Sec. 4A.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 date 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.
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993.
Structure Texas Statutes
Title 1 - Uniform Commercial Code
Subchapter C. Execution of Senders Payment Order by Receiving Bank
Section 4A.301. Execution and Execution Date
Section 4A.302. Obligations of Receiving Bank in Execution of Payment Order
Section 4A.303. Erroneous Execution of Payment Order
Section 4A.304. Duty of Sender to Report Erroneously Executed Payment Order
Section 4A.305. Liability for Late or Improper Execution or Failure to Execute Payment Order