Sec. 4A.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.
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993.
Structure Texas Statutes
Title 1 - Uniform Commercial Code
Section 4A.402. Obligation of Sender to Pay Receiving Bank
Section 4A.403. Payment by Sender to Receiving Bank
Section 4A.404. Obligation of Beneficiary's Bank to Pay and Give Notice to Beneficiary
Section 4A.405. Payment by Beneficiary's Bank to Beneficiary
Section 4A.406. Payment by Originator to Beneficiary; Discharge of Underlying Obligation