South Dakota § 57A-4A-501 Variation by agreement and effect of funds

South Dakota Statutes

§ 57A-4A-501 — Variation by agreement and effect of funds

South Dakota § 57A-4A-501

Title 57AUNIFORM COMMERCIAL CODE

Ch. 57A-4FUNDS TRANSFERS

This text of South Dakota § 57A-4A-501 (Variation by agreement and effect of funds) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 57A-4A-501 (2026).

Text

(a)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.

(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 chapter, a funds - transfer system rule governing rights and obligations between participating banks using the system may be effective even if

Free access — add to your briefcase to read the full text and ask questions with AI

(a) 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. (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 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 §§ 57A-4A-404(c), 57A-4A-405(d) and 57A-4A-507(c).