§ 4-A-106 — Time Payment Order is Received

Section 4-A-106. Time Payment Order is Received.\n (1) The time of receipt of a payment order or communication cancelling\nor amending a payment order is determined by the rules applicable to\nreceipt of a notice stated in Section 1--202. A receiving bank may fix a\ncut-off time or times on a funds-transfer business day for the receipt\nand processing of payment orders and communications cancelling or\namending payment orders. Different cut-off times may apply to payment\norders, cancellations, or amendments, or to different categories of\npayment orders, cancellations, or amendments. A cut-off time may apply\nto senders generally or different cut-off times may apply to different\nsenders or categories of payment orders. If a payment order or\ncommunication cancelling or amending a payment order is received after\nthe close of a funds-transfer business day or after the appropriate\ncut-off time on a funds-transfer business day, the receiving bank may\ntreat the payment order or communication as received at the opening of\nthe next funds-transfer business day.\n (2) If this Article refers to an execution date or payment date or\nstates a day on which a receiving bank is required to take action, and\nthe date or day does not fall on a funds-transfer business day, the next\nday that is a funds-transfer business day is treated as the date or day\nstated, unless the contrary is stated in this Article.\n