355.4A-106 Time payment order is received.
(1) The time of receipt of a payment order or communication canceling or amending a
payment order is determined by the rules applicable to receipt of a notice stated in <br>KRS 355.1-202. A receiving bank may fix a cutoff time or times on a funds-transfer <br>business day for the receipt and processing of payment orders and communications <br>canceling or amending payment orders. Different cutoff times may apply to <br>payment orders, cancellations, or amendments, or to different categories of payment <br>orders, cancellations, or amendments. A cutoff time may apply to senders generally <br>or different cutoff times may apply to different senders or categories of payment <br>orders. If a payment order or communication canceling or amending a payment <br>order is received after the close of a funds-transfer business day or after the <br>appropriate cutoff time on a funds-transfer business day, the receiving bank may <br>treat the payment order or communication as received at the opening of the next <br>funds-transfer business day.
(2) 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 <br>funds-transfer business day, the next day that is a funds-transfer business day is <br>treated as the date or day stated, unless the contrary is stated in this article.
Effective: July 12, 2006 <br>History: Amended 2006 Ky. Acts ch. 242, sec. 53, effective July 12, 2006. -- Created
1992 Ky. Acts ch. 116, sec. 29, effective July 14, 1992.
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