8.4A-106 - A-106. Time payment order is received.
§ 8.4A-106. Time payment order is received.
(a) The time of receipt of a payment order or communication cancelling oramending a payment order is determined by the rules applicable to receipt ofa notice stated in § 8.1A-202. A receiving bank may fix a cut-off time ortimes on a funds-transfer business day for the receipt and processing ofpayment orders and communications cancelling or amending payment orders.Different cut-off times may apply to payment orders, cancellations, oramendments, or to different categories of payment orders, cancellations, oramendments. A cut-off time may apply to senders generally or differentcut-off times may apply to different senders or categories of payment orders.If a payment order or communication cancelling or amending a payment order isreceived after the close of a funds-transfer business day or after theappropriate cut-off time on a funds-transfer business day, the receiving bankmay treat the payment order or communication as received at the opening ofthe next funds-transfer business day.
(b) If this title refers to an execution date or payment date or states a dayon which a receiving bank is required to take action, and the date or daydoes not fall on a funds-transfer business day, the next day that is afunds-transfer business day is treated as the date or day stated, unless thecontrary is stated in this title.
(1990, c. 9; 2003, c. 353.)