4A301 - Execution and execution date. - Pennsylvania Statutes

CHAPTER 4A3 EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK Sec. 4A301. Execution and execution date. 4A302. Obligations of receiving bank in execution of payment order. 4A303. Erroneous execution of payment order. 4A304. Duty of sender to report erroneously executed payment order. 4A305. Liability for late or improper execution or failure to execute payment order. Enactment. Chapter 4A3 was added July 9, 1992, P.L.507, No.97, effective in one year. § 4A301. Execution and execution date. (a) Execution.--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.--"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. Cross References. Section 4A301 is referred to in section 4A105 of this title.