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§ 4A104. Funds transfer; definitions

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 4a. Funds Transfers (Refs & Annos)
Chapter 4A1. Subject Matter and Definitions
13 Pa.C.S.A. § 4A104
§ 4A104. Funds transfer; definitions
Currentness
(a) Definition of “funds transfer”.--“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) Definition of “intermediary bank”.--“Intermediary bank” means a receiving bank other than the originator's bank or the beneficiary's bank.
(c) Definition of “originator”.--“Originator” means the sender of the first payment order in a funds transfer.
(d) Definition of “originator's bank”.--“Originator's bank” means:
(1) the receiving bank to which the payment order of the originator is issued if the originator is not a bank; or
(2) the originator if the originator is a bank.

Credits

1992, July 9, P.L. 507, No. 97, § 15, effective in one year.
13 Pa.C.S.A. § 4A104, PA ST 13 Pa.C.S.A. § 4A104
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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