400.4A-106. Time payment order is received.
Time payment order is received.
400.4A-106. (a) The time of receipt of a payment order orcommunication canceling or amending a payment order is determinedby the rules applicable to receipt of a notice stated in section400.1-201(27). A receiving bank may fix a cut-off time or timeson a funds-transfer business day for the receipt and processingof payment orders and communications canceling or amendingpayment orders. Different cut-off times may apply to paymentorders, cancellations, or amendments, or to different categoriesof payment orders, cancellations, or amendments. A cut-off timemay apply to senders generally or different cut-off times mayapply to different senders or categories of payment orders. If apayment order or communication canceling or amending a paymentorder is received after the close of a funds-transfer businessday or after the appropriate cut-off time on a funds-transferbusiness day, the receiving bank may treat the payment order orcommunication as received at the opening of the nextfunds-transfer business day.
(b) If this Article refers to an execution date or paymentdate or states a day on which a receiving bank is required totake action, and the date or day does not fall on afunds-transfer business day, the next day that is afunds-transfer business day is treated as the date or day stated,unless the contrary is stated in this Article.
(L. 1992 S.B. 448)