Vermont § 209 - § 4A—209.

§ 209. § 4A—209.

• Acceptance of payment order (a) Subject to subsection (d) of this section, a receiving bank other than the beneficiary’s
  bank accepts a payment order when it executes the order. (b) Subject to subsections (c) and (d) of this section, a beneficiary’s bank accepts a
  payment order at the earliest of the following times: (1) When the bank (i) pays the beneficiary as stated in subsection 4A—405(a) or 4A—405(b) of this title, or (ii) notifies the beneficiary of receipt of the order or that the account of
  the beneficiary has been credited with respect to the order unless the notice indicates
  that the bank is rejecting the order or that funds with respect to the order may not
  be withdrawn or used until receipt of payment from the sender of the order. (2) When the bank receives payment of the entire amount of the sender’s order pursuant
  to subdivision 4A—403(a)(1) or 4A—403(a)(2) of this title. (3) The opening of the next funds-transfer business day of the bank following the payment
  date of the order if, at that time, the amount of the sender’s order is fully covered
  by a withdrawable credit balance in an authorized account of the sender or the bank
  has otherwise received full payment from the sender, unless the order was rejected
  before that time or is rejected within (i) one hour after that time, or (ii) one hour
  after the opening of the next business day of the sender following the payment date
  if that time is later. If notice of rejection is received by the sender after the
  payment date and the authorized account of the sender does not bear interest, the
  bank is obliged to pay interest to the sender on the amount of the order for the number
  of days elapsing after the payment date to the day the sender receives notice or learns
  that the order was not accepted, counting that day as an elapsed day. If the withdrawable
  credit balance during that period falls below the amount of the order, the amount
  of interest payable is reduced accordingly. (c) Acceptance of a payment order cannot occur before the order is received by the receiving
  bank. Acceptance does not occur under subdivision (b)(2) or (b)(3) of this section
  if the beneficiary of the payment order does not have an account with the receiving
  bank, the account has been closed, or the receiving bank is not permitted by law to
  receive credits for the beneficiary’s account. (d) A payment order issued to the originator’s bank cannot be accepted until the payment
  date if the bank is the beneficiary’s bank, or the execution date if the bank is not
  the beneficiary’s bank. If the originator’s bank executes the originator’s payment
  order before the execution date or pays the beneficiary of the originator’s payment
  order before the payment date and the payment order is subsequently cancelled pursuant
  to subsection 4A—211(b) of this title, the bank may recover from the beneficiary any payment received to the extent allowed
  by the law governing mistake and restitution. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)