§ 6A-4.1-401. Payment date.
“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.
History of Section.P.L. 1991, ch. 189, § 1.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-4.1 - Funds Transfers
Section 6A-4.1-401. - Payment date.
Section 6A-4.1-402. - Obligation of sender to pay receiving bank.
Section 6A-4.1-403. - Payment by sender to receiving bank.
Section 6A-4.1-404. - Obligation of beneficiary’s bank to pay and give notice to beneficiary.
Section 6A-4.1-405. - Payment by beneficiary’s bank to beneficiary.
Section 6A-4.1-406. - Payment by originator to beneficiary — Discharge of underlying obligation.