N.Y. UCC Law § 4-A-209

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unless the notice indicates that the bank is rejecting\n the order or that funds with respect to the order may not be\n withdrawn or used until receipt of payment from the sender of\n the order;\n (b) when the bank receives payment of the entire amount of the\n sender's order pursuant to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