The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 4A-501)
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§ 4A—501. Variation by agreement and effect of funds-transfer system rule
(a) Except as otherwise provided in this article, the rights and obligations of a party
to a funds transfer may be varied by agreement of the affected party.
(b) “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 article, 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 article 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 subsections 4A—404(c), 4A—405(d), and 4A—507(c) of this title. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)