§ 6A-4.1-103 - Payment order – Definitions.
SECTION 6A-4.1-103
§ 6A-4.1-103 Payment order –Definitions. – (a) In this chapter:
(1) "Payment order" means an instruction of a sender to areceiving bank, transmitted orally, electronically, or in writing, to pay, orto cause another bank to pay, a fixed or determinable amount of money to abeneficiary if:
(i) The instruction does not state a condition to payment tothe beneficiary other than time of payment;
(ii) The receiving bank is to be reimbursed by debiting anaccount of, or otherwise receiving payment from, the sender; and
(iii) The instruction is transmitted by the sender directlyto the receiving bank or to an agent, funds-transfer system, or communicationsystem for transmittal to the receiving bank.
(2) "Beneficiary" means the person to be paid by thebeneficiary's bank.
(3) "Beneficiary's bank" means the bank identified in apayment order in which an account of the beneficiary is to be credited pursuantto the order or which otherwise is to make payment to the beneficiary if theorder does not provide for payment to an account.
(4) "Receiving bank" means the bank to which the sender'sinstruction is addressed.
(5) "Sender" means the person giving the instruction to thereceiving bank.
(b) If an instruction complying with subsection (a)(1) is tomake more than one payment to a beneficiary, the instruction is a separatepayment order with respect to each payment.
(c) A payment order is issued when it is sent to thereceiving bank.