There is a newer version of the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Article 4A Funds Transfers
355.4A.103 Payment order -- Definitions.
Download pdfbank to pay, a fixed or determinable amount of money to a beneficiary if: 1. The instruction does not state a condition to payment to the beneficiary
other than time of payment; 2. The receiving bank is to be reimbursed by debiting an account of, or
otherwise receiving payment from, the sender; and 3. 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 subsection (1)(a) is to make more than one (1) 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. Effective: July 14, 1992
History: Created 1992 Ky. Acts ch. 116, sec. 26, effective July 14, 1992.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.