47-4A103. Payment order; definitions


A. In this chapter:


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:


(a) The instruction does not state a condition to 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.


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, paragraph 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.