Tex. Bus. & Com. Code Section 4A.103
Payment Order--definitions

(a)

In this chapter:

(1)

“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:

(A)

the instruction does not state a condition of payment to the beneficiary other than the time of payment;

(B)

the receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender; and

(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.

(2)

“Beneficiary” means the person to be paid by the beneficiary’s bank.

(3)

“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)

“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.

(b)

If an instruction complying with Subsection (a)(1) 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.
Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff. Sept. 1, 1993.

Source: Section 4A.103 — Payment Order--definitions, https://statutes.­capitol.­texas.­gov/Docs/BC/htm/BC.­4A.­htm#4A.­103 (accessed Jun. 5, 2024).

4A.101
Short Title 4A.102
Subject Matter 4A.103
Payment Order--definitions 4A.104
Funds Transfer--definitions 4A.105
Other Definitions 4A.106
Time Payment Order Is Received 4A.107
Federal Reserve Regulations and Operating Circulars 4A.108
Relationship to Electronic Fund Transfer Act 4A.201
Security Procedure 4A.202
Authorized and Verified Payment Orders 4A.203
Unenforceability of Certain Verified Payment Orders 4A.204
Refund of Payment and Duty of Customer to Report with Respect to Unauthorized Payment Order 4A.205
Erroneous Payment Orders 4A.206
Transmission of Payment Order Through Funds Transfer or Other Communication System 4A.207
Misdescription of Beneficiary 4A.208
Misdescription of Intermediary Bank or Beneficiary’s Bank 4A.209
Acceptance of Payment Order 4A.210
Rejection of Payment Order 4A.211
Cancellation and Amendment of Payment Order 4A.212
Liability and Duty of Receiving Bank Regarding Unaccepted Payment Order 4A.301
Execution and Execution Date 4A.302
Obligations of Receiving Bank in Execution of Payment Order 4A.303
Erroneous Execution of Payment Order 4A.304
Duty of Sender to Report Erroneously Executed Payment Order 4A.305
Liability for Late or Improper Execution or Failure to Execute Payment Order 4A.401
Payment Date 4A.402
Obligation of Sender to Pay Receiving Bank 4A.403
Payment by Sender to Receiving Bank 4A.404
Obligation of Beneficiary’s Bank to Pay and Give Notice to Beneficiary 4A.405
Payment by Beneficiary’s Bank to Beneficiary 4A.406
Payment by Originator to Beneficiary 4A.501
Variation by Agreement and Effect of Funds Transfer System Rule 4A.502
Creditor Process Served on Receiving Bank 4A.503
Injunction or Restraining Order with Respect to Funds Transfer 4A.504
Order in Which Items and Payment Orders May Be Charged to Account 4A.505
Preclusion of Objection to Debit of Customer’s Account 4A.506
Rate of Interest 4A.507
Choice of Law
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Accessed:
Jun. 5, 2024

§ 4A.103’s source at texas​.gov