(a) Except as otherwise provided in this article, the rights and obligations of a party to a 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-transfer system of the association or rights and obligations with respect to those orders, or (ii) to the extent the rule governs rights and obligations between banks 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's bank. Except as otherwise provided in this article, a funds-transfer system rule governing rights and obligations between participating banks using the system may be effective even if the rule conflicts with this article and indirectly affects another party to the funds transfer who does not consent to the rule. A funds-transfer system rule may also govern rights and obligations of parties other than participating banks using the system to the extent stated in subsection (c) of section 42a-4A-404, subsection (d) of section 42a-4A-405 and subsection (c) of section 42a-4A-507.
(P.A. 90-202, S. 1(4A-501), 3.)
Structure Connecticut General Statutes
Title 42a - Uniform Commercial Code
Section 42a-4A-101. - Short title: Uniform Commercial Code–Funds Transfers.
Section 42a-4A-102. - Subject matter.
Section 42a-4A-103. - Payment order; definitions.
Section 42a-4A-104. - Funds transfer; definitions.
Section 42a-4A-105. - Other definitions.
Section 42a-4A-106. - Time payment order is received.
Section 42a-4A-107. - Federal regulations and operating circulars.
Section 42a-4A-108. - Application of article to certain funds transfers governed by federal law.
Section 42a-4A-201. - Security procedure.
Section 42a-4A-202. - Authorized and verified payment orders.
Section 42a-4A-203. - Unenforceability of certain verified payment orders.
Section 42a-4A-205. - Erroneous payment orders.
Section 42a-4A-207. - Misdescription of beneficiary.
Section 42a-4A-208. - Misdescription of intermediary bank or beneficiary's bank.
Section 42a-4A-209. - Acceptance of payment order.
Section 42a-4A-210. - Rejection of payment order.
Section 42a-4A-211. - Cancellation and amendment of payment order.
Section 42a-4A-212. - Liability and duty of receiving bank regarding unaccepted payment order.
Section 42a-4A-301. - Execution and execution date.
Section 42a-4A-302. - Obligations of receiving bank in execution of payment order.
Section 42a-4A-303. - Erroneous execution of payment order.
Section 42a-4A-304. - Duty of sender to report erroneously executed payment order.
Section 42a-4A-305. - Liability for late or improper execution or failure to execute payment order.
Section 42a-4A-401. - Payment date.
Section 42a-4A-402. - Obligation of sender to pay receiving bank.
Section 42a-4A-403. - Payment by sender to receiving bank.
Section 42a-4A-404. - Obligation of beneficiary's bank to pay and give notice to beneficiary.
Section 42a-4A-405. - Payment by beneficiary's bank to beneficiary.
Section 42a-4A-406. - Payment by originator to beneficiary; discharge of underlying obligation.
Section 42a-4A-501. - Variation by agreement and effect of funds-transfer system rule.
Section 42a-4A-502. - Creditor process served on receiving bank; set-off by beneficiary's bank.
Section 42a-4A-503. - Injunction or restraining order with respect to funds transfer.
Section 42a-4A-505. - Preclusion of objection to debit of customer's account.