(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 as provided
in section 1301.202 of the Revised Code. 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 sections 1304.51 to 1304.85 of the Revised Code refer to an execution date or payment date or state 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 these sections.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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