Title 11, Chapter 4A, Section 206
( 11-4A-206)
Transmission of payment order through funds-transfer or other communication system. (a) If a payment order addressed to a receiving bank is transmitted
to a funds-transfer system or other third-party communication system
for transmittal to the bank, the system is deemed to be an agent of
the sender for the purpose of transmitting the payment order to the
bank. If there is a discrepancy between the terms of the payment
order transmitted to the system and the terms of the payment order
transmitted by the system to the bank, the terms of the payment
order of the sender are those transmitted by the system. This Code
section does not apply to a funds-transfer system of the Federal
Reserve Banks. (b) This Code section applies to cancellations and amendments of
payment orders to the same extent it applies to payment orders. |