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- Part 1. Subject Matter and Definitions
Ala. Code § 7-4A-106 (1975) Time Payment Order Is Received
Library | Alabama Statutes |
Edition | 2023 |
Currency | Current with legislation from the 2023 Regular and Special Sessions. |
Year | 2023 |
Citation | Ala. Code § 7-4A-106 (1975) |
(a) 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 Section 7-1-202. 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 cancelling 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 cancelling 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-trans...
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