2006 New York Code - Payment Order-definitions.

 
  Section 4-A-103. Payment Order-Definitions.
    (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.