(810 ILCS 5/4A-104)
(from Ch. 26, par. 4A-104)
Funds transfer; definitions.
In this Article:
(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.
(b) "Intermediary bank" means a receiving bank other than the
originator's bank or the beneficiary's bank.
(c) "Originator" means the sender of the first payment order in a
(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.
(Source: P.A. 86-1291.)