28-4-606. 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 section 28-1-202. 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.
(2) If this part 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 part.
History:
[28-4-606, added 1991, ch. 135, sec. 1, p. 298; am. 2004, ch. 43, sec. 33, p. 155.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 4 - UNIFORM COMMERCIAL CODE — BANK DEPOSITS AND COLLECTIONS
Section 28-4-601 - SHORT TITLE.
Section 28-4-602 - SUBJECT MATTER.
Section 28-4-603 - PAYMENT ORDER — DEFINITIONS.
Section 28-4-604 - FUNDS TRANSFER — DEFINITIONS.
Section 28-4-605 - OTHER DEFINITIONS.
Section 28-4-606 - TIME PAYMENT ORDER IS RECEIVED.
Section 28-4-607 - FEDERAL RESERVE REGULATIONS AND OPERATING CIRCULARS.
Section 28-4-608 - RELATIONSHIP TO ELECTRONIC FUND TRANSFER ACT.
Section 28-4-609 - SECURITY PROCEDURE.
Section 28-4-610 - AUTHORIZED AND VERIFIED PAYMENT ORDERS.
Section 28-4-611 - UNENFORCEABILITY OF CERTAIN VERIFIED PAYMENT ORDERS.
Section 28-4-613 - ERRONEOUS PAYMENT ORDERS.
Section 28-4-615 - MISDESCRIPTION OF BENEFICIARY.
Section 28-4-616 - MISDESCRIPTION OF INTERMEDIARY BANK OR BENEFICIARY’S BANK.
Section 28-4-617 - ACCEPTANCE OF PAYMENT ORDER.
Section 28-4-618 - REJECTION OF PAYMENT ORDER.
Section 28-4-619 - CANCELLATION AND AMENDMENT OF PAYMENT ORDER.
Section 28-4-620 - LIABILITY AND DUTY OF RECEIVING BANK REGARDING UNACCEPTED PAYMENT ORDER.
Section 28-4-621 - EXECUTION AND EXECUTION DATE.
Section 28-4-622 - OBLIGATIONS OF RECEIVING BANK IN EXECUTION OF PAYMENT ORDER.
Section 28-4-623 - ERRONEOUS EXECUTION OF PAYMENT ORDER.
Section 28-4-624 - DUTY OF SENDER TO REPORT ERRONEOUSLY EXECUTED PAYMENT ORDER.
Section 28-4-625 - LIABILITY FOR LATE OR IMPROPER EXECUTION OR FAILURE TO EXECUTE PAYMENT ORDER.
Section 28-4-626 - PAYMENT DATE.
Section 28-4-627 - OBLIGATION OF SENDER TO PAY RECEIVING BANK.
Section 28-4-628 - PAYMENT BY SENDER TO RECEIVING BANK.
Section 28-4-629 - OBLIGATION OF BENEFICIARY’S BANK TO PAY AND GIVE NOTICE TO BENEFICIARY.
Section 28-4-630 - PAYMENT BY BENEFICIARY’S BANK TO BENEFICIARY.
Section 28-4-631 - PAYMENT BY ORIGINATOR TO BENEFICIARY — DISCHARGE OF UNDERLYING OBLIGATION.
Section 28-4-632 - VARIATION BY AGREEMENT AND EFFECT OF FUNDS-TRANSFER SYSTEM RULE.
Section 28-4-633 - CREDITOR PROCESS SERVED ON RECEIVING BANK — SETOFF BY BENEFICIARY’S BANK.
Section 28-4-634 - INJUNCTION OR RESTRAINING ORDER WITH RESPECT TO FUNDS TRANSFER.
Section 28-4-636 - PRECLUSION OF OBJECTION TO DEBIT OF CUSTOMER’S ACCOUNT.