Utah Code 70A-4a-103. Payment order — Definitions
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(1) “Beneficiary” means the person to be paid by the beneficiary‘s bank.
Terms Used In Utah Code 70A-4a-103
- 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
- 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
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(2) “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.(3) “Payment order” means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:(3)(a) the instruction does not state a condition to payment to the beneficiary other than time of payment;(3)(b) the receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender; and(3)(c) 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.(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.(6) If an instruction complying with Subsection(3) is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each of the payments.(7) A payment order is issued when it is sent to the receiving bank.