(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.
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