2006 Minnesota Statutes

336.4A-106 TIME PAYMENT ORDER IS RECEIVED.
(a) 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 section
336.1-202. 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.
(b) 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.
History: 1990 c 582 art 1 s 6; 2004 c 162 art 2 s 12