§ 336.4A-106 — Time Payment Order is Received
Plain-Language Summary
This section sets when a payment order, or a communication canceling or amending one, is treated as received by a bank, using the receipt-of-notice rules in section 336.1-202. A receiving bank may set cut-off times during a funds-transfer business day, and may apply different cut-off times to different senders or categories of orders. An order received after the close of business or after the applicable cut-off time may be treated as received at the opening of the next funds-transfer business day. If a required action date falls on a day that is not a funds-transfer business day, the next funds-transfer business day is used instead, unless the article states otherwise.
336.4A-106 TIME PAYMENT ORDER IS RECEIVED.
(a) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in section 336.1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication canceling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day.
(b) If this article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in this article.
History:
1990 c 582 art 1 s 6; 2004 c 162 art 2 s 12
History: History: 1990 c 582 art 1 s 6; 2004 c 162 art 2 s 12