Sec. 206. (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 section does not apply to a funds-transfer system of the Federal Reserve Banks.
(b) This section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders.
As added by P.L.189-1991, SEC.4.
Structure Indiana Code
Article 1. Uniform Commercial Code
26-1-4.1-103. Payment Order—definitions
26-1-4.1-104. Funds Transfer—definitions
26-1-4.1-105. Other Definitions
26-1-4.1-106. Time Payment Order Is Received
26-1-4.1-107. Federal Reserve Regulations and Operating Circulars
26-1-4.1-108. Exclusion of Consumer Transactions Governed by Federal Law
26-1-4.1-201. "Security Procedure"
26-1-4.1-202. Authorized and Verified Payment Orders
26-1-4.1-203. Unenforceability of Certain Verified Payment Orders
26-1-4.1-205. Erroneous Payment Orders
26-1-4.1-206. Transmission of Payment Order Through Funds-Transfer or Other Communication System
26-1-4.1-207. Misdescription of Beneficiary
26-1-4.1-208. Misdescription of Intermediary Bank or Beneficiary's Bank
26-1-4.1-209. Acceptance of Payment Order
26-1-4.1-210. Rejection of Payment Order
26-1-4.1-211. Cancellation and Amendment of Payment Order
26-1-4.1-212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
26-1-4.1-301. Execution and Execution Date
26-1-4.1-302. Obligations of Receiving Bank in Execution of Payment Order
26-1-4.1-303. Erroneous Execution of Payment Order
26-1-4.1-304. Duty of Sender to Report Erroneously Executed Payment Order
26-1-4.1-305. Liability for Late or Improper Execution or Failure to Execute Payment Order
26-1-4.1-402. Obligation of Sender to Pay Receiving Bank
26-1-4.1-403. Payment by Sender to Receiving Bank
26-1-4.1-404. Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary
26-1-4.1-405. Payment by Beneficiary's Bank to Beneficiary
26-1-4.1-406. Payment by Originator to Beneficiary; Discharge of Underlying Obligation
26-1-4.1-501. Variation by Agreement and Effect of Funds Transfer System Rule
26-1-4.1-502. Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank
26-1-4.1-503. Injunction or Restraining Order With Respect to Funds Transfer
26-1-4.1-505. Preclusion of Objection to Debit of Customer's Account