Find Laws Find Lawyers Free Legal Forms USA State Laws

MAINE STATUTES AND CODES

11 §4-1103. Payment order; definitions

Title 11: UNIFORM COMMERCIAL CODE

Article 4-A: FUNDS TRANSFERS HEADING: PL 1991, C. 812, §2 (NEW)

Part 1: SUBJECT MATTER AND DEFINITIONS HEADING: PL 1991, C. 812, §2 (NEW)

§4-1103. 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 bank; [1991, c. 812, §2 (NEW).]

(b). "Beneficiary" means the person to be paid by the beneficiary's bank; [1991, c. 812, §2 (NEW).]

(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; [1991, c. 812, §2 (NEW).]

(d). "Receiving bank" means the bank to which the sender's instruction is addressed; and [1991, c. 812, §2 (NEW).]

(e). "Sender" means the person giving the instruction to the receiving bank. [1991, c. 812, §2 (NEW).]

[ 1991, c. 812, §2 (NEW) .]

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

[ 1991, c. 812, §2 (NEW) .]

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

[ 1991, c. 812, §2 (NEW) .]

SECTION HISTORY

1991, c. 812, §2 (NEW).

Maine Forms by Issue

Maine Divorce Forms
Maine Family Forms

Maine Law

Maine State Laws
    > Maine Child Support
    > Maine Statute
Maine State
    > Maine Real Estate
Maine Tax
    > Maine State Tax
Maine Labor Laws
    > Maine Unemployment

Maine Court Map

Tips