§12A-4A-403.

§12A-4A-403.
   
   PAYMENT BY SENDER TO RECEIVING BANK
   
   (a) Payment of the sender's obligation under Section 27 of this act 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 sender (i) credited an account of
   the receiving bank with the sender, or (ii) caused an account of the
   receiving bank in another bank to be credited, payment occurs when the
   credit is withdrawn or, if not withdrawn, at midnight of the day on
   which the credit is withdrawable and the receiving bank learns of that
   fact.
   
   (3) If the receiving bank debits an account of the sender with the
   receiving bank, payment occurs when the debit is made to the extent
   the debit is covered by a withdrawable credit balance in the account.
   
   (b) If the sender and receiving bank are members of a funds-transfer
   system that nets obligations multilaterally among participants, the
   receiving bank receives final settlement when settlement is complete
   in accordance with the rules of the system. The obligation of the
   sender to pay the amount of a payment order transmitted through the
   funds-transfer system may be satisfied, to the extent permitted by the
   rules of the system, by setting off and applying against the sender's
   obligation the right of the sender to receive payment from the
   receiving bank of the amount of any other payment order transmitted to
   the sender by the receiving bank through the funds-transfer system.
   The aggregate balance of obligations owed by each sender to each
   receiving bank in the funds-transfer system may be satisfied, to the
   extent permitted by the rules of the system, by setting off and
   applying against that balance the aggregate balance of obligations
   owed to the sender by other members of the system. The aggregate
   balance is determined after the right of setoff stated in the second
   sentence of this subsection has been exercised.
   
   (c) If two banks transmit payment orders to each other under an
   agreement that settlement of the obligations of each bank to the other
   under Section 27 of this act will be made at the end of the day or
   other period, the total amount owed with respect to all orders
   transmitted by one bank shall be set off against the total amount owed
   with respect to all orders transmitted by the other bank. To the
   extent of the setoff, each bank has made payment to the other.
   
   (d) In a case not covered by subsection (a) of this section, the time
   when payment of the sender's obligation under subsections (b) or (c)
   of Section 27 of this act occurs is governed by applicable principles
   of law that determine when an obligation is satisfied.