§ 62A.4A-301. Execution and execution date
(1) 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.
(2) "Execution date" of a payment order means the day 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.
[1991 sp.s. c 21 § 4A-301.]
Sections: Previous 62A.4A-206 62A.4A-207 62A.4A-208 62A.4A-209 62A.4A-210 62A.4A-211 62A.4A-212 62A.4A-301 62A.4A-302 62A.4A-303 62A.4A-304 62A.4A-305 62A.4A-401 62A.4A-402 62A.4A-403 NextLast modified: April 7, 2009