2021 Tennessee Code
Part 5 - Miscellaneous Provisions
§ 47-4A-507. Choice of Law

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.