South Dakota Statutes
§ 57A-4A-104 — Funds transfer--Definitions.
In this chapter:
(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 is
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South Dakota § 57A-4A-104 (Funds transfer--Definitions.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1991, ch 397, § 1.
Nearby Sections
15
§ 57A-1-101
Short title.§ 57A-1-102
Scope of chapter.§ 57A-1-104
Construction against implied repeal.§ 57A-1-105
Severability.§ 57A-1-106
Use of singular and plural--Gender.§ 57A-1-107
Section captions.§ 57A-1-201
General definitions.§ 57A-1-202
Notice--Knowledge.§ 57A-1-203
Lease distinguished from security interest.§ 57A-1-204
Value.§ 57A-1-205
Reasonable time--Seasonableness.§ 57A-1-206
Presumptions.§ 57A-1-207
Central bank digital currency.