U.C.C. - ARTICLE 4A - FUNDS TRANSFERS
..PART 1. SUBJECT MATTER AND DEFINITIONS
§ 4A-103. PAYMENT ORDER - DEFINITIONS.
- (a) In this Article:
- (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:
- (i) the instruction does not state a condition to payment to the beneficiary other than time of payment,
- (ii) the receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender, and
- (iii) 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.
- (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:
- (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.
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© Copyright 2005 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced, published and distributed with the permission of the Permanent Editorial Board for the Uniform Commercial Code for the limited purposes of study, teaching, and academic research.