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Can you summarize MNST 336.4A-106?
UNIFORM COMMERCIAL CODE > TIME PAYMENT ORDER IS RECEIVED.
Short Summary
This legal document governs the time of receipt of a payment order or communication canceling or amending a payment order. It applies to receiving banks involved in funds transfers. The document allows receiving banks to establish cut-off times for the receipt and processing of payment orders and communications. Different cut-off times may apply to different categories of payment orders or senders. If a payment order or communication is received after the close of a funds-transfer business day or after the appropriate cut-off time, the receiving bank may treat it as received at the opening of the next funds-transfer business day. The document also clarifies that if an execution date, payment date, or required action falls on a non-business day, the next funds-transfer business day is considered the applicable date, unless stated otherwise in the document.
Whom does it apply to?
Receiving banks
What does it govern?
Receipt and processing of payment orders and communications canceling or amending payment orders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota