8.4A-501 - A-501. Variation by agreement and effect of funds-transfer system rule. - Virginia Statutes

§ 8.4A-501. Variation by agreement and effect of funds-transfer system rule.

(a) Except as otherwise provided in this title, the rights and obligations ofa party to funds transfer may be varied by agreement of the affected party.

(b) "Funds-transfer system rule" means a rule of an association of banks(i) governing transmission of payment orders by means of a funds-transfersystem of the association or rights and obligations with respect to thoseorders, or (ii) to the extent the rule governs rights and obligations betweenbanks that are parties to a funds transfer in which a Federal Reserve Bank,acting as an intermediary bank, sends a payment order to the beneficiary'sbank. Except as otherwise provided in this title, a funds-transfer systemrule governing rights and obligations between participating banks using thesystem may be effective even if the rule conflicts with this title andindirectly affects another party to the funds transfer who does not consentto 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 subsection (c) of § 8.4A-404, subsection (d) of § 8.4A-405,and subsection (c) of § 8.4A-507.

(1990, c. 9.)