25-4A-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 G.S. 25-1-202. 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 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. (1993, c. 157, s. 1; 2006-112, s. 17.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 25 - Uniform Commercial Code
§ 25-4A-103 - Payment order - definitions.
§ 25-4A-104 - Funds transfer - definitions.
§ 25-4A-105 - Other definitions.
§ 25-4A-106 - Time payment order is received.
§ 25-4A-107 - Federal reserve regulations and operating circulars.
§ 25-4A-108 - Relationship to Electronic Fund Transfer Act.
§ 25-4A-201 - Security procedure.
§ 25-4A-202 - Authorized and verified payment orders.
§ 25-4A-203 - Unenforceability of certain verified payment orders.
§ 25-4A-205 - Erroneous payment orders.
§ 25-4A-206 - Transmission of payment order through funds-transfer or other communication system.
§ 25-4A-207 - Misdescription of beneficiary.
§ 25-4A-208 - Misdescription of intermediary bank or beneficiary's bank.
§ 25-4A-209 - Acceptance of payment order.
§ 25-4A-210 - Rejection of payment order.
§ 25-4A-211 - Cancellation and amendment of payment order.
§ 25-4A-212 - Liability and duty of receiving bank regarding unaccepted payment order.
§ 25-4A-301 - Execution and execution date.
§ 25-4A-302 - Obligations of receiving bank in execution of payment order.
§ 25-4A-303 - Erroneous execution of payment order.
§ 25-4A-304 - Duty of sender to report erroneously executed payment order.
§ 25-4A-305 - Liability for late or improper execution or failure to execute payment order.
§ 25-4A-402 - Obligation of sender to pay receiving bank.
§ 25-4A-403 - Payment by sender to receiving bank.
§ 25-4A-404 - Obligation of beneficiary's bank to pay and give notice to beneficiary.
§ 25-4A-405 - Payment by beneficiary's bank to beneficiary.
§ 25-4A-406 - Payment by originator to beneficiary; discharge of underlying obligation.
§ 25-4A-501 - Variation by agreement and effect of funds-transfer system rule.
§ 25-4A-502 - Creditor process served on receiving bank; setoff by beneficiary's bank.
§ 25-4A-503 - Injunction or restraining order with respect to funds transfer.
§ 25-4A-505 - Preclusion of objection to debit of customer's account.