California Commercial Code

§ 11507

COM § 11507Div. 11 · Ch. 5

Statute text

(a)The following rules apply unless the affected parties otherwise agree or subdivision (c) 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.

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Legislative history

Added by Stats. 1990, Ch. 125, Sec. 2.