§ 4a-103

§§ 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. (b) If an instruction complying with subsection (a)(1) 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.68 Del. Laws, c. 430, § 1; 84 Del. Laws, c. 174, § 24;