§ 25-4A-103. Payment order - definitions. - North Carolina Statutes

§25‑4A‑103.  Payment order – definitions.

(a)        In this Article:

(1)        "Paymentorder" means an instruction of a sender to a receiving bank, transmittedorally, 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 instructiondoes not state a condition of payment to the beneficiary other than time ofpayment,

(ii)        The receiving bankis to be reimbursed by debiting an account of, or otherwise receiving paymentfrom, the sender, and

(iii)       The instruction istransmitted by the sender directly to the receiving bank or to an agent, funds‑transfersystem, or communication system for transmittal to the receiving bank.

(2)        "Beneficiary"means the person to be paid by the beneficiary's bank.

(3)        "Beneficiary'sbank" means the bank identified in a payment order in which an account ofthe beneficiary is to be credited pursuant to the order or which otherwise isto make payment to the beneficiary if the order does not provide for payment toan account.

(4)        "Receivingbank" means the bank to which the sender's instruction is addressed.

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

(b)        If an instructioncomplying with subsection (a)(1) is to make more than one payment to abeneficiary, the instruction is a separate payment order with respect to eachpayment.

(c)        A payment order isissued when it is sent to the receiving bank. (1993, c. 157, s. 1.)