The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
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:
(a) The instruction does not state a condition to payment to the beneficiary other than time of payment;
(b) The receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender; and
(c) 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 beneficiary's bank.
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 to the receiving bank.
B. If an instruction complying with subsection A, paragraph 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.