HRS §490:4A-103
What the words mean in this payment order law
This section defines key terms used in the law about electronic money transfers, like who is the sender, who is the beneficiary, and what counts as a payment order. It also explains that one instruction for multiple payments counts as separate orders, and an order is issued when it is sent to the bank.
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The statute, as written — Payment order--definitions
(a) In this article: "Beneficiary" means the person to be paid by the beneficiary's bank. "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. "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: (1) The instruction does not state a condition to payment to the beneficiary other than time of payment; (2) The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender; and (3) 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. "Receiving bank" means the bank to which the sender's instruction is addressed. "Sender" means the person giving the instruction to the receiving bank. (b) If an instruction complying with subsection (a) 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.
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