(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: 1996 Act No. 221, Section 1.
Structure South Carolina Code of Laws
Chapter 4A - Commercial Code - Funds Transfers
Section 36-4A-101. Short title.
Section 36-4A-102. Subject matter.
Section 36-4A-103. Payment order-Definitions.
Section 36-4A-104. Funds transfer-Definitions.
Section 36-4A-105. Other definitions.
Section 36-4A-106. Time payment order is received.
Section 36-4A-107. Federal reserve regulations and operating circulars.
Section 36-4A-108. Application of chapter.
Section 36-4A-201. Security procedure.
Section 36-4A-202. Authorized and verified payment orders.
Section 36-4A-203. Unenforceability of certain verified payment orders.
Section 36-4A-205. Erroneous payment orders.
Section 36-4A-207. Misdescription of beneficiary.
Section 36-4A-208. Misdescription of intermediary bank or beneficiary's bank.
Section 36-4A-209. Acceptance of payment order.
Section 36-4A-210. Rejection of payment order.
Section 36-4A-211. Cancellation and amendment of payment order.
Section 36-4A-212. Liability and duty of receiving bank regarding unaccepted payment order.
Section 36-4A-301. Execution and execution date.
Section 36-4A-302. Obligations of receiving bank in execution of payment order.
Section 36-4A-303. Erroneous execution of payment order.
Section 36-4A-304. Duty of sender to report erroneously executed payment order.
Section 36-4A-305. Liability for late or improper execution or failure to execute payment order.
Section 36-4A-401. Payment date.
Section 36-4A-402. Obligation of sender to pay receiving bank.
Section 36-4A-403. Payment by sender to receiving bank.
Section 36-4A-404. Obligation of beneficiary's bank to pay and give notice to beneficiary.
Section 36-4A-405. Payment by beneficiary's bank to beneficiary.
Section 36-4A-406. Payment by originator to beneficiary; discharge of underlying obligation.
Section 36-4A-501. Variation by agreement and effect of funds-transfer system rule.
Section 36-4A-502. Creditor process served on receiving bank; setoff by beneficiary's bank.
Section 36-4A-503. Injunction or restraining order with respect to funds transfer.
Section 36-4A-505. Preclusion of objection to debit of customer's account.