Pennsylvania § 4A103 Payment order; definitions

Pennsylvania Statutes

§ 4A103 — Payment order; definitions

Pennsylvania § 4A103

Title 13COMMERCIAL CODE

Ch. 4A1SUBJECT MATTER AND DEFINITIONS

This text of Pennsylvania § 4A103 (Payment order; definitions) is published on Counsel Stack Legal Research, covering Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

13 Pa. Cons. Stat. § 4A103 (2026).

Text

(a)Definition of "payment order" and related terms.--The following words and phrases when used in this division shall have the meanings given to them in this subsection:

(1)"Payment order." 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)"B

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(a) Definition of "payment order" and related terms.--The following words and phrases when used in this division shall have the meanings given to them in this subsection:

(1) "Payment order." 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." The person to be paid by the beneficiary's bank.

(3) "Beneficiary's bank." 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." The bank to which the sender's instruction is addressed.

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

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

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

Legislative History

(June 8, 2001, P.L.123, No.18, eff. July 1, 2001; July 1, 2024, P.L.450, No.41, eff. 60 days) 2024 Amendment.Act 41 amended subsec. (a)(1) intro. par. See section 1 of Act 41 in the appendix to this title for special provisions relating to findings and declarations. Cross References.Section 4A103 is referred to in section 4A105 of this title.