§ 25-4A-501. Variation by agreement and effect of funds-transfer system rule. - North Carolina Statutes

Part 5.

MISCELLANEOUS PROVISIONS.

§ 25‑4A‑501. Variation by agreement and effect of funds‑transfer system rule.

(a)        Except as otherwiseprovided in this Article, the rights and obligations of a party to a fundstransfer may be varied by agreement of the affected party.

(b)        "Funds‑transfersystem rule" means a rule of an association of banks (i) governingtransmission of payment orders by means of a funds‑transfer system of theassociation or rights and obligations with respect to those orders, or (ii) tothe extent the rule governs rights and obligations between banks that areparties to a funds transfer in which a Federal Reserve Bank, acting as anintermediary bank, sends a payment order to the beneficiary's bank.  Except asotherwise provided in this Article, a funds‑transfer system rulegoverning rights and obligations between participating banks using the systemmay be effective even if the rule conflicts with this Article and indirectlyaffects another party to the funds transfer who does not consent to the rule. A funds‑transfer system rule may also govern rights and obligations ofparties other than participating banks using the system to the extent stated inG.S. 25‑4A‑404(c), 25‑4A‑405(d), and 25‑4A‑507(c).(1993, c. 157, s. 1.)