in which they appear are:
"Acceptance". Section 42a-4A-209.
"Beneficiary". Section 42a-4A-103.
"Beneficiary's bank". Section 42a-4A-103.
"Executed". Section 42a-4A-301.
"Execution date". Section 42a-4A-301.
"Funds transfer". Section 42a-4A-104.
"Funds-transfer system rule". Section 42a-4A-501.
"Intermediary bank". Section 42a-4A-104.
"Originator". Section 42a-4A-104.
"Originator's bank". Section 42a-4A-104.
"Payment by beneficiary's bank to beneficiary". Section 42a-4A-405.
"Payment by originator to beneficiary". Section 42a-4A-406.
"Payment by sender to receiving bank". Section 42a-4A-403.
"Payment date". Section 42a-4A-401.
"Payment order". Section 42a-4A-103.
"Receiving bank". Section 42a-4A-103.
"Security procedure". Section 42a-4A-201.
"Sender". Section 42a-4A-103.
(c) The following definitions in article 4 apply to this article:
"Clearing house". Section 42a-4-104.
"Item". Section 42a-4-104.
"Suspends payments". Section 42a-4-104.
(d) In addition, article 1 contains general interpretation applicable throughout this article.
(P.A. 90-202, S. 1(4A-105), 3; P.A. 05-109, S. 31.)
History: P.A. 05-109 amended Subsec. (a) by deleting definition of "good faith" and making technical changes to conform to revisions made to article 1 by the same act.
Section 42a-4A-106 - Time payment order is received.
(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 section 42a-1-202. A receiving bank may fix a cutoff 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 cutoff times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cutoff time may apply to senders generally or different cutoff 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 cutoff 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 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.
(P.A. 90-202, S. 1(4A-106), 3; P.A. 05-109, S. 32.)
History: P.A. 05-109 amended Subsec. (a) by replacing reference to Sec. 42a-1-201(27) with reference to Sec. 42a-1-202 to conform to revisions made to article 1 by the same act.
Section 42a-4A-107 - Federal regulations and operating circulars.
Regulations of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection and operating circulars of the federal reserve banks supersede any inconsistent provision of this article to the extent of the inconsistency.
(P.A. 90-202, S. 1(4A-107), 3; P.A. 11-110, S. 17.)
History: P.A. 11-110 added reference to Bureau of Consumer Financial Protection, effective July 21, 2011.
Section 42a-4A-108 - Exclusion of