Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 4A1 - Subject Matter and Definitions
Section 4A104 - Funds transfer; definitions

§ 4A104. Funds transfer; definitions.
(a) Definition of "funds transfer".--"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) Definition of "intermediary bank".--"Intermediary bank" means a receiving bank other than the originator's bank or the beneficiary's bank.
(c) Definition of "originator".--"Originator" means the sender of the first payment order in a funds transfer.
(d) Definition of "originator's bank".--"Originator's bank" means:
(1) the receiving bank to which the payment order of the originator is issued if the originator is not a bank; or
(2) the originator if the originator is a bank.
Cross References. Section 4A104 is referred to in sections 4A102, 4A105 of this title.

Structure Pennsylvania Consolidated & Unconsolidated Statutes