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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 4A. · Article 4A. FUNDS TRANSFERS · Part 1. SUBJECT MATTER AND DEFINITIONS

11-4A-104. Funds transfer — Definitions.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. In this article:

  2. (a)

    “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.#

  3. (b)

    “Intermediary bank” means a receiving bank other than the originator’s bank or the beneficiary’s bank.#

  4. (c)

    “Originator” means the sender of the first payment order in a funds transfer.#

  5. (d)

    “Originator’s bank” means (i) the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or (ii) the originator if the originator is a bank.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-4A-104, enacted by Ga. L. 1992, p. 2685, § 4.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 542 to 543; merge action: carried; file SHA-256 ad397fccbf21.