410.103 Payment order; definitions. (1) In this chapter: (a) “Beneficiary” means the person to be paid by the beneficiary’s bank. (b) “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. (c) “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 all of the following apply: 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. 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. (d) “Receiving bank” means the bank to which the sender’s instruction is addressed.
410.301 410.302 410.303 410.304 410.305
410.401 410.402 410.403 410.404 410.405 410.406
410.501 410.502 410.503 410.504 410.505 410.506 410.507
EXECUTION OF SENDER’S PAYMENT ORDER BY RECEIVING BANK Execution and execution date. Obligations of receiving bank in execution of payment order. Erroneous execution of payment order. Duty of sender to report erroneously executed payment order. Liability for late or improper execution or failure to execute payment order. SUBCHAPTER IV PAYMENT Payment date. Obligation of sender to pay receiving bank. Payment by sender to receiving bank. Obligation of beneficiary’s bank to pay and give notice to beneficiary. Payment by beneficiary’s bank to beneficiary. Payment by originator to beneficiary; discharge of underlying obligation. SUBCHAPTER V MISCELLANEOUS PROVISIONS Variation by agreement and effect of funds-transfer system rule. Creditor process served on receiving bank; setoff by beneficiary’s bank. Injunction or restraining order with respect to funds transfer. Order in which items and payment orders may be charged to account; order of withdrawals from account. Preclusion of objection to debit of customer’s account. Rate of interest. Choice of law.
(e) “Sender” means the person giving the instruction to the receiving bank and includes a customer described in s. 410.202 (4). (2) If an instruction complying with sub. (1) (c) is to make more than one payment to a beneficiary, the instruction is a separate payment order with respect to each payment. (3) A payment order is issued when it is sent to the receiving bank. History: 1991 a. 304.
410.104 Funds transfer; definitions. In this chapter: (1) “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. “Funds transfer” 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. (2) “Intermediary bank” means a receiving bank other than the originator’s bank or the beneficiary’s bank. (3) “Originator” means the sender of the first payment order in a funds transfer. (4) “Originator’s bank” means the receiving bank to which the payment order of the originator is issued if the originator is not a bank or the originator if the originator is a bank. History: 1991 a. 304.