§ 25-4A-106. Time payment order is received. - North Carolina Statutes

§ 25‑4A‑106.  Timepayment order is received.

(a)        The time of receiptof a payment order or communication cancelling or amending a payment order isdetermined by the rules applicable to receipt of a notice stated in G.S. 25‑1‑202.A receiving bank may fix a cutoff time or times on a funds‑transferbusiness day for the receipt and processing of payment orders andcommunications cancelling or amending payment orders. Different cutoff timesmay apply to payment orders, cancellations, or amendments, or to differentcategories of payment orders, cancellations, or amendments. A cutoff time mayapply to senders generally or different cutoff times may apply to differentsenders or categories of payment orders. If a payment order or communicationcancelling or amending a payment order is received after the close of a funds‑transferbusiness day or after the appropriate cutoff time on a funds‑transferbusiness day, the receiving bank may treat the payment order or communicationas received at the opening of the next funds‑transfer business day.

(b)        If this Articlerefers to an execution date or payment date or states a day on which areceiving bank is required to take action, and the date or day does not fall ona funds‑transfer business day, the next day that is a funds‑transferbusiness day is treated as the date or day stated, unless the contrary isstated in this Article. (1993, c. 157, s. 1; 2006‑112, s. 17.)