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California Commercial Code

§ 11206

COM § 11206Div. 11 · Ch. 2

Statute text

View on leginfo.ca.gov
(a)If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system. 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 it applies to payment orders.

Legislative history

Added by Stats. 1990, Ch. 125, Sec. 2.

Source: California Commercial Code § 11206 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.