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Texas Business & Commerce Code - Section 4A.103. Payment Order--Definitions

Legal Research Home > Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Section 4A.103. Payment Order--Definitions

§ 4A.103. PAYMENT ORDER--DEFINITIONS.  (a) In this 
chapter:               
		(1)  "Payment order" means an instruction of a sender 
to a receiving bank, transmitted orally, electronically, or in 
writing, to pay, or to cause another bank to pay, a fixed or 
determinable amount of money to a beneficiary if:
			(A)  the instruction does not state a condition of 
payment to the beneficiary other than the time of payment;
			(B)  the receiving bank is to be reimbursed by 
debiting an account of, or otherwise receiving payment from, the 
sender;  and
			(C)  the instruction is transmitted by the sender 
directly to the receiving bank or to an agent, funds transfer 
system, or communication system for transmittal to the receiving 
bank.
		(2)  "Beneficiary" means the person to be paid by the 
beneficiary's bank.   
		(3)  "Beneficiary's bank" means the bank identified in 
a payment order in which an account of the beneficiary is to be 
credited pursuant to the order or which otherwise is to make payment 
to the beneficiary if the order does not provide for payment to an 
account.
		(4)  "Receiving bank" means the bank to which the 
sender's instruction is addressed.
		(5)  "Sender" means the person giving the instruction 
to the receiving bank.
	(b)  If an instruction complying with Subsection (a)(1) is to 
make more than one payment to a beneficiary, the instruction is a 
separate payment order with respect to each payment.
	(c)  A payment order is issued when it is sent to the 
receiving bank.        

Added by Acts 1993, 73rd Leg., ch. 570, § 7, eff. Sept. 1, 1993.           

Last modified: August 10, 2007