47-4A104. Funds transfer; definitions


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.