Find Bill
Find Your Legislator
Legislative Deadlines
Oct. 22, 2017
RSS Feed Permanent URL -A +A

2016 Statute



Prev Article 4a. - FUNDS TRANSFERSNext


84-4a-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.

History: L. 1990, ch. 367, § 14; L. 1991, ch. 294, § 9; July 1.



Prev Article 4a. - FUNDS TRANSFERSNext
2017. Powered by KLISS. Rendered: 2017-10-22T20:22:05. Head Rev No: 302148