§ 25-4A-103. Payment order - definitions.

282 words·~1 min read·/nc/chapter-25/25-4a-103

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)In this Article, the following definitions apply:

(1)Recodified as subdivision (a)(3a) of this section by Session Laws 2025-25, s. 133(a), effective October 1, 2025.

(2)Beneficiary. - The person to be paid by the beneficiary's bank.

(3)Beneficiary's bank. - The bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or that otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.

(3a)Payment order. - An instruction of a sender to a receiving bank, transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if all of the following apply:

a. The instruction does not state a condition of payment to the beneficiary other than time of payment.

b. The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender.

c. 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.

(4)Receiving bank. - The bank to which the sender's instruction is addressed.

(5)Sender. - The person giving the instruction to the receiving bank.

(b)If an instruction complying with subdivision (a)(3a) of this section is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment.

(c)A payment order is issued when it is sent to the receiving bank. (1993, c. 157, s. 1; 2025-25, s. 133(a), (b).)