N.Y. Uniform Commercial Code Law § 4-a-301: Execution and Execution Date

Section 4-A-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.