§ 6A-4.1-501. Variation by agreement and effect of funds transfer system rule.
(a) Except as otherwise provided in this chapter, 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 chapter, 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 chapter 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 §§ 6A-4.1-404(c), 6A-4.1-405(d), and 6A-4.1-507(c).
History of Section.P.L. 1991, ch. 189, § 1.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-4.1 - Funds Transfers
Part 5 - Miscellaneous Provisions
Section 6A-4.1-501. - Variation by agreement and effect of funds transfer system rule.
Section 6A-4.1-502. - Creditor process served on receiving bank — Set off by beneficiary’s bank.
Section 6A-4.1-503. - Injunction or restraining order with respect to funds transfer.
Section 6A-4.1-505. - Preclusion of objection to debit of customer’s account.