United States — Louisiana Act or statute

United States — Louisiana legislation

RS 10:4A-301

This section defines when a payment order is executed and how the execution date is set.

bankingpayment orders

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“This section defines when a payment order is executed and how the execution date is set.”

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RS 10:4A-301

This section defines when a payment order is executed and how the execution date is set.

Section 10:4A-301

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§ 10:4A-301RS 10:4A-301Provision

This section defines when a payment order is executed and how the execution date is set.

PART 3. EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK §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 by Acts 1990, No. 1079, §4, eff. Sept. 1, 1990.
Section 10:4A-301Verify source

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