Transmission of Payment Order Through Funds-Transfer or Other Communication System

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Funds Transfers
  5. Issue and Acceptance of Payment Order
  6. Transmission of Payment Order Through Funds-Transfer or Other Communication System

Checkout our iOS App for a better way to browser and research.

  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 Code section does not apply to a funds-transfer system of the federal reserve banks.
  2. This Code section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders.

(Code 1981, §11-4A-206, enacted by Ga. L. 1992, p. 2685, § 4; Ga. L. 2002, p. 415, § 11.)

The 2002 amendment, effective April 18, 2002, part of an Act to revise, modernize, and correct the Code, revised capitalization in subsection (a).

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 4A-206.


Download our app to see the most-to-date content.