(1) As used in this chapter:
(a) “Beneficiary” means the person to be paid by the beneficiary’s bank.
(b) “Beneficiary’s bank” means the bank identified in a payment order in which an account for 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.
(c) “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 for 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.
(d) “Receiving bank” means the bank to which the sender’s instruction is addressed.
(e) “Sender” means the person giving the instruction to the receiving bank.
(2) If an instruction complying with subsection (1)(c) of this section is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment.
(3) A payment order is issued when it is sent to the receiving bank. [1991 c.442 §3]
Section: Previous 74A.1010 74A.1020 74A.1030 74A.1040 74A.1050 74A.1060 74A.1070 74A.1080 74A.2010 74A.2020 74A.2030 74A.2040 74A.2050 74A.2060 74A.2070 NextLast modified: August 7, 2008