"Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary's bank and, unless otherwise determined, is the day the order is received by the beneficiary's bank.
S.D. Codified Laws § 57A-4A-401
Payment date
Known as the Uniform Commercial Code
The act spans §§ 57A-1-101 to 57A-9-809 (574 sections).
Source: SL 1991, ch 397, § 1.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.