                                 CODE OF VIRGINIA

TIME PAYMENT ORDER IS RECEIVED (§ 8.4A-106)

a. 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 &#xA7; 8.1A-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.

b. If this title 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 title.

HISTORY: 1990, c. 9; 2003, c. 353.