§490:4A-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 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. [L 1991, c 41, pt of §1]
Section: Previous 490-4a-206 490-4a-207 490-4a-208 490-4a-209 490-4a-210 490-4a-211 490-4a-212 490-4a-301 490-4a-302 490-4a-303 490-4a-304 490-4a-305 490-4a-401 490-4a-402 490-4a-403 NextLast modified: October 27, 2016