554.12106 Time payment order is received. 1. 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 section554.1202. A receiving bank may establish a cut-off time or times on a funds-transfer businessday for the receipt and processing of payment orders, and communications cancelingor 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 timesmay apply to different senders or categories of payment orders. If a payment order orcommunication canceling or amending a payment order is received after the close of afunds-transfer business day or after the appropriate cut-off time on a funds-transfer businessday, the receiving bank may treat the payment order or communication as received at theopening of the next funds-transfer business day. 2. Unless otherwise provided, if this Article refers to an execution date or payment date or states a day on which a receiving bank is required to theopening of the next funds-transfer business day. 2. Unless otherwise provided, 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 doesnot fall on a funds-transfer business day, the next day that is a funds-transfer business day istreated as the date or day stated. 92 Acts, ch 1146, §6; 2007 Acts, ch 41, §33 Sat Dec 23 11:02:48 2023 Iowa Code 2024, Section 554.12106 (25, 0)
Iowa Legal Code