This text of North Dakota § 41-04.1-03 ((4A-103) Payment order - Definitions) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1. In this chapter:
a. "Beneficiary" means the person to be paid by the beneficiary's bank.
b. "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.
c. "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:
(1)The instruction does not state a condition to payment to the beneficiary
other than time of payment.
(2)The receiving bank is to be reimbursed by debiting an account of, or
otherwise receiving payment from, the sender.
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1. In this chapter:
a. "Beneficiary" means the person to be paid by the beneficiary's bank.
b. "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.
c. "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:
(1) The instruction does not state a condition to payment to the beneficiary
other than time of payment.
(2) The receiving bank is to be reimbursed by debiting an account of, or
otherwise receiving payment from, the sender.
(3) 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.
d. "Receiving bank" means the bank to which the sender's instruction is addressed.
e. "Sender" means the person giving the instruction to the receiving bank.
2. If an instruction complying with subdivision a of subsection 1 is to make more than one
payment to a beneficiary, the instruction is a separate payment order with respect to
each payment.
3. A payment order is issued when it is sent to the receiving bank.