Home Table of Contents

§ 4A-106. Time payment order is received

West's Annotated Code of MarylandCommercial LawEffective: June 1, 2012

West's Annotated Code of Maryland
Commercial Law
Title 4a. Funds Transfers (Refs & Annos)
Subtitle 1. Subject Matter and Definitions (Refs & Annos)
Effective: June 1, 2012
MD Code, Commercial Law, § 4A-106
§ 4A-106. Time payment order is received
Currentness
(a)(1) The time of receipt of a payment order or communication cancelling or amending a payment order is determined by the rules applicable to receipt of a notice stated in § 1-202 of this article.
(2) A receiving bank may fix a cutoff time or times on a funds-transfer business day for the receipt and processing of payment orders and communications cancelling or amending payment orders.
(3) Different cutoff times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments.
(4) A cutoff time may apply to senders generally or different cutoff times may apply to different senders or categories of payment orders.
(5) If a payment order or communication cancelling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cutoff 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 title 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 title.

Credits

Added by Acts 1991, c. 548, § 1, eff. July 1, 1991. Amended by Acts 2003, c. 21, § 1, eff. April 8, 2003; Acts 2012, c. 673, § 2, eff. June 1, 2012.
MD Code, Commercial Law, § 4A-106, MD COML § 4A-106
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document