Colorado § 4-4.5-301 Execution and execution date

Colorado Statutes

§ 4-4.5-301 — Execution and execution date

Colorado § 4-4.5-301

Title 04Uniform

Art.Funds Transfers

This text of Colorado § 4-4.5-301 (Execution and execution date) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 4-4.5-301 (2026).

Text

(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.

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(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.