California Commercial Code

§ 11209

COM § 11209Div. 11 · Ch. 2

Statute text

(a)Subject to subdivision (d), a receiving bank other than the beneficiary’s bank accepts a payment order when it executes the order.

(b)Subject to subdivisions (c) and (d), a beneficiary’s bank accepts a payment order at the earliest of the following times:

(1)When the bank (i) pays the beneficiary as stated in subdivision (a) or (b) of Section 11405, 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unless the notice indicates that the bank is rejecting the order or that funds with respect to the order may not be withdrawn or used until receipt of payment from the sender of the order.

…

Legislative history

Added by Stats. 1990, Ch. 125, Sec. 2.