(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.