70A-4a-106 - Time payment order is received. - Utah Statutes

70A-4a-106. Time payment order is received.
(1) The time of receipt of a payment order or communication canceling or amending apayment order is determined by the rules applicable to receipt of a notice stated in Section70A-1a-202. A receiving bank may fix a cutoff time or times on a funds transfer business day, asa cutoff time for the receipt and processing of payment orders and communications canceling oramending payment orders. Different cutoff times may apply to receipt of payment orders,cancellations, or amendments, or to different categories of payment orders, cancellations, oramendments. A cutoff time may apply to senders generally or different cutoff times may apply todifferent senders or categories of payment orders. If a payment order or communicationcanceling or amending a payment order is received after the close of a funds transfer business dayor after the appropriate cutoff time on a funds transfer business day, the receiving bank may treatthe payment order or communication as received at the opening of the next funds transferbusiness day.
(2) If this chapter refers to an execution date or payment date or states a day on which areceiving bank is required to take any action, and the date or day does not fall on a funds transferbusiness 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 chapter.

Amended by Chapter 272, 2007 General Session