§ 6A-4.1-104 - Funds transfer – Definitions. - Rhode Island Statutes

SECTION 6A-4.1-104

   § 6A-4.1-104  Funds transfer –Definitions. – In this chapter:

   (a) "Funds transfer" means the series of transactionsbeginning with the originator's payment order, made for the purpose of makingpayment to the beneficiary of the order. The term includes any payment orderissued by the originator's bank or an intermediary bank intended to carry outthe originator's payment order. A funds transfer is completed by acceptance bythe beneficiary's bank of a payment order for the benefit of the beneficiary ofthe originator's payment order.

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

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

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