Okla. Stat. tit. 12A, § 12A-4A-501
This is the official text of Okla. Stat. tit. 12A, § 12A-4A-501, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Variation by agreement and effect of funds-transfer
Official statutory text
system rule.
VARIATION BY AGREEMENT AND EFFECT OF FUNDS-TRANSFER SYSTEM RULE
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 377
(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 (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 Article, 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
Article 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
subsection (c) of Section 29, subsection (d) of Section 30, and
subsection (c) of Section 38 of this act.
VARIATION BY AGREEMENT AND EFFECT OF FUNDS-TRANSFER SYSTEM RULE
Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 377
(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 (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 Article, 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
Article 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
subsection (c) of Section 29, subsection (d) of Section 30, and
subsection (c) of Section 38 of this act.
Status: in_force · Read it on the official government site
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