{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.4A-301.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.4A-301.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.4A-301.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.4A-301.html"}],"law_id":59952,"edition_id":1,"section_id":59952,"structure_id":15670,"section_number":"8.4A-301","catch_line":"Execution and execution date","history":"1990, c. 9.","full_text":"a\n\nA 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\n\n“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.","order_by":null,"text":{"0":{"id":219540,"text":"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.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":219541,"text":"“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.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a"}},"ancestry":[{"id":15670,"edition_id":1,"name":"Execution of Sender's Payment Order by Receiving Bank","identifier":"3","label":"part","depth":2,"order_by":1,"parent_id":13362,"metadata":{},"date_created":"2026-06-26 03:57:39","date_modified":"2026-06-26 03:57:39","permalink":{"id":283273,"object_type":"structure","relational_id":15670,"identifier":"3","token":"8.4A\/3","url":"\/8.4A\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13362,"edition_id":1,"name":"Commercial Code \u2014 Funds Transfers","identifier":"8.4A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":283187,"object_type":"structure","relational_id":13362,"identifier":"8.4A","token":"8.4A","url":"\/8.4A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":59952,"structure_id":15670,"section_number":"8.4A-301","catch_line":"Execution and execution date","url":"\/8.4A-301\/","token":"8.4A\/3\/8.4A-301","metadata":false},{"id":62619,"structure_id":15670,"section_number":"8.4A-302","catch_line":"Obligations of receiving bank in execution of payment order","url":"\/8.4A-302\/","token":"8.4A\/3\/8.4A-302","metadata":false},{"id":84794,"structure_id":15670,"section_number":"8.4A-303","catch_line":"Erroneous execution of payment order","url":"\/8.4A-303\/","token":"8.4A\/3\/8.4A-303","metadata":false},{"id":63931,"structure_id":15670,"section_number":"8.4A-304","catch_line":"Duty of sender to report erroneously executed payment order","url":"\/8.4A-304\/","token":"8.4A\/3\/8.4A-304","metadata":false},{"id":75010,"structure_id":15670,"section_number":"8.4A-305","catch_line":"Liability for late or improper execution or failure to execute payment order","url":"\/8.4A-305\/","token":"8.4A\/3\/8.4A-305","metadata":false}],"next_section":{"id":62619,"structure_id":15670,"section_number":"8.4A-302","catch_line":"Obligations of receiving bank in execution of payment order","url":"\/8.4A-302\/","token":"8.4A\/3\/8.4A-302","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.4A-301\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 9 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online.<\/p>","references":[{"id":76749,"section_number":"8.4A-105","catch_line":"Other definitions","order_by":null,"url":"\/8.4A-105\/"}],"refers_to":false,"permalink":{"id":283275,"object_type":"law","relational_id":59952,"identifier":"8.4A-301","token":"8.4A\/3\/8.4A-301","url":"\/8.4A-301\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.4A-301\/","token":"8.4A\/3\/8.4A-301","dublin_core":{"Title":"Execution and execution date","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.4A-301","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> A payment order<\/span> is “executed” by the receiving bank when it issues<\/span> a payment order<\/span> intended to carry out the payment order<\/span> received by the bank. A payment order<\/span> received by the beneficiary’s bank can be accepted but cannot be executed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> “Execution date<\/span>” of a payment order<\/span> means the day on which the receiving bank may properly issue<\/span> a payment order<\/span> in execution of the sender’s order<\/span>. The execution date<\/span> may be determined by instruction of the sender but cannot be earlier than the day the order<\/span> is received and, unless otherwise determined, is the day the order<\/span> is received. If the sender’s instruction states a payment date, the execution date<\/span> is the payment date or an earlier date on which execution is reasonably necessary to allow payment to the beneficiary on the payment date. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEXECUTION AND EXECUTION DATE (\u00a7 8.4A-301)\n\na. A payment order is “executed” by the receiving bank when it\nissues a 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\nb. “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 the\nsender but cannot be earlier than the day the order is received and, unless\notherwise determined, is the day the order is received. If the sender’s\ninstruction states a payment date, the execution date is the payment date or an\nearlier date on which execution is reasonably necessary to allow payment to the\nbeneficiary on the payment date.\n\nHISTORY: 1990, c. 9.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}