- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 14. Funds Transfers
- Section 106. Time Payment Order is Received.
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AS 45.14.106. Time Payment Order is Received.
- (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 AS 45.01.201
(27). 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.
- (b) If this chapter 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 chapter.
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