“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, […]
(a) This section is subject to §§ 4A-205 and 4A-207 of this title. (b) With respect to a payment order issued to the beneficiary’s bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the order. (c) (1) This […]
(a) Payment of the sender’s obligation under § 4A-402 of this subtitle to pay the receiving bank occurs as follows: (1) If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Federal Reserve Bank or through a funds-transfer system. (2) If the sender is a bank and the […]
(a) Subject to §§ 4A-211(e) and 4A-405(d) and (e) of this title, if a beneficiary’s bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after […]
(a) If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under § 4A-404(a) of this subtitle occurs when and to the extent: (i) the beneficiary is notified of the right to withdraw the credit; (ii) the bank lawfully applies the credit to a debt of the […]
(a) Subject to §§ 4A-211(e) and 4A-405(d) and (e) of this title, the originator of a funds transfer pays the beneficiary of the originator’s payment order: (i) at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary’s bank in the funds transfer; and (ii) in an amount equal to […]
