410.401 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, […]
410.402 Obligation of sender to pay receiving bank. (1) This section is subject to ss. 410.205 and 410.207. (2) 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 […]
410.403 Payment by sender to receiving bank. (1) Payment of the sender’s obligation under s. 410.402 to pay the receiving bank occurs as follows: (a) 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. (b) If […]
410.404 Obligation of beneficiary’s bank to pay and give notice to beneficiary. (1) Subject to ss. 410.211 (5) and 410.405 (4) and (5), 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 […]
410.405 Payment by beneficiary’s bank to beneficiary. (1) If the beneficiary’s bank credits an account of the beneficiary of a payment order, payment of the bank’s obligation under s. 410.404 (1) occurs when and to the extent the beneficiary is notified of the right to withdraw the credit, the bank lawfully applies the credit to […]
410.406 Payment by originator to beneficiary; discharge of underlying obligation. (1) Subject to ss. 410.211 (5) and 410.405 (4) and (5), the originator of a funds transfer pays the beneficiary of the originator’s payment order at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary’s bank in the […]
