N.Y. Uniform Commercial Code Law Section 4-A-106
Time Payment Order is Received

Section 4-A-106. Time Payment Order is Received.

(1)

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 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 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.

(2)

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.

Source: Section 4-A-106 — Time Payment Order is Received, https://www.­nysenate.­gov/legislation/laws/UCC/4-A-106 (updated Aug. 31, 2018; accessed May 4, 2024).

Green check means up to date. Up to date

Accessed:
May 4, 2024

Last modified:
Aug. 31, 2018

§ 4-A-106’s source at nysenate​.gov

Link Style