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§12A-4A-209.
§12A-4A-209.
ACCEPTANCE OF PAYMENT ORDER
(a) Subject to subsection (d) of this section, a receiving bank other
than the beneficiary's bank accepts a payment order when it executes
the order.
(b) Subject to subsections (c) and (d) of this section, a
beneficiary's bank accepts a payment order at the earliest of the
following times:
(1) When the bank (i) pays the beneficiary as stated in subsection (a)
or (b) of Section 30 of this act, or (ii) notifies the beneficiary of
receipt of the order or that the account of the beneficiary has been
credited with respect to the order unless the notice indicates that
the bank is rejecting the order or that funds with respect to the
order may not be withdrawn or used until receipt of payment from the
sender of the order;
(2) When the bank receives payment of the entire amount of the
sender's order pursuant to paragraph (1) or (2) of subsection (a) of
Section 28 of this act; or
(3) The opening of the next funds-transfer business day of the bank
following the payment date of the order if, at that time, the amount
of the sender's order is fully covered by a withdrawable credit
balance in an authorized account of the sender or the bank has
otherwise received full payment from the sender, unless the order was
rejected before that time or is rejected within (i) one hour after
that time, or (ii) one hour after the opening of the next business day
of the sender following the payment date if that time is later. If
notice of rejection is received by the sender after the payment date
and the authorized account of the sender does not bear interest, the
bank is obliged to pay interest to the sender on the amount of the
order for the number of days elapsing after the payment date to the
day the sender receives notice or learns that the order was not
accepted, counting that day as an elapsed day. If the withdrawable
credit balance during that period falls below the amount of the order,
the amount of interest payable is reduced accordingly.
(c) Acceptance of a payment order cannot occur before the order is
received by the receiving bank. Acceptance does not occur under
paragraph (2) or (3) of subsection (b) of this section if the
beneficiary of the payment order does not have an account with the
receiving bank, the account has been closed, or the receiving bank is
not permitted by law to receive credits for the beneficiary's account.
(d) A payment order issued to the originator's bank cannot be accepted
until the payment date if the bank is the beneficiary's bank, or the
execution date if the bank is not the beneficiary's bank. If the
originator's bank executes the originator's payment order before the
execution date or pays the beneficiary of the originator's payment
order before the payment date and the payment order is subsequently
canceled pursuant to subsection (b) of Section 19 of this act, the
bank may recover from the beneficiary any payment received to the
extent allowed by the law governing mistake and restitution.
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