N.Y. Uniform Commercial Code Law § 4-a-106: Time Payment Order is Received

Section 4-A-106. Time Payment Order is Received.

(1) The time of receipt of a payment order or communication cancelling

or amending a payment order is determined by the rules applicable to

receipt of a notice stated in Section 1--202. A receiving bank may fix a

cut-off time or times on a funds-transfer business day for the receipt

and processing of payment orders and communications cancelling or

amending payment orders. Different cut-off times may apply to payment

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

payment orders, cancellations, or amendments. A cut-off time may apply

to senders generally or different cut-off times may apply to different

senders or categories of payment orders. If a payment order or

communication cancelling or amending a payment order is received after

the close of a funds-transfer business day or after the appropriate

cut-off 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.