§ 26-1-4.1-104 — Funds transfer—definitions

Indiana § 26-1-4.1-104

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 4.1: Fund Transfers

Text

In IC 26-1-4.1:
(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.

Legislative History

As added by P.L.189-1991, SEC.4.