(810 ILCS 5/4A-103)
(from Ch. 26, par. 4A-103)
Payment order; definitions.
(a) In this Article:
(1) "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:
(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
(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 which 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.
(5) "Sender" means the person giving the instruction
(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.
(Source: P.A. 86-1291.)