Legislation
SECTION 4-A-401
Payment Date
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 4-A, PART 4
Section 4-A-401. 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.
"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.