554.12301 Execution and execution date. 1. A payment order is executed by the receiving bank when the receiving bank issues a payment order intended to carry out the payment order received by the bank. A paymentorder 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 maybe determined by instruction of the sender but cannot be earlier than the day the order isreceived and, unless otherwise determined, is the day the order is received. If the sender’sinstruction states a payment date, the execution date is the payment date or an earlier date onwhich execution is reasonably necessary to allow payment to the beneficiary on the paymentdate. 92 Acts, ch 1146, §21Referred to in §554.12105 Sat Dec 23 11:02:54 2023 Iowa Code 2024, Section 554.12301 (24, 0)
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