A choice of law made pursuant to subdivision (c)(i) is binding on participating banks. A choice of law made pursuant to subdivision (c)(ii) is binding on the originator, other sender, or a receiving bank having notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system when the originator, other sender, or receiving bank issued or accepted a payment order. The beneficiary of a funds transfer is bound by the choice of law if, when the funds transfer is initiated, the beneficiary has notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system. The law of a jurisdiction selected pursuant to this subsection may govern, whether or not that law bears a reasonable relation to the matter in issue.
Structure 2021 Tennessee Code
Title 47 - Commercial Instruments and Transactions
Part 5 - Miscellaneous Provisions
§ 47-4A-501. Variation by Agreement and Effect of Funds-Transfer System Rule
§ 47-4A-503. Injunction or Restraining Order With Respect to Funds Transfer
§ 47-4A-505. Preclusion of Objection to Debit of Customer's Account