§490:4A-106  Time payment order is received. 
(a)  The time of receipt of a payment order or communication canceling or
amending a payment order is determined by the rules applicable to receipt of a
notice stated in section 490:1-202.  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 canceling 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 canceling 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 article 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 article. [L 1991, c 41, pt
of §1; am L 2004, c 162, §13]