New York Laws
Part 3 - Execution of Sender's Payment Order by Receiving Bank
4-A-301 - Execution and Execution Date.

(1) 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.
(2) "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.

Structure New York Laws