84-4a-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, unless otherwise determined, is the day the order is received by the beneficiary's bank.
History: L. 1990, ch. 367, § 26; L. 1991, ch. 294, § 21; July 1.
KANSAS COMMENT, 1996
This section is identical to the 1995 Official Text.
The "payment date" is the date specified for the beneficiary's bank to pay the beneficiary, or the day after the receipt of the payment order, if the sender has not specified a payment date. The beneficiary's bank may wait until the opening of the next business day, or within one hour thereafter, to assure, for instance, that the sender has sufficient funds in its account. See 84-4a-209(b).
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