355.4A-104 Funds transfer -- Definitions.
In this article: <br>(1) "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 <br>order. The term includes any payment order issued by the originator's bank or an <br>intermediary bank intended to carry out the originator's payment order. A funds <br>transfer is completed by acceptance by the beneficiary's bank of a payment order for <br>the benefit of the beneficiary of the originator's payment order.
(2) "Intermediary bank" means a receiving bank other than the originator's bank or the
beneficiary's bank.
(3) "Originator" means the sender of the first payment order in a funds transfer. <br>(4) "Originator's bank" means:
(a) The receiving bank to which the payment order of the originator is issued if
the originator is not a bank; or
(b) The originator if the originator is a bank.
Effective: July 14, 1992 <br>History: Created 1992 Ky. Acts ch. 116, sec. 27, effective July 14, 1992.
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