336.4A-104 FUNDS TRANSFER-DEFINITIONS.
In this article:
(a) "Funds transfer" means the series of transactions, beginning with the originator's payment
order, made for the purpose of making payment to the beneficiary of the order. The term includes
any payment order issued by the originator's bank or an intermediary bank intended to carry out
the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's
bank of a payment order for the benefit of the beneficiary of the originator's payment order.
(b) "Intermediary bank" means a receiving bank other than the originator's bank or the
(c) "Originator" means the sender of the first payment order in a funds transfer.
(d) "Originator's bank" means (i) the receiving bank to which the payment order of the
originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank.
History: 1990 c 582 art 1 s 4