                                 CODE OF VIRGINIA

TRANSMISSION OF PAYMENT ORDER THROUGH FUNDS-TRANSFER OR OTHER COMMUNICATION
SYSTEM (§ 8.4A-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.

b. This section applies to cancellations and amendments of payment orders to the
same extent it applies to payment orders.

HISTORY: 1990, c. 9.