Execution Date Law and Legal Definition
Execution date of a payment order means the day on which the payment is made by the receiving bank.
The following is an example of a federal statute defining execution date:
According to U.C.C. § 4A-301 (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.
