§ 47-4A-401 Payment Date
§ 47-4A-402 Obligation of Sender to Pay Receiving Bank
§ 47-4A-403 Payment by Sender to Receiving Bank
§ 47-4A-404 Obligation of Beneficiary’s Bank to Pay and Give Notice to Beneficiary
§ 47-4A-405 Payment by Beneficiary’s Bank to Beneficiary
§ 47-4A-406 Payment by Originator to Beneficiary — Discharge of Underlying Obligation

Terms Used In Tennessee Code > Title 47 > Chapter 4A > Part 4 - Payment

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.