Iowa Code 554.12103 – Payment order — definitions
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In this Article unless the context otherwise requires:
1. a. “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 all of the following apply:
(1) The instruction does not state a condition to payment to the beneficiary other than time of payment.
(2) The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender.
(3) 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.
b. A payment order instructing more than one payment to be made to a beneficiary is a separate payment order with respect to each payment.
c. A payment order is issued when it is sent to the receiving bank.
Terms Used In Iowa Code 554.12103
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- 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
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Money: means the same as defined in section 554. See Iowa Code 554E.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
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.