{"data":{"id":"us-mi/mich.-comp.-laws-440.4603","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.4603","heading":"Definitions; instruction as a separate payment order; issuance of payment order.","body":"Sec. 4A103.\n\nAs used in this article:\n\n\"Payment order\" means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if the following apply:\n\nThe instruction does not state a condition to payment to the beneficiary other than time of payment.\n\nThe receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender.\n\nThe 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.\n\n\"Beneficiary\" means the person to be paid by the beneficiary's bank.\n\n\"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.\n\n\"Receiving bank\" means the bank to which the sender's instruction is addressed.\n\n\"Sender\" means the person giving the instruction to the receiving bank.\n\nIf an instruction complying with subsection (1)(a) is to make more than 1 payment to a beneficiary, the instruction is a separate payment order with respect to each payment.\n\nA payment order is issued when it is sent to the receiving bank.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-4603","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"d8abddd62b16002c344f1d38fa6c55c8e1208d0b3b7d45ea828ea006203aac56","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.4602","next":"us-mi/mich.-comp.-laws-440.4604"},"notice":"GroundRules: Original legal text. Not legal advice."}