8.4A-301 - A-301. Execution and execution date. - Virginia Statutes

§ 8.4A-301. Execution and execution date.

(a) A payment order is "executed" by the receiving bank when it issues apayment 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 cannotbe executed.

(b) "Execution date" of a payment order means the day on which thereceiving bank may properly issue a payment order in execution of thesender's order. The execution date may be determined by instruction of thesender but cannot be earlier than the day the order is received and, unlessotherwise determined, is the day the order is received. If the sender'sinstruction states a payment date, the execution date is the payment date oran earlier date on which execution is reasonably necessary to allow paymentto the beneficiary on the payment date.

(1990, c. 9.)