{"data":{"id":"us-nm/55-4a-106","jurisdiction":"us-nm","citation":"55-4A-106","heading":"Time payment order is received.","body":"(a) 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 Section 55-1-202 NMSA 1978. 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 canceling 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 canceling 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.\n(b) 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.\nOFFICIAL COMMENTS\nUCC Official Comments © by ALI \u0026 the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.\nThe time that a payment order is received by a receiving bank usually defines the payment date or the execution date of a payment order. Section 4A-401 [55-4A-401 NMSA 1978] and Section 4A-301 [55-4A-301 NMSA 1978]. The time of receipt of a payment order, or communication cancelling or amending a payment order is defined in Subsection (a) by reference to the rules stated in Section 1-202 [55-1-202 NMSA 1978]. Thus, time of receipt is determined by the same rules that determine when a notice is received. Time of receipt, however, may be altered by a cut-off time.","path":["Chapter 55 - Uniform Commercial Code","ARTICLE 4A Funds Transfers"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18558/index.do","current_through":"2024-04-27","vintage":"","retrieved_at":"2026-09-03T15:02:20Z","sha256":"344f3e01ec4892fc574d3c47504c3e9d7a2d7c84ff262850295d16d83c3af63c","source_id":"us-nm","stale":false,"prev":"us-nm/55-4a-105","next":"us-nm/55-4a-107"},"notice":"GroundRules: Original legal text. Not legal advice."}