§12A-4A-506.

§12A-4A-506.
   
   RATE OF INTEREST
   
   (a) If, under this Article, a receiving bank is obliged to pay
   interest with respect to a payment order issued to the bank, the
   amount payable may be determined (i) by agreement of the sender and
   receiving bank, or (ii) by a funds-transfer system rule if the payment
   order is transmitted through a funds-transfer system.
   
   (b) If the amount of interest is not determined by an agreement or
   rule as stated in subsection (a) of this section, the amount is
   calculated by multiplying the applicable Federal Funds rate by the
   amount on which interest is payable, and then multiplying the product
   by the number of days for which interest is payable. The applicable
   Federal Funds rate is the average of the Federal Funds rates published
   by the Federal Reserve Bank of New York for each of the days for which
   interest is payable divided by three hundred sixty (360). The Federal
   Funds rate for any day on which a published rate is not available is
   the same as the published rate for the next preceding day for which
   there is a published rate. If a receiving bank that accepted a payment
   order is required to refund payment to the sender of the order because
   the funds transfer was not completed, but the failure to complete was
   not due to any fault by the bank, the interest payable is reduced by a
   percentage equal to the reserve requirement on deposits of the
   receiving bank.