"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.
Cross References. Section 4A401 is referred to in section 4A105 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Section 4A402 - Obligation of sender to pay receiving bank
Section 4A403 - Payment by sender to receiving bank
Section 4A404 - Obligation of beneficiary's bank to pay and give notice to beneficiary
Section 4A405 - Payment by beneficiary's bank to beneficiary
Section 4A406 - Payment by originator to beneficiary; discharge of underlying obligation