Tex. Bus. & Com. Code § 4A.301 · Subchapter C. EXECUTION OF SENDER'S PAYMENT ORDER BY RECEIVING BANK
EXECUTION AND EXECUTION DATE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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 date 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.
Notes and commentary — not statutory text
History
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BC/htm/BC.4A.htm
- Text hash
- sha256 9139040b830cfe6d5ec24be7c796633827b160233557b1396322628b93bbd313
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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