PART 3. 
EXECUTION OF SENDER'S



PAYMENT
ORDER BY RECEIVING BANK



 



§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]