8.4A-104 - A-104. Definitions: "Funds transfer"; "Intermediary bank"; Originator"; "Originator's bank.". - Virginia Statutes

§ 8.4A-104. Definitions: "Funds transfer"; "Intermediary bank";"Originator"; "Originator's bank.".

In this title:

(a) "Funds transfer" 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 bythe beneficiary's bank of a payment order for the benefit of the beneficiaryof the originator's payment order.

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

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

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

(1990, c. 9.)