§ 4A-206
131 words·~1 min read·
/md/commercial-law/4a-206A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§4A–206.
(1)If a payment order addressed to a receiving bank is transmitted to a funds-transfer system for transmittal to the bank, the funds-transfer system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank.
(2)If there is a discrepancy between the terms of the payment order transmitted to the funds-transfer system and the terms of the payment order transmitted by the funds-transfer system to the bank, the terms of the payment order of the sender are those transmitted by the funds-transfer system.
(3)This section does not apply to a funds-transfer system of the Federal Reserve Banks.
(b)This section applies to cancellations and amendments of payment orders to the same extent that it applies to payment orders.