4-A-104 - Funds Transfer-Definitions. - New-york Statutes

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Statutes > New-york > Ucc > Article-4-a > Part-1 > 4-a-104

Section 4-A-104. Funds Transfer-Definitions.    In this article:    (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.

State Codes and Statutes

Statutes > New-york > Ucc > Article-4-a > Part-1 > 4-a-104

Section 4-A-104. Funds Transfer-Definitions.    In this article:    (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.

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State Codes and Statutes

Statutes > New-york > Ucc > Article-4-a > Part-1 > 4-a-104

Section 4-A-104. Funds Transfer-Definitions.    In this article:    (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.