47-4A103. 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 to payment to the beneficiary other than 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, paragraph 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.
Section: Previous 47-4407 47-4501 47-4502 47-4503 47-4504 47-4a101 47-4a102 47-4a103 47-4a104 47-4a105 47-4a106 47-4a107 47-4a108 47-4a201 47-4a202 NextLast modified: October 13, 2016