Okla. Stat. tit. 12A, § 12A-4A-103: Payment order - Definitions

PAYMENT ORDER - DEFINITIONS

(a) In this article:

(1) "Payment order" means an instruction of a sender to a

receiving bank, transmitted orally or in a record, to pay, or to

cause another bank to pay, a fixed or determinable amount of money

to a beneficiary if:

(i) the instruction does not state a condition to payment

to the beneficiary other than time of payment,

(ii) the receiving bank is to be reimbursed by debiting an

account of, or otherwise receiving payment from, the

sender, and

(iii) the instruction is transmitted by the sender directly

to the receiving bank or to an agent, funds-transfer

system, or communication system for transmittal to the

receiving bank.

(2) "Beneficiary" means the person to be paid by the

beneficiary's bank.

(3) "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 order does not provide for payment to an account.

(4) "Receiving bank" means the bank to which the sender's

instruction is addressed.

(5) "Sender" means the person giving the instruction to the

receiving bank.

(b) If an instruction complying with paragraph (1) of

subsection (a) is to make more than one payment to a beneficiary,

the instruction is a separate payment order with respect to each

payment.

(c) A payment order is issued when it is sent to the receiving

bank.