Download as PDF
355.4A-106 Time payment order is received.
(1)
(2)
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
KRS 355.1-202. A receiving bank may fix a cutoff time or times on a funds-transfer
business day for the receipt and processing of payment orders and communications
canceling or amending payment orders. Different cutoff times may apply to
payment orders, cancellations, or amendments, or to different categories of payment
orders, cancellations, or amendments. A cutoff time may apply to senders generally
or different cutoff times may apply to different senders or categories of payment
orders. If a payment order or communication canceling or amending a payment
order is received after the close of a funds-transfer business day or after the
appropriate cutoff 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.
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.
Effective: July 12, 2006
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.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
