{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.4A-103.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.4A-103.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.4A-103.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.4A-103.html"}],"law_id":82029,"edition_id":1,"section_id":82029,"structure_id":13363,"section_number":"8.4A-103","catch_line":"Definitions: “Payment order”; “Beneficiary”; “Beneficiary’s bank”; “Receiving bank”; “Sender.”","history":"1990, c. 9; 2024, c. 652.","full_text":"a\n\nIn this title:1\n\n“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\n\n“Beneficiary” means the person to be paid by the beneficiary’s bank.3\n\n“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\n\n“Receiving bank” means the bank to which the sender’s instruction is addressed.5\n\n“Sender” means the person giving the instruction to the receiving bank.b\n\nIf 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\n\nA payment order is issued when it is sent to the receiving bank.","order_by":null,"text":{"0":{"id":293926,"text":"In this title:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":293927,"text":"“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.","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":293928,"text":"“Beneficiary” means the person to be paid by the beneficiary’s bank.","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"a3"},"3":{"id":293929,"text":"“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.","type":"section","prefixes":["a","3"],"prefix":"3","entire_prefix":"a3","prefix_anchor":"a3","level":2,"prior_prefix":"a2","next_prefix":"a4"},"4":{"id":293930,"text":"“Receiving bank” means the bank to which the sender’s instruction is addressed.","type":"section","prefixes":["a","4"],"prefix":"4","entire_prefix":"a4","prefix_anchor":"a4","level":2,"prior_prefix":"a3","next_prefix":"a5"},"5":{"id":293931,"text":"“Sender” means the person giving the instruction to the receiving bank.","type":"section","prefixes":["a","5"],"prefix":"5","entire_prefix":"a5","prefix_anchor":"a5","level":2,"prior_prefix":"a4","next_prefix":"b"},"6":{"id":293932,"text":"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.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a5","next_prefix":"c"},"7":{"id":293933,"text":"A payment order is issued when it is sent to the receiving bank.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b"}},"ancestry":[{"id":13363,"edition_id":1,"name":"Subject Matter and Definitions","identifier":"1","label":"part","depth":2,"order_by":1,"parent_id":13362,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":283189,"object_type":"structure","relational_id":13363,"identifier":"1","token":"8.4A\/1","url":"\/8.4A\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13362,"edition_id":1,"name":"Commercial Code \u2014 Funds Transfers","identifier":"8.4A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":283187,"object_type":"structure","relational_id":13362,"identifier":"8.4A","token":"8.4A","url":"\/8.4A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":72260,"structure_id":13363,"section_number":"8.4A-101","catch_line":"Short title","url":"\/8.4A-101\/","token":"8.4A\/1\/8.4A-101","metadata":false},{"id":80477,"structure_id":13363,"section_number":"8.4A-102","catch_line":"Subject matter","url":"\/8.4A-102\/","token":"8.4A\/1\/8.4A-102","metadata":false},{"id":82029,"structure_id":13363,"section_number":"8.4A-103","catch_line":"Definitions: \"Payment order\"; \"Beneficiary\"; \"Beneficiary's bank\"; \"Receiving bank\"; \"Sender.\"","url":"\/8.4A-103\/","token":"8.4A\/1\/8.4A-103","metadata":false},{"id":68985,"structure_id":13363,"section_number":"8.4A-104","catch_line":"Definitions: \"Funds transfer\"; \"Intermediary bank\"; \"Originator\"; \"Originator's bank.\"","url":"\/8.4A-104\/","token":"8.4A\/1\/8.4A-104","metadata":false},{"id":76749,"structure_id":13363,"section_number":"8.4A-105","catch_line":"Other definitions","url":"\/8.4A-105\/","token":"8.4A\/1\/8.4A-105","metadata":false},{"id":59405,"structure_id":13363,"section_number":"8.4A-106","catch_line":"Time payment order is received","url":"\/8.4A-106\/","token":"8.4A\/1\/8.4A-106","metadata":false},{"id":59247,"structure_id":13363,"section_number":"8.4A-107","catch_line":"Federal Reserve regulations and operating circulars","url":"\/8.4A-107\/","token":"8.4A\/1\/8.4A-107","metadata":false},{"id":54340,"structure_id":13363,"section_number":"8.4A-108","catch_line":"Relationship to Electronic Fund Transfer Act","url":"\/8.4A-108\/","token":"8.4A\/1\/8.4A-108","metadata":false}],"previous_section":{"id":80477,"structure_id":13363,"section_number":"8.4A-102","catch_line":"Subject matter","url":"\/8.4A-102\/","token":"8.4A\/1\/8.4A-102","metadata":false},"next_section":{"id":68985,"structure_id":13363,"section_number":"8.4A-104","catch_line":"Definitions: \"Funds transfer\"; \"Intermediary bank\"; \"Originator\"; \"Originator's bank.\"","url":"\/8.4A-104\/","token":"8.4A\/1\/8.4A-104","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.4A-103\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 9 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2024, chapter 652<\/a>.<\/p>","references":[{"id":76749,"section_number":"8.4A-105","catch_line":"Other definitions","order_by":null,"url":"\/8.4A-105\/"}],"refers_to":false,"permalink":{"id":283199,"object_type":"law","relational_id":82029,"identifier":"8.4A-103","token":"8.4A\/1\/8.4A-103","url":"\/8.4A-103\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.4A-103\/","token":"8.4A\/1\/8.4A-103","dublin_core":{"Title":"Definitions: “Payment order”; “Beneficiary”; “Beneficiary’s bank”; “Receiving bank”; “Sender.”","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.4A-103","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> In this title: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> “Payment order<\/span>” means an instruction of a sender<\/span> to a receiving bank<\/span>, 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<\/span> if: (i) the instruction does not state a condition to payment to the beneficiary<\/span> other than time of payment, (ii) the receiving bank<\/span> is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender<\/span>, and (iii) the instruction is transmitted by the sender<\/span> directly to the receiving bank<\/span> or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> “Beneficiary<\/span>” means the person to be paid by the beneficiary<\/span>’s bank. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> “Beneficiary<\/span>’s bank” means the bank identified in a payment order<\/span> in which an account of the beneficiary<\/span> is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary<\/span> if the order does not provide for payment to an account. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> “Receiving bank<\/span>” means the bank to which the sender<\/span>’s instruction is addressed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> “Sender<\/span>” means the person giving the instruction to the receiving bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> If an instruction complying with subdivision (a) (1) of this section is to make more than one payment to a beneficiary<\/span>, the instruction is a separate payment order<\/span> with respect to each payment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> A payment order<\/span> is issued when it is sent to the receiving bank<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS: “PAYMENT ORDER”; “BENEFICIARY”;\n“BENEFICIARY’S BANK”; “RECEIVING BANK”;\n“SENDER.” (\u00a7 8.4A-103)\n\na. In this title:\n\n 1. “Payment order” means an instruction of a sender to a receiving\n bank, transmitted orally or in a record, to pay, or to cause another bank to\n pay, a fixed or determinable amount of money to a beneficiary if: (i) the\n instruction does not state a condition to payment to the beneficiary other\n than time of payment, (ii) the receiving bank is to be reimbursed by debiting\n an account of, or otherwise receiving payment from, the sender, and (iii) the\n instruction is transmitted by the sender directly to the receiving bank or to\n an agent, funds-transfer system, or communication system for transmittal to\n the receiving bank.\n\n 2. “Beneficiary” means the person to be paid by the\n beneficiary’s bank.\n\n 3. “Beneficiary’s bank” means the bank identified in a\n payment order in which an account of the beneficiary is to be credited\n pursuant to the order or which otherwise is to make payment to the beneficiary\n if the order does not provide for payment to an account.\n\n 4. “Receiving bank” means the bank to which the sender’s\n instruction is addressed.\n\n 5. “Sender” means the person giving the instruction to the\n receiving bank.\n\nb. If an instruction complying with subdivision (a) (1) of this section is to\nmake more than one payment to a beneficiary, the instruction is a separate\npayment order with respect to each payment.\n\nc. A payment order is issued when it is sent to the receiving bank.\n\nHISTORY: 1990, c. 9; 2024, c. 652.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}