Time Payment Order Is Received

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Funds Transfers
  5. Subject Matter and Definitions
  6. Time Payment Order Is Received

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  1. The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in Code Section 11-1-202. A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication canceling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day.
  2. If this article refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business 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 article.

(Code 1981, §11-4A-106, enacted by Ga. L. 1992, p. 2685, § 4; Ga. L. 2015, p. 996, § 3B-14/SB 65.)

The 2015 amendment, effective January 1, 2016, substituted "Section 11-1-202" for "Section 11-1-201(27)" at the end of subsection (a).

Editor's notes.

- Ga. L. 2015, p. 996, § 1-1/SB 65, not codified by the General Assembly, provides: "(a) This Act shall be known and may be cited as the 'Debtor-Creditor Uniform Law Modernization Act of 2015.'

"(b) To promote consistency among the states, it is the intent of the General Assembly to modernize certain existing uniform laws promulgated by the Uniform Law Commission affecting debtor and creditor rights, responsibilities, and relationships and other federally recognized laws affecting such rights, responsibilities, and relationships."

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 4A-106.


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