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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.)