N.Y. Uniform Commercial Code Law § 4-a-104: Funds Transfer-Definitions

Section 4-A-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 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.