12 CFR 210.27 - Reliance on identifying number.

§ 210.27 Reliance on identifying number.

(a)Reliance by a Federal Reserve Bank on number to identify an intermediary bank or beneficiary's bank. A Federal Reserve Bank may rely on the number in a payment order that identifies the intermediary bank or beneficiary's bank, even if it identifies a bank different from the bank identified by name in the payment order, if the Federal Reserve Bank does not know of such an inconsistency in identification. A Federal Reserve Bank has no duty to detect any such inconsistency in identification.

(b)Reliance by a Federal Reserve Bank on number to identify beneficiary. A Federal Reserve Bank, acting as a beneficiary's bank, may rely on the number in a payment order that identifies the beneficiary, even if it identifies a person different from the person identified by name in the payment order, if the Federal Reserve Bank does not know of such an inconsistency in identification. A Federal Reserve Bank has no duty to detect any such inconsistency in identification.

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United States Code

Title 12 published on 09-Jun-2018 03:57

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 12 CFR Part 210 after this date.

  • 2018-03-15; vol. 83 # 51 - Thursday, March 15, 2018
    1. 83 FR 11431 - Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through Fedwire
      GPO FDSys XML | Text
      FEDERAL RESERVE SYSTEM
      Proposed rule and comment request.
      Comments must be submitted by May 14, 2018.
      12 CFR Part 210