Alabama § 7-4A-501 - Variation by Agreement and Effect of Funds-Transfer System Rule.
Full text of Alabama Code of Alabama § 7-4A-501 — Variation by Agreement and Effect of Funds-Transfer System Rule., with citation guidance and answers to common questions.
§ 7-4A-501. Variation by Agreement and Effect of Funds-Transfer System Rule.
(a) 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.
(b) “Funds-transfer system rule” means a rule of an association of banks (i) 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 (ii) 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 article, 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 article and indirectly affects another party to the funds transfer who 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 Sections 7-4A-404(c), 7-4A-405(d), and 7-4A-507(c).
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 7-4A-501
What does Code of Alabama § 7-4A-501 cover?
Section 7-4A-501 ("Variation by Agreement and Effect of Funds-Transfer System Rule.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 7-4A-501?
A common citation format is "Code of Alabama § 7-4A-501" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 7-4A-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.