(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 considered 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 that it applies to payment orders.
Section: Previous 45.14.201 45.14.202 45.14.203 45.14.204 45.14.205 45.14.206 45.14.207 45.14.208 45.14.209 45.14.210 45.14.211 45.14.212 NextLast modified: November 15, 2016