(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 Sections 36-4A-404(c), 36-4A-405(d), and 36-4A-507(c).
HISTORY: 1996 Act No. 221, Section 1.
Structure South Carolina Code of Laws
Chapter 4A - Commercial Code - Funds Transfers
Section 36-4A-101. Short title.
Section 36-4A-102. Subject matter.
Section 36-4A-103. Payment order-Definitions.
Section 36-4A-104. Funds transfer-Definitions.
Section 36-4A-105. Other definitions.
Section 36-4A-106. Time payment order is received.
Section 36-4A-107. Federal reserve regulations and operating circulars.
Section 36-4A-108. Application of chapter.
Section 36-4A-201. Security procedure.
Section 36-4A-202. Authorized and verified payment orders.
Section 36-4A-203. Unenforceability of certain verified payment orders.
Section 36-4A-205. Erroneous payment orders.
Section 36-4A-207. Misdescription of beneficiary.
Section 36-4A-208. Misdescription of intermediary bank or beneficiary's bank.
Section 36-4A-209. Acceptance of payment order.
Section 36-4A-210. Rejection of payment order.
Section 36-4A-211. Cancellation and amendment of payment order.
Section 36-4A-212. Liability and duty of receiving bank regarding unaccepted payment order.
Section 36-4A-301. Execution and execution date.
Section 36-4A-302. Obligations of receiving bank in execution of payment order.
Section 36-4A-303. Erroneous execution of payment order.
Section 36-4A-304. Duty of sender to report erroneously executed payment order.
Section 36-4A-305. Liability for late or improper execution or failure to execute payment order.
Section 36-4A-401. Payment date.
Section 36-4A-402. Obligation of sender to pay receiving bank.
Section 36-4A-403. Payment by sender to receiving bank.
Section 36-4A-404. Obligation of beneficiary's bank to pay and give notice to beneficiary.
Section 36-4A-405. Payment by beneficiary's bank to beneficiary.
Section 36-4A-406. Payment by originator to beneficiary; discharge of underlying obligation.
Section 36-4A-501. Variation by agreement and effect of funds-transfer system rule.
Section 36-4A-502. Creditor process served on receiving bank; setoff by beneficiary's bank.
Section 36-4A-503. Injunction or restraining order with respect to funds transfer.
Section 36-4A-505. Preclusion of objection to debit of customer's account.