KRS 355.4A-106: Time payment order is received.

(1) 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

KRS 355.1-202. A receiving bank may fix a cutoff 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 cutoff times may apply to

payment orders, cancellations, or amendments, or to different categories of payment

orders, cancellations, or amendments. A cutoff time may apply to senders generally

or different cutoff 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 f unds-transfer business day or after the

appropriate cutoff 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.

(2) 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.