Michigan Laws 440.4604 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
As used in this article:
(a) “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.
Terms Used In Michigan Laws 440.4604
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.4605
- 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
- Beneficiary: means the person to be paid by the beneficiary's bank. See Michigan Laws 440.4603
- 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. See Michigan Laws 440.4604
- Intermediary bank: means a receiving bank other than the originator's bank or the beneficiary's bank. See Michigan Laws 440.4604
- Originator: means the sender of the first payment order in a funds transfer. See Michigan Laws 440.4604
- 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 the following apply:
(i) The instruction does not state a condition to payment to the beneficiary other than time of payment. See Michigan Laws 440.4603Receiving bank: means the bank to which the sender's instruction is addressed. See Michigan Laws 440.4603 Sender: means the person giving the instruction to the receiving bank. See Michigan Laws 440.4603 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201
(b) “Intermediary bank” means a receiving bank other than the originator’s bank or the beneficiary’s bank.
(c) “Originator” means the sender of the first payment order in a funds transfer.
(d) “Originator’s bank” means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank.