410.501 Variation by agreement and effect of funds-transfer system rule.
(1) 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.
(2)
(a) “Funds-transfer system rule" means a rule of an association of banks 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 to the extent the rule applies, governing 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.
(b) 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 ss. 410.404 (3), 410.405 (4) and 410.507 (3).
History: 1991 a. 304.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 410 - Uniform commercial code — funds transfers.
410.103 - Payment order; definitions.
410.104 - Funds transfer; definitions.
410.106 - Time payment order is received.
410.107 - Federal reserve regulations and operating circulars.
410.108 - Relationship to Electronic Fund Transfer Act.
410.202 - Authorized and verified payment orders.
410.203 - Unenforceability of certain verified payment orders.
410.205 - Erroneous payment orders.
410.206 - Transmission of payment order through funds-transfer or other communication system.
410.207 - Misdescription of beneficiary.
410.208 - Misdescription of intermediary bank or beneficiary's bank.
410.209 - Acceptance of payment order.
410.210 - Rejection of payment order.
410.211 - Cancellation and amendment of payment order.
410.212 - Liability and duty of receiving bank regarding unaccepted payment order.
410.301 - Execution and execution date.
410.302 - Obligations of receiving bank in execution of payment order.
410.303 - Erroneous execution of payment order.
410.304 - Duty of sender to report erroneously executed payment order.
410.305 - Liability for late or improper execution or failure to execute payment order.
410.402 - Obligation of sender to pay receiving bank.
410.403 - Payment by sender to receiving bank.
410.404 - Obligation of beneficiary's bank to pay and give notice to beneficiary.
410.405 - Payment by beneficiary's bank to beneficiary.
410.406 - Payment by originator to beneficiary; discharge of underlying obligation.
410.501 - Variation by agreement and effect of funds-transfer system rule.
410.502 - Creditor process served on receiving bank; setoff by beneficiary's bank.
410.503 - Injunction or restraining order with respect to funds transfer.
410.505 - Preclusion of objection to debit of customer's account.