57A-4A-206. Transmission of payment order through funds-transfer or other communication system.
(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.
Source: SL 1991, ch 397, ยง1.
Structure South Dakota Codified Laws
Title 57A - Uniform Commercial Code
Section 57A-4A-101 - Short title.
Section 57A-4A-102 - Subject matter.
Section 57A-4A-103 - Payment order--Definitions.
Section 57A-4A-104 - Funds transfer--Definitions.
Section 57A-4A-105 - Other definitions.
Section 57A-4A-106 - Time payment order is received.
Section 57A-4A-107 - Federal reserve regulations and operating circulars.
Section 57A-4A-108 - Exclusion of consumer transactions governed by federal law.
Section 57A-4A-201 - Security procedure.
Section 57A-4A-202 - Authorized and verified payment orders.
Section 57A-4A-203 - Unenforceability of certain verified payment orders.
Section 57A-4A-205 - Erroneous payment orders.
Section 57A-4A-207 - Misdescription of beneficiary.
Section 57A-4A-208 - Misdescription of intermediary bank or beneficiary's bank.
Section 57A-4A-209 - Acceptance of payment order.
Section 57A-4A-210 - Rejection of payment order.
Section 57A-4A-211 - Cancellation and amendment of payment order.
Section 57A-4A-212 - Liability and duty of receiving bank regarding unaccepted payment order.
Section 57A-4A-301 - Execution and execution date.
Section 57A-4A-302 - Obligation of receiving bank in execution of payment order.
Section 57A-4A-303 - Erroneous execution of payment order.
Section 57A-4A-305 - Liability for late or improper execution or failure to execute payment order.
Section 57A-4A-401 - Payment date.
Section 57A-4A-402 - Obligation of sender to pay receiving bank.
Section 57A-4A-403 - Payment by sender to receiving bank.
Section 57A-4A-404 - Obligation of beneficiary's bank to pay and give notice to beneficiary.
Section 57A-4A-405 - Payment by beneficiary's bank to beneficiary.
Section 57A-4A-406 - Payment by originator to beneficiary--Discharge of underlying obligation.
Section 57A-4A-501 - Variation by agreement and effect of funds-transfer system rule.
Section 57A-4A-502 - Creditor process served on receiving bank--Setoff by beneficiary's bank.
Section 57A-4A-503 - Injunction or restraining order with respect to funds transfer.
Section 57A-4A-505 - Preclusion of objection to debit of customer's account.