Mississippi Code
Part 2 - . Issue and Acceptance of Payment Order
§ 75-4A-209. Acceptance of payment order

Subject to subsection (d), a receiving bank other than the beneficiary's bank accepts a payment order when it executes the order.
Subject to subsections (c) and (d), a beneficiary's bank accepts a payment order at the earliest of the following times:
Acceptance of a payment order cannot occur before the order is received by the receiving bank. Acceptance does not occur under subsection (b)(2) or (b)(3) if the beneficiary of the payment order does not have an account with the receiving bank, the account has been closed, or the receiving bank is not permitted by law to receive credits for the beneficiary's account.
A payment order issued to the originator's bank cannot be accepted until the payment date if the bank is the beneficiary's bank, or the execution date if the bank is not the beneficiary's bank. If the originator's bank executes the originator's payment order before the execution date or pays the beneficiary of the originator's payment order before the payment date and the payment order is subsequently canceled pursuant to Section 75-4A-211(b), the bank may recover from the beneficiary any payment received to the extent allowed by the law governing mistake and restitution.

Structure Mississippi Code