Texas Business & Commerce Code - Section 4A.206. Transmission Of Payment Order Through Funds Transfer Or Other Communication System
Legal Research Home >
Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 4A.206. Transmission Of Payment Order Through Funds Transfer Or Other Communication System
§ 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.
Added by Acts 1993, 73rd Leg., ch. 570, § 7, eff. Sept. 1, 1993.
Section: 4A.107 4A.108 4A.201 4A.202 4A.203 4A.204 4A.205 4A.206 4A.207 4A.208 4A.209 4A.210 4A.211 4A.212 4A.301
Last modified: August 10, 2007
|
