California · Commercial Code

COM §11401: “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.

What this law says, in plain English

This statute defines 'payment date' in payment order law as the day when the beneficiary's bank must pay the order amount to the beneficiary.

Read the full statutory text

“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.

Verify at the official source: California legislative text

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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.