(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
(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.
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