Florida Statute 670.501 - Full Text and Legal Analysis

The 2024 Florida Statutes (including 2025 Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 670
UNIFORM COMMERCIAL CODE: FUNDS TRANSFERS

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F.S. 670.501

670.501 Variation by agreement and effect of funds-transfer system rule.—

(1) Except as otherwise provided in this chapter, 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 or rights and obligations with respect to those orders, or 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 chapter, 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 chapter and indirectly affects another party to the funds transfer that 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 ss. 670.404(3), 670.405(4), and 670.507(3).

History.—s. 1, ch. 91-70.

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Amendments to 670.501

Annotations, Discussions, Cases:

Cases Citing Statute 670.501

Total Results: 2

Gilbert & Caddy, P.A. v. JP Morgan Chase Bank, N.A.

193 F. Supp. 3d 1294, 2016 U.S. Dist. LEXIS 183865, 2016 WL 4613388

District Court, S.D. Florida | Filed: Jun 15, 2016 | Docket: 64309452

Cited 2 times | Published

Ann. § 674.103(1); see also Fla. Stat. Ann. § 670.501 (“the rights and obligations of a party to a funds

Jesus Alonso Alvarez Rodriguez v. Branch Banking & Trust Company

Court of Appeals for the Eleventh Circuit | Filed: Aug 26, 2022 | Docket: 64924993

Published

varied by agreement of the affected party.” Id. § 670.501(1). But importantly, that general rule does not