed by the law of the jurisdiction in which thebeneficiary's bank is located.
(3) The issue of when payment is made pursuant to a funds transfer by theoriginator to the beneficiary is governed by the law of the jurisdiction inwhich the beneficiary's bank is located.
(b) If the parties described in each subdivision of subsection (a) of thissection have made an agreement selecting the law of a particular jurisdictionto govern rights and obligations between each other, the law of thatjurisdiction governs those rights and obligations, whether or not the paymentorder or the funds transfer bears a reasonable relation to that jurisdiction.
(c) A funds-transfer system rule may select the law of a particularjurisdiction to govern (i) rights and obligations between participating bankswith respect to payment orders transmitted or processed through the system,or (ii) the rights and obligations of some or all parties to a funds transferany part of which is carried out by means of the system. A choice of lawmade pursuant to clause (i) of this subsection is binding on participatingbanks. A choice of law made pursuant to clause (ii) of this subsection isbinding on the originator, other sender, or a receiving bank having noticethat the funds-transfer system might be used in the funds transfer and of thechoice of law by the system which the originator, other sender, or receivingbank issued or accepted a payment order. The beneficiary of a funds transferis bound by the choice of law if, when the funds transfer is initiated, thebeneficiary has notice that the funds transfer system might be used in thefunds transfer and of the choice of law by the system. The law of ajurisdiction selected pursuant to this subsection may govern, whether or notthat law bears a reasonable relation to the matter in issue.
(d) In the event of inconsistency between an agreement under subsection (b)of this section, and a choice-of-law rule under subsection (c) of thissection, the agreement under subsection (b) of this section prevails.
(e) If a funds transfer is made by use of more than one funds-transfer systemand there is inconsistency between choice-of-law rules of the systems, thematter in issue is governed by the law of the selected jurisdiction that hasthe most significant relationship to the matter in issue.
(a) The following rules apply unless the affected parties otherwise agree orsubsection (c) of this section applies:
(1) The rights and obligations between the sender of a payment order and thereceiving bank are governed by the law of the jurisdiction in which thereceiving bank is located.
(2) The rights and obligations between the beneficiary's bank and thebeneficiary are governed by the law of the jurisdiction in which thebeneficiary's bank is located.
(3) The issue of when payment is made pursuant to a funds transfer by theoriginator to the beneficiary is governed by the law of the jurisdiction inwhich the beneficiary's bank is located.
(b) If the parties described in each subdivision of subsection (a) of thissection have made an agreement selecting the law of a particular jurisdictionto govern rights and obligations between each other, the law of thatjurisdiction governs those rights and obligations, whether or not the paymentorder or the funds transfer bears a reasonable relation to that jurisdiction.
(c) A funds-transfer system rule may select the law of a particularjurisdiction to govern (i) rights and obligations between participating bankswith respect to payment orders transmitted or processed through the system,or (ii) the rights and obligations of some or all parties to a funds transferany part of which is carried out by means of the system. A choice of lawmade pursuant to clause (i) of this subsection is binding on participatingbanks. A choice of law made pursuant to clause (ii) of this subsection isbinding on the originator, other sender, or a receiving bank having noticethat the funds-transfer system might be used in the funds transfer and of thechoice of law by the system which the originator, other sender, or receivingbank issued or accepted a payment order. The beneficiary of a funds transferis bound by the choice of law if, when the funds transfer is initiated, thebeneficiary has notice that the funds transfer system might be used in thefunds transfer and of the choice of law by the system. The law of ajurisdiction selected pursuant to this subsection may govern, whether or notthat law bears a reasonable relation to the matter in issue.
(d) In the event of inconsistency between an agreement under subsection (b)of this section, and a choice-of-law rule under subsection (c) of thissection, the agreement under subsection (b) of this section prevails.
(e) If a funds transfer is made by use of more than one funds-transfer systemand there is inconsistency between choice-of-law rules of the systems, thematter in issue is governed by the law of the selected jurisdiction that hasthe most significant relationship to the matter in issue.
(a) The following rules apply unless the affected parties otherwise agree orsubsection (c) of this section applies:
(1) The rights and obligations between the sender of a payment order and thereceiving bank are governed by the law of the jurisdiction in which thereceiving bank is located.
(2) The rights and obligations between the beneficiary's bank and thebeneficiary are governed by the law of the jurisdiction in which thebeneficiary's bank is located.
(3) The issue of when payment is made pursuant to a funds transfer by theoriginator to the beneficiary is governed by the law of the jurisdiction inwhich the beneficiary's bank is located.
(b) If the parties described in each subdivision of subsection (a) of thissection have made an agreement selecting the law of a particular jurisdictionto govern rights and obligations between each other, the law of thatjurisdiction governs those rights and obligations, whether or not the paymentorder or the funds transfer bears a reasonable relation to that jurisdiction.
(c) A funds-transfer system rule may select the law of a particularjurisdiction to govern (i) rights and obligations between participating bankswith respect to payment orders transmitted or processed through the system,or (ii) the rights and obligations of some or all parties to a funds transferany part of which is carried out by means of the system. A choice of lawmade pursuant to clause (i) of this subsection is binding on participatingbanks. A choice of law made pursuant to clause (ii) of this subsection isbinding on the originator, other sender, or a receiving bank having noticethat the funds-transfer system might be used in the funds transfer and of thechoice of law by the system which the originator, other sender, or receivingbank issued or accepted a payment order. The beneficiary of a funds transferis bound by the choice of law if, when the funds transfer is initiated, thebeneficiary has notice that the funds transfer system might be used in thefunds transfer and of the choice of law by the system. The law of ajurisdiction selected pursuant to this subsection may govern, whether or notthat law bears a reasonable relation to the matter in issue.
(d) In the event of inconsistency between an agreement under subsection (b)of this section, and a choice-of-law rule under subsection (c) of thissection, the agreement under subsection (b) of this section prevails.
(e) If a funds transfer is made by use of more than one funds-transfer systemand there is inconsistency between choice-of-law rules of the systems, thematter in issue is governed by the law of the selected jurisdiction that hasthe most significant relationship to the matter in issue.
