§490:4A-103 - Payment order--definitions.

§490:4A-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.