                                 CODE OF VIRGINIA

DEFINITIONS: &#8220;FUNDS TRANSFER&#8221;; &#8220;INTERMEDIARY BANK&#8221;;
&#8220;ORIGINATOR&#8221;; &#8220;ORIGINATOR&#8217;S BANK.&#8221; (§ 8.4A-104)

In this title:

a. &#8220;Funds transfer&#8221; means the series of transactions, beginning with
the originator&#8217;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&#8217;s bank or an intermediary bank intended to carry out the
originator&#8217;s payment order. A funds transfer is completed by acceptance by
the beneficiary&#8217;s bank of a payment order for the benefit of the
beneficiary of the originator&#8217;s payment order.

b. &#8220;Intermediary bank&#8221; means a receiving bank other than the
originator&#8217;s bank or the beneficiary&#8217;s bank.

c. &#8220;Originator&#8221; means the sender of the first payment order in a
funds transfer.

d. &#8220;Originator&#8217;s bank&#8221; means (i) the receiving bank to which
the payment order of the originator is issued if the originator is not a bank,
or (ii) the originator if the originator is a bank.

HISTORY: 1990, c. 9.