70A-4a-103. Payment order — Definitions. (1) “Beneficiary” means the person to be paid by the beneficiary’s bank. (2) “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 […]
70A-4a-104. Funds transfer — Definitions. (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. […]
70A-4a-105. Other definitions. (1) In this chapter: (a) “Authorized account” means a deposit account of a customer in a bank designated by the customer as a source of payment orders issued by the customer to the bank. If a customer does not so designate an account, any account of the customer is an authorized account […]
70A-4a-106. Time payment order is received. (1) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in Section 70A-1a-202. A receiving bank may fix a cutoff time or times on a funds transfer business day, as […]
70A-4a-107. Federal reserve regulations and operating circulars. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of this chapter to the extent of the inconsistency. Enacted by Chapter 294, 1990 General Session
Effective 5/14/2019 70A-4a-108. Relationship to Electronic Fund Transfer Act. (1) As used in this section, “Electronic Fund Transfer Act” means the Electronic Fund Transfer Act of 1978, Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. Sec. 1693 et seq., as amended. (2) Except as provided in Subsection (3), this chapter does not apply […]
