Vermont § 507 - § 4A—507.

§ 507. § 4A—507.

• Choice of law (a) The following rules apply unless the affected parties otherwise agree or subsection
  (c) of this section applies: (1) The rights and obligations between the sender of a payment order and the receiving
  bank are governed by the law of the jurisdiction in which the receiving bank is located. (2) The rights and obligations between the beneficiary’s bank and the beneficiary are
  governed by the law of the jurisdiction in which the beneficiary’s bank is located. (3) The issue of when payment is made pursuant to a funds transfer by the originator to
  the beneficiary is governed by the law of the jurisdiction in which the beneficiary’s
  bank is located. (b) If the parties described in each paragraph of subsection (a) of this section have
  made an agreement selecting the law of a particular jurisdiction to govern rights
  and obligations between each other, the law of that jurisdiction governs those rights
  and obligations, whether or not the payment order or the funds transfer bears a reasonable
  relation to that jurisdiction. (c) A funds-transfer system rule may select the law of a particular jurisdiction to govern
  (i) rights and obligations between participating banks with respect to payment orders
  transmitted or processed through the system, or (ii) the rights and obligations of
  some or all parties to a funds transfer any part of which is carried out by means
  of the system. A choice of law made pursuant to clause (i) is binding on participating
  banks. A choice of law made pursuant to clause (ii) is binding on the originator,
  other sender, or a receiving bank having notice that the funds-transfer system might
  be used in the funds transfer and of the choice of law by the system when the originator,
  other sender, or receiving bank issued or accepted a payment order. The beneficiary
  of a funds transfer is bound by the choice of law if, when the funds transfer is initiated,
  the beneficiary has notice that the funds-transfer system might be used in the funds
  transfer and of the choice of law by the system. The law of a jurisdiction selected
  pursuant to this subsection may govern, whether or not that law bears a reasonable
  relation to the matter in issue. (d) In the event of inconsistency between an agreement under subsection (b) of this section
  and a choice-of-law rule under subsection (c) of this section, the agreement under
  subsection (b) of this section prevails. (e) If a funds transfer is made by use of more than one funds-transfer system and there
  is inconsistency between choice-of-law rules of the systems, the matter in issue is
  governed by the law of the selected jurisdiction that has the most significant relationship
  to the matter in issue. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)