Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's bank and, unless otherwise determined, is the day the order is received by the beneficiary's bank.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 1 - Uniform Commercial Code
§ 4-4A-402. Obligation of sender to pay receiving bank
§ 4-4A-403. Payment by sender to receiving bank
§ 4-4A-404. Obligation of beneficiary's bank to pay and give notice to beneficiary
§ 4-4A-405. Payment by beneficiary's bank to beneficiary
§ 4-4A-406. Payment by originator to beneficiary — Discharge of underlying obligation