Colorado § 4-4.5-103 Payment order - definitions

Colorado Statutes

§ 4-4.5-103 — Payment order - definitions

Colorado § 4-4.5-103

Title 04Uniform

Art.Funds Transfers

This text of Colorado § 4-4.5-103 (Payment order - definitions) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 4-4.5-103 (2026).

Text

(a)In this article 4.5:

(1)Payment order means an instruction of a sender to a receiving bank, transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:

(i)The instruction does not state a condition to payment to the beneficiary other than time of payment,

(ii)The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender, and

(iii)The instruction is transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank.

(2)Beneficiary means the person to be paid by the beneficiary's bank.

(3)Beneficiary's bank means the bank identified in a payment order in

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(a) In this article 4.5:

(1) Payment order means an instruction of a sender to a receiving bank,
transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or
determinable amount of money to a beneficiary if:

(i) The instruction does not state a condition to payment to the beneficiary
other than time of payment,

(ii) The receiving bank is to be reimbursed by debiting an account of, or
otherwise receiving payment from, the sender, and

(iii) The instruction is transmitted by the sender directly to the receiving bank
or to an agent, funds-transfer system, or communication system for transmittal to
the receiving bank.

(2) Beneficiary means the person to be paid by the beneficiary's bank.

(3) Beneficiary's bank means the bank identified in a payment order in
which an account of the beneficiary is to be credited pursuant to the order or which
otherwise is to make payment to the beneficiary if the order does not provide for
payment to an account.

(4) Receiving bank means the bank to which the sender's instruction is
addressed.

(5) Sender means the person giving the instruction to the receiving bank.

(b) If an instruction complying with subsection (a)(1) of this section is to make
more than one payment to a beneficiary, the instruction is a separate payment order
with respect to each payment.

(c) A payment order is issued when it is sent to the receiving bank.

Legislative History

Source: L. 90: Entire article added, p. 342, � 1, effective January 1, 1991. L. 2023: IP(a) and IP(a)(1) amended, (SB 23-090), ch. 136, p. 531, � 24, effective August 7.