{"data":{"id":"us-ky/krs-355.4a-103","jurisdiction":"us-ky","citation":"KRS 355.4A-103","heading":"Payment order -- Definitions.","body":"(1) In this article:\n(a) \"Payment order\" means an instruction of a sender to a receiving bank,\ntransmitted orally or in a record, to pay, or to cause another bank to pay, a\nfixed or determinable amount of money to a beneficiary if:\n1. The instruction does not state a condition to payment to the beneficiary\nother than time of payment;\n2. The receiving bank is to be reimbursed by debiting an account of, or\notherwise receiving payment from, the sender; and\n3. The instruction is transmitted by the sender directly to the receiving\nbank or to an agent, funds-transfer system, or communication system for\ntransmittal to the receiving bank;\n(b) \"Beneficiary\" means the person to be paid by the beneficiary's bank;\n(c) \"Beneficiary's bank\" means the bank identified in a payment order in which\nan account of the beneficiary is to be credited pursuant to the order or which\notherwise is to make payment to the beneficiary if the order does not provide\nfor payment to an account;\n(d) \"Receiving bank\" means the bank to which the sender's instruction is\naddressed; and\n(e) \"Sender\" means the person giving the instruction to the receiving bank.\n(2) If an instruction complying with subsection (1)(a) of this section is to make more\nthan one (1) payment to a beneficiary, the instruction is a separate payment order\nwith respect to each payment.\n(3) A payment order is issued when it is sent to the receiving bank.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=55650","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:45Z","sha256":"bd54dfcbbbcd38fca5af63db836e7cd153666f36e7c7df94f8d02c0ce3b0136b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.4a-102","next":"us-ky/krs-355.4a-104"},"notice":"GroundRules: Original legal text. Not legal advice."}