(1) In this article:
(a) "Payment order" means an instruction of a sender to a
receiving bank, transmitted orally, electronically, or in
writing, 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.
(b) "Beneficiary" means the person to be paid by the
beneficiary's bank.
(c) "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.
(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 paragraph (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.