§ 4A-501. Variation by agreement and effect of funds-transfer system rule
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 4A-501
§ 4A-501. Variation by agreement and effect of funds-transfer system rule
(b) “Funds-transfer system rule” means a rule of an association of banks: (i) 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 (ii) 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 title, 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 title 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 §§ 4A-404(c), 4A-405(d), and 4A-507(c) of this title.
Credits
Added by Acts 1991, c. 548, § 1, eff. July 1, 1991.
MD Code, Commercial Law, § 4A-501, MD COML § 4A-501
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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