§ 4A-206. Transmission of payment order through funds transfer or other communication system

MD Comm L Code § 4A-206 (2019) (N/A)
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(a)    (1)    If a payment order addressed to a receiving bank is transmitted to a funds-transfer system for transmittal to the bank, the funds-transfer system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank.

(2)    If there is a discrepancy between the terms of the payment order transmitted to the funds-transfer system and the terms of the payment order transmitted by the funds-transfer system to the bank, the terms of the payment order of the sender are those transmitted by the funds-transfer system.

(3)    This section does not apply to a funds-transfer system of the Federal Reserve Banks.

(b)    This section applies to cancellations and amendments of payment orders to the same extent that it applies to payment orders.