§ 4-A-206 — Transmission of Payment Order Through Funds-Transfer or Other Communication System

Section 4-A-206. Transmission of Payment Order Through Funds-Transfer or\n Other Communication System.\n (1) If a payment order addressed to a receiving bank is transmitted to\na funds-transfer system or other third-party communication system for\ntransmittal to the bank, the system is deemed to be an agent of the\nsender for the purpose of transmitting the payment order to the bank.\nIf there is a discrepancy between the terms of the payment order\ntransmitted to the system and the terms of the payment order transmitted\nby the system to the bank, the terms of the payment order of the sender\nare those transmitted by the system. This section does not apply to a\nfunds-transfer system of the Federal Reserve Banks.\n (2) This section applies to cancellations and amendments of payment\norders to the same extent it applies to payment orders.\n