This law states that in most cases, the terms of a funds transfer can be changed if the people involved agree to it. It also defines what a 'funds-transfer system rule' is—basically, it's a rule set by a group of banks about how payment orders are sent and received. These rules can apply even if they conflict with other parts of the law, and they might affect other people in the transfer who didn’t agree to them. This can include rules that apply to people beyond just the banks involved, as specified in other parts of the law.

This section talks about how banks handle situations when a creditor tries to collect money from a person's bank account. When someone owes money and a creditor takes legal steps (like liens or garnishment) to collect it, this is called 'creditor process.' The law explains that if a bank receives a payment order (instructions to transfer money) before getting the creditor's notice, the bank can reduce the account balance by the transfer amount. If the bank gets the creditor's notice in time, it must act on it. For the beneficiary (someone who is supposed to receive money), their bank can credit their account and use the money to pay debts the beneficiary owes to the bank. But if creditor process is served in time, the bank must stop any withdrawals. The rule also clarifies that creditor actions must be directed specifically at the beneficiary's bank, and other banks aren't required to take action.

This section explains when a court can stop parts of a money transfer. The court can prevent someone from starting a money transfer, stop a bank from carrying out an order to transfer money, or stop a bank from letting the receiver take out the money. However, if these specific reasons don't apply, the court can't interfere with the payment process or stop anyone involved in the payment from doing their normal activities with the money transfer.

This section explains that a bank can process multiple payment orders from an account in any order they choose. Additionally, if there's a need to figure out which deposits in an account were used or spent first, the oldest deposits are considered used or applied first.

If a bank accepts a payment order from a customer and notifies the customer about it, the customer has one year to object to the payment. If they don't object within this time frame, they can't later claim the bank shouldn't keep the money.

This law explains how a bank must handle interest payments when transferring money via payment orders. The interest amount can be decided by the sender and the bank or through a system rule if the transfer goes through a funds-transfer system. If no agreement or rule is in place, interest is calculated using a formula involving the federal funds rate. If a bank has to refund the payment due to an incomplete transfer that wasn't the bank's fault, the interest owed is lowered based on the bank's reserve requirements.

This section outlines how to determine which jurisdiction's law applies to different parties in a funds transfer unless there's an agreement specifying otherwise. Generally, the location of the receiving bank, beneficiary's bank, or any transfer system used influences which law will apply. However, the parties involved can agree to choose a specific jurisdiction's law, even if it has no direct connection to the transaction. Funds-transfer systems can also select the governing law for transactions processed through them, and this is binding on participating banks and parties with notice of this choice. If there's a conflict between a private agreement and a rule from a funds-transfer system, the private agreement takes precedence. Additionally, if multiple transfer systems are involved with conflicting laws, the jurisdiction with the closest ties to the issue will govern.