70A-4a-103 - Payment order -- Definitions. - Utah Statutes

70A-4a-103. Payment order -- Definitions.
(1) "Beneficiary" means the person to be paid by the beneficiary's bank.
(2) "Beneficiary's bank" means the bank identified in a payment order in which anaccount of the beneficiary is to be credited pursuant to the order or which otherwise is to makepayment to the beneficiary if the order does not provide for payment to an account.
(3) "Payment order" 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 ordeterminable amount of money to a beneficiary if:
(a) the instruction does not state a condition to payment to the beneficiary other than timeof payment;
(b) the receiving bank is to be reimbursed by debiting an account of, or otherwisereceiving payment from, the sender; and
(c) the instruction is transmitted by the sender directly to the receiving bank or to anagent, funds transfer system, or communication system for transmittal to the receiving bank.
(4) "Receiving bank" means the bank to which the sender's instruction is addressed.
(5) "Sender" means the person giving the instruction to the receiving bank.
(6) If an instruction complying with Subsection (3) is to make more than one payment toa beneficiary, the instruction is a separate payment order with respect to each of the payments.
(7) A payment order is issued when it is sent to the receiving bank.

Amended by Chapter 237, 1993 General Session