California Commercial Code

§ 11104

COM § 11104Div. 11 · Ch. 1

Statute text

In this division:

(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.

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Legislative history

Added by Stats. 1990, Ch. 125, Sec. 2.