{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.4A-501.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.4A-501.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.4A-501.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.4A-501.html"}],"law_id":79909,"edition_id":1,"section_id":79909,"structure_id":15605,"section_number":"8.4A-501","catch_line":"Variation by agreement and effect of funds-transfer system rule","history":"1990, c. 9.","full_text":"a\n\nExcept as otherwise provided in this title, the rights and obligations of a party to funds transfer may be varied by agreement of the affected party.b\n\n“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 subsection (c) of § 8.4A-404, subsection (d) of § 8.4A-405, and subsection (c) of § 8.4A-507.","order_by":null,"text":{"0":{"id":286209,"text":"Except as otherwise provided in this title, the rights and obligations of a party to funds transfer may be varied by agreement of the affected party.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":286210,"text":"“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 subsection (c) of § 8.4A-404, subsection (d) of § 8.4A-405, and subsection (c) of § 8.4A-507.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a"}},"ancestry":[{"id":15605,"edition_id":1,"name":"Miscellaneous Provisions","identifier":"5","label":"part","depth":2,"order_by":1,"parent_id":13362,"metadata":{},"date_created":"2026-06-26 03:56:47","date_modified":"2026-06-26 03:56:47","permalink":{"id":283321,"object_type":"structure","relational_id":15605,"identifier":"5","token":"8.4A\/5","url":"\/8.4A\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13362,"edition_id":1,"name":"Commercial Code \u2014 Funds Transfers","identifier":"8.4A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":283187,"object_type":"structure","relational_id":13362,"identifier":"8.4A","token":"8.4A","url":"\/8.4A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":79909,"structure_id":15605,"section_number":"8.4A-501","catch_line":"Variation by agreement and effect of funds-transfer system rule","url":"\/8.4A-501\/","token":"8.4A\/5\/8.4A-501","metadata":false},{"id":59560,"structure_id":15605,"section_number":"8.4A-502","catch_line":"Creditor process served on receiving bank; setoff by beneficiary's bank","url":"\/8.4A-502\/","token":"8.4A\/5\/8.4A-502","metadata":false},{"id":86903,"structure_id":15605,"section_number":"8.4A-503","catch_line":"Injunction or restraining order with respect to funds transfer","url":"\/8.4A-503\/","token":"8.4A\/5\/8.4A-503","metadata":false},{"id":74780,"structure_id":15605,"section_number":"8.4A-504","catch_line":"Order in which items and payment orders may be charged to account; order of withdrawals from account","url":"\/8.4A-504\/","token":"8.4A\/5\/8.4A-504","metadata":false},{"id":73346,"structure_id":15605,"section_number":"8.4A-505","catch_line":"Preclusion of objection to debit of customer's account","url":"\/8.4A-505\/","token":"8.4A\/5\/8.4A-505","metadata":false},{"id":69858,"structure_id":15605,"section_number":"8.4A-506","catch_line":"Rate of interest","url":"\/8.4A-506\/","token":"8.4A\/5\/8.4A-506","metadata":false},{"id":64515,"structure_id":15605,"section_number":"8.4A-507","catch_line":"Choice of law","url":"\/8.4A-507\/","token":"8.4A\/5\/8.4A-507","metadata":false}],"next_section":{"id":59560,"structure_id":15605,"section_number":"8.4A-502","catch_line":"Creditor process served on receiving bank; setoff by beneficiary's bank","url":"\/8.4A-502\/","token":"8.4A\/5\/8.4A-502","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.4A-501\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 9 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online.<\/p>","references":[{"id":76749,"section_number":"8.4A-105","catch_line":"Other definitions","order_by":null,"url":"\/8.4A-105\/"}],"refers_to":[{"id":73296,"section_number":"8.4A-404","catch_line":"Obligation of beneficiary's bank to pay and give notice to beneficiary","order_by":null,"url":"\/8.4A-404\/"},{"id":77247,"section_number":"8.4A-405","catch_line":"Payment by beneficiary's bank to beneficiary","order_by":null,"url":"\/8.4A-405\/"},{"id":64515,"section_number":"8.4A-507","catch_line":"Choice of law","order_by":null,"url":"\/8.4A-507\/"}],"permalink":{"id":283323,"object_type":"law","relational_id":79909,"identifier":"8.4A-501","token":"8.4A\/5\/8.4A-501","url":"\/8.4A-501\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.4A-501\/","token":"8.4A\/5\/8.4A-501","dublin_core":{"Title":"Variation by agreement and effect of funds-transfer system rule","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.4A-501","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> Except as otherwise provided in this title, the rights and obligations of a party<\/span> to funds transfer<\/span> may be varied by agreement of the affected party<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> “Funds-transfer system rule<\/span>” means a rule of an association of banks (i) governing transmission of payment orders<\/span> by means of a funds-transfer system of the association or rights and obligations with respect to those orders<\/span>, or (ii) to the extent the rule governs rights and obligations between banks that are parties to a funds transfer<\/span> in which a Federal Reserve Bank, acting as an intermediary bank<\/span>, sends a payment order<\/span> to the beneficiary’s bank. Except as otherwise provided in this title, a funds-transfer system rule<\/span> 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<\/span> to the funds transfer<\/span> who does not consent to the rule. A funds-transfer system rule<\/span> may also govern rights and obligations of parties other than participating banks using the system to the extent stated in subsection (c) of § 8.4A-404<\/a>, subsection (d) of § 8.4A-405<\/a>, and subsection (c) of § 8.4A-507<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVARIATION BY AGREEMENT AND EFFECT OF FUNDS-TRANSFER SYSTEM RULE (\u00a7 8.4A-501)\n\na. Except as otherwise provided in this title, the rights and obligations of a\nparty to funds transfer may be varied by agreement of the affected party.\n\nb. “Funds-transfer system rule” means a rule of an association of\nbanks (i) governing transmission of payment orders by means of a funds-transfer\nsystem of the association or rights and obligations with respect to those\norders, or (ii) to the extent the rule governs rights and obligations between\nbanks that are parties to a funds transfer in which a Federal Reserve Bank,\nacting as an intermediary bank, sends a payment order to the beneficiary’s\nbank. Except as otherwise provided in this title, a funds-transfer system rule\ngoverning rights and obligations between participating banks using the system\nmay be effective even if the rule conflicts with this title and indirectly\naffects another party to the funds transfer who does not consent to the rule. A\nfunds-transfer system rule may also govern rights and obligations of parties\nother than participating banks using the system to the extent stated in\nsubsection (c) of § 8.4A-404, subsection (d) of § 8.4A-405, and\nsubsection (c) of § 8.4A-507.\n\nHISTORY: 1990, c. 9.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}