                                 CODE OF VIRGINIA

EXECUTION AND EXECUTION DATE (§ 8.4A-301)

a. A payment order is &#8220;executed&#8221; 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&#8217;s bank can be accepted
but cannot be executed.

b. &#8220;Execution date&#8221; of a payment order means the day on which the
receiving bank may properly issue a payment order in execution of the
sender&#8217;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&#8217;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.

HISTORY: 1990, c. 9.