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November 21, 2024 Clouds | 46°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part I ADMINISTRATION OF THE GOVERNMENT
  3. Title XV REGULATION OF TRADE
  4. Chapter 106 UNIFORM COMMERCIAL CODE
  5. Article 4A FUNDS TRANSFERS
  6. Section 4A-104 Funds Transfer — Definitions

Section 4A-104

Section 4A-104: Funds Transfer — Definitions

Section 4A–104. In this Article, unless the context otherwise requires, the following words and phrases shall have the following meanings:

(a) ''Funds transfer'', 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'', a receiving bank other than the originator's bank or the beneficiary's bank.

(c) ''Originator'', the sender of the first payment order in a funds transfer.

(d) ''Originator's bank'', (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.