554.12501 Variation by agreement and effect of funds-transfer system rule. 1. 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. 2. 'Funds-transfer system rule' means a rule of an association of banks governing transmission of payment orders by means of a funds-transfer system of the association orrights and obligations with respect to those orders, or to the extent the rule governs rightsand obligations between banks that are parties to a funds transfer in which a federal reservebank, 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 rightsand obligations between participating banks using the system may be effective even if therule conflicts with this Article and indirectly affects another party to the funds transfer whodoes not consent to the rule. A funds-transfer system rule may also govern the rights andobligations of parties other than participating banks using the system to the extent statedin section 554.12404, subsection 3, section 554.12405, subsection 4, stem rule may also govern the rights andobligations of parties other than participating banks using the system to the extent statedin section 554.12404, subsection 3, section 554.12405, subsection 4, and section 554.12507,subsection 3. 92 Acts, ch 1146, §32Referred to in §554.12105 Sat Dec 23 11:02:59 2023 Iowa Code 2024, Section 554.12501 (25, 0)
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