Utah § 70A-4a-501 Variation by agreement and effect of funds transfer system rule.

Utah Statutes

§ 70A-4a-501 — Variation by agreement and effect of funds transfer system rule.

Utah § 70A-4a-501

Title 70AUniform Commercial Code

Ch. 70A-4aUniform Commercial Code - Funds Transfers

Part 70A-4a-5Miscellaneous Provisions

This text of Utah § 70A-4a-501 (Variation by agreement and effect of funds transfer system rule.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 70A-4a-501 (2026).

Text

(1)Except as otherwise provided in this chapter, rights and obligations of a party to a funds transfer may be varied by agreement of the affected party.

(2)(2)(a) "Funds transfer system rule" means a rule of an association of banks:

(2)(a)(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

(2)(a)(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.

(2)(b) Except as otherwise provided in this chapter, a funds transfer system rule governing rights and obligations between participating banks using the system may be eff

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(1) Except as otherwise provided in this chapter, rights and obligations of a party to a funds transfer may be varied by agreement of the affected party.
(2) (2)(a) "Funds transfer system rule" means a rule of an association of banks:
(2)(a)(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
(2)(a)(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.
(2)(b) 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 70A-4a-404(3), Subsection 70A-4a-405(4), and Subsection 70A-4a-507(3).