400.4A-104. Funds transfer--definitions. - Missouri Statutes

Funds transfer--definitions.

400.4A-104. In this Article:

(a) "Funds transfer" means the series of transactions,beginning with the originator's payment order, made for thepurpose of making payment to the beneficiary of the order. Theterm includes any payment order issued by the originator's bankor an intermediary bank intended to carry out the originator'spayment order. A funds transfer is completed by acceptance bythe beneficiary's bank of a payment order for the benefit of thebeneficiary of the originator's payment order.

(b) "Intermediary bank" means a receiving bank other thanthe originator's bank or the beneficiary's bank.

(c) "Originator" means the sender of the first paymentorder in a funds transfer.

(d) "Originator's bank" means (i) the receiving bank towhich the payment order of the originator is issued if theoriginator is not a bank, or (ii) the originator if theoriginator is a bank.

(L. 1992 S.B. 448)