4A401 - Payment date. - Pennsylvania Statutes

CHAPTER 4A4 PAYMENT Sec. 4A401. Payment date. 4A402. Obligation of sender to pay receiving bank. 4A403. Payment by sender to receiving bank. 4A404. Obligation of beneficiary's bank to pay and give notice to beneficiary. 4A405. Payment by beneficiary's bank to beneficiary. 4A406. Payment by originator to beneficiary; discharge of underlying obligation. Enactment. Chapter 4A4 was added July 9, 1992, P.L.507, No.97, effective in one year. § 4A401. Payment date. "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's bank and, unless otherwise determined, is the day the order is received by the beneficiary's bank. Cross References. Section 4A401 is referred to in section 4A105 of this title.