NY UCC § 4-A-209 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 4-A - Funds Transfers Part 2 - Issue and Acceptance of Payment Order 4-A-209 - Acceptance of Payment Order.

Section 4-A-209. Acceptance of Payment Order.  (1)  Subject  to  subsection  (4),  a  receiving  bank  other than the beneficiary's bank accepts a payment order when it executes the order.  (2) Subject to subsections (3) and (4), a beneficiary's bank accepts a payment order at the earliest of the following times:       (a) when  the  bank  (i)  pays  the  beneficiary  as  stated   in            subsection  (1)  or  (2) of Section 4-A-405, or (ii) notifies            the beneficiary of receipt of the order or that  the  account            of  the  beneficiary  has  been  credited with respect to the            order unless the notice indicates that the bank is  rejecting            the  order or that funds with respect to the order may not be            withdrawn or used until receipt of payment from the sender of            the order;       (b) when the bank receives payment of the entire  amount  of  the            sender's order pursuant to paragraph (a) or (b) of subsection           (1) of Section 4-A-403; or       (c) the  opening  of  the next funds-transfer business day of the            bank following the payment date of  the  order  if,  at  that            time,  the amount of the sender's order is fully covered by a            withdrawable credit balance in an authorized account  of  the            sender  or  the bank has otherwise received full payment from            the sender, unless the order was rejected before that time or            is rejected within (i) one hour after that time, or (ii)  one            hour after the opening of the next business day of the sender            following  the  payment date if that time is later. If notice            of rejection is received by the sender after the payment date            and the authorized  account  of  the  sender  does  not  bear            interest,  the  bank is obliged to pay interest to the sender            on the amount of the order for the number  of  days  elapsing            after  the payment date to the day the sender receives notice            or learns that the order was not accepted, counting that  day            as  an elapsed day. If the withdrawable credit balance during            that period falls below the amount of the order,  the  amount            of interest payable is reduced accordingly.  (3)  Acceptance  of  a  payment order cannot occur before the order is received  by  the  receiving  bank.  Acceptance  does  not  occur  under paragraph (b) or (c) of subsection (2) if the beneficiary of the payment order  does not have an account with the receiving bank, the account has been closed, or the receiving bank is not permitted by  law  to  receive credits for the beneficiary's account.  (4) A payment order issued to the originator's bank cannot be accepted until  the  payment  date  if the bank is the beneficiary's bank, or the execution date if the  bank  is  not  the  beneficiary's  bank.  If  the originator's  bank  executes  the  originator's payment order before the execution date or pays the beneficiary of the originator's payment order before the payment date and the payment order is subsequently  cancelled pursuant to subsection (2) of Section 4-A-211, the bank may recover from the  beneficiary  any  payment received to the extent allowed by the law governing mistake and restitution.