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§ 4A-206. Transmission of payment order through funds transfer or other communication system

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 4a. Funds Transfers (Refs & Annos)
Subtitle 2. Issue and Acceptance of Payment Order (Refs & Annos)
MD Code, Commercial Law, § 4A-206
§ 4A-206. Transmission of payment order through funds transfer or other communication system
(a)(1) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system for transmittal to the bank, the funds-transfer system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank.
(2) If there is a discrepancy between the terms of the payment order transmitted to the funds-transfer system and the terms of the payment order transmitted by the funds-transfer system to the bank, the terms of the payment order of the sender are those transmitted by the funds-transfer system.
(3) 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 that it applies to payment orders.

Credits

Added by Acts 1991, c. 548, § 1, eff. July 1, 1991.
MD Code, Commercial Law, § 4A-206, MD COML § 4A-206
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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