Texas Business & Commerce Code - Section 4A.104. Funds Transfer--Definitions
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§ 4A.104. FUNDS TRANSFER--DEFINITIONS. In this chapter:
(1) "Funds transfer" means the series of transactions,
beginning with the originator's payment order, made for the purpose
of making payment to the beneficiary of the order. The term
includes any payment order issued by the originator's bank or an
intermediary bank intended to carry out the originator's payment
order. A funds transfer is completed by acceptance by the
beneficiary's bank of a payment order for the benefit of the
beneficiary of the originator's payment order.
(2) "Intermediary bank" means a receiving bank other
than the originator's bank or the beneficiary's bank.
(3) "Originator" means the sender of the first payment
order in a funds transfer.
(4) "Originator's bank" means:
(A) the receiving bank to which the payment order
of the originator is issued if the originator is not a bank; or
(B) the originator if the originator is a bank.
Added by Acts 1993, 73rd Leg., ch. 570, § 7, eff. Sept. 1, 1993.
Section: 2A.529 2A.530 2A.531 2A.532 4A.101 4A.102 4A.103 4A.104 4A.105 4A.106 4A.107 4A.108 4A.201 4A.202 4A.203
Last modified: August 10, 2007
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