8-3204.

Variation by agreement or amendment.

(a) The effect of sections 8-3202 to 8-3206, 8-3208 to 8-3211, and 8-3214 may not be varied by agreement, except as provided in those sections. Subject to subsection (b), the effect of sections 8-3207, 8-3212, and 8-3213 may be varied by agreement.

(b) A provision in an account agreement or other record that substantially excuses liability or substantially limits remedies for failure to perform an obligation under the Uniform Special Deposits Act is not sufficient to vary the effect of a provision of the act.

(c) If a beneficiary is a party to an account agreement, the financial institution and the depositor may amend the agreement without the consent of the beneficiary only if the agreement expressly permits the amendment.

(d) If a beneficiary is not a party to an account agreement and the financial institution and the depositor know the beneficiary has knowledge of the agreement's terms, the financial institution and the depositor may amend the agreement without the consent of the beneficiary only if the amendment does not adversely and materially affect a payment right of the beneficiary.

(e) If a beneficiary is not a party to an account agreement and the financial institution and the depositor do not know whether the beneficiary has knowledge of the agreement's terms, the financial institution and the depositor may amend the agreement without the consent of the beneficiary only if the amendment is made in good faith.