Illinois General Assembly - Illinois Compiled Statutes

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810 ILCS 5/4A-501

(810 ILCS 5/4A-501) (from Ch. 26, par. 4A-501)

Sec. 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 Sections
4A-404(c), 4A-405(d), and 4A-507(c).

(Source: P.A. 86-1291.)