KRS 355.4A-104: Funds transfer -- Definitions.

In this article:

(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 recei ving 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 is sued if

the originator is not a bank; or

(b) The originator if the originator is a bank.