(a) Payment of thesender's obligation under G.S. 25‑4A‑402 to pay the receiving bankoccurs as follows:
(1) If the sender is abank, payment occurs when the receiving bank receives final settlement of theobligation through a Federal Reserve Bank or through a funds‑transfersystem.
(2) If the sender is abank and the sender (i) credited an account of the receiving bank with thesender, or (ii) caused an account of the receiving bank in another bank to be credited,payment occurs when the credit is withdrawn or, if not withdrawn, at midnightof the day on which the credit is withdrawable and the receiving bank learns ofthat fact.
(3) If the receivingbank debits an account of the sender with the receiving bank, payment occurswhen the debit is made to the extent the debit is covered by a withdrawablecredit balance in the account.
(b) If the sender andreceiving bank are members of a funds‑transfer system that netsobligations multilaterally among participants, the receiving bank receivesfinal settlement when settlement is complete in accordance with the rules ofthe system. The obligation of the sender to pay the amount of a payment ordertransmitted through the funds‑transfer system may be satisfied, to theextent permitted by the rules of the system, by setting off and applyingagainst the sender's obligation the right of the sender to receive payment fromthe receiving bank of the amount of any other payment order transmitted to thesender by the receiving bank through the funds‑transfer system. Theaggregate balance of obligations owed by each sender to each receiving bank inthe funds‑transfer system may be satisfied, to the extent permitted bythe rules of the system, by setting off and applying against that balance theaggregate balance of obligations owed to the sender by other members of thesystem. The aggregate balance is determined after the right of setoff statedin the second sentence of this subsection has been exercised.
(c) If two banks transmitpayment orders to each other under an agreement that settlement of theobligations of each bank to the other under G.S. 25‑4A‑402 will bemade at the end of the day or other period, the total amount owed with respectto all orders transmitted by one bank shall be set off against the total amountowed with respect to all orders transmitted by the other bank. To the extentof the setoff, each bank has made payment to the other.
(d) In a case notcovered by subsection (a), the time when payment of the sender's obligationunder G.S. 25‑4A‑402(b) or G.S. 25‑4A‑402(c) occurs isgoverned by applicable principles of law that determine when an obligation issatisfied. (1993, c. 157, s. 1.)
(a) Payment of thesender's obligation under G.S. 25‑4A‑402 to pay the receiving bankoccurs as follows:
(1) If the sender is abank, payment occurs when the receiving bank receives final settlement of theobligation through a Federal Reserve Bank or through a funds‑transfersystem.
(2) If the sender is abank and the sender (i) credited an account of the receiving bank with thesender, or (ii) caused an account of the receiving bank in another bank to be credited,payment occurs when the credit is withdrawn or, if not withdrawn, at midnightof the day on which the credit is withdrawable and the receiving bank learns ofthat fact.
(3) If the receivingbank debits an account of the sender with the receiving bank, payment occurswhen the debit is made to the extent the debit is covered by a withdrawablecredit balance in the account.
(b) If the sender andreceiving bank are members of a funds‑transfer system that netsobligations multilaterally among participants, the receiving bank receivesfinal settlement when settlement is complete in accordance with the rules ofthe system. The obligation of the sender to pay the amount of a payment ordertransmitted through the funds‑transfer system may be satisfied, to theextent permitted by the rules of the system, by setting off and applyingagainst the sender's obligation the right of the sender to receive payment fromthe receiving bank of the amount of any other payment order transmitted to thesender by the receiving bank through the funds‑transfer system. Theaggregate balance of obligations owed by each sender to each receiving bank inthe funds‑transfer system may be satisfied, to the extent permitted bythe rules of the system, by setting off and applying against that balance theaggregate balance of obligations owed to the sender by other members of thesystem. The aggregate balance is determined after the right of setoff statedin the second sentence of this subsection has been exercised.
(c) If two banks transmitpayment orders to each other under an agreement that settlement of theobligations of each bank to the other under G.S. 25‑4A‑402 will bemade at the end of the day or other period, the total amount owed with respectto all orders transmitted by one bank shall be set off against the total amountowed with respect to all orders transmitted by the other bank. To the extentof the setoff, each bank has made payment to the other.
(d) In a case notcovered by subsection (a), the time when payment of the sender's obligationunder G.S. 25‑4A‑402(b) or G.S. 25‑4A‑402(c) occurs isgoverned by applicable principles of law that determine when an obligation issatisfied. (1993, c. 157, s. 1.)
(a) Payment of thesender's obligation under G.S. 25‑4A‑402 to pay the receiving bankoccurs as follows:
(1) If the sender is abank, payment occurs when the receiving bank receives final settlement of theobligation through a Federal Reserve Bank or through a funds‑transfersystem.
(2) If the sender is abank and the sender (i) credited an account of the receiving bank with thesender, or (ii) caused an account of the receiving bank in another bank to be credited,payment occurs when the credit is withdrawn or, if not withdrawn, at midnightof the day on which the credit is withdrawable and the receiving bank learns ofthat fact.
(3) If the receivingbank debits an account of the sender with the receiving bank, payment occurswhen the debit is made to the extent the debit is covered by a withdrawablecredit balance in the account.
(b) If the sender andreceiving bank are members of a funds‑transfer system that netsobligations multilaterally among participants, the receiving bank receivesfinal settlement when settlement is complete in accordance with the rules ofthe system. The obligation of the sender to pay the amount of a payment ordertransmitted through the funds‑transfer system may be satisfied, to theextent permitted by the rules of the system, by setting off and applyingagainst the sender's obligation the right of the sender to receive payment fromthe receiving bank of the amount of any other payment order transmitted to thesender by the receiving bank through the funds‑transfer system. Theaggregate balance of obligations owed by each sender to each receiving bank inthe funds‑transfer system may be satisfied, to the extent permitted bythe rules of the system, by setting off and applying against that balance theaggregate balance of obligations owed to the sender by other members of thesystem. The aggregate balance is determined after the right of setoff statedin the second sentence of this subsection has been exercised.
(c) If two banks transmitpayment orders to each other under an agreement that settlement of theobligations of each bank to the other under G.S. 25‑4A‑402 will bemade at the end of the day or other period, the total amount owed with respectto all orders transmitted by one bank shall be set off against the total amountowed with respect to all orders transmitted by the other bank. To the extentof the setoff, each bank has made payment to the other.
(d) In a case notcovered by subsection (a), the time when payment of the sender's obligationunder G.S. 25‑4A‑402(b) or G.S. 25‑4A‑402(c) occurs isgoverned by applicable principles of law that determine when an obligation issatisfied. (1993, c. 157, s. 1.)
