TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 4

UNIFORM COMMERCIAL CODE — BANK DEPOSITS AND COLLECTIONS

PART 6.

FUNDS TRANSFERS

28-4-626.  Payment date. "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, is the day the order is received by the beneficiary’s bank.

History:

[28-4-626, added 1991, ch. 135, sec. 1, p. 310.]