§ 25-4A-104. Funds transfer - definitions. - North Carolina Statutes

§25‑4A‑104.  Funds transfer – definitions.

In this Article:

(a)        "Fundstransfer" means the series of transactions, beginning with theoriginator's payment order, made for the purpose of making payment to thebeneficiary of the order.  The term includes any payment order issued by theoriginator's bank or an intermediary bank intended to carry out theoriginator's payment order.  A funds transfer is completed by acceptance by thebeneficiary's bank of a payment order for the benefit of the beneficiary of theoriginator's payment order.

(b)        "Intermediarybank" means a receiving bank other than the originator's bank or thebeneficiary's bank.

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

(d)        "Originator'sbank" means (i) the receiving bank to which the payment order of theoriginator is issued if the originator is not a bank, or (ii) the originator ifthe originator is a bank. (1993, c. 157, s. 1.)