§ 6A-4.1-501 - Variation by agreement and effect of funds transfer system rule. - Rhode Island Statutes

SECTION 6A-4.1-501

   § 6A-4.1-501  Variation by agreement andeffect of funds transfer system rule. – (a) Except as otherwise provided in this chapter, the rights and obligations ofa party to a funds transfer 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 orders by means of afunds transfer system of the association or rights and obligations with respectto those orders, or (ii) to the extent the rule governs rights and obligationsbetween banks that are parties to a funds transfer in which a federal reservebank, acting as an intermediary bank, sends a payment order to thebeneficiary's bank. Except as otherwise provided in this chapter, a fundstransfer system rule governing rights and obligations between participatingbanks using the system may be effective even if the rule conflicts with thischapter and indirectly affects another party to the funds transfer who does notconsent to the rule. A funds transfer system rule may also govern rights andobligations of parties other than participating banks using the system to theextent stated in §§ 6A-4.1-404(c), 6A-4.1-405(d), and 6A-4.1-507(c).