The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 9A V.S.A. § 4A-103)
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§ 4A—103. Payment order—definitions
(a) In this article:
(1) “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:
(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 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 subdivision (a)(1) of this section 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. (Added 1993, No. 158 (Adj. Sess.), § 14, eff. Jan. 1, 1995; amended 2025, No. 17, § 5, eff. July 1, 2025.)