§ 41-04.1-04 — (4A-104) Funds transfer - Definitions

North Dakota § 41-04.1-04

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-04.1: Funds Transfers

Text

In this chapter:
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 the receiving bank to which the payment order of the
originator is issued if the originator is not a bank or the originator if the originator is a
bank.