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2022 Florida Statutes (Including 2022C, 2022D, 2022A, and 2023B)

Title XXXIX COMMERCIAL RELATIONS
Chapter 670 UNIFORM COMMERCIAL CODE: FUNDS TRANSFERS Entire Chapter
SECTION 106
Time payment order is received.
F.S. 670.106
670.106 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 s. 671.209. 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.
(2) 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.
History.—s. 1, ch. 91-70; s. 23, ch. 2007-134.