Montana Statutes
§ 30-4A-104 — Funds Transfer -- Definitions
Montana·Title 30 TRADE AND COMMERCE·Ch. 4A UNIFORM COMMERCIAL CODE FUNDS TRANSFERS·Part 1 Subject Matter and Definitions
30-4A-104 . Funds transfer -- definitions. In this chapter, the following definitions apply:
(1)"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.
(2)"Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.
(3)"Originator" means the sender of the first payment order in a funds transfer.
(4)"Originator's bank" means:
(a)the
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Legislative History
En. Sec. 192, Ch. 410, L. 1991.
Nearby Sections
15
§ 30-4A-101
Short Title§ 30-4A-102
Subject Matter§ 30-4A-103
Payment Order -- Definitions§ 30-4A-104
Funds Transfer -- Definitions§ 30-4A-105
Other Definitions§ 30-4A-106
Time Payment Order Is Received§ 30-4A-108
Relationship To Electronic Fund Transfer Act§ 30-4A-201
Security Procedure§ 30-4A-202
Authorized And Verified Payment Orders§ 30-4A-204
Refund Of Payment And Duty Of Customer To Report With Respect To Unauthorized Payment Order§ 30-4A-205
Erroneous Payment Orders§ 30-4A-207
Misdescription Of Beneficiary