47-4A301. 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 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.
Section: Previous 47-4a206 47-4a207 47-4a208 47-4a209 47-4a210 47-4a211 47-4a212 47-4a301 47-4a302 47-4a303 47-4a304 47-4a305 47-4a401 47-4a402 47-4a403 NextLast modified: October 13, 2016