§ 70A-4a-401 Payment date
§ 70A-4a-402 Obligation of sender to pay receiving bank
§ 70A-4a-403 Payment by sender to receiving bank
§ 70A-4a-404 Obligation of beneficiary’s bank to pay and give notice to beneficiary
§ 70A-4a-405 Payment by beneficiary’s bank to beneficiary
§ 70A-4a-406 Payment by originator to beneficiary — Discharge of underlying obligation
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Terms Used In Utah Code > Title 70A > Chapter 4a > Part 4 - Payment

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.