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The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
004A
:
Funds Transfers
§
4A-501. Variation by agreement and effect of funds-transfer system rule
(a) 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.
(b)
"Funds-transfer system rule" means a rule of an association of banks
(i) 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 (ii) 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 this 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 sections 4A-404(c), 4A-405(d), and 4A-507(c). (Added 1993, No. 158 (Adj.
Sess.), § 14, eff. Jan. 1, 1995.)