Texas Business & Commerce Code
§ 4A.301 — EXECUTION AND EXECUTION DATE
BC § 4A.301Title 1. UNIFORM COMMERCIAL CODE · Ch. 4A. FUNDS TRANSFERS · Art. C. EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK
Statute text
View on source(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 date 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 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993.