§ 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 section 1—202 of this title. 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.
(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. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995; amended 2007, No. 99 (Adj. Sess.), § 14.)
Structure Vermont Statutes
Title 9A - Uniform Commercial Code
§ 4A—103. Payment order—definitions
§ 4A—104. Funds transfer—definitions
§ 4A—106. Time payment order is received
§ 4A—107. Federal Reserve regulations and operating circulars
§ 4A—108. Relationship to Electronic Fund Transfer Act
§ 4A—202. Authorized and verified payment orders
§ 4A—203. Unenforceability of certain verified payment orders
§ 4A—205. Erroneous payment orders
§ 4A—206. Transmission of payment order through funds-transfer or other communication system
§ 4A—207. Misdescription of beneficiary
§ 4A—208. Misdescription of intermediary bank or beneficiary’s bank
§ 4A—209. Acceptance of payment order
§ 4A—210. Rejection of payment order
§ 4A—211. Cancellation and amendment of payment order
§ 4A—212. Liability and duty of receiving bank regarding unaccepted payment order
§ 4A—301. Execution and execution date
§ 4A—302. Obligations of receiving bank in execution of payment order
§ 4A—303. Erroneous execution of payment order
§ 4A—304. Duty of sender to report erroneously executed payment order
§ 4A—305. Liability for late or improper execution or failure to execute payment order
§ 4A—402. Obligation of sender to pay receiving bank
§ 4A—403. Payment by sender to receiving bank
§ 4A—404. Obligation of beneficiary’s bank to pay and give notice to beneficiary
§ 4A—405. Payment by beneficiary’s bank to beneficiary
§ 4A—406. Payment by originator to beneficiary; discharge of underlying obligation
§ 4A—501. Variation by agreement and effect of funds-transfer system rule
§ 4A—502. Creditor process served on receiving bank; setoff by beneficiary’s bank
§ 4A—503. Injunction or restraining order with respect to funds transfer
§ 4A—505. Preclusion of objection to debit of customer’s account