Sec. 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.
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993.
Structure Texas Statutes
Title 1 - Uniform Commercial Code
Subchapter B. Issue and Acceptance of Payment Order
Section 4A.201. Security Procedure
Section 4A.202. Authorized and Verified Payment Orders
Section 4A.203. Unenforceability of Certain Verified Payment Orders
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
Section 4A.212. Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order