400.4A-301. Execution and execution date. - Missouri Statutes

Execution and execution date.

400.4A-301. (a) A payment order is "executed" by thereceiving bank when it issues a payment order intended to carryout the payment order received by the bank. A payment orderreceived by the beneficiary's bank can be accepted but cannot beexecuted.

(b) "Execution date" of a payment order means the day onwhich the receiving bank may properly issue a payment order inexecution of the sender's order. The execution date may bedetermined by instruction of the sender but cannot be earlierthan the day the order is received and, unless otherwisedetermined, is the day the order is received. If the sender'sinstruction states a payment date, the execution date is thepayment date or an earlier date on which execution is reasonablynecessary to allow payment to the beneficiary on the paymentdate.

(L. 1992 S.B. 448)