"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.
Tex. Bus. & Com. Code § 4A.401
PAYMENT DATE
Known as the Uniform Commercial Code
The act spans §§ 1–12 (616 sections).
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.