Section 4-A-206. Transmission of Payment Order Through Funds-Transfer or Other Communication System  


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  • (1) 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.
        (2)  This  section  applies to cancellations and amendments of payment
      orders to the same extent it applies to payment orders.