§ 6A-4.1-206 - Transmission of payment order through funds – Transfer or other communication system. - Rhode Island Statutes

SECTION 6A-4.1-206

   § 6A-4.1-206  Transmission of payment orderthrough funds – Transfer or other communication system. – (a) If a payment order addressed to a receiving bank is transmitted to a fundstransfer system or other third party communication system for transmittal tothe bank, the system is deemed to be an agent of the sender for the purpose oftransmitting the payment order to the bank. If there is a discrepancy betweenthe terms of the payment order transmitted to the system and the terms of thepayment order transmitted by the system to the bank, the terms of the paymentorder of the sender are those transmitted by the system. This section does notapply to 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.