24.29.010 Variation by Agreement and Effect of Funds-Transfer System Rule

(a) Except as otherwise provided in this article, 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

(1) 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

(2) 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 article, a funds-transfer system rule governing rights and obligations of parties other than participating banks using the system to the extent stated in Section 24.28.040(c), Section 24.28.050(d) and Section 24.29.070(c).