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.