Time payment order is received

(a) 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 Section 55-1-202 NMSA 1978. 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 canceling 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 canceling 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-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds- transfer business day. (b) 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 does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in this article. History: 1978 Comp., § 55-4A-106, enacted by Laws 1992, ch. 114, § 202; 2005, ch. 144, § 49; 2015, ch. 54, § 3. OFFICIAL COMMENTS UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. The time that a payment order is received by a receiving bank usually defines the payment date or the execution date of a payment order. Section 4A-401 [55-4A-401 NMSA 1978] and Section 4A-301 [55-4A-301 NMSA 1978]. The time of receipt of a payment order, or communication cancelling or amending a payment order is defined in Subsection (a) by reference to the rules stated in Section 1-202 [55-1-202 NMSA 1978]. Thus, time of receipt is determined by the same rules that determine when a notice is received. Time of receipt, however, may be altered by a cut-off time.