Texas Business & Commerce Code - Section 4A.106. Time Payment Order Is Received
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Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 4A.106. Time Payment Order Is Received
§ 4A.106. 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 1.202. A receiving bank may fix a cutoff
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 cutoff times may apply to
payment orders, cancellations, or amendments, or to different
categories of payment orders, cancellations, or amendments. A
cutoff time may apply to senders generally or different cutoff
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 cutoff 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.
Added by Acts 1993, 73rd Leg., ch. 570, § 7, eff. Sept. 1, 1993.
Amended by Acts 2003, 78th Leg., ch. 542, § 14, eff. Sept. 1,
2003.
Section: 2A.531 2A.532 4A.101 4A.102 4A.103 4A.104 4A.105 4A.106 4A.107 4A.108 4A.201 4A.202 4A.203 4A.204 4A.205
Last modified: August 10, 2007
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