§ 26-1-4.1-301 — Execution and execution date

Indiana § 26-1-4.1-301

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 4.1: Fund Transfers

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.

Legislative History

As added by P.L.189-1991, SEC.4.