Section 4A–501. (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 such 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 4A–404, subsection (d) of section 4A–405, and subsection (c) of section 4A–507.
Structure Massachusetts General Laws
Part I - Administration of the Government
Title XV - Regulation of Trade
Chapter 106 - Uniform Commercial Code
Section 4a-103 - Payment Order — Definitions
Section 4a-304 - Duty of Sender to Report Erroneously Executed Payment Order
Section 4a-305 - Liability for Late or Improper Execution or Failure to Execute Payment Order
Section 4a-402 - Obligation of Sender to Pay Receiving Bank
Section 4a-403 - Payment by Sender to Receiving Bank
Section 4a-404 - Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary
Section 4a-405 - Payment by Beneficiary's Bank to Beneficiary
Section 4a-303 - Erroneous Execution of Payment Order
Section 4a-406 - Payment by Originator to Beneficiary; Discharge of Underlying Obligation
Section 4a-502 - Creditor Process Served on Receiving Bank; Setoff by Beneficiary's Bank
Section 4a-503 - Injunction or Restraining Order With Respect to Funds Transfer
Section 4a-505 - Preclusion of Objection to Debit of Customer's Account
Section 4a-506 - Rate of Interest
Section 4a-507 - Choice of Law
Section 4a-102 - Subject Matter
Section 4a-501 - Variation by Agreement and Effect of Funds Transfer System Rule
Section 4a-302 - Obligations of Receiving Bank in Execution of Payment Order
Section 4a-104 - Funds Transfer — Definitions
Section 4a-212 - Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order
Section 4a-301 - Execution and Execution Date
Section 4a-105 - Other Definitions
Section 4a-106 - Time Payment Order Is Received
Section 4a-107 - Federal Reserve Regulations and Operating Circulars
Section 4a-201 - Security Procedure
Section 4a-202 - Authorized and Verified Payment Orders
Section 4a-203 - Unenforceability of Certain Verified Payment Orders
Section 4a-108 - Relationship to Electronic Fund Transfer Act
Section 4a-205 - Erroneous Payment Orders
Section 4a-206 - Transmission of Payment Order Through Funds Transfer or Other Communication System
Section 4a-207 - Misdescription of Beneficiary
Section 4a-208 - Misdescription of Intermediary Bank or Beneficiary's Bank
Section 4a-209 - Acceptance of Payment Order
Section 4a-210 - Rejection of Payment Order
Section 4a-211 - Cancellation and Amendment of Payment Order