N.Y. U.C.C. 4-a-301

Section 4-A-301. Execution and Execution Date.\n (1) A payment order is "executed" by the receiving bank when it issues\na payment order intended to carry out the payment order received by the\nbank. A payment order received by the beneficiary's bank can be accepted\nbut cannot be executed.\n (2) "Execution date" of a payment order means the day on which the\nreceiving bank may properly issue a payment order in execution of the\nsender's order. The execution date may be determined by instruction of\nthe sender but cannot be earlier than the day the order is received and,\nunless otherwise determined, is the day the order is received. If the\nsender's instruction states a payment date, the execution date is the\npayment date or an earlier date on which execution is reasonably\nnecessary to allow payment to the beneficiary on the payment date.\n