AI-assisted research summary: This section defines key payment-order terms and says a multi-payment instruction is separate for each payment; a payment order is issued when sent to the receiving bank.
55-4A-103. 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 that 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; and (5) "sender" means the person giving the instruction to the receiving bank. (b) If an instruction complying with Paragraph (1) of Subsection (a) of this section 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. History: 1978 Comp., § 55-4A-103, enacted by Laws 1992, ch. 114, § 199; 2023, ch. 142, § 25. OFFICIAL COMMENTS UCC Official Comments © by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. This section is discussed in the Comment following Section 4A-104 [55-4A-104 NMSA 1978]. 2. Pursuant to the Uniform Commercial Code Amendments (2022) and in furtherance of medium neutrality, the reference to "electronically, or in writing" in the pre-2022 text of this section has been changed to refer to "in a record."