§12A-4A-507.

§12A-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) 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) 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.