§ 62A.4A-501. Variation by agreement and effect of funds-transfer system rule
(1) Except as otherwise provided in this Article, 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. Except as otherwise provided in this Article, a funds-transfer system rule governing rights and obligations between participating banks using the system may be effective even if the rule conflicts with the Article 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 RCW 62A.4A-404(3), 62A.4A-405(4), and 62A.4A-507(3).
[1991 sp.s. c 21 § 4A-501.]
Sections: Previous 62A.4A-304 62A.4A-305 62A.4A-401 62A.4A-402 62A.4A-403 62A.4A-404 62A.4A-405 62A.4A-406 62A.4A-501 62A.4A-502 62A.4A-503 62A.4A-504 62A.4A-505 62A.4A-506 62A.4A-507 NextLast modified: April 7, 2009