Sec. 42a-4A-103. Payment order; definitions.
Sec. 42a-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.
(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.
(P.A. 90-202, S. 1(4A-103), 3.)