2006 New York Code - Acceptance Of Payment Order.

 
  Section 4-A-209. Acceptance of Payment Order.
    (1)  Subject  to  subsection  (4),  a  receiving  bank  other than the
  beneficiary's bank accepts a payment order when it executes the order.
    (2) Subject to subsections (3) and (4), a beneficiary's bank accepts a
  payment order at the earliest of the following times:
         (a) when  the  bank  (i)  pays  the  beneficiary  as  stated   in
             subsection  (1)  or  (2) of Section 4-A-405, or (ii) notifies
             the beneficiary of receipt of the order or that  the  account
             of  the  beneficiary  has  been  credited with respect to the
             order unless the notice indicates that the bank is  rejecting
             the  order or that funds with respect to the order may not be
             withdrawn or used until receipt of payment from the sender of
             the order;
         (b) when the bank receives payment of the entire  amount  of  the
             sender's order pursuant to paragraph (a) or (b) of subsection
             (1) of Section 4-A-403; or
         (c) the  opening  of  the next funds-transfer business day of the
             bank following the payment date of  the  order  if,  at  that
             time,  the amount of the sender's order is fully covered by a
             withdrawable credit balance in an authorized account  of  the
             sender  or  the bank has otherwise received full payment from
             the sender, unless the order was rejected before that time or
             is rejected within (i) one hour after that time, or (ii)  one
             hour after the opening of the next business day of the sender
             following  the  payment date if that time is later. If notice
             of rejection is received by the sender after the payment date
             and the authorized  account  of  the  sender  does  not  bear
             interest,  the  bank is obliged to pay interest to the sender
             on the amount of the order for the number  of  days  elapsing
             after  the payment date to the day the sender receives notice
             or learns that the order was not accepted, counting that  day
             as  an elapsed day. If the withdrawable credit balance during
             that period falls below the amount of the order,  the  amount
             of interest payable is reduced accordingly.
    (3)  Acceptance  of  a  payment order cannot occur before the order is
  received  by  the  receiving  bank.  Acceptance  does  not  occur  under
  paragraph (b) or (c) of subsection (2) if the beneficiary of the payment
  order  does not have an account with the receiving bank, the account has
  been closed, or the receiving bank is not permitted by  law  to  receive
  credits for the beneficiary's account.
    (4) A payment order issued to the originator's bank cannot be accepted
  until  the  payment  date  if the bank is the beneficiary's bank, or the
  execution date if the  bank  is  not  the  beneficiary's  bank.  If  the
  originator's  bank  executes  the  originator's payment order before the
  execution date or pays the beneficiary of the originator's payment order
  before the payment date and the payment order is subsequently  cancelled
  pursuant to subsection (2) of Section 4-A-211, the bank may recover from
  the  beneficiary  any  payment received to the extent allowed by the law
  governing mistake and restitution.