[Code of Federal Regulations]
[Title 12, Volume 2]
[Revised as of January 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR210.31]

[Page 301]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 210_COLLECTION OF CHECKS AND OTHER ITEMS BY FEDERAL RESERVE BANKS 
AND FUNDS TRANSFERS THROUGH FEDWIRE (REGULATION J)--Table of Contents
 
                Subpart B_Funds Transfers Through Fedwire
 
Sec. 210.31  Payment by a Federal Reserve Bank to a receiving bank or 
beneficiary.

    (a) Payment to a receiving bank. Payment of a Federal Reserve Bank's 
obligation to pay a receiving bank (other than a Federal Reserve Bank) 
occurs at the earlier of the time when the amount of the payment order 
is credited to the receiving bank's account or when the payment order is 
sent to the receiving bank.
    (b) Payment to a beneficiary. Payment by a Federal Reserve Bank to a 
beneficiary of a payment order, where the Federal Reserve Bank is the 
beneficiary's bank, occurs at the earlier of the time when the amount of 
the payment order is credited to the beneficiary's account or when 
notice of the credit is sent to the beneficiary.