§ 10:4A-301 — Execution and execution date

Louisiana § 10:4A-301

• Jurisdiction: Louisiana
• Title 10: Commercial Laws

Text

§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 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

Added by Acts 1990, No. 1079, §4, eff. Sept. 1, 1990.