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 issued if the originator is not a bank, or (ii) the originator if the originator is a bank.
Source: SL 1991, ch 397, ยง1.
Structure South Dakota Codified Laws
Title 57A - Uniform Commercial Code
Section 57A-4A-101 - Short title.
Section 57A-4A-102 - Subject matter.
Section 57A-4A-103 - Payment order--Definitions.
Section 57A-4A-104 - Funds transfer--Definitions.
Section 57A-4A-105 - Other definitions.
Section 57A-4A-106 - Time payment order is received.
Section 57A-4A-107 - Federal reserve regulations and operating circulars.
Section 57A-4A-108 - Exclusion of consumer transactions governed by federal law.
Section 57A-4A-201 - Security procedure.
Section 57A-4A-202 - Authorized and verified payment orders.
Section 57A-4A-203 - Unenforceability of certain verified payment orders.
Section 57A-4A-205 - Erroneous payment orders.
Section 57A-4A-207 - Misdescription of beneficiary.
Section 57A-4A-208 - Misdescription of intermediary bank or beneficiary's bank.
Section 57A-4A-209 - Acceptance of payment order.
Section 57A-4A-210 - Rejection of payment order.
Section 57A-4A-211 - Cancellation and amendment of payment order.
Section 57A-4A-212 - Liability and duty of receiving bank regarding unaccepted payment order.
Section 57A-4A-301 - Execution and execution date.
Section 57A-4A-302 - Obligation of receiving bank in execution of payment order.
Section 57A-4A-303 - Erroneous execution of payment order.
Section 57A-4A-305 - Liability for late or improper execution or failure to execute payment order.
Section 57A-4A-401 - Payment date.
Section 57A-4A-402 - Obligation of sender to pay receiving bank.
Section 57A-4A-403 - Payment by sender to receiving bank.
Section 57A-4A-404 - Obligation of beneficiary's bank to pay and give notice to beneficiary.
Section 57A-4A-405 - Payment by beneficiary's bank to beneficiary.
Section 57A-4A-406 - Payment by originator to beneficiary--Discharge of underlying obligation.
Section 57A-4A-501 - Variation by agreement and effect of funds-transfer system rule.
Section 57A-4A-502 - Creditor process served on receiving bank--Setoff by beneficiary's bank.
Section 57A-4A-503 - Injunction or restraining order with respect to funds transfer.
Section 57A-4A-505 - Preclusion of objection to debit of customer's account.