§ 6A-4.1-301. Execution and execution date.
(a) 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” 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.
History of Section.P.L. 1991, ch. 189, § 1.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-4.1 - Funds Transfers
Part 3 - Execution of Sender’s Payment Order by Receiving Bank
Section 6A-4.1-301. - Execution and execution date.
Section 6A-4.1-302. - Obligations of receiving bank in execution of payment order.
Section 6A-4.1-303. - Erroneous execution of payment order.
Section 6A-4.1-304. - Duty of sender to report erroneously executed payment order.
Section 6A-4.1-305. - Liability for late or improper execution or failure to execute payment order.