Title 11: UNIFORM COMMERCIAL CODE

Article 4-A: FUNDS TRANSFERS

Part 3: EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK

§4-1301. 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 can not be executed.  

[PL 1991, c. 812, §2 (NEW).]

(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 can not 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.  

[PL 1991, c. 812, §2 (NEW).]

SECTION HISTORY

PL 1991, c. 812, §2 (NEW).