336.4A-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.
History: 1990 c 582 art 1 s 21