Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Payment Order-Definitions
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 4-A, PART 1
Section 4-A-103. Payment Order-Definitions.

(1) In this article:

(a) "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


(b) "Beneficiary" means the person to be paid by the

beneficiary's bank.

(c) "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.

(d) "Receiving bank" means the bank to which the sender's

instruction is addressed.

(e) "Sender" means the person giving the instruction to the

receiving bank.

(2) If an instruction complying with paragraph (a) of subsection (1)
is to make more than one payment to a beneficiary, the instruction is a
separate payment order with respect to each payment.

(3) A payment order is issued when it is sent to the receiving bank.