Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
336.4A-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 336.4A-404(c),
336.4A-405(d), and 336.4A-507(c).
History: 1990 c 582 art 1 s 32
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 336.4A-404(c),
336.4A-405(d), and 336.4A-507(c).
History: 1990 c 582 art 1 s 32
Official Publication of the State of Minnesota
Revisor of Statutes