§ 8.4A-103 Definitions: “Payment order”; “Beneficiary”; “Beneficiary’s bank”; “Receiving bank”; “Sender.”
1. “Payment order” means an instruction of a sender to a receiving bank, transmitted orally or in a record, 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.
2. “Beneficiary” means the person to be paid by the beneficiary’s bank.
3. “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.
4. “Receiving bank” means the bank to which the sender’s instruction is addressed.
5. “Sender” means the person giving the instruction to the receiving bank.
b. If an instruction complying with subdivision (a) (1) of this section is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment.
c. A payment order is issued when it is sent to the receiving bank.
History
This law was first created in 1990. The record of its establishment is cataloged in chapter 9 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2024, chapter 652.
1990, c. 9; 2024, c. 652.