§ 4A206. Transmission of payment order through funds-transfer
or other communication system.
(a) General rule.--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) Cancellations and amendments of payment orders.--This section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders.
Cross References. Section 4A206 is referred to in section 4A205 of this title.
Section: Previous 4a201 4a202 4a203 4a204 4a205 4a206 4a207 4a208 4a209 4a210 4a211 4a212 NextLast modified: October 8, 2016