There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Article 4A Funds Transfers
355.4A.301 Execution and execution date.
Download pdfreceived 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. Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 116, sec. 44, effective July 14, 1992.
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