70A-4a-104 - Funds transfer -- Definitions. - Utah Statutes

70A-4a-104. Funds transfer -- Definitions.
(1) "Funds transfer" means the series of transactions, beginning with the originator'spayment order, made for the purpose of making payment to the beneficiary of the order. Theterm includes any payment order issued by the originator's bank or an intermediary bank intendedto carry out the originator'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 the originator's paymentorder.
(2) "Intermediary bank" means a receiving bank other than the originator's bank or thebeneficiary's bank.
(3) "Originator" means the sender of the first payment order in a funds transfer.
(4) "Originator's bank" means:
(a) the receiving bank to which the payment order of the originator is issued if theoriginator is not a bank; or
(b) the originator if the originator is a bank.

Amended by Chapter 237, 1993 General Session