Section 206 - Transmission of payment order through funds transfer or other communication system. - Maryland Statutes

§ 4A-206. Transmission of payment order through funds transfer or other communication system.
 

(a) (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. 
 

[1991, ch. 548.]