§ 25-4A-301. Execution and execution date. - North Carolina Statutes

Part 3.

EXECUTION OF SENDER'S PAYMENTORDER BY RECEIVING BANK.

§ 25‑4A‑301. Execution and execution date.

(a)        A payment order is"executed" by the receiving bank when it issues a payment orderintended to carry out the payment order received by the bank.  A payment orderreceived by the beneficiary's bank can be accepted but cannot be executed.

(b)        "Executiondate" of a payment order means the day on which the receiving bank mayproperly issue a payment order in execution of the sender's order.  The executiondate may be determined by instruction of the sender but cannot be earlier thanthe day the order is received and, unless otherwise determined, is the day theorder is received.  If the sender's instruction states a payment date, theexecution date is the payment date or an earlier date on which execution isreasonably necessary to allow payment to the beneficiary on the payment date. (1993,c. 157, s. 1.)