Texas Business & Commerce Code - Section 4A.301. Execution And Execution Date
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Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 4A.301. Execution And Execution Date
§ 4A.301. EXECUTION AND EXECUTION DATE. (a) A payment
order is "executed" by the receiving bank when it issues a payment
order intended to carry out the payment order received by the bank.
A payment order received by the beneficiary's bank can be accepted
but cannot be executed.
(b) "Execution date" of a payment order means the date on
which the receiving bank may properly issue a payment order in
execution of the sender's order. The execution date may be
determined by instruction of the sender but cannot be earlier than
the day the order is received and, unless otherwise determined, is
the day the order is received. If the sender's instruction states a
payment date, the execution date is the payment date or an earlier
date on which execution is reasonably necessary to allow payment to
the beneficiary on the payment date.
Added by Acts 1993, 73rd Leg., ch. 570, § 7, eff. Sept. 1, 1993.
Section: 4A.206 4A.207 4A.208 4A.209 4A.210 4A.211 4A.212 4A.301 4A.302 4A.303 4A.304 4A.305 4A.401 4A.402 4A.403
Last modified: August 10, 2007
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