(1) The effect of sections 11- 111-102 and 11-111-103, this section 11-111-104, and sections 11-111-105, 11-111-106, 11- 111-108 to 11-111-111, and 11-111-114 may not be varied by agreement, except as provided in those sections. Subject to subsection (2) of this section, the effect of sections 11-111-107, 11- 111-112, and 11-111-113 may be revised by agreement. (2) A provision in an account agreement or other record that substantially excuses liability or substantially limits remedies for failure to perform an obligation under this article 111 is not sufficient to vary the effect of a provision of this article 111. (3) If a beneficiary is a party to an account agreement, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the agreement expressly permits the amendment. (4) If a beneficiary is not a party to an account agreement and the bank and the depositor know the beneficiary has knowledge of the agreement's terms, the bank 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. (5) If a beneficiary is not a party to an account agreement and the bank and the depositor do not know whether the beneficiary has knowledge of the agreement's terms, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the amendment is made in good faith.
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