As used 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. [1991 c.442 §4]
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