Massachusetts General Laws ch. 106 sec. 4A-206 – Transmission of Payment Order Through Funds Transfer or Other Communication System
Section 4A–206. (a) 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.
Terms Used In Massachusetts General Laws ch. 106 sec. 4A-206
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
(b) This section shall apply to an amendment or cancellation of a payment order to the same extent it applies to a payment order.