47-4A206. 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.
Section: Previous 47-4a107 47-4a108 47-4a201 47-4a202 47-4a203 47-4a204 47-4a205 47-4a206 47-4a207 47-4a208 47-4a209 47-4a210 47-4a211 47-4a212 47-4a301 NextLast modified: October 13, 2016