Texas Business & Commerce Code
§ 4A.103 — PAYMENT ORDER--DEFINITIONS
BC § 4A.103Title 1. UNIFORM COMMERCIAL CODE · Ch. 4A. FUNDS TRANSFERS · Art. A. SUBJECT MATTER AND DEFINITIONS
Statute text
View on source(a)In this chapter:
(1)"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:
(A)the instruction does not state a condition of payment to the beneficiary other than the time of payment;
(B)the receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender; and
(C)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.
(2)"Beneficiary" means the person to be paid by the beneficiary's bank.
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Legislative history
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993.