§4-1206. Transmission of payment order through funds transfer or other communication system
(1). If a payment order addressed to a receiving bank is transmitted to a funds transfer system or other 3rd-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.
[PL 1991, c. 812, §2 (NEW).]
(2). This section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders.
[PL 1991, c. 812, §2 (NEW).]
SECTION HISTORY
PL 1991, c. 812, §2 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
Part 2: ISSUE AND ACCEPTANCE OF PAYMENT ORDER
11 §4-1201. Security procedure
11 §4-1202. Authorized and verified payment orders
11 §4-1203. Unenforceability of certain verified payment orders
11 §4-1205. Erroneous payment orders
11 §4-1206. Transmission of payment order through funds transfer or other communication system
11 §4-1207. Misdescription of beneficiary
11 §4-1208. Misdescription of intermediary bank or beneficiary's bank
11 §4-1209. Acceptance of payment order
11 §4-1210. Rejection of payment order
11 §4-1211. Cancellation and amendment of payment order
11 §4-1212. Liability and duty of receiving bank regarding unaccepted payment order