Alabama § 7-4A-104 Funds Transfer - Definitions

Alabama Statutes

§ 7-4A-104 — Funds Transfer - Definitions

Alabama § 7-4A-104

Title 7Commercial Code

Art. 4AFunds Transfers

Part 1Subject Matter and Definitions

This text of Alabama § 7-4A-104 (Funds Transfer - Definitions) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 7-4A-104 (2026).

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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 beneficiary’s bank.

(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

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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 beneficiary’s bank.
(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.