(810 ILCS 5/4A-301)
(from Ch. 26, par. 4A-301)
Execution and execution date.
(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 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 the execution is reasonably necessary to
allow payment to the beneficiary on the payment date.
(Source: P.A. 86-1291.)