Public-domain · open source
OpenJurist

Tex. Bus. & Com. Code § 4A.104

FUNDS TRANSFER--DEFINITIONS

Known as the Uniform Commercial Code

The act spans §§ 1–12 (616 sections).

Applied in 1 court decision — leading case Moody National Bank v. Texas City Development Ltd. (2001)

Most recently applied in Moody National Bank v. Texas City Development Ltd. (April 2001)

Added by Acts 1993, 73rd Leg., ch. 570, Sec. 7, eff

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.

(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.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.