2006 New York Code - Time Payment Order Is Received.

 
  Section 4-A-106. Time Payment Order is Received.
    (1) 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  subsection  (27)  of  Section  1-201.  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.
    (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 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.