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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

004A

:
Funds Transfers











 

§

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. (Added 1993, No. 158 (Adj. Sess.), § 14, eff.

Jan. 1, 1995.)