§ 6A-4.1-106 - Time payment order is received. - Rhode Island Statutes

SECTION 6A-4.1-106

   § 6A-4.1-106  Time payment order isreceived. – (a) The time of receipt of a payment order or communication cancelling oramending a payment order is determined by the rules applicable to receipt of anotice stated in § 6A-1-202. A receiving bank may fix a cut-off time ortimes on a funds transfer business day for the receipt and processing ofpayment orders and communications cancelling or amending payment orders.Different cut off times may apply to payment orders, cancellations, oramendments, or to different categories of payment orders, cancellations, oramendments. A cut off time may apply to senders generally or different cut offtimes may apply to different senders or categories of payment orders. If apayment order or communication cancelling or amending a payment order isreceived after the close of a funds transfer business day or after theappropriate cut off time on a funds transfer business day, the receiving bankmay treat the payment order or communication as received at the opening of thenext funds transfer business day.

   (b) If this chapter refers to an execution date or paymentdate or states a day on which a receiving bank is required to take action, andthe date or day does not fall on a funds transfer business day, the next daythat is a funds transfer business day is treated as the date or day stated,unless the contrary is stated in this chapter.