400.4A-103. Payment order--definitions. - Missouri Statutes

Payment order--definitions.

400.4A-103. (a) In this Article:

(1) "Payment order" means an instruction of a sender to areceiving bank, transmitted orally, electronically, or inwriting, to pay, or to cause another bank to pay, a fixed ordeterminable amount of money to a beneficiary if:

(i) the instruction does not state a condition to paymentto the beneficiary other than time of payment;

(ii) the receiving bank is to be reimbursed by debiting anaccount of, or otherwise receiving payment from, the sender; and

(iii) the instruction is transmitted by the sender directlyto the receiving bank or to an agent, funds-transfer system, orcommunication system for transmittal to the receiving bank;

(2) "Beneficiary" means the person to be paid by thebeneficiary's bank;

(3) "Beneficiary's bank" means the bank identified in apayment order in which an account of the beneficiary is to becredited pursuant to the order or which otherwise is to makepayment to the beneficiary if the order does not provide forpayment to an account;

(4) "Receiving bank" means the bank to which the sender'sinstruction is addressed;

(5) "Sender" means the person giving the instruction to thereceiving bank.

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

(c) A payment order is issued when it is sent to thereceiving bank.

(L. 1992 S.B. 448)