2025 Session
Last amended: 1990 session
§ 336.4A-401 — Payment Date
Plain-Language Summary
The originator must pay the originator's bank when the bank accepts the payment order. If the originator does not pay, the bank can cancel the order.
336.4A-401 PAYMENT DATE.
“Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, is the day the order is received by the beneficiary’s bank.
History:
History: History:
1990 c 582 art 1 s 26
Practical Notes
When your bank accepts your wire transfer instruction, you owe the bank the transfer amount.