2006 New York Code - Execution And Execution Date.

 
  Section 4-A-301. Execution and Execution Date.
    (1) 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.
    (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.