Vermont § 301 - § 4A—301.

§ 301. § 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 execution is reasonably necessary to allow payment
  to the beneficiary on the payment date. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995.)