§ 62A.4A-106. Time payment order is received
(1) 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 RCW 62A.1-201(27). 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.
(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.
[1991 sp.s. c 21 § 4A-106.]
Sections: Previous 62A.4A-101 62A.4A-102 62A.4A-103 62A.4A-104 62A.4A-105 62A.4A-106 62A.4A-107 62A.4A-108 62A.4A-201 62A.4A-202 62A.4A-203 62A.4A-204 62A.4A-205 62A.4A-206 62A.4A-207 NextLast modified: April 7, 2009