In this chapter,

(1) “funds transfer” means the series of transactions, beginning with the originator’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’s bank or an intermediary bank intended to carry out the originator’s payment order; a funds transfer is completed by acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s payment order;
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Terms Used In Alaska Statutes 45.14.104

  • 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
(2) “intermediary bank” means a receiving bank other than the originator’s bank or the beneficiary’s bank;
(3) “originator” means the sender of the first payment order in a funds transfer;
(4) “originator’s bank” means

(A) the receiving bank to which the payment order of the originator is issued if the originator is not a bank; or
(B) the originator if the originator is a bank.
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