                                 CODE OF VIRGINIA

DEFINITIONS: &#8220;PAYMENT ORDER&#8221;; &#8220;BENEFICIARY&#8221;;
&#8220;BENEFICIARY&#8217;S BANK&#8221;; &#8220;RECEIVING BANK&#8221;;
&#8220;SENDER.&#8221; (§ 8.4A-103)

a. In this title:

   1. &#8220;Payment order&#8221; 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. &#8220;Beneficiary&#8221; means the person to be paid by the
   beneficiary&#8217;s bank.

   3. &#8220;Beneficiary&#8217;s bank&#8221; 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. &#8220;Receiving bank&#8221; means the bank to which the sender&#8217;s
   instruction is addressed.

   5. &#8220;Sender&#8221; 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: 1990, c. 9; 2024, c. 652.