U.C.C. - ARTICLE 4A - FUNDS TRANSFERS
..PART 1. SUBJECT MATTER AND DEFINITIONS
§ 4A-104. FUNDS TRANSFER - DEFINITIONS.
In this Article:
- (a) "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
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. - (b) "Intermediary bank" means a receiving bank other than the
or the beneficiary's bank. - (c) "Originator" means the sender of the first payment order in a funds transfer.
- (d) "Originator's bank" means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank.
- (b) "Intermediary bank" means a receiving bank other than the
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