(1) Except as otherwise provided in this chapter, the rights and obligations of a party to a funds transfer may be varied by agreement of the affected party.
(2) “Funds-transfer system rule” means a rule of an association of banks:
(a) Governing transmission of payment orders by means of a funds-transfer system of the association or rights and obligations with respect to those orders; or
(b) To the extent the rule governs rights and obligations between banks that are parties to a funds transfer in which a Federal Reserve Bank, acting as an intermediary bank, sends a payment order to the beneficiary’s bank.
(3) Except as otherwise provided in this chapter, a funds-transfer system rule governing rights and obligations between participating banks using the system may be effective even if the rule conflicts with this chapter and indirectly affects another party to the funds transfer who does not consent to the rule. A funds-transfer system rule may also govern rights and obligations of parties other than participating banks using the system to the extent stated in ORS 74A.4040 (3), 74A.4050 (4) and 74A.5070 (3). [1991 c.442 §32]
Section: Previous 74A.3040 74A.3050 74A.4010 74A.4020 74A.4030 74A.4040 74A.4050 74A.4060 74A.5010 74A.5020 74A.5030 74A.5040 74A.5050 74A.5060 74A.5070 NextLast modified: August 7, 2008