47-4A106. Time payment order is
received
A. The time of receipt of a payment order or communication cancelling or amending a
payment order is determined by the rules applicable to receipt of a notice stated in
section 47-1202. 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
cancelling 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 cancelling 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 chapter 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 chapter.
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