KRS 355.4A-301: Execution and execution date.

(1) 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.

(2) "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.