§4A-501. Variation by agreement and effect of funds-transfer system rule

Link to law: http://legislature.vermont.gov/statutes/section/09A/004A/00501
Published: 2015

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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.)
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