400.4A-501. Variation by agreement and effect of funds--transfer system rule. - Missouri Statutes

Variation by agreement and effect of funds--transfer system rule.

400.4A-501. (a) Except as otherwise provided in thisArticle, the rights and obligations of a party to a fundstransfer may be varied by agreement of the affected party.

(b) "Funds-transfer system rule" means a rule of anassociation of banks (i) governing transmission of payment ordersby means of a funds-transfer system of the association or rightsand obligations with respect to those orders, or (ii) to theextent the rule governs rights and obligations between banks thatare parties to a funds transfer in which a Federal Reserve Bank,acting as an intermediary bank, sends a payment order to thebeneficiary's bank. Except as otherwise provided in thisArticle, a funds-transfer system rule governing rights andobligations between participating banks using the system may beeffective even if the rule conflicts with this Article andindirectly affects another party to the funds transfer who doesnot consent to the rule. A funds-transfer system rule may alsogovern rights and obligations of parties other than participatingbanks using the system to the extent stated in section400.4A-404(c), section 400.4A-405(d), and section 400.4A-507(c).

(L. 1992 S.B. 448)