400.4A-206. Transmission of payment order through funds--transfer or other communication system. - Missouri Statutes

Transmission of payment order through funds--transfer or othercommunication system.

400.4A-206. (a) If a payment order addressed to areceiving bank is transmitted to a funds-transfer system or otherthird-party communication system for transmittal to the bank, thesystem is deemed to be an agent of the sender for the purpose oftransmitting the payment order to the bank. If there is adiscrepancy between the terms of the payment order transmitted tothe system and the terms of the payment order transmitted by thesystem to the bank, the terms of the payment order of the senderare those transmitted by the system. This section does not applyto a funds-transfer system of the Federal Reserve Banks.

(b) This section applies to cancellations and amendments ofpayment orders to the same extent it applies to payment orders.

(L. 1992 S.B. 448)