Funds Transfer Services. (a) With respect to instructions for a transfer of funds issued through an Electronic Service, when instructed to credit or pay a party by both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or account number), the Bank, its affiliates, and any other bank participating in the funds transfer, may rely solely on the unique identifier, even if it identifies a party different than the party named. Such reliance on a unique identifier shall apply to beneficiaries named in such instructions as well as any financial institution which is designated in such instructions to act as an intermediary in a funds transfer. (b) It is understood and agreed that unless otherwise specifically provided herein, and to the extent permitted by applicable law, the parties hereto shall be bound by the rules of any funds transfer system utilized to effect a funds transfer hereunder.
Appears in 5 contracts
Samples: Cash Management and Related Services Agreement (California Daily Tax Free Income Fund Inc), Cash Management and Related Services Agreement (Institutional Daily Income Fund), Cash Management and Related Services Agreement (Florida Daily Municipal Income Fund)
