North Dakota § 41-04.1-32 (4A-501) Variation by agreement and effect of funds-transfer system rule

North Dakota Statutes

§ 41-04.1-32 — (4A-501) Variation by agreement and effect of funds-transfer system rule

North Dakota § 41-04.1-32

Title 41Uniform Commercial Code

Ch. 41-04.1Funds Transfers

This text of North Dakota § 41-04.1-32 ((4A-501) Variation by agreement and effect of funds-transfer system rule) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-04.1-32 (2026).

Text

1.Except as otherwise provided in this chapter, 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.Which governs 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 chapter, a funds-transfer system rule governing rights and obligations between participating banks using the system may be effective even if the rule

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1. Except as otherwise provided in this chapter, 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. Which governs 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 chapter, 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 chapter 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 subsection 3 of section 41-04.1-29, subsection 4 of section
41-04.1-30, and subsection 3 of section 41-04.1-38.