Vermont § 402 - § 4A—402.

§ 402. § 4A—402.

• Obligation of sender to pay receiving bank (a) This section is subject to sections 4A—205 and 4A—207 of this title. (b) With respect to a payment order issued to the beneficiary’s bank, acceptance of the
  order by the bank obliges the sender to pay the bank the amount of the order, but
  payment is not due until the payment date of the order. (c) This subsection is subject to subsection (e) of this section and to section 4A—303 of this title. With respect to a payment order issued to a receiving bank other than the beneficiary’s
  bank, acceptance of the order by the receiving bank obliges the sender to pay the
  bank the amount of the sender’s order. Payment by the sender is not due until the
  execution date of the sender’s order. The obligation of that sender to pay its payment
  order is excused if the funds transfer is not completed by acceptance by the beneficiary’s
  bank of a payment order instructing payment to the beneficiary of that sender’s payment
  order. (d) If the sender of a payment order pays the order and was not obliged to pay all or
  part of the amount paid, the bank receiving payment is obliged to refund payment to
  the extent the sender was not obliged to pay. Except as provided in sections 4A—204 and 4A—304 of this title, interest is payable on the refundable amount from the date of payment. (e) If a funds transfer is not completed as stated in subsection (c) of this section and
  an intermediary bank is obliged to refund payment as stated in subsection (d) of this
  section but is unable to do so because not permitted by applicable law or because
  the bank suspends payments, a sender in the funds transfer that executed a payment
  order in compliance with an instruction, as stated in subdivision 4A—302(a)(1) of this title, to route the funds transfer through that intermediary bank is entitled to receive
  or retain payment from the sender of the payment order that it accepted. The first
  sender in the funds transfer that issued an instruction requiring routing through
  that intermediary bank is subrogated to the right of the bank that paid the intermediary
  bank to refund as stated in subsection (d) of this section. (f) The right of the sender of a payment order to be excused from the obligation to pay
  the order as stated in subsection (c) of this section or to receive refund under subsection
  (d) of this section may not be varied by agreement. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)