(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 c.442 §21]
Section: Previous 74A.2060 74A.2070 74A.2080 74A.2090 74A.2100 74A.2110 74A.2120 74A.3010 74A.3020 74A.3030 74A.3040 74A.3050 74A.4010 74A.4020 74A.4030 NextLast modified: August 7, 2008