410.301 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.
History: 1991 a. 304.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 410 - Uniform commercial code — funds transfers.
410.103 - Payment order; definitions.
410.104 - Funds transfer; definitions.
410.106 - Time payment order is received.
410.107 - Federal reserve regulations and operating circulars.
410.108 - Relationship to Electronic Fund Transfer Act.
410.202 - Authorized and verified payment orders.
410.203 - Unenforceability of certain verified payment orders.
410.205 - Erroneous payment orders.
410.206 - Transmission of payment order through funds-transfer or other communication system.
410.207 - Misdescription of beneficiary.
410.208 - Misdescription of intermediary bank or beneficiary's bank.
410.209 - Acceptance of payment order.
410.210 - Rejection of payment order.
410.211 - Cancellation and amendment of payment order.
410.212 - Liability and duty of receiving bank regarding unaccepted payment order.
410.301 - Execution and execution date.
410.302 - Obligations of receiving bank in execution of payment order.
410.303 - Erroneous execution of payment order.
410.304 - Duty of sender to report erroneously executed payment order.
410.305 - Liability for late or improper execution or failure to execute payment order.
410.402 - Obligation of sender to pay receiving bank.
410.403 - Payment by sender to receiving bank.
410.404 - Obligation of beneficiary's bank to pay and give notice to beneficiary.
410.405 - Payment by beneficiary's bank to beneficiary.
410.406 - Payment by originator to beneficiary; discharge of underlying obligation.
410.501 - Variation by agreement and effect of funds-transfer system rule.
410.502 - Creditor process served on receiving bank; setoff by beneficiary's bank.
410.503 - Injunction or restraining order with respect to funds transfer.
410.505 - Preclusion of objection to debit of customer's account.