2025 Session Last amended: 1990 session

§ 336.4A-401 — Payment Date

Plain-Language Summary

This section defines the "payment date" of a payment order as the day the order amount is payable to the beneficiary by the beneficiary's bank. The sender may set the payment date by instruction, but it cannot be earlier than the day the order is received by the beneficiary's bank. If no payment date is otherwise determined, it is the day the order is received by the beneficiary's bank.

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:

1990 c 582 art 1 s 26

History: History:

  1990 c 582 art 1 s 26

Practical Notes

The “payment date” is simply the day the beneficiary’s bank is to make the funds available to the recipient. A sender can specify that date, but it can never be before the day the beneficiary’s bank receives the order, and it defaults to the day of receipt if not otherwise set.

Source: Minnesota Office of the Revisor of Statutes