(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 Code section does not apply to a funds-transfer system of the federal reserve banks.
(b) This Code section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders.
Section: Previous 11-4a-201 11-4a-202 11-4a-203 11-4a-204 11-4a-205 11-4a-206 11-4a-207 11-4a-208 11-4a-209 11-4a-210 11-4a-211 11-4a-212 NextLast modified: October 14, 2016