                                 CODE OF VIRGINIA

VARIATION BY AGREEMENT AND EFFECT OF FUNDS-TRANSFER SYSTEM RULE (§ 8.4A-501)

a. 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.

b. &#8220;Funds-transfer system rule&#8221; 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&#8217;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 &#xA7; 8.4A-404, subsection (d) of &#xA7; 8.4A-405, and
subsection (c) of &#xA7; 8.4A-507.

HISTORY: 1990, c. 9.