Common use of Inconsistent Name and Account Number Clause in Contracts

Inconsistent Name and Account Number. If Customer or third party acting on Customer’s instruction initiates a fund transfer instruction or Payment Order to Bank that describes the Beneficiary to receive the proceeds of such fund transfer instruction or Payment Order, the Beneficiary’s bank, or an intermediary bank by name and an account or other identifying number, Bank and subsequent parties to the fund transfer instruction or Payment Order may rely on and act solely on the basis of such number, even though the name and number do not agree and even though Bank and subsequent parties know or have reason to know of the inconsistency. Customer’s obligation to pay the amount of the fund transfer instruction or Payment Order to Bank is not excused in such circumstances.

Inconsistent Name and Account Number. If Customer Company or third party acting on CustomerCompany’s instruction initiates a fund transfer instruction or Payment Order to Bank that describes the Beneficiary to receive the proceeds of such fund transfer instruction or Payment Order, the Beneficiary’s bank, or an intermediary bank by name and an account or other identifying number, Bank and subsequent parties to the fund transfer instruction or Payment Order may rely on and act solely on the basis of such number, even though the name and number do not agree and even though Bank and subsequent parties know or have reason to know of the inconsistency. CustomerCompany’s obligation to pay the amount of the fund transfer instruction or Payment Order to Bank is not excused in such circumstances.