8.4A-206 - A-206. Transmission of payment order through funds-transfer or other communication system. - Virginia Statutes

§ 8.4A-206. Transmission of payment order through funds-transfer or othercommunication system.

(a) If a payment order addressed to a receiving bank is transmitted to afunds-transfer system or other third-party communication system fortransmittal to the bank, the system is deemed to be an agent of the senderfor the purpose of transmitting the payment order to the bank. If there is adiscrepancy between the terms of the payment order transmitted to the systemand the terms of the payment order transmitted by the system to the bank, theterms of the payment order of the sender are those transmitted by the system.This section does not apply to a funds-transfer system of the Federal ReserveBanks.

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

(1990, c. 9.)