70A-4a-301 - "Execution" and "execution date."
70A-4a-301. "Execution" and "execution date."
(1) A payment order is "executed" by the receiving bank when it issues a payment orderintended to carry out the payment order received by the bank. A payment order received by thebeneficiary's bank can be accepted but cannot be executed.
(2) "Execution date" of a payment order means the day on which the receiving bank mayproperly issue a payment order in execution of the sender's order. The execution date can bedetermined by instruction of the sender but cannot be earlier than the day the order is receivedand, unless otherwise determined, is the day the order is received. If the sender's instructionstates a payment date, the execution date is the payment date or an earlier date on whichexecution is reasonably necessary to allow payment to the beneficiary on the payment date.
Enacted by Chapter 294, 1990 General Session